Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
US COVID-19 Death Toll Higher Than China’s Now. Will Gold Rally? - 4th Apr 20
Concerned That Asia Could Blow A Hole In Future Economic Recovery - 4th Apr 20
Bracing for Europe’s Coronavirus Contractionand Debt Crisis - 4th Apr 20
Stocks: When Grass Looks Greener on the Other Side of the ... Pond - 3rd Apr 20
How the C-Factor Could Decimate 2020 Global Gold and Silver Production - 3rd Apr 20
US Between Scylla and Charybdis Covid-19 - 3rd Apr 20
Covid19 What's Your Risk of Death Analysis by Age, Gender, Comorbidities and BMI - 3rd Apr 20
US Coronavirus Infections & Deaths Trend Trajectory - How Bad Will it Get? - 2nd Apr 20
Silver Looks Bearish Short to Medium Term - 2nd Apr 20
Mickey Fulp: 'Never Let a Good Crisis Go to Waste' - 2nd Apr 20
Stock Market Selloff Structure Explained – Fibonacci On Deck - 2nd Apr 20
COVID-19 FINANCIAL LOCKDOWN: Can PAYPAL Be Trusted to Handle US $1200 Stimulus Payments? - 2nd Apr 20
Day in the Life of Coronavirus LOCKDOWN - Sheffield, UK - 2nd Apr 20
UK Coronavirus Infections and Deaths Trend Trajectory - Deviation Against Forecast - 1st Apr 20
Huge Unemployment Is Coming. Will It Push Gold Prices Up? - 1st Apr 20
Gold Powerful 2008 Lessons That Apply Today - 1st Apr 20
US Coronavirus Infections and Deaths Projections Trend Forecast - Video - 1st Apr 20
From Global Virus Acceleration to Global Debt Explosion - 1st Apr 20
UK Supermarkets Coronavirus Panic Buying Before Lock Down - Tesco Empty Shelves - 1st Apr 20
Gold From a Failed Breakout to a Failed Breakdown - 1st Apr 20
P FOR PANDEMIC - 1st Apr 20
The Past Stock Market Week Was More Important Than You May Understand - 31st Mar 20
Coronavirus - No, You Do Not Hear the Fat Lady Warming Up - 31st Mar 20
Life, Religions, Business, Globalization & Information Technology In The Post-Corona Pandemics Age - 31st Mar 20
Three Charts Every Stock Market Trader and Investor Must See - 31st Mar 20
Coronavirus Stocks Bear Market Trend Forecast - Video - 31st Mar 20
Coronavirus Dow Stocks Bear Market Into End April 2020 Trend Forecast - 31st Mar 20
Is it better to have a loan or credit card debt when applying for a mortgage? - 31st Mar 20
US and UK Coronavirus Trend Trajectories vs Bear Market and AI Stocks Sector - 30th Mar 20
Are Gold and Silver Mirroring 1999 to 2011 Again? - 30th Mar 20
Stock Market Next Cycle Low 7th April - 30th Mar 20
United States Coronavirus Infections and Deaths Trend Forecasts Into End April 2020 - 29th Mar 20
Some Positives in a Virus Wracked World - 29th Mar 20
Expert Tips to Save on Your Business’s Office Supply Purchases - 29th Mar 20
An Investment in Life - 29th Mar 20
Sheffield Coronavirus Pandemic Infections and Deaths Forecast - 29th Mar 20
UK Coronavirus Infections and Deaths Projections Trend Forecast - Video - 28th Mar 20
The Great Coronavirus Depression - Things Are Going to Change. Here’s What We Should Do - 28th Mar 20
One of the Biggest Stock Market Short Covering Rallies in History May Be Imminent - 28th Mar 20
The Fed, the Coronavirus and Investing - 28th Mar 20
Women’s Fashion Trends in the UK this 2020 - 28th Mar 20
The Last Minsky Financial Snowflake Has Fallen – What Now? - 28th Mar 20
UK Coronavirus Infections and Deaths Projections Trend Forecast Into End April 2020 - 28th Mar 20
DJIA Coronavirus Stock Market Technical Trend Analysis - 27th Mar 20
US and UK Case Fatality Rate Forecast for End April 2020 - 27th Mar 20
US Stock Market Upswing Meets Employment Data - 27th Mar 20
Will the Fed Going Nuclear Help the Economy and Gold? - 27th Mar 20
What you need to know about the impact of inflation - 27th Mar 20
