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fru-gal

Capital Controls At Jp Morgan Chase?

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Quite a lot of reports about a US bank (JP Morgan Chase) issuing letters to its customers with new rules limiting certain transactions and withdrawals. The "conspiracy" websites are all over this; http://www.infowars....wire-transfers/ and http://www.zer"ohedge.com/news/2013-10-16/creeping-capital-controls-jpmorgan-chase

What do people think about this?

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Quite a lot of reports about a US bank (JP Morgan Chase) issuing letters to its customers with new rules limiting certain transactions and withdrawals. The "conspiracy" websites are all over this; http://www.infowars....wire-transfers/ and http://www.zer"ohedge.com/news/2013-10-16/creeping-capital-controls-jpmorgan-chase

What do people think about this?

Goldman "revenues" down 20% according to Bloomberg. Plenty of big firms with plenty of scope to blow up? Bring it on :lol:

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Chase story being denied on Fox, Forbes etc

The IMF proposals are genuine enough though.

Something appears to being going on out there as Free Trader has hinted.

Make of it what you will.

There is no question that this is true in the sense that many people have reported receiving these letters with the new terms from JP Morgan Chase. What they are denying is that it's implications are the same as what the conspiracy bloggers are saying, i.e. capital controls. Of course a bank in trouble isn't likely to spell out to its customers that capital controls are being installed. A play with words as such. I think it was someone from Lehman Brothers who a few weeks before it collapsed was saying that hints of problems were nonsense. We will see...

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Ah well, at least they can't stop Bitcoins moving about.

Also noted on The Slog.

Chase Manhattan has given notice that as from November 17th, no customer will be allowed to transfer personal money abroad. My French bank Credit Agricole just hit me with a €200 a day withdrawal limit; it used to be 500.

Global looting is go.

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Also noted on The Slog.

Global looting is go.

:ph34r:

"The more you tighten your grip, IMF, the more wealth will slip through your fingers."

They will make themselves an irrelevance in the long run. Technology and humanities desire for freedom will see to that. It may get a bit messy in the short term, mind.

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Goodness me you lot are paranoid.

I suspect strongly that the JP action is linked to THIS which means they have a world of stuff to do to satisfy the regulators they are making it tougher for criminal funds to flow through their bank. Allowing international fund transfers from bog standard accounts is madness if you are trying to demonstrate you have anti-laundering controls.

As JP Morgan has gone negative on profits due in a large part to such rgeulatory issues, they cant afford to f^uck about and I can see why they have sent those letters out to some account holders.

For another example of a bank changing services because of regulatory pressures, see this.

So - put your tin hats away and eat your beans.

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Goodness me you lot are paranoid.

So - put your tin hats away and eat your beans.

You obviously don't live in Greece or Cyprus, where wholesale looting by banksters has been the name of the game for years. Fully aided and abetted by the EU and ECB.

The famous 'inquiry' into the collapse of Laiki and Bank Of Cyprus has revealed no end of obscene bonuses and 'non-performing loans' (read: don't bother paying them back) milked by top bank officials and politicians. The Cajas in Spain are another scandal. The Troika has already been busy hiking property taxes to cover the disappearing millions.

If you can't see this, you deserve to wake up one morning and find that a bank holiday has been suddenly extended . . .

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Goodness me you lot are paranoid.

Eh? In a world where virtually every market is manipulated (Libor, gold, energy, food, etc etc) and governments are bailing stuff out in secret left right and centre? Paranoid?

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The big sell is now with current accounts....only access to certain 'better products' with a current account....free capital no interest payable only fees....savings not required, short-term cheap loans not required...long-term selective lending there is a demand......fees are the key...multiple transactions gather brownie points. ;)

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Eh? In a world where virtually every market is manipulated (Libor, gold, energy, food, etc etc) and governments are bailing stuff out in secret left right and centre? Paranoid?

Yes, after all that has gone on very hard to believe that the friendly neighbourhood banker is there to help any more? But with all the mental shadow banking stuff that goes on there must be a good chance of another Lehman`s style blow up at some point?

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I would be the last one to say that there are not and have not been shonky and illegal practices done by a host of banks. I woudl be the last one to say trust without validation. Read my other posts on a host of stuff linked to bank behaviour.

BUT - not all tin hat theories are true. If they wanted capital controls, they don't need to send you a letter informing you of changes in T&Cs. I was just pointing out more rational reasons for the actions. Regulatory risk means allowing little people - current account customers - to send money internationally in large amounts is not worth the cost/benefit any more.

Occams razor and all that, people. Have a shave.

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