Now, word comes via Simon Black that starting October 20th, HSBC USA's Premier clients will have to wait a minimum of five days before transferring funds to their OWN international accounts!
This is not good. The cover story for these measures is to "protect" banks and customers from theft. In reality, this is a major move toward limiting movement of capital overseas. Black writes:
This is the very nature of capital controls-- restricting the free flow of capital across borders until it is trapped inside the country and forcibly denominated in a rapidly devaluing currency.
And this is exactly how it starts... making it more difficult to move money abroad.A word to the wise, it will only get worse. Act accordingly.