Tag Archives: Money

Drug cops took a college kid’s savings; 13 police departments want a cut

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“Like Joseph Rivers, Charles Clarke is a young black man. And like Rivers, he lost his cash at a so-called ‘cold consent’ encounter — that is, a warrantless search voluntarily agreed to — at one of the nation’s transportation hubs. Clarke didn’t have any marijuana on him or in his baggage, so he hasn’t been charged with any drug crimes.  He was charged with resisting arrest and assaulting an officer, however, after he tried to prevent the agents from seizing his money by yelling at them and struggling with the agents when they grabbed the cash, according to the agent’s affidavit. The charges were subsequently dropped, according to his lawyers at the Institute for Justice.”

http://www.washingtonpost.com/blogs/wonkblog/wp/2015/06/30/drug-cops-took-a-college-kids-life-savings-and-now-13-police-departments-want-a-cut/

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Greeks awake to shuttered banks on day after voters reject austerity

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“Greeks awoke Monday to the stark reality of the country’s accelerating crisis — shuttered banks and ATMs with little cash — hours after they voted resoundingly to reject more austerity measures in exchange for another bailout.  The results — 61% voted ‘no,’ compared with 39% for ‘yes’ — left the bankrupt country’s future in the European Union and its euro currency uncertain. Greece entered a second week of severe restrictions on financial transactions and faced the prospect of even limited amounts of cash drying out, with no prospect of an immediate infusion. Greece imposed the restrictions to stem a bank run after the vote was called and its bailout program expired.”

http://www.foxnews.com/world/2015/07/06/greece-enters-uncharted-territory-after-referendum-no-vote/

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Greece defaults on $1.7 billion IMF payment

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“Greece became the first developed country to default to the IMF, an organization of 188 nations that tries to keep the world economy stable.  Greece will now be cut off from access to IMF resources until the payment is made.  The move came hours after the country made a desperate attempt Tuesday to halt its plunge into economic chaos by requesting a new European bailout.  Greece asked for a two-year bailout from Europe, its third in six years.  Greek banks remained shut Tuesday and limits on cash withdrawals were in place as the country tried to stave off financial collapse before the vote. Daily withdrawals are limited to 60 euros, or about $67.”

http://money.cnn.com/2015/06/30/news/economy/greece-imf-default

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Greece Closes Banks and Stock Markets, Introduces Capital Controls

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“The banks in Greece and the Athens Stock Exchange will remain closed until at least July 6, the day after the referendum on the austerity measures demanded by the country’s creditors. In the meantime, cash withdrawals at ATMs will be limited to 60 euros ($66) and transfers abroad will be forbidden. Greece is the second Eurozone country, after Cyprus in 2013, to impose capital controls.  The move is evidently aimed at preventing panicked Greek investors and savers from taking their money out of the nation’s banks and moving it elsewhere. In the days before the predictable stall of the negotiations with Europe, many Greeks rushed to withdraw their money.”

https://bitcoinmagazine.com/21038/greece-closes-banks-stock-markets-introduces-capital-controls/

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Money laundering investigation stymied by China, Italy says

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“In April, China launched a new initiative, ‘Skynet,’ to trace fugitives and their overseas money and released a list of its 100 most wanted economic criminals. Forty of them are thought to be in the U.S, according to the party’s Central Commission for Discipline Inspection. Many of the transfers, fractioned into small sums to avoid scrutiny, were a way for Chinese immigrants to avoid paying taxes, according to hundreds of pages of court documents reviewed by The Associated Press. Other migrants were caught with heaps of counterfeit purses and shoes. Police also traced money to men running Chinese prostitution rings.”

http://news.yahoo.com/money-laundering-investigation-stymied-china-italy-says-050440484–finance.html

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Swiss Bank Refuses Request for Cash Withdrawal, Backed By Central Bank

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“A Swiss pension fund manager calculated that he could save his clients a substantial amount of money by withdrawing cash from his fund’s bank account, which was yielding a negative interest return, and depositing the cash in an insured vault.  Exercising his fiduciary responsibility, he notified his bank of an impending large withdrawal of CHF.  The bank rebuffed the fund manager’s request:  ‘We are sorry, that within the time period specified, no solution corresponding to your expectations could be found.’  One banking expert argues that the bank’s action ‘is most definitely not legal’ because the pension fund holds a ‘sight account,’  which gives the holder the right to withdraw cash on demand.”

https://mises.org/blog/swiss-bank-refuses-request-cash-withdrawal

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The Ominous Warning in Denny Hastert’s Downfall

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“The speaker who pushed through financial monitoring provisions of the USA Patriot Act found himself ensnared in the same law. By ‘structuring’ his cash withdrawals to avoid reporting requirements, he aroused suspicions at his bank and gave the FBI reason to investigate. As delightful as it is to see the mighty brought low, Hastert may also be victim of a grave injustice. If the government thinks it can prove Hastert committed a sex crime, the right course would be to file charges and let a jury decide. Law enforcement now has the power to bypass courts and inflict punishment without trial. Before we relish Hastert’s downfall, we should remember that any one of us could be next.”

http://www.thedailybell.com/news-analysis/36329/The-Ominous-Warning-in-Denny-Hasterts-Downfall/

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Centuries-Old Shipwreck Chock-Full Of Gold Found Off Finnish Coast

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“More than $150 million worth of gold treasure has been found in a centuries-old shipwreck discovered recently off the coast of Finland — and it has archaeologists going gaga.  Divers found the ship and its treasure — 10,000 gold coins and jewelry — south of the Finnish island of Jussarö, Discovery News reported. The divers think the sunken vessel, a legendary 15th-century ship named Hanneke Wrome, sank in a storm. According to historic documents, the ship had more than 200 passengers and crew members aboard. In addition to the coins and jewelry, it carried 200 parcels of fabric and 1,200 barrels of honey.”

http://www.huffingtonpost.com/2015/05/08/shipwreck-treasure-finnish-coast_n_7224232.html

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Texas Senate Passes Bill to Establish Gold & Silver Bullion Depository

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“A bill taking a step towards gold and silver as commonly-used legal tender in Texas passed in the state Senate today by an overwhelming 29-2 vote.  What the bill essentially does is create a means for transactions to occur in precious metals. It allows people  to open an account and deposit their precious metals in the state depository. They could then use the electronic system to make payments to any other business or person who also holds an account.  This opening of the market is considered by many insiders to be the most important first step towards bringing sound money to mainstream acceptance.”

http://blog.tenthamendmentcenter.com/2015/05/texas-senate-passes-bill-to-establish-bullion-depository-help-facilitate-transactions-in-gold-and-silver/

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Central bank seeks to rein in Auckland housing market

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“Governor Graeme Wheeler is using loan restrictions to curb the housing market in Auckland, home to a third of New Zealand’s 4.5 million people, after last month ruling out interest-rate increases as inflation slows to near zero. Auckland house prices rose 16.9 per cent in March from a year earlier, compared to 3.2 per cent in the rest of the country, the RBNZ said today. Investors will be required to have a deposit of at least 30 per cent for any bank loan to buy residential property in the Auckland Council area, the Reserve Bank of New Zealand said in its semi-annual Financial Stability Report in Wellington Wednesday. The proposed new policy would come into force from October 1.”

http://www.afr.com/news/economy/monetary-policy/rbnz-seeks-to-rein-in-auckland-housing-market-20150512-gh0a26

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