good news and bad news...which first?

[neilgin1]

alright, first the castor oil, the bad news:

Creeping Capital Controls At JPMorgan Chase?

"A letter sent to a ZH reader yesterday by JPMorgan Chase, specifically its Business Banking division, reveals something disturbing. For whatever reason, JPM has decided that after November 17, 2013, it will halt the use of international wire transfers (saying it would "cancel any international wire transfers, including recurring ones"), but more importantly, limits the cash activity in associated business accounts to only $50,000 per statement cycle. "Cash activity is the combined total of cash deposits made at branches, night drops and ATMs and cash withdrawals made at branches and ATMs."

Why? "These changes will help us more effectively manage the risks involved with these types of transactions." So... JPM is now engaged in the risk-management of ATM withdrawals?

Reading between the lines, this sounds perilously close to capital controls to us."

link, including the LETTER: http://www.zerohedge.com/news/2013-10-1 ... rgan-chase

now the good news:

Pierre Omidyar commits $250m to new media venture with Glenn Greenwald

Omidyar says decision to set up news organisation fuelled by 'concern about press freedoms in the US and around the world'

"Pierre Omidyar, the founder of eBay, has revealed more details of the media organization he is creating with journalist Glenn Greenwald.

Greenwald announced on Tuesday that he was leaving the Guardian, where he has broken a series of stories on the National Security Agency, based on documents from whistleblower Edward Snowden.

In an interview with Jay Rosen, media critic and NYU professor of journalism, Omidyar said he was committing an initial $250m to the as-yet-unnamed venture. Omidyar told Rosen the decision was fuelled by his “rising concern about press freedoms in the United States and around the world”.

Omidyar said he hopes the project will promote “independent journalists with expertise, and a voice and a following” while using Silicon Valley knowhow to build an audience. “Companies in Silicon Valley invest a lot in understanding their users and what drives user engagement,” Omidyar said. The company will be online only and all proceeds will be reinvested in journalism."

link: http://www.theguardian.com/media/2013/o ... -greenwald

some of you may scoff, or laugh it off as "left wing" foolishness.....this is huge, imho, n.

[theo]

This an a link from Drudge on this too.

http://www.infowars.com/chase-bank-limi ... transfers/

Its seems like there is more to this story. I thought true capital controls were employed by governments not individual banks. And why employ such controls while the U.S is still attracting considerable international investment, especially from Japan and Europe as we are still the best looking horse in the glue factory. After all with EVERY central bank printing money were is all this capital suppose to flee to?

Also, it doesn't seem to make business sense in that it would cause JPM would lose all of its international clientele. . . unless they want to get out of that end of the business. Maybe they're concerned about international derivatives exposure. Remember MF global?

IMO we won't see any dramatic moves by the government until our reserve currency status