The following exchange of letters appears on the Gold Eagle board in the Gold Forum.
A letter to and reponse from Jim Sinclair:
Dear Jim:
My Bank in London called me today to inform me that in order to comply with new US laws, they are halting all new services to American residents (citizens?).
I can keep my accounts for the moment, but I cannot add any new currency accounts or any other investment products to my portfolio. They will not allow any US residents to open accounts in the future.[...]
I have cautioned the Community that financial privacy is all but a chapter of history - with the exception of bullion coins.
Anyone attempting to open international bank accounts at major and reputable non-US banks will run into the difficulties you have outlined, making it all but impossible to accomplish even with the best of intentions.
The net result is an effective form of currency control as part of Patriot Act II. This covert method of currency control is a preemptive strike at what is coming when it is realized - as the Economist put it - that there is no constituent support and therefore no real political will to reduce the US Budget Deficit.
As a result, the dollar must decline. [...]
Regards,
Jim[...]
Poster's Note: I had wondered how long before currency controls would be instituted. Now I have my answer. It has started!
How soon before the crack down on the possession of gold and silver coins?
Thursday, April 14, 2005
Closing down the financial borders
Shutting off your options.
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