banking

Banks Freezing Cyrpotcurrency Accounts under Presumption of Guilt? | Armstrong Economics

Posted on by johnbarleycorn12

The story running around on Bitcoin.com news tells the tale of an individual who legally sold large amounts of cryptocurrency at a profit found that Clydesdale Bank decided to freeze all assets involving people who had been involved in cryptocurrencies. The man had no criminal convictions and had always complied with British laws on financial regulations and taxation. Nevertheless, he told Bitcoin.com: “My bank account has been blocked by Clydesdale Bank without any warning or explanation and my money frozen.” The bank manager said that the bank no longer wanted to do business with “that kind of people” who were involved in cryptocurrencies. This is the problem that is emerging as part of the Hunt for Taxes. It is “assumed” that the majority of people who made money in cryptocurrencies never reported their gains. Whether that is true or not is really not the subject here. It is a “presumption” of guilt that is taking place. The very same thing took place with American outside the USA because of the law FATCA. It is not illegal for an American to have an account outside the USA. It is “presumed” he is not reporting his overseas income. Under FATCA, a foreign institution MUST report to the USA anything an American is doing overseas or THEIR assets will be confiscated in the USA. The risk that an American is not paying their taxes on an account at a bank in Europe then would subject that bank’s assets in the USA to be confiscated. The easy solution was to refuse to accept accounts of Americans – plain & simple. Hence – no risk. Many banks are looking at the cryptocurrency world with the same tinted glasses. They fear getting caught up in a client who made a lot of money from cryptocurrencies and they get caught in the crosshair of tax agents who then say they should have known! Welcome to the PRESUMPTION OF GUILT when it comes to taxes. It is your burden to even prove your money is really yours AFTER taxes.
— Read on www.armstrongeconomics.com/world-news/cryptocurrency/banks-freezing-cyrpotcurrency-accounts-under-presumption-of-guilt/

ECB Panics – Tells Banks to Stop Converting to Dollars | Armstrong Economics

Posted on by johnbarleycorn12

The European Central Bank is instructing banks to restrict the conversion of Euros to dollars. The Euro has fallen to 113006. Once again, the dangerous game here is when we cross that line of demarcation between CONFIDENCE in government and the REALIZATION that there is nobody in control but the free markets. Once all the talk and all the promises are no longer considered to be worth listening to, that is when the monetary crisis begins to really shake the foundations. We are moving closer to that point of no return. The truth always comes from the mouths of babes. In the case of politicians, it is the new one who comes to power and has not yet learned the tricks of the trade. In this respect, Italy has spoken the truth. The ECB has had the Eurozone on life-support. They cannot pull the plug without the collapse of the Euro and with that, lies the jobs in Brussels. This is why they will become draconian and attempt to outlaw selling the Euro all to maintain their jobs. They will lose. The free markets ALWAYS win!.
— Read on www.armstrongeconomics.com/markets-by-sector/foreign-exchange/euro/ecb-panics-tells-banks-to-stop-converting-to-dollars/

Bundesbank Demands Explanation for Requests for Cash | Armstrong Economics

Posted on by johnbarleycorn12

The German central bank, the Bundesbank, has significantly expanded its ability to control and access cash transactions in the hunt for taxes. They have required statements and assurances from cash-demanding commercial banks for the purpose of the intended business requiring cash. The Bundesbank has declined to comment on the new policy. The Federal Association of German Banks has also refused to explain. What is clear is that we are witnessing a growing trend to reduce cash and like Australia, just adopt the position that cash is for criminals.
— Read on www.armstrongeconomics.com/world-news/taxes/bundesbank-demands-explanation-for-requests-for-cash/