Financial Martial Law – “It’s de facto capital control, even if the government won’t admit it…”

Financial Martial Law:

Already, as an American, you are not free to spend your money as you see fit.

JPMorgan Chase – the country’s biggest bank—has banned cash payments for credit card debt, mortgages, and car loans. It has also banned the storage of “any cash or coins” in safe deposit boxes.

Read moreFinancial Martial Law – “It’s de facto capital control, even if the government won’t admit it…”

Here’s The Ultra-Clever Way That The Chinese Are Circumventing Capital Controls

Here’s The Ultra-Clever Way That The Chinese Are Circumventing Capital Controls:

Well, it happened again.

China’s stock market plunged, sending more than half a trillion dollars to money heaven.

What a surprise, it turns out that a massive credit bubble is actually unsustainable and will eventually burst. Shocker.

And just like what happened last year when Chinese stocks tanked, the government is stepping in to centrally plan the stock market recovery.

Read moreHere’s The Ultra-Clever Way That The Chinese Are Circumventing Capital Controls

Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors

–  Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors (ZeroHedge, July 26, 2015):

Two weeks ago we explained why Greek banks, which Greece no longer has any direct control over having handed over the keys to their operations to the ECB as part of Bailout #3’s terms, are a “strong sell” at any price: due to the collapse of the local economy as a result of the velocity of money plunging to zero thanks to capital controls which just had their 1 month anniversary, bank Non-Performing Loans, already at €100 billion (out of a total of €210 billion in loans), are rising at a pace as high as €1 billion per day (this was confirmed when the IMF boosted Greece’s liquidity needs by €25 billion in just two weeks), are rising at a pace unseen at any time in modern history.

Read moreGreek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors

Draghi Freezes Greek ELA, Varoufakis Tells BBC “Looking At Imposing Capital Controls, Closing Banks”

A little under 24 hours before Europe opens for trading, and just under 12 hours before the open of equity futures, and things are not looking good.


Draghi Freezes Greek ELA, Varoufakis Tells BBC “Looking At Imposing Capital Controls, Closing Banks” (ZeroHedge, June 28, 2015)

The Situation Escalates – Greece Is Now Taxing Cash Withdrawals

Greece-Troika-Sirtaki

The Situation Escalates – Greece Is Now Taxing Cash Withdrawals (Secular Investor via ZeroHedge, May 11, 2015):

The saga (or drama, if you like) in Greece is continuing and even though the country was able to make a 200M EUR interest payment to the IMF earlier this week, markets shouldn’t be too optimistic just yet as that payment is less than 5% of the total cash amount it has to pay in the next 4-5 weeks.

Indeed, Greece has just 3 days left to find 750M EUR to meet the requirement of a principal payment to the IMF which is due next Tuesday, and we consider it to be quite impossible for the country to meet this demand without finding additional sources to generate cash from.

Read moreThe Situation Escalates – Greece Is Now Taxing Cash Withdrawals

Swiss National Bank Hints At Capital Controls

1-Switzerland

Swiss National Bank Hints At Capital Controls (ZeroHedge, Jan 7, 2015):

Even as the whispers that the imposition of capital controls by Greece, which is now running out of both time, negotiating leverage and tax money is just a matter of time, get louder with every passing day if not acknowledged by Greek officials yet, it was none other than one of the supposedly most “rock-solid” central banks in the world that fired a shot across the bow of global financial stability when it hinted that not Greece but another country may be the first to engage in capital controls. The country: Switzerland.

Ukraine Introduces Capital Controls

Ukraine Introduces Capital Controls (Zerohedge, Sep 22, 2014):

A few days ago we showed how when Obama said there would be “costs” for Moscow in the Ukraine-Russian conflict, he got the recipient country of said costs woefully wrong, as confirmed by the economic data released by Ukraine which showed its Industrial Production crater at a pace on par with the Lehman collapse, confirming the Ukraine economy was on the verge of a spectacular implosion just in time for the harsh, Gazprom-free winter to finish off what little economic activity is left.

