In my last article I wrote about the multiple system failures of Bidenomics and how many financial experts are warning of a financial collapse of America coming. The idea for today’s article came from a friend who is a coin and stamp collector. Apparently, when market crashes are anticipated, people shift their investments from the markets to gold and silver. So these people make a paradigm shift from stock and/or real estate to become “gold stackers” or “silver stackers”. But now, it would seem, the Joe Biden Administration is harassing these precious metal sources by use of Federal Deposit Insurance Corporation (FDIC) and the Securities and Exchange Commission (SEC).
“Coin shop owners had bank accounts shut down with no reason given.”
The term “debanking” is a relatively new term (within the last 10 years) that is also known within the banking industry as “de-risking”, It involves the closure of people’s or organizations’ bank accounts by banks without reasons given. The unspoken reason is the government perceives these account holders to pose a financial, legal, regulatory, or reputational risk to the bank. In other words, when large sums of cash move the assumption is money laundering, drugs, or terrorism might be involved. But this makes no sense when many of these local reputable businesses have operated with these same banks for years. It makes better sense after some banks have shared the letters they have received from the Federal government by way of the FDIC exerting pressure on them to cease doing business with some local account holders.
The Federal Deposit Insurance Corporation (FDIC) offers a “Joint Statement on the Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence”. The stated intent is to curb activities related to money laundering (ML), terrorist financing (TF) which seems legit. But one of the first remedies to stop these activities is to file a Suspicious Activity Report (SAR) rather than go straight to debanking someone. The U.S. Securities and Exchange Commission also offers a failsafe “Anti-Money Laundering (AML) Source Tool for Broker-Dealers” so this makes the need to debank long standing local legitimate businesses worthy of a suspicious activity report itself, TO CONGRESS!
A SAR is a tool provided under the Bank Secrecy Act for monitoring suspicious activities and the trigger seems to be any deposit or withdrawal $10,000 or greater. Many Americans had never heard of this “SAR” expression until the reports filed against the Joe Biden family came to light in the news.
“The Endgame For Gold & Silver (Things Are About To Get Ugly)”
So it seems that our government