Financial News
New Capital Controls Cause Swiss Metal Inc. to Question if its Time to Move Assets out of U.S
By:
PRLog
December 02, 2013 at 09:38 AM EST
Since Chase Bank announced its November 17th, 2013 service changes, and other banks indicated they would be following suit, many individuals are wondering if these are signs of economic turmoil and its time to consider getting assets out of the U.S.
PRLog - Dec. 2, 2013 - PANAMA CITY, Panama -- With the announcement Chase bank changed service policies in relation to international wire transfers and monthly cash transaction limits, investors are asking Knut Andersen of Panama based Swiss Metal Inc. (SMI), if it is time to move their assets out of the U.S. Much of the alternative press, such as Infowars, Drudge, Simon Black, and others, are calling Chase's November 17th changes capital controls. Moreover, murmurs are this is only the beginning.
On November 17, 2013, Chase bank started blocking all outgoing international transfers, and limiting monthly transaction totals to $50,000 on their small business accounts. Although other banks, like HSBC, seem to be following suit with similar restrictions, JP Morgan’s service changes have been the most visible. While Chase is doing their best to downplay this as a small change in service level, and publications like Forbes are backing up those assertions, many see this as the first step in full-blown capital controls. Especially since these types of changes were recommended by the newly created Consumer Financial Protection Bureau (CFPB) - a brand new government agency.
Capital controls are limitations put on the movement of funds that belong to individuals or businesses. They can come in the form of a tax, or as limitations on certain transactions. For example, during the recent bank collapse in Cyprus, capital controls limited account holders daily withdrawals to 300 euros. By reducing the amount account holders could withdraw daily, the bank had greater opportunities to confiscate funds in order to cover their debts.
According to a recent article on Swiss Metal Assets website, "It's time to get the hell out of dodge.” This series of articles compares the coming capital controls to the old Gunsmoke series that took place in Dodge, Kansas. The article author laments, “Just like in the old west, there are heroes and outlaws. The only difference is, now the bankers are the ‘bad guys.’” You can view the complete article here.
Many analysts, investors, and individuals, including management at SMI, believe it is almost impossible to stop the ball rolling once it has started.
Here are three reasons capital controls might be implemented:
· To prevent money leaving the U.S. as the dollar falls due to inflation. While official numbers show inflation at only 1%, according to Shadowstats, real inflation numbers are closer to 8%.
· To give government the ability to monitor all transactions by implementing a completely digital currency. In Norway, cash is no longer given over the counter at banks, only in special machines. Even in the U.S., many restaurants are no longer accepting cash and only accept cards.
· To facilitate confiscation or a new tax, similar to recent actions in Cyprus. The International Monetary fund called the confiscations in Cyprus a good framework for other insolvent banks to follow. Canada, whose central bank is leveraged even more than the U.S., has written this potential solution into their annual budget.
None of these explanations bides well for the economy or any savings kept U.S. banks or currency.
According to Knut, “Investors have a choice. They can choose to keep their heads in the sand, or recognize these capital controls are the start of something bigger. If they fail to take preparations now, it may be too late. If things go terribly wrong, you will no longer have the option to get your assets out.” He goes on to explain, “Even if the worst case scenario never materializes, you are still better off keeping assets offshore in precious or rare metals which can be purchased with U.S. dollars, and sold in any currency.”
For an entertaining, but informative essay about capital controls, you can read SMI's new “Get out of Dodge” articles here and here.
For more information, or to schedule an interview, visit Swiss Metal Inc. at http://www.swissmetal.net, email sma@swissmetal.net, or call 1-855-854-4679 (Toll Free).
Read Full Story - New Capital Controls Cause Swiss Metal Inc. to Question if its Time to Move Assets out of U.S | More news from this source
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PRLog - Dec. 2, 2013 - PANAMA CITY, Panama -- With the announcement Chase bank changed service policies in relation to international wire transfers and monthly cash transaction limits, investors are asking Knut Andersen of Panama based Swiss Metal Inc. (SMI), if it is time to move their assets out of the U.S. Much of the alternative press, such as Infowars, Drudge, Simon Black, and others, are calling Chase's November 17th changes capital controls. Moreover, murmurs are this is only the beginning.
On November 17, 2013, Chase bank started blocking all outgoing international transfers, and limiting monthly transaction totals to $50,000 on their small business accounts. Although other banks, like HSBC, seem to be following suit with similar restrictions, JP Morgan’s service changes have been the most visible. While Chase is doing their best to downplay this as a small change in service level, and publications like Forbes are backing up those assertions, many see this as the first step in full-blown capital controls. Especially since these types of changes were recommended by the newly created Consumer Financial Protection Bureau (CFPB) - a brand new government agency.
Capital controls are limitations put on the movement of funds that belong to individuals or businesses. They can come in the form of a tax, or as limitations on certain transactions. For example, during the recent bank collapse in Cyprus, capital controls limited account holders daily withdrawals to 300 euros. By reducing the amount account holders could withdraw daily, the bank had greater opportunities to confiscate funds in order to cover their debts.
According to a recent article on Swiss Metal Assets website, "It's time to get the hell out of dodge.” This series of articles compares the coming capital controls to the old Gunsmoke series that took place in Dodge, Kansas. The article author laments, “Just like in the old west, there are heroes and outlaws. The only difference is, now the bankers are the ‘bad guys.’” You can view the complete article here.
Many analysts, investors, and individuals, including management at SMI, believe it is almost impossible to stop the ball rolling once it has started.
Here are three reasons capital controls might be implemented:
· To prevent money leaving the U.S. as the dollar falls due to inflation. While official numbers show inflation at only 1%, according to Shadowstats, real inflation numbers are closer to 8%.
· To give government the ability to monitor all transactions by implementing a completely digital currency. In Norway, cash is no longer given over the counter at banks, only in special machines. Even in the U.S., many restaurants are no longer accepting cash and only accept cards.
· To facilitate confiscation or a new tax, similar to recent actions in Cyprus. The International Monetary fund called the confiscations in Cyprus a good framework for other insolvent banks to follow. Canada, whose central bank is leveraged even more than the U.S., has written this potential solution into their annual budget.
None of these explanations bides well for the economy or any savings kept U.S. banks or currency.
According to Knut, “Investors have a choice. They can choose to keep their heads in the sand, or recognize these capital controls are the start of something bigger. If they fail to take preparations now, it may be too late. If things go terribly wrong, you will no longer have the option to get your assets out.” He goes on to explain, “Even if the worst case scenario never materializes, you are still better off keeping assets offshore in precious or rare metals which can be purchased with U.S. dollars, and sold in any currency.”
For an entertaining, but informative essay about capital controls, you can read SMI's new “Get out of Dodge” articles here and here.
For more information, or to schedule an interview, visit Swiss Metal Inc. at http://www.swissmetal.net, email sma@swissmetal.net, or call 1-855-854-4679 (Toll Free).
Read Full Story - New Capital Controls Cause Swiss Metal Inc. to Question if its Time to Move Assets out of U.S | More news from this source
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