Ukraine-Industrial-Production

The resulting selloff in the Hryvnia and Ukraine bonds, was therefore, hardly surprising.

Which probably means the news reported by Bloomberg moments ago, which cites Ukraine’s Unian news service, that the Ukraine central bank just instituted restrictions on Hryvnia use, i.e., capital controls, should also not come as a surprise, yet for all those expecting Russia to crater first under the weight of western sanctions, to see said cratering take place in western-backed (and IMF guaranteed) Ukraine is probably just a little unpleasant.

The details:

Read moreUkraine Introduces Capital Controls

Ukraine Capital Control Crunch: Largest Bank Limits Cash Withdrawals To $100 Daily

Ukraine Capital Control Crunch: Largest Bank Limits Cash Withdrawals To $100 Daily (ZeroHedge, March 2, 2014):

As we warned on Friday, the military escalation in Ukraine has had dire consequences for the financial state of the country, its banks, and ultimately its people. The central bank promised to rescue domestic banks so long as they agreed to its complete control and it appears the first consequences of that “we are here to help you” promise is coming true:

  • UKRAINE’S PRIVATBANK LIMITS ATM WITHDRAWALS TO UAH1,000/DAY ($103/day)

Privatbank is Ukraine’s largest bank and while claiming this move is temporary (just like Cyprus’ capital controls), the bank has also ceased new loans amid what it calls “geopolitical instability”. In summary, you can’t have your money back! Expect long angry lines at Ukrainian banks on Monday morning (and at the pace of collapse in the Hyrvnia, hyperinflation next).

Read moreUkraine Capital Control Crunch: Largest Bank Limits Cash Withdrawals To $100 Daily

Ukraine Imposes Capital Controls, Limits Foreign Currency Withdrawals

Ukraine Imposes Capital Controls, Limits Foreign Currency Withdrawals

Ukraine Imposes Capital Controls, Limits Foreign Currency Withdrawals (ZeroHedge, Feb 28, 2014):

Yesterday we reported that as part of the Ukrainian central bank’s plan to bailout the nation’s largely insolvent private banks, it would provide any needed funding but only “if they will remain under open control of the National Bank of Ukraine.” And since the new CB head Stepan Kubiv’s allegiance to Europe were already well-known, this was merely a quick and efficient way of providing Europe with all the banking details including asset holdings of the local population. Today, the annexation of the country’s banking system by a “benevolent” Europe is complete.

Itar-Tass reports that Ukraine’s national bank has imposed temporary limits to withdraw money from foreign currency deposits to sums equivalent to no more than 15,000 hryvnias (about $1,500) a day, National Bank Chief Stepan Kubiv told a press conference. Or, as the citizens of Cyprus call it – capital controls.

Read moreUkraine Imposes Capital Controls, Limits Foreign Currency Withdrawals

Not Exactly The Brightest Way To Smuggle Gold …

Not exactly the brightest way to smuggle gold… (Sovereign Man, Nov 16, 2013):

Thailand is known for a lot of things– quintessential white sandy beaches, hard partying nightlife, quiet Buddhist reverence…

But what a lot of people don’t realize is that Bangkok is probably one of the most important cities in the world when it comes to illegal trafficking.

Human trafficking. Narcotrafficking. Money laundering. Weapons. Forged documents. Etc.

Bangkok is just as vital to these industries as New York or London to the global financial sector.

And now, thanks to India’s sagging economy, they can add one more to this list: gold smuggling.

Recently, India has been in a state of economic turmoil. Beset on all sides by spiraling inflation, economic stagnation, and a rapidly depreciating currency.

In response the Indian government imposed capital controls in a feeble attempt to curb gold imports and reduce its widening current account deficit.

This constitutes theft, plain and simple. By eliminating options to hold anything other than rapidly depreciating paper, Indian politicians essentially stole the purchasing power of people’s savings

Read moreNot Exactly The Brightest Way To Smuggle Gold …