Tag Archives: Money

India ATMs stop sucking in cash after exploit by scammers [2012]

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“RBI in the past one year has come across banks reporting several instances of frauds pertaining to mis-use of cash retraction facility at the ATMs.  The typical modus operandi has been to hold on to a few pieces of notes in ATM machines that have cash retraction system, while allowing one or two pieces of notes to be retracted and then claiming non-receipt of cash.  Since retracted transactions are credited back to the customer’s account, the balance in the fraudster’s account remains unaffected even after collecting bulk of the delivered cash.  The ATMs do not have the capability to count the pieces of retracted notes, thus leaving a loophole for committing such frauds.”

http://businesstoday.intoday.in/story/bank-atms-stop-sucking-in-cash-after-rbi-direction/1/188335.html

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China Banks Boost Precious Metals Hoard Amid Lease Demand

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“The value of precious metals held by China’s biggest lenders surged 66 percent from a year ago as banks lease more gold to customers because tighter borrowing rules make it harder to lend funds.  The growth since last year outpaced the gain in benchmark bullion prices, which rose 7.5 percent over the same period.  China is seeking to rein in credit by raising borrowing costs and cutting off lending to sectors considered at risk of default amid a property slump and rising number of bad loans. That’s prompting banks to hold more precious metals as they expand their gold-leasing business because it’s not subject to loan caps and is considered off-balance sheet lending, according to Industrial Bank Co.”

http://www.bloomberg.com/news/2014-09-01/china-banks-boost-precious-metals-hoard-amid-lease-demand.html

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Uruguay bans all cash payments over US$5,000 as of next year

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“Uruguay yesterday sanctioned its Financial Inclusion Law, which will ban cash payments worth more than US$5,000 as of May 1 next year. Property transactions and car purchases will thus have to be made through banking mechanisms.  The measure will affect thousands of Argentines who have snapped up properties across the River Plate, primarily in the summer-favourite destination of Punta del Este.  The recipients of income from rent contracts already in place before May 1 of 2015 will have to declare a bank account to which the funds should be deposited.  In addition, all taxes will have to be paid electronically, regardless of the sum that is owed.”

http://www.buenosairesherald.com/article/168152/uruguay-bans-all-cash-payments-over-us$5000-as-of-next-year

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The “Social Contract” Is a Fraud; Anyone Enforcing It Is A Criminal

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“If an adult wants to sign away his rights and make himself a serf to politicians, that’s his choice, and I won’t take it from him. But for the deal to be legit, a clear agreement and authorizations on both sides are required.  Fraud is a ‘false representation with the intent of persuading the victim to part with property,’ and that is precisely what is being done with the social contract, and on a gigantic scale.  We have a supposed contract, and we have trillions of dollars changing hands, based upon its legitimacy. If, in fact, it is not a contract, then the entirety of the arrangement is a massive criminal fraud. So, is this ‘social contract’ legitimate? Let’s examine some crucial aspects of contracts.”

http://www.caseyresearch.com/cdd/the-social-contract-is-fraud-anyone-trying-to-enforce-it-acting-criminally

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Granny’s Gold Bars Are Key to Vietnam Push to Boost Dong [2013]

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“The target of Vietnam’s campaign to stabilize its currency is in the locked bedroom wardrobe of retired civil servant Vu Thi Huong: gold bars.  Huong is among millions of Vietnamese who hold an estimated 300 tons to 400 tons of bullion to store their wealth — a legacy of more than a century of war, revolution and economic turbulence. The central bank wants to convert the hoard, much of it smuggled in, into dong deposits to strengthen the currency, which has slid 21 percent against the dollar in five years. To reduce contraband and persuade people to sell their bullion, the central bank made itself the sole importer and Saigon Jewelry Co. the only legal producer of gold bars.”

http://www.bloomberg.com/news/2013-07-14/granny-s-gold-bars-are-key-to-vietnam-push-to-boost-dong.html

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Vietnam police force gold shop to close after USD exchange accusation

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“A gold shop in Ho Chi Minh City will temporarily close following a police raid that has raised eyebrows among legal experts.  Police stormed into the shop on Bui Huu Nghia Street at 1 p.m. on Thursday (April 24) claiming they had seen a man trying to exchange a US$100 note for Vietnamese dong.  The police then spent eight hours combing the shop from top to bottom, seizing more than US$14,000 in cash and equipment, including a security camera and a CPU.  Before leaving, the officers sealed off 559 taels of gold on display in the shop.  Police later removed evidentiary seals after Mai produced papers to prove she inherited the gold from her parents.”

http://www.thanhniennews.com/society/vietnam-police-confiscation-forces-gold-shop-to-temporarily-close-25756.html

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BitInstant Founder to Forfeit $950K to US Government in Plea Bargain

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“Further details have emerged of former BitInstant CEO Charlie Shrem’s plea bargain with US authorities, which saw him plead guilty to aiding and abetting an unlicensed money-transmitting business on 4th Sept. Shrem and Robert Faiella’s plea bargains, [with the government’s decision to drop a charge of money-laundering,] provide for jail terms of up to 60 months. The guidelines also include a maximum fine of $250,000 or twice the amount of money derived from the crime or double the loss to the victim, whichever is greatest. The Manhattan US Attorney, Preet Bharara, said that Shrem and Faiella sold $1m in bitcoin to ‘outlaws’ on Silk Road.”

http://www.coindesk.com/charlie-shrem-forfeit-950000-us-government-plea-bargain/

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They’re Coming for Your Accounts

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“Just a week or two ago, the International Monetary Fund (IMF) published a horrifying paper, called The Fund’s Lending Framework and Sovereign Debt. That paper, in turn, was based on one from December 2013, called Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten.  Major media ignored all of this, of course.  The December 2013 document, right at the start, says that ‘financial repression’ is necessary.   That’s not my interpretation; those are their words.  It’s not just the IMF, of course. The US Treasury has had a group working on these ideas since the Bush administration.”

http://www.caseyresearch.com/freeman/they-are-coming-for-your-accounts

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CurrencyFair Suspends Foreign Exchange Service for US Customers

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“As of December 7, US customers couldn’t deposit any more money to CurrencyFair. Money already deposited must come out by December 31.  CurrencyFair stated the reason for the suspension was new regulatory compliance requirements.  ‘Following our initial assessment of regulatory changes in the United States, including changes arising from the Dodd-Frank Act, CurrencyFair will temporarily withdraw services for US residents while we consider these requirements and how they impact our business model.  The exact date of re-activation has not yet been determined and may take some time.'”

http://thefinancebuff.com/currency-fair-foreign-exchange-suspended.html

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Fed Vice Chair: Your Bank May Seize Your Money to Recapitalize Itself

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“The bottom line is that financial, economic and monetary policymakers in the U.S. are fearful that another crisis, perhaps even worse than what we saw in 2008, is going to be playing out in the very near future. Otherwise, why would they find it necessary to take the drastic step of forcing bank depositors to act as a backstop for their financial institutions?  But this time around, it won’t be the government that bails them out directly. Instead, if you have an account with the bank, you are an unsecured creditor for that institution, just like Cypriots. And when that bank inevitably comes under pressure because of an inability to cover their debts, it is you who will become the bailout mechanism.”

http://www.shtfplan.com/headline-news/fed-vice-chairman-warns-your-bank-may-seize-your-money-to-recapitalize-itself_08272014

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