On July 29, a financial analyst and former head trader at the Royal Bank of Scotland was a guest on the respected Hagmann and Hagmann Report radio show. Known in the public sphere under the pseudonym of ‘V’, and labeling himself the Guerrilla Economist, this high level insider explained of a new phenomenon that is occurring for himself, and other brokers in the United States, who are attempting to open foreign accounts for their customers and clients.
Within the past few months, Americans seeking to open investment accounts overseas and in foreign markets have either been rejected outright, or experienced administrative barriers in fulfilling these requests, which had never been a problem until just recently.
V: I don’t have any investments for myself in the United States. I have some foreign, but let me tell you, it is getting harder… this is a sign. Listen to what I’m about to tell you. It is becoming harder and harder for Americans to open up accounts in other places in the world.
I have had many associates, who have had a great deal of difficulty, and myself as well, trying to open up accounts for American clients in certain brokerages around the world. These are brokerages where we’ve had no problems before… where things ran perfectly smooth. Now there are problems.
This is already, just the first level of capital controls. Capital controls always begin internationally, before they come home locally. – V, the Guerrilla Economist, Hagmann and Hagmann Report, July 29
This new paradigm by foreign nations is in direct response to the Obama administration’s efforts to find, regulate, and investigate American funds offshore, as many citizens and investors seek to move their remaining wealth out of the country in preparation for am economic collapse. Already within the past two months, billionaire investors such as Warren Buffett and George Soros have divested their portfolios of large portions of American stocks, and even financier Jim Rogers holds most of his wealth in Asian banks and markets as he foresaw the move of economic power from the U.S. to Asia several years ago.
Additionally, the Senate passed a bill in 2012 imposing sanctions and a form of capital control on Americans seeking to leave the U.S. for any reason if they owed a certain amount of tax liability to the I.R.S..
With Germany calling for their physical gold reserves back from the Federal Reserve, and as more and more gold is being removed from the Comex and the vaults of J.P. Morgan each week, fewer tools remain for the government to use to stop the outflow of currency and private wealth offshore. What does remain however, is their power to increase regulatory controls on the citizenry, and restrict their rights to ownership and possession of their money and property. And as we have seen in the past few months in Cyprus and the Euro Zone in a monetary crisis, what begins as international capital controls directed towards foreign accounts quickly turns local when the pressure of a failing banking system drives the public to remove their money out of that system’s control.
You can find more financial updates by the Guerrilla Economist at Steve Quayle’s website under the Q Alerts section, and periodically on the Hagmann and Hagmann Report.