The Hidden Means of Currency Control

The Hidden Means of Currency Control

Capital Controls provision, page 27, the Offset Provisions - Foreign Account Tax Compliance as a rider to the new Jobs "HIRE" Bill requires non- US banks to embargo 30% of funds transfered primarily by bank wire to international banks by US sources seriptiously part of the $17.5 billion Hiring Incentives to Restore Employment Act (H.R. 2487) transfer of currency out of or still in the US dollar, defining in detail minutia non exempt accounts.,

1. This is effectively a passive currency control.
2. It can be enforced the same way international banks are squeezed today. Threatening to eliminate institutions from the bank wire system is a very powerful weapon.
3. Historically a country that implements currency controls, passive or active, has a currency in an intact downtrend for which the action offers no benefit and significant injury. It is an action of EXTREME WEAKNESS.
45. This confirms that the dollar is NOT a safe haven currency even if lending temporary support

Regards,
Jim

Jim,

Here's the full text

Source: govtrack.us