Fabian4Liberty - Fabian4Liberty says that he saw a bit of news this morning that was confirmation of what he has been saying: capital controls.
We’ve seen capital controls unfolding in the hardest hit areas in the eurozone that are in full blown depression: Greece, Spain, and Italy. Remember that in Italy they had currency sniffing dogs at the border to Switzerland, and France, so people can’t get out of the country with their money. They have already limited ATM withdrawals and any type of cash purchases under a certain monetary amount. You can’t make cash purchases under a certain amount anymore. They don’t want people to be able to pull their money out of banks.
Spain’s been different. They have not instituted capital controls yet and so people are pulling out a tremendous amount of money from Spanish banks: over 40% of Spain’s GDP for the year has been taken out of the banking system.
Fabian4Liberty says that it is clearly the end game for Spain’s economy because you can’t have a functional banking system when everybody is going to the bank to take their money out.
You want to talk about a way to take down the global banking cartel? Just have 20 million people show up to their bank and ask for their money out of the bank.
There’s a new law called the Foreign Account Tax Compliant Act (FATCA). This is the beginning of capital controls in America.
Fabian4Liberty says that FATCA is all about keeping you or your money inside the system.