Author Topic: China halts cash transfers- Big Deal or No Big Deal?  (Read 2246 times)

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Offline Hippanda

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China halts cash transfers- Big Deal or No Big Deal?
« on: January 26, 2014, 07:46:49 PM »
"The People’s Bank of China , the central bank, has just ordered commercial banks to halt cash transfers."

Big Deal, or no BIg Deal?


http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash-transfers-2/


"He who speaks without modesty will find it difficult to make his words good."

Confucius

Offline GDG's

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Re: China halts cash transfers- Big Deal or No Big Deal?
« Reply #1 on: January 26, 2014, 07:53:31 PM »
Coincidence that you should just post this. I just looked at the following.

http://www.bbc.co.uk/news/business-25861717

http://www.zerohedge.com/news/2014-01-23/china-bank-run-beginning-farmers-co-op-unable-pay-depositors

If anyone doesn't know what a bank run is and the history of bank runs they should learn.

Offline Hippanda

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Re: China halts cash transfers- Big Deal or No Big Deal?
« Reply #2 on: January 26, 2014, 07:56:53 PM »
I read where HSBC backed off that cash withdrawal restriction policy somewhat in the face of customer indignation,
but the arrogant BTs still lipped that it was meant to just help customers with their money.  Right.


We have been more or less teetering on the verge of the possibility of bank runs for a while now, IMO.

The world is nervous- bankers can feel it, and they are experiencing anxiety and dry mouth from looking nervously around wondering where it will start, and what will touch it off. China? Withdrawal restrictions? Venezuela? Further currency devaluations? Or?

They are desperately trying to keep the sputtering engine going to avoid another Lehman event, only worse.
Will they succeed again? Time for another fast round of QE?

The really scary thing everyone should come to terms with:  all your checking and savings accounts, retirement accounts, pensions... Is not your money.  Heck it isnt even money.   Now go and ponder the meaning of that for a while.
« Last Edit: January 26, 2014, 08:27:24 PM by Hippanda »
"He who speaks without modesty will find it difficult to make his words good."

Confucius

Offline GDG's

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Re: China halts cash transfers- Big Deal or No Big Deal?
« Reply #3 on: January 26, 2014, 08:05:56 PM »
Countrywide should have put anyone who holds a lot of cash in the banks on alert. Bank of America, JPM, etc, may be "too big to fail" but not too big to "appropriate" your savings. The "bail out" bailed out the uber rich at the expense of the taxpayer. This is a time to be real careful. One of my Banks gave me a hassle every time I wanted to retrieve 5k. I had to call them the day before. I no longer belong to that MAJOR American Bank. The Banking system operates like a criminal cartel.

Offline Hippanda

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Re: China halts cash transfers- Big Deal or No Big Deal?
« Reply #4 on: January 26, 2014, 08:30:23 PM »
HSBC:

HSBC has said that following customer feedback, it was changing its policy: "We ask our customers about the purpose of large cash withdrawals when they are unusual and out of keeping with the normal running of their account. Since last November, in some instances we may have also asked these customers to show us evidence of what the cash is required for."

"The reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime. However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. We are writing to apologise to any customer who has been given incorrect information and inconvenienced."
"He who speaks without modesty will find it difficult to make his words good."

Confucius

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Offline Hippanda

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Re: China halts cash transfers- Big Deal or No Big Deal?
« Reply #6 on: January 26, 2014, 09:10:41 PM »
The past two years I had been in the habit of minimizing any bank cash balances, only enough to pay bills, and taking out any remaining cash balances before the weekend, just to be safe, and because I thought.. Heck, it was MY money.
Right?

Caution... The bank now considers it THEIR money, just as the govt considers your withholding tax refunds their money until you claim it. (Want Proof? They pay you no interest ).  The banks do not want you to withdraw it, and even threaten to report you as a suspicious criminal type, for merely wanting to withdraw your money for what should reasonably be private reasons.
If it were truly your money, you should be able to do that, right?

Not anymore. Innocent family grocery had their bank account seized.. For merely depositing and withdrawing their money.  Using laws originally designed to catch drug cartels, but which now found convenient in cotrolling the law-abiding mass citizenry into believing that their money is no longer really Their money.

http://ij.org/michigan-civil-forfeiture-release-9-25-2013

Depositors- you-  are now considered to be voluntary Unsecured Creditors.  Not holders of any discrete assets. You give the bank your money, its no longer yours. There is no big bank vault where they keep specifically your bills, nor your digital currency, as yours.
You are now considered merely an unsecured creditor in their company, and you are last in line to get pennies on your dollars in case they go under. Not first.

I'll say it again:

Its not your money.

And its not even money.

We were (relatively recently) forced under penalty of law and imprisonment, to use their "chits" called FRNs ( no longer real US Treasury Dollars) to work, pay taxes and conduct business.  Or else.  These do not belong to us.  We pay mightliy in givng up Constitutionally guaranteed rights, for the coerced voluntary "priviledge".  
For the priviledge of belonging to a rapidly degenerating Ponzi scheme which mathmatically will increasingly take away previously considered rights and increasing no longer favor us with Social Security, nor any other benefit from this fake "money" they confiscated from us. Debt slave. Realize it and get used to it.

"He who speaks without modesty will find it difficult to make his words good."

Confucius

Offline Hippanda

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Re: China doesn't halt cash transfers- No Big Deal
« Reply #7 on: January 27, 2014, 01:39:48 AM »
"No, There Is No Stoppage Of Cash Transfers In China"

False rumor.

Other places, yes, cash restrictions. China, not yet apparently.  Move along..Nothin' to see
"He who speaks without modesty will find it difficult to make his words good."

Confucius