WTF does this mean?

One of the biggest “Too big to fail” banks , and one of the ones deepest in bed with our government, has just put in place regulations that limit cash withdrawals and prohibit all outgoing international bank wires. As you can see I needed to link to a foreign article to get this information sourced, as our news media here in the US seems to be uninterested in talking about this baffling event. This is the sort of shit banana republics do when they fear people will move money out of the country right before they do a currency devaluation or some kind of monetary confiscation. I think we need to remain vigilant and see if other banks follow suit. If they do then we got a serious problem and some real nasty shit coming our way it looks like.

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  1. Seattle Outcast

    I expect to see other instances of banana republic thinking to show up as part of a larger Jarrett-Obama effort to seize assets of companies that aren’t paying their “fair share.”

    Obviously, the time has come to close accounts with major US banking corporations and move them offshore to someplace safe from sticky-fingered politicians. I wonder if plans have been drafted for nationalizing key corporations and industries, forfeiture of retirement plans, etc….

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  2. Seattle Outcast

    So it’s merely another attempt to savage small businesses by feeing their accounts to death?

    Nice to know – yet another reason to abandon JPM in favor a company with ethics.

    On a personal level, no individual should do financial business with a bank if a credit union is available to them – banks exist to make money off of you and report to stockholders who want a profit on their return. Credit unions are non-profit.

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  3. AlexInCT *

    Is JPMorgan Chase JPM +0.44% trying to control customers’ money by preventing wire transfers and limiting withdrawals? That’s the fear after a couple of reports from Drudge and Zero Hedge noted a change in the bank’s withdrawal and wire transfer policies for small business checking accounts.

    ,b>Chase says the fear is unfounded.

    Ah, OK, I guess just like the girl that gets promissed by the guy she is about to give a blowjob to that he will tell her before he comes so he won’t be coming in her mouth, I have nothing to worry about….

    The reports are referring to a new $50,000 limit on monthly cash activity being imposed on small business checking accounts and a ban on outgoing international wire transfers on those accounts.

    Small business customers received letters from the bank stating that the changes are effective November 17. “These changes will help us more effectively manage the risks involved with these types of transactions,” the letter states.

    Like I pointed out: this is a banana republic move to curtail the ability of people to move money the government wants quick access to – whether its for tax purposes or just to grab – with the exception that our government is targeting small businesses. It’s another example of government picking winners & losers, and since our nanny state tax & spend government loves the big korporations they are in bed with, they are scoring a two-fer by screwing small businesses and helping out weed out the compitition for their bigger buddies. Nothing nefarious or wrong about this.

    And as the small business market reacts to this and the job situation gets even more dire, these same people behind this shit-move will blame everyone but them for it. This is just the first move in a game that they are rigging to fuck people over.

    One report dubs Chase’s new rules “a war on cash and a war on small business and individuals” and says the new rules will lead to “a total TOT +1.56% cashless society that destroys all privacy and allows them to fine and fee the general population into serfdom.” Scary stuff.

    Now things make sense. They want to make it easier to track what you are doing. The NSA needs to show why they needed that multi billion mega lot oout there in the midwest, I guess. And I am not gonna buy JMP saying that they have no bad intentions when they do this. These people suck democrat dick and ask for seconds, and if they got told to fuck people over by their political masters, they would do it with gusto.

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  4. pekka

    > Like I pointed out: this is a banana republic move to curtail the ability of people to move money the government wants quick access to – whether its for tax purposes or just to grab – with the exception that our government is targeting small businesses.

    Where are you getting that info from? The Forbes article says they’re changing their fee structure. You can still get unlimited transfers but you have to upgrade to a $95 / month account if you hit the cap more than 4 times a year. It’s probably a ripoff – that’s what banks do, because they’re assholes. But then nobody is forcing customers to stay there, are they? And how does the government play into this?

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