CoronaVirus Herd Immunity, Flattening the Curve and Case Fatality Rate Analysis - 27th Mar 20
NHS Hospitals Before Coronavirus Tsunami Hits (Sheffield), STAY INDOORS FINAL WARNING! - 27th Mar 20
CoronaVirus Curve, Stock Market Crash, and Mortgage Massacre - 27th Mar 20
Finding an Expert Car Accident Lawyer - 27th Mar 20
We Are Facing a Depression, Not a Recession - 26th Mar 20
US Housing Real Estate Market Concern - 26th Mar 20
Covid-19 Pandemic Affecting Bitcoin - 26th Mar 20
Italy Coronavirus Case Fataility Rate and Infections Trend Analysis - 26th Mar 20
Why Is Online Gambling Becoming More Popular? - 26th Mar 20
Dark Pools of Capital Profiting from Coronavirus Stock Markets CRASH! - 26th Mar 20
CoronaVirus Herd Immunity and Flattening the Curve - 25th Mar 20
Coronavirus Lesson #1 for Investors: Beware Predictions of Stock Market Bottoms - 25th Mar 20
CoronaVirus Stock Market Trend Implications - 25th Mar 20
Pandemonium in Precious Metals Market as Fear Gives Way to Command Economy - 25th Mar 20
Pandemics and Gold - 25th Mar 20
UK Coronavirus Hotspots - Cities with Highest Risks of Getting Infected - 25th Mar 20
WARNING US Coronavirus Infections and Deaths Going Ballistic! - 24th Mar 20
Coronavirus Crisis - Weeks Where Decades Happen - 24th Mar 20
Industry Trends: Online Casinos & Online Slots Game Market Analysis - 24th Mar 20
Five Amazingly High-Tech Products Just on the Market that You Should Check Out - 24th Mar 20
UK Coronavirus WARNING - Infections Trend Trajectory Worse than Italy - 24th Mar 20
Rick Rule: 'A Different Phrase for Stocks Bear Market Is Sale' - 24th Mar 20
Stock Market Minor Cycle Bounce - 24th Mar 20
Gold’s century - While stocks dominated headlines, gold quietly performed - 24th Mar 20
Big Tech Is Now On The Offensive Against The Coronavirus - 24th Mar 20
Socialism at Its Finest after Fed’s Bazooka Fails - 24th Mar 20
Dark Pools of Capital Profiting from Coronavirus Stock and Financial Markets CRASH! - 23rd Mar 20
Will Trump’s Free Cash Help the Economy and Gold Market? - 23rd Mar 20
Coronavirus Clarifies Priorities - 23rd Mar 20
Could the Coronavirus Cause the Next ‘Arab Spring’? - 23rd Mar 20
Concerned About The US Real Estate Market? Us Too! - 23rd Mar 20
Gold Stocks Peak Bleak? - 22nd Mar 20
UK Supermarkets Coronavirus Panic Buying, Empty Tesco Shelves, Stock Piling, Hoarding Preppers - 22nd Mar 20
US Coronavirus Infections and Deaths Going Ballistic as Government Start to Ramp Up Testing - 21st Mar 20
Your Investment Portfolio for the Next Decade—Fix It with the “Anti-Stock” - 21st Mar 20
CORONA HOAX: This Is Almost Completely Contrived and Here’s Proof - 21st Mar 20
Gold-Silver Ratio Tops 100; Silver Headed For Sub-$10 - 21st Mar 20
Coronavirus - Don’t Ask, Don’t Test - 21st Mar 20
Napag and Napag Trading Best Petroleum & Crude Oil Company - 21st Mar 20
UK Coronavirus Infections Trend Trajectory Worse than Italy - Government PANICs! Sterling Crashes! - 20th Mar 20
UK Critical Care Nurse Cries at Empty SuperMarket Shelves, Coronavirus Panic Buying Stockpiling - 20th Mar 20
Coronavirus Is Not an Emergency. It’s a War - 20th Mar 20
Why You Should Invest in the $5 Gold Coin - 20th Mar 20
Four Key Stock Market Questions To This Coronavirus Crisis Everyone is Asking - 20th Mar 20
Gold to Silver Ratio’s Breakout – Like a Hot Knife Through Butter - 20th Mar 20
The Coronavirus Contraction - Only Cooperation Can Defeat Impending Global Crisis - 20th Mar 20
Is This What Peak Market Fear Looks Like? - 20th Mar 20
Alessandro De Dorides - Business Consultant - 20th Mar 20
Why a Second Depression is Possible but Not Likely - 20th Mar 20

