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It's Official - America Now Enforces Capital Controls

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posted on Mar, 29 2010 @ 01:56 PM
What I found was interesting... Did I really get this right? "UFB" - So transfer dollars from US accounts to foreign accounts... Is now illegal?

... Police state is growing fast these days in my eyes:

On March 18, with very little pomp and circumstance, president Obama passed the most recent stimulus act, the $17.5 billion Hiring Incentives to Restore Employment Act (H.R. 2487), brilliantly goalseeked by the administration's millionaire cronies to abbreviate as HIRE. As it was merely the latest in an endless stream of acts destined to expand the government payroll to infinity, nobody cared about it, or actually read it.

Because if anyone had read it, the act would have been known as the Capital Controls Act, as one of the lesser, but infinitely more important provisions on page 27, known as Offset Provisions - Subtitle A—Foreign Account Tax Compliance, institutes just that. In brief, the Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS.

And should this provision be deemed illegal by a given foreign nation's domestic laws (think Switzerland), well the foreign financial institution is required to close the account. It's the law. If you thought you could move your capital to the non-sequestration safety of non-US financial institutions, sorry you lose - the law now says so. Capital Controls are now here and are now fully enforced by the law.

Let's parse through the just passed law, which has been mentioned by exactly zero mainstream media outlets.

Hears very bad in my european ears!

posted on Mar, 29 2010 @ 02:07 PM
reply to post by JanusFIN

If you want the background for these type of financial laws -- this 3 1/2 hour documentary -- the Money Masters -- is really well done. Goes through the whole history of U.S. "capital controls."

posted on Mar, 29 2010 @ 06:24 PM
This is only really hurting rich criminals. The law that is the throw away of more billions for the only people whose wages are going up is unforgivable.

posted on Mar, 29 2010 @ 06:29 PM
reply to post by ISHAMAGI

I respectfully disagree. This effectively keeps US citizens from leaving the country permanently by severely taxing them if they do.

This is a serious loss of freedom.

posted on Mar, 29 2010 @ 06:33 PM
If you can leave the US, I would suggest you get out NOW

This is not something I say lightly after reviewing this information and reinforcing the commentary from the Rangel rule which restricted and penalized voluntary emigration and/or renunciation of one’s citizenship from the United States.

If you can, even if it means a 75% loss of your fortunes, get out now.

If you have a universal skill set (Programmer, trader, medical skills, security skills, etc.) and can relocate with little resources, get out now.

If you have real estate holdings in certain nations (not Canada or Mexico) get out now.

The precursor to most major shifts within western civilization have always been the restrictions placed on the flow of capital. Without going off into woo-woo land on you, all I can say is that this is a warning shot that something major is about to occur which further restricts the freedoms of the citizens of this once great nation. When I did my radio show, I warned that this one event, a key moment or marker in any nation’s history was something to be taken deadly seriously. In my opinion it means that a currency realignment or change or outright revocation of rights taken for granted was certain with a 90 day, maybe if we’re lucky, 180 day window.

One more time:

If you can escape, do it now.

Good luck to all and God Bless.

So according to this guy, something big is coming down the pipe. I think he's right about something big happening soon... Maybe a bombing of Iran causing massive economic collapse or maybe this was just passed so people would not escape the health care scam...

posted on Mar, 31 2010 @ 07:12 PM
reply to post by Idiot232

Well, no one wants these self-entitled, politically-correct whiners on their shores, anyway. So it's all good.

posted on Mar, 31 2010 @ 07:44 PM

Originally posted by ISHAMAGI
This is only really hurting rich criminals. The law that is the throw away of more billions for the only people whose wages are going up is unforgivable.

No, this is going to hurt the entire country.

This is an economic Berlin Wall.

This is frightening

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