When the Russian Communist empire was in full swing the Ruble was worth nothing and many people wanted to buy American dollars to pay for things they could only pay for in dollars.
In fact any currency would do other than the Ruble. I remember when we stayed in Czechoslovakia the many people who approached us on the street to offer us the much better rate that the official rate but we didn’t deal with these people because many of them were state spies and undercover police and the idea of getting caught didn’t appeal to us.
We did of course swap our money for Rubles (or the equivalent Czech currency) with friends of ours making our stay where you had to spend a compulsory amount of money per person every day, a lot more bearable.
So in light of the progression towards a totalitarian martial law state the US is finding itself in more and more the following should come as no surprise especially when Jamie Dimon, the banks CEO, says things like this
A letter sent to a ZH reader yesterday by JPMorgan Chase, specifically its Business Banking division, reveals something disturbing. For whatever reason, JPM has decided that after November 17, 2013, it will halt the use of international wire transfers (saying it would “cancel any international wire transfers, including recurring ones”), but more importantly, limits the cash activity in associated business accounts to only $50,000 per statement cycle. “Cash activity is the combined total of cash deposits made at branches, night drops and ATMs and cash withdrawals made at branches and ATMs.”
Why? “These changes will help us more effectively manage the risks involved with these types of transactions.” So… JPM is now engaged in the risk-management of ATM withdrawals?
Reading between the lines, this sounds perilously close to capital controls to us.