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Nixon Redux

It’s been said The Libertarian Party (big L) was started by a number of folks in Colorado in 1971, who were having a political discussion regarding the downfall of The Republic.

Because President Nixon had instituted wage and price controls!  (And took us off the gold standard, furthered the Vietnam War, the draft, and started the EPA?- Guffaw)

Fast-forward to today, wherein Rand Paul is waging a largely one man battle against The Fed™, and now this…

(courtesy of Irish)

It’s Not Your Money – Feds Put Currency Control In Place

This story has been floating around for a few days, now, but I don’t see much coverage of it.  According to The Sovereign Man blog by Simon Black, the DOJ has instituted cash controls that require banks to notify them if anyone withdraws as little as $5000 cash in one transaction.

Assistant attorney general Leslie Caldwell gave a speech in which he urged banks to “alert law enforcement authorities about the problem” so that police can “seize the funds” or at least “initiate an investigation”.
As Black highlights, according to the handbook for the Federal Financial Institution Examination Council, such suspicious activity includes, “Transactions conducted or attempted by, at, or through the bank (or an affiliate) and aggregating $5,000 or more…”

Imagine going to your local bank to get some cash; for a specific purchase or just because you want to have some cash on hand.  You tell the teller that you’d like to withdraw $5,000 from your account. She hesitates nervously and wants to know why.

You try to politely let her know that that’s none of the bank’s business as it’s your money.

The teller disappears for a few minutes, leaving you waiting.

When she returns she tells you that you can collect your money in a few days as they don’t have it on hand at the moment.

Slightly irritated because of the inconvenience, you head home.

But as you pull into your driveway later there’s an unexpected surprise waiting for you: two police officers would like to have a word with you about your intended withdrawal earlier…

How do you know you live in a police state?  That’s a pretty good working definition right there. 

 MORE AT SILICONGRAYBEARD

for more information here are some additional links provided by blog buddy Leigh
 
http://www.thecommonsenseshow.com/2014/11/16/the-money-in-your-bank-account-was-stolen-this-morning/
http://www.examiner.com/article/bank-deposits-will-soon-no-longer-be-considered-money-but-paper-investments
http://www.economicpolicyjournal.com/2014/11/warning-bank-deposits-will-soon-no.html
http://investmentwatchblog.com/nov-16-2014-g20-to-implement-a-new-policy-that-makes-bank-deposits-on-par-with-paper-investments/

In the interest of fairness, one of my jobs during my 21+ year tenure at TMCCC was to research and complete SARs (Suspicious Activity Reports) as part of financial institution law.

These are the reports regarding ‘suspicious’ financial transactions taking place at federally-licensed/insured financial institutions.  At the time, based on a floor of $10K.

Aggregate.

This meant if you did a number of financial transactions involving moving funds around, or large credit card purchases totaling 10K, you would probably appear on the institution’s radar.  And some functionary (like me) would review your accounts, and prepare a report, if warranted.

Of course, 10K (or more) meant a report would be prepared, regardless.  (We did catch some bad guys this way!)

And you and your transactions were duly reported to The United States Treasury Department for further investigation.

Wouldn’t want any money-laundering or tax evasion amongst our citizens, would we?

And now the floor is 5K.  In this economy.

Can’t have the citizenry moving their money around all willy-nilly, now can we?  Because, whose money IS it, anyway?

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About guffaw1952

I'm a child of the 50's. libertarian, now medically-retired. I've been a certified firearms trainer, a private investigator, and worked for a major credit card company for almost 22 years. I am a proud NRA Life Member. I am a limited-government, free-market capitalist, who believes in the U.S. Constitution and the Rule of Law.

Discussion

2 thoughts on “Nixon Redux

  1. Yep, welcome to the brave new world… And it’s not going to get any better… sigh. I dread moving, because I’m going to get hit on that!

    Posted by Old NFO | April 2, 2015, 4:32 pm

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