It’s Official — America Now Enforces Capital Controls

[Benny2guns]

It couldn’t have happened to a nicer country. On March 18, with very little pomp and circumstance, president Obama passed the most recent stimulus act, the $17.5 billion Hiring Incentives to Restore Employment Act (H.R. 2487), brilliantly goalseeked by the administration’s millionaire cronies to abbreviate as HIRE. As it was merely the latest in an endless stream of acts destined to expand the government payroll to infinity, nobody cared about it, or actually read it. Because if anyone had read it, the act would have been known as the Capital Controls Act, as one of the lesser, but infinitely more important provisions on page 27, known as Offset Provisions – Subtitle A—Foreign Account Tax Compliance, institutes just that. In brief, the Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS. And should this provision be deemed illegal by a given foreign nation’s domestic laws (think Switzerland), well the foreign financial institution is required to close the account. It’s the law. If you thought you could move your capital to the non-sequestration safety of non-US financial institutions, sorry you lose – the law now says so. Capital Controls are now here and are now fully enforced by the law.

Let’s parse through the just passed law, which has been mentioned by exactly zero mainstream media outlets.

Here is the default new state of capital outflows:

Read entire article

http://www.zerohedge.com/article/its-off...l-controls

Slowly but surly the wall's go up.

[billy]

so, does this mean that people won't be able to money launder or stash huge amounts in offshore accounts in an effort to stop paying tax on any interest? that they'll have to show how and where they earned all those gazillions that get filtered out of a country?

in truth if you're legit you can move your money anywhere. the money is with held, not taken. if legit you get it back. it looks like what they're saying is if you make money you get taxed on it where ever it is. about times these rich bastards who funnel funds overseas finally get made to pay tax.

i'd of thought it was the so called rich elite who have huge oversea bank balances?

as for companies who have to have overseas accounts. it would be a running balance which would be all above board so they would be okay.

[Benny2guns]

so, does this mean that people won't be able to money launder or stash huge amounts in offshore accounts in an effort to stop paying tax on any interest? that they'll have to show how and where they earned all those gazillions that get filtered out of a country?

in truth if you're legit you can move your money anywhere. the money is with held, not taken. if legit you get it back. it looks like what they're saying is if you make money you get taxed on it where ever it is. about times these rich bastards who funnel funds overseas finally get made to pay tax.

i'd of thought it was the so called rich elite who have huge oversea bank balances?

as for companies who have to have overseas accounts. it would be a running balance which would be all above board so they would be okay.

Yes your correct but the problem is that the rich elite have already used all of the loop holes they had created to plunder all the funds and resources out of the country. They have now made it impossible for anyone else to gain that type of power through the same means. What ever way you would like to slice it the game is fixed. Whats happening is so obvious and in your face that it can no longer be called BS. But thanks for keeping the thread up on the board for me.

[billy]

as long as they're now stopped from doing it i'm happy.
if they keep their secret hoards abroad now they'll be paying a hefty tax on it.

[Benny2guns]

No thats not likly to happen at all. Their wealth and interists are protected by puppet governments all over the world including yours.

[billy]

not if they cant get access to them they aren't. the foreign countries will love that happening.
for funds to be worth anything they have to be accessible. money still has to pass from one country to another, pretty soon only a few countries will be outside this umbrella. the swiss are already having to face a shit storm. once that folds and it will, all the other countries will either follow suite or be forced out of the banking roundabout for malpractice. show and tell or we'll stop trading with you. no single country, not even china can stand alone outside the world banking system. the days of hidden money stashed away in foreign banks are fast receding. the usa will simply freeze any banking assets one of these fuckers has on it's soil and tell every other country to do the same. it's already been done more than once. the markuses from the philippines to name just one and their not even american. once a person has to travel to an outside country to get funds it's going to pretty hard to bring those funds into most countries in large amounts. that would be called money laundering. maw people who hide money in offshore accounts have their days numbered. something i'm really pleased about.

[Benny2guns]

not if they cant get access to them they aren't. the foreign countries will love that happening.
for funds to be worth anything they have to be accessible. money still has to pass from one country to another, pretty soon only a few countries will be outside this umbrella. the swiss are already having to face a shit storm. once that folds and it will, all the other countries will either follow suite or be forced out of the banking roundabout for malpractice. show and tell or we'll stop trading with you. no single country, not even china can stand alone outside the world banking system. the days of hidden money stashed away in foreign banks are fast receding. the usa will simply freeze any banking assets one of these fuckers has on it's soil and tell every other country to do the same. it's already been done more than once. the markuses from the philippines to name just one and their not even american. once a person has to travel to an outside country to get funds it's going to pretty hard to bring those funds into most countries in large amounts. that would be called money laundering. maw people who hide money in offshore accounts have their days numbered. something i'm really pleased about.

Hehehehehe, yes me also if it were not the world banking cartel that had done all the plundering in the first place. Thats my learned opinion from staying up to date on breaking world events.

[cigarbabe]

not if they cant get access to them they aren't. the foreign countries will love that happening.
for funds to be worth anything they have to be accessible. money still has to pass from one country to another, pretty soon only a few countries will be outside this umbrella. the swiss are already having to face a shit storm. once that folds and it will, all the other countries will either follow suite or be forced out of the banking roundabout for malpractice. show and tell or we'll stop trading with you. no single country, not even china can stand alone outside the world banking system. the days of hidden money stashed away in foreign banks are fast receding. the usa will simply freeze any banking assets one of these fuckers has on it's soil and tell every other country to do the same. it's already been done more than once. the markuses from the philippines to name just one and their not even american. once a person has to travel to an outside country to get funds it's going to pretty hard to bring those funds into most countries in large amounts. that would be called money laundering. maw people who hide money in offshore accounts have their days numbered. something i'm really pleased about.

You, me and Benny three!
I hope all that money is confiscated by the countries
where the monies are stashed in.
They should be forced to build low income housing for the poor and middle classes
and have to keep everyone possible on some sort of health care insurance
until those monies run dry just like they did to us.
C.B.

[billy]

i think the wealth barons are a dying breed. of course some new guys will make a killing but it's going to get harder to achive massive wealth in the future.