As I wrote yesterday, Chase Bank beginning on November 17th, is severely restricting all cash transactions and all outgoing international wires for its business customers. This is not only a major problem but is extremely telling of what is to come in the future. This is affecting not only small businesses, but large businesses also, as they have received similar letters like those I mentioned yesterday.
Is Chase doing this because it has no money to service withdrawal requests? Is Chase in essence saying that it is broke or already bankrupt?
One of the questions I had yesterday was why would Chase Bank take this position alone, given that it could dramatically harm business? Well, according again to Paul Joseph Watson of InfoWars, Chase is only the first to implement this strategy. In his article today he said:
“We are now receiving reports from business partners who we know well that they are being told by their banks that similar regulations to those adopted by Chase are coming within the next few months.”
“Chase would not be implementing a business killing strategy like this unless all other major banks were also planning to follow suit. What we see is mega banks leading the way to set the precedent that all the others will follow.”
This is certainly a form of implementing capital controls. This is obviously being done to prevent money from leaving this country. Since Chase will allow all incoming international wires while not allowing any outgoing international wires, the excuse of safety or national security is not valid.
These new rules would close the cash transaction window in favor of a digital currency system. Digital systems can be tracked and databased constantly, and could be totally controlled. With that kind of control, Chase Bank and all others who implement the same rules, would have the ability charge any fees and close or restrict any account at any time. Considering what happened in Cypress, that is a very dangerous option.
What does Chase Bank know that you don’t? Are they preparing for a financial crisis by attempting to gain more control over their client’s assets? Are they preparing to implement capital controls due to inside knowledge of an impending financial collapse? Are they so heavily leveraged in the derivative markets that they know little time is left?
As I said before, keeping large sums of money in banks, especially if those banks are restricting cash transactions or movement, is ludicrous. Should the bank default, it could simply levy a forced “tax” on its customers accounts, and take a portion or all in order to stay solvent. It happened recently in Cypress, and it could happen here!