Market Oracle FREE Newsletter

Coronavirus-bear-market-2020-analysis

The Department Of (In)Justice Goes After Guns In Further Capital Controls

Politics / US Politics Apr 30, 2014 - 10:24 AM GMT

By: Jeff_Berwick

Politics

The US government is attempting every possible angle to ensure Americans don't have access to guns.  The latest is a new twist on capital controls being instituted by the Department of (In)Justice.

The DoJ is why financial institutions are refusing services to companies as diverse as gun shops, bitcoin businesses, marijuana dispensaries and even the porn industry.


Just last week a gun shop in Florida had an old bank account closed after their local bank was bought out by Wall Street interests.

The Miami News Times writes,

The Libertis’ battle with BankUnited began last month. For seven years, they say, they had no problem with the Miami Lakes-based bank. T.R. had run a gun store in the Garden State, and when he opened Top-Gun Firearms on Calle Ocho, BankUnited operated the account.

But when T.R. decided to retire and let Elizabeth take the store online — under the new name Discount Ammo-N-Guns — the Libertis found themselves suddenly under fire.

A March 12 letter mysteriously informed them that BankUnited was closing their checking account “pursuant to the terms and conditions listed in our Depositor’s Agreement.” It gave the Libertis three days to transfer their cash elsewhere. When the Libertis called BankUnited for an explanation, they were politely informed that none would be forthcoming.

“I was very angry,” Elizabeth says. “They were very inconsiderate. We had all our credit cards going through that bank. All of a sudden, we had to run and find another bank to keep our business going. We shut down for two weeks, and they wouldn’t even tell us why.”

This is normal operating procedures for banks in the United States, according to news of a secretive DoJ operation which broke last week in the Wall Street Journal and American Banker.

It is called Operation Chokepoint. It appears as reports of credit card processors, banks, and lending institutions refuse to do business with any business that is legally buying and selling guns.

Smaller financial institutions are unable to cater to these owners, under pressure of penalty by the DoJ.

Ironically, Bank of America has led the charge against the gun industry. General Electric Capital began cutting of lending to the gun industry around a year ago. Wells Fargo is being sued by a bank manager for being fired for bringing her gun to work in Tampa, Florida. In the card processing industry, a Visa owned subsidiary cut off service to a gun shop.

US citizens soon won't find anywhere to buy guns once this is over with. Forget regulations on what sorts of guns one can buy. Once you're dead, unless you have a gun trust, which TDV has written about in its newsletter HomeGrown, your gun will end up with the State, and your descendents won't have any option to buy guns since every gun shop owner will have been run out of business.

BITCOIN BUSINESS ARE TARGETS

Bitcoin businesses have had their accounts shutdown by major banking institutions merely for their involvement in bitcoin. Banks which at one time marketed themselves as bitcoin friendly had to go back on that sentiment, and shut down bitcoin accounts, such as what happened to the Internet Credit Union. 

Our recommendation to gun owners and bitcoin advocates is to get together now to transact all firearms transactions in bitcoin before the US government shuts down all retail firearm firms bank accounts.

MARIJUANA BUSINESSES TOO

Marijuana businesses have also been targeted. These small businesses have been forced in Washington and Colorado to deal in cash, a much riskier and expensive form of handling money than credit or even cheque for a business like a marijuana dispensary. 

This has created dangerous obstacles for workers and owners, who must transport the cash they've been forced to handle. Sure, they might be saving out on certain fees, but sometimes, if you're handling enough money, cash is not perfect. That is why bitcoin makes much sense for this industry as well.

AND THE PORN INDUSTRY...

And yes, the US government is even going after the porn industry!

