Yes it's YOUR money but you CAN'T leave the country with it!!!

Why has the White House and its Federal Government decided passed such a law now?

We should start by considering the big picture. The ramifications of
this new under-the-radar federal move are large and far-reaching.
Concerned readers would do well here to question both the fundamental
and practical aspects of such a law. Consider for one moment the letter
of the law- or the figure of $50,000. For extremely high
net-worth individuals, this new regulation over their personal
freedom amounts to a mere ‘speed-bump’ in financial terms. With their
money buried securely into property, foreign investments and strings of
shell companies and complex funds, financial elites will find this new
super socialist state control affects only minor liquid cash amounts, or
‘pocket-money’. For the middle class or small investor, the picture is
quite different. Fast-forward 12 or 18 months into the future where
rising inflation and a severe devaluation of the dollar may occur.

The ability for a middle class American to migrate his or her savings
into the relative safe haven of a foreign currency
or overseas investment is now controlled by the United States Federal
Government.

Economists and historians will note that such “Capital Controls” are
part and parcel of super-socialist states like the Soviet Union and its
former satellite states. Even today, it’s common practice for struggling
socialist governments located in regions like South America, Central
America and Africa to impose periodic restrictions on cash leaving those
countries- a sure sign of a currency and economy in decline. This
practice also characterizes foreign states who are under the economic
restructuring administration of the International Monetary Fund (IMF). One could also speculate that such restrictions imposed on Americans would certainly pave the way for a future IMF-type administration of the USA, making it markedly easier to manage for the World Bank.

Putting all speculation aside though, this new law amounts to a
dangerous precedent where the Federal Government can, with the
full enforcement of the IRS, lay down Capital Controls on any dollar amount- regardless of its size.

In the event of a US currency devaluation (see US ‘Bank Holiday’) of
the dollar, the said figure in the new bill- $50,000, could become a
rather nominal sum amounting to only 2/3′s or 1/3 of its previous value.
Do not count on the Federal Government to adjust its printed figure of
“$50,000″ for inflation or devaluation, leaving a Capital Control on
relatively smaller holdings, leaving no safe haven for the average
American.

Throughout history, in countries where such Capital Controls
are administered by the state, large black market cash courier
industries have thrived. When a foreign currency is difficult or illegal
for local citizens to acquire, they will either pay a tax to the
government or a smaller black market premium to acquire it. If
government transaction taxes are high enough(like the new 30% tax set by
US law), punters may opt instead for the black market. This certainly
was the case in fledgling socialist countries like Italy in the 1960′s
where organized networks of independent couriers amassed large fortunes
by smuggling cash over the border. Of course, new border restrictions
and TSA surveillance technologies will make it almost impossible for an
individual to move substantial amounts of cash through airports.

LINK: Obama Already Placed ‘Soviet-Style’ Capital Controls on Americans Two Years Ago

SpecialAgentGibbs wrote:Did you happen to catch it on FOX that the IRS is closing Americans bank accounts in other countries???
I suppose that is happening because the bill does not give the IRS the power to control outside our borders?

Believe what you wish but, this bill has been scrutinized by many people a lot smarter in the field than you or I and they all come to the same conclusion, capital control.

Ponee wrote: Found this in the archives, anyone have thoughts on this topic?  I know that there are a lot of new members on the site alone with a lot of new dinarians.