UPDATED: Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers
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Capital controls imposed on small business owners
Paul Joseph Watson
Updated October 17, 2013
BREAKING: Chase Bank Claims Concern About Capital Controls is an “Overreaction”
Image: One Chase Manhattan Plaza in NYC.
UPDATE: Alex Jones: The fact that these letters were being sent out to Chase customers was confirmed at the time that we published, but in the last 24 hours we have confirmed that even large businesses doing international transactions have also received the same letters.
I personally visited Chase Bank and inquired about setting up an account and asked if I could wire money out of the country or withdraw the amounts of cash listed in their letter. I was told no, and that I would have to “qualify” with them for a special type of international bank account and would have to deposit huge amounts of money and pay fees to be able to access those services.
What this constitutes is a war on cash and a war on small business and individuals. Two years ago we saw a giant backlash against Bank of America when they announced customers would be charged for using their own money via their debit card. We have crossed the rubicon where now the currency has been so devalued that you will have to pay fees to have your money in a bank or use a debit card.
In saying that international wire transfers are too much of a risk, Chase Bank might as well be bankrupt because it is telling you there is no money to withdraw.
This is where the mega banks have wanted to take us all along – a total cashless society that destroys all privacy and allows them to fine and fee the general population into serfdom. This is clearly a major step towards capital controls as we saw with the Cyprus bail-in.
We are now receiving reports from business partners who we know well that they are being told by their banks that similar regulations to those adopted by Chase are coming within the next few months.
Chase would not be implementing a business killing strategy like this unless all other major banks were also planning to follow suit. What we see is mega banks leading the way to set the precedent that all the others will follow.
Chase needs to issue a statement clarifying exactly why they are imposing these capital controls.
It is clear that these regulations are being enacted for three different but equally plausible reasons, all of which contribute to the ultimate goal of sacrificing the global economy on the altar of derivative monster zombie banks.
1) Capital controls to prevent money leaving the country as the US dollar continues to devalue. Note that Chase will allow international wire transfers coming in, but not going out of the accounts. Note that they are only concerned about “risks” when the money is being moved out of the account.
2) Forcing businesses to abandon cash and switching everything over to digital currency that can be more easily tracked, traced and controlled.
3) Part of the preparatory phase for Cyprus-style bail-ins where the government announces a new “tax” to gouge out a percentage of people’s savings.
Customers need to rally and speak out against this and immediately move their money to smaller and local banks that will promise to give them good service and not rake them over the coals. We need diversity and competition within the banking system, not giant zombie banks endangering the world economy with derivatives and cheating their customers.
It should also be noted that JPMorgan Chase runs most of the welfare system and EBT cards and really constitutes the top of the pyramid in the corporate-banking-governmental structure.
Finally, we’ve seen the IRS attempting to bar Americans from leaving the country simply if the IRS has opened an investigation on them. This isn’t shades of tyranny, this is hardcore authoritarianism and everyone should be concerned. If you were planning on getting your money out of the country, now is the time. If you haven’t withdrawn your cash from the bank, you should have done it yesterday.
Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States by imposing capital controls.