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ECON New Currency Law: July 1
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  1. #1

    New Currency Law: July 1

    Has any one heard of this? Just found this article last night. http://flolandra.com/new-currency-la...4-devastating/

  2. #2
    Join Date
    May 2001
    Location
    Blair Atholl
    Posts
    5,196
    Here's the text of the article:
    Free market economists are not going to be happy about this…

    A major financial news source just published shocking details about a research report by two employees at the Federal Reserve Bank. The 36-page report applauds the use of “capital controls” in global markets.

    If you’re unfamiliar with the term “capital controls,” it’s probably because we tend to avoid them in the United States in favor of a free market economy.

    Capital controls are simply laws that regulate and restrict what you are allowed to do with your money by regulating the flow of cash in and out of a national economy. The laws define such things as where you can invest your cash and how you can allocate your assets.

    If you take a look around the globe, you’ll see several recent example—almost always from countries experiencing a currency crisis:

    In Cyprus…some citizens cannot withdraw or write checks for more than €300 per day from their own accounts. These controls were put in place after the Greek debt crisis of 2012 and are set to continue until year-end.
    In Iceland…capital controls imposed in 2008 have blockaded offshore investors from selling $7.2 billion in assets.
    In Argentina…citizens must pay an extra tax on vacations abroad.
    In the Ukraine…recent tensions sparked a series of capital controls. Ukrainians must wait six working days before making any type of foreign currency purchases. In addition, they cannot exchange more than the equivalent of $5,800 USD within a given time period.
    You might be wondering… how are these draconian laws “a useful tool for managing financial stability” as the recent Fed paper says?

    Well, the Fed research claims that capital controls would protect the U.S. dollar from the effects of rapid cash movements…

    Of course, the only countries that are worried about capital controls are those deeply worried about a currency crisis.

    According to Steve Hanke, a professor of applied economics at Johns Hopkins University in Baltimore, “Capital controls signal that a country is very worried about preserving its foreign exchange….That means bad things are in the wind.”

    SEE ALSO: Is your state as broke as these places?

    For more than 50 years, Americans have never really thought twice about the value of our currency.

    But times are rapidly changing. And most Americans don’t realize that the greatest weapon in our nation’s arsenal is not our military might or our education system, but the simple fact that the U.S. dollar is the world’s “reserve currency.” As such, our money forms the basis of the global financial system. And banks around the world hold our dollars in reserve against their loans.

    That’s why, for the past few decades, we have been able to print and borrow trillions of dollars, with no real negative impact.

    We are the only country in the world that does not have to pay for imports in a foreign currency. We can rack up enormous debts and then print more money.

    But this exorbitant privilege could soon expire, because many of the most powerful countries around the world (including China and Russia) are looking for a new world reserve currency.

    And when the U.S. dollar is no longer the world’s reserve currency… when we can no longer print money and borrow absurd sums without consequence– we are in trouble.
    It ends with a pitch for Porter Stansberry's stuff.
    Strike me down, and I shall become more powerful than you can possibly imagine


    Oderint dum metuant

  3. #3
    I can envision bank holidays, withdrawal restrictions, and limits to overseas transactions. It will be arbitrary and over the top causing great outrage here and abroad.

  4. #4
    Join Date
    Feb 2005
    Location
    The Gunshine State
    Posts
    9,121
    Me thinks the rest of the world is really getting pissed off at the United States....and to the rest of the peons in other nations, people like you and I are rich and prosperous and not 'suffering' like they are...and they're getting restless because of it....we WILL suffer on this soil...its just a matter of a short time now.....
    Only the dead have seen the end of war.
    —Plato

  5. #5
    Join Date
    May 2001
    Location
    columbia, mo
    Posts
    5,154
    Nowhere in the article does it say anything about a new law going into effect...

    o)<

    mike
    black is white...

  6. #6
    Join Date
    Sep 2002
    Location
    Florida's west coast
    Posts
    457
    Quote Originally Posted by VesperSparrow View Post
    Me thinks the rest of the world is really getting pissed off at the United States....and to the rest of the peons in other nations, people like you and I are rich and prosperous and not 'suffering' like they are...and they're getting restless because of it....we WILL suffer on this soil...its just a matter of a short time now.....
    It's too bad that the remaining, decent, hardworking folk in this country are thrown into the same cesspool of sh!t created by the scum in politics along with the "ticks and leeches", as viewed by the world.

    In my "tradition" of a video for everything, this eloquently expresses my rage and frustration:




    http://youtu.be/wSyEkrnsvH8



    Lyrics:

    "Ticks And Leeches"

    Suck and suck.
    Suckin up all you can, suckin up all you can suck.
    Workin up under my patience like a little tick.
    Fat little parasite.

    Suck me dry.
    My blood is bruised and borrowed. You thieving bastards.
    You have turned my blood cold and bitter,
    beat my compassion black and blue.

    Hope this is what you wanted.
    Hope this is what you had in mind.
    Cuz this is what you're getting.
    I hope you're choking. I hope you choke on this.

    Taken all I can, taken you like can, you(?) can take.
    Taken all you can, Taken all you can ****in' take
    Got nothing left to give to you.
    Blood suckin parasitic little tick/blood suckin parasitic little tick
    Take what you want and then go.

    Hope this is what you wanted.
    Hope this is what you had in mind.
    Cuz this is what you're getting.

    Suck me dry.
    Is this what you wanted?
    Is this what you had in mind?
    Cuz this this is what you're getting.
    I hope you choke.



    F#@k-it! LET IT ALL FALL DOWN!


    kz
    "When the government fears its people, that is LIBERTY.
    When the people fear their government, that is TYRANNY."

    Knowledge is food for the soul.

  7. #7
    Join Date
    Aug 2009
    Location
    Sovern Free State of Mind
    Posts
    2,071
    Quote Originally Posted by alchemike View Post
    Nowhere in the article does it say anything about a new law going into effect...

    o)<

    mike
    Yea.I noticed that too. It's "a research report by two employees at the Federal Reserve Bank."
    "Run for it? Running's not a plan! Running's what you do once a plan fails!"

    Chaos is order yet undeciphered. ************** My colors don't run !

  8. #8
    Join Date
    May 2001
    Location
    Behind Enemy Lines
    Posts
    105,897
    Thread is a dup anyway. Closed

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