Last week, when porn star Teagan Presley arrived to her Las Vegas home from an extensive strip club tour, she found an unsettling letter from her bank. Chase was closing her account, which was listed under her legal name, as well as her husband's account. And so Presley went to the bank to get to the bottom of this. She was told, like many bitcoiners have been told, that her bank account was considered "high risk." High risk? What is she, a terrorist? If she is considered such, then you best believe so too are gun shop owners, bitcoiners, and marijuana dispensaries. Presley explains further:

“And then they told me that they canceled my husband’s account too, because our social security numbers are linked,” Presley told VICE News. “They told him that it was because I’m a notorious adult star. Which is funny, because I’m kind of a goody-goody in the business, and I’m not even doing porn anymore.” Presley is not alone. Many adult entertainers have experienced the same discrimination.

CNBC wrote in 2013 of actress Chanel Preston, whose bank account was terminated at Los Angeles City National Bank, and porn studio head Marc Greenberg's lawsuit against JP Morgan Chase for violation of fair lending laws. Greenberg wanted to refinance his longstanding home loan, but JP Morgan vice president told him he was being declined moral grounds.

A Chase representative had no comment for VICE News.

PAYDAY LENDERS ALSO A TARGET

At a March hearing before a Senate Banking subcommittee, according to the Washington Post, Senator David Vitter (R-La.) said “there is a determined effort, from [the Justice Department] to the regulators… to cut off credit and use other tactics to force [payday lenders] out of business. I find that deeply troubling because it has no statutory basis, no statutory authority.”

IS THE US JUSTICE DEPARTMENT FORCING BANKS TO BAN 30 INDUSTRIES, INCLUDING GUNS, BITCOIN, MARIJUANA, PAYDAY LENDERS..AND EVEN PORN?

Yes.

Operation Choke Point is a targeted effort to shut down as many as 30 separate industries by making it impossible for them to access the banking system.

Wall Street Journal published an op-ed on Thursday by American Banking Association CEO Frank Keating, who wrote that the Justice Department tells "bankers to behave like policemen and judges."

“Operation Choke Point is asking banks to identify customers who may be breaking the law or simply doing something government officials don’t like,” Keating wrote. “Banks must then ‘choke off’ those customers’ access to financial services, shutting down their accounts.”

Keating calls the operation highly secretive, pinpointing it to early 2013, just as porn stars began to complain to the media that their banks were being shutdown.

The banks are beholden to the feds. This is what fascism is - the merger between states and corporations. So, basically, government and corporations are not separate entities. At the top, they are all one. What Noam Chomsky terms the "state-enterprise apparatus."  Or, what we call, Crapitalism.

“If a bank doesn’t shut down a questionable account when directed to do so, Justice slaps the institution with a penalty for wrongdoing that may or may not have happened,” Keating wrote.

Bureaucrats are also dismayed by the behavior of the DoJ!

Former chairman of the FDIC, William Isaac, wrote in American Banker magazine last week that Operation Choke Point is “way out of control,” continuing that 23 bipartisan members of Congress authored a letter to the DOJ explicating that the operation is putting legal industries out of business...including banks!

The president of the Independent Community Bankers of America penned a letter to the Justice Department earlier this month, writing that Operation Chokepoint prevents small community banks from competing with the major chains. The Justice Department did not respond to VICE News' inquiry for comment.

HOW TO PROTECT YOURSELF

The closure of these accounts is a part of an overarching policy, laid out in a 2011 FDIC document which listed 30 "merchant categories that have been associated with high-risk activity," like pornography, Ponzi schemes, racist materials, "lifetime guarantees," and sales of fireworks and tobacco. You can be sure that since 2011, bitcoin and the marijuana industries have been added to that.

As we've covered numerous times, the US is no place to do business... and is quickly becoming nearly impossible for many to do so.  Those with money or businesses inside the US should be looking to internationalize their companies and bank accounts to protect against this. Consult with TDV Offshore on internationalizing your businesses and bank accounts and TDV Wealth Management for internationalizing your assets. Instead of constantly worrying when you're going to get that letter from your bank shutting down your bank account or worse, offshore your assets, like so many others have done before you. If you're not quite there yet, our newsletter might be for you. For more information, click here

Anarcho-Capitalist.  Libertarian.  Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks.  Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media & Services and host of the popular video podcast, Anarchast.  Jeff is a prominent speaker at many of the world’s freedom, investment and gold conferences as well as regularly in the media.

© 2014 Copyright Jeff Berwick - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Jeff Berwick Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules