Patriot Act Being Used To Impliment Currency Controls

Patriot Act Being Used To Impliment Currency Controls

1. New bankruptcy law (last week)
2. Announcement that travel to other parts of North America will require a passport (papers please)
3. New compliance standards for foreign banks (this past year)
4. Elimination of foreign accounts for US residents (one by one)

http://www.whatreallyhappened.com/
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Currency controls have been initiated.
Posted Apr 12, 2005 07:11 PM PST
Category: ECONOMY

The following exchange of letters appears on the Gold Eagle board in the Gold Forum.

A letter to and reponse from Jim Sinclair:

Dear Jim:

My Bank in London called me today to inform me that in order to comply with new US laws, they are halting all new services to American residents (citizens?).

I can keep my accounts for the moment, but I cannot add any new currency accounts or any other investment products to my portfolio. They will not allow any US residents to open accounts in the future.

Just my thoughts but:

1. New bankruptcy law (last week)
2. Announcement that travel to other parts of North America will require a passport (papers please)
3. New compliance standards for foreign banks (this past year)
4. Elimination of foreign accounts for US residents (one by one)

Currency controls have been initiated.

Regards,
Your "Anonymous Pal”

Dear "Anonymous Pal:”

I have cautioned the Community that financial privacy is all but a chapter of history - with the exception of bullion coins.

Anyone attempting to open international bank accounts at major and reputable non-US banks will run into the difficulties you have outlined, making it all but impossible to accomplish even with the best of intentions.

The net result is an effective form of currency control as part of Patriot Act II. This covert method of currency control is a preemptive strike at what is coming when it is realized - as the Economist put it - that there is no constituent support and therefore no real political will to reduce the US Budget Deficit.

As a result, the dollar must decline. The result of a declining dollar is logically a move towards other currencies which in itself is a form of Gresham’s law.

Of all the possibilities you outline, there is only one that is in the black: Patriot II will be just as effective as any currency control put into law. This has significant implications for gold once all of this hits the proverbial fan.

Regards,
Jim

Poster's Note: I had wondered how long before currency controls would be instituted. Now I have my answer. It has started!

How soon before the crack down on the possession of gold and silver coins?

http://www.libertyforum.org/showflat.php?Cat=&Board=news_government&Number=293528042

OrlandoMary
www.maryschneider.us