Financial Martial Law
Financial Martial Law by Chris Lowe – International Man
I consider “Financial Martial Law” a must-read.
In this timely article, which I’m sharing below, my friend and colleague Chris Lowe warns that banks have become arms of the US government.
This means terrifying things for your savings.
When I read this article, I knew I had to pass it along to International Man readers.
Chris is the editor of Bonner & Partners’ Inner Circle publication, which shares insights from Bill Bonner’s personal network of analysts and investment experts around the world.
Bill and Doug Casey are decades-old friends and colleagues.
Like Doug, Bill thinks the worst is yet to come. He says the next financial collapse will be worse than the market crashes of 1987, 2000, and 2008.
The window of opportunity to protect your money is rapidly closing. As Chris explains below, capital controls are already here.
Financial Martial Law
By Chris Lowe
Already, as an American, you are not free to spend your money as you see fit. (For a full breakdown, see “Bank Secrecy Act Regulations Explained” below.)
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.
Bank Secrecy Act Regulations Explained
By Bonner & Partners analyst Joe Withrow
The Bank Secrecy Act (BSA) requires US financial institutions to assist federal agencies in preventing money laundering.
All financial institutions are required by law to keep records of all financial activity, including cash purchases of “negotiable instruments”—checks, money orders, etc.
These records are open to government inspection at any time. They are also subject to periodic audits by both federal and state governments.
All financial institutions must immediately file a Suspicious Activity Report (SAR) with the federal government whenever a customer engages in transactions the institutions deem strange or inconsistent with normal behavior. This is open to interpretation.
There are also specific BSA regulations requiring financial institutions to file government reports. They are:
Currency Transaction Report (CTR): A CTR must be filed for each deposit, withdrawal, exchange of currency, or other payment or transfer by, through, or to a financial institution that involves a transaction in currency of more than $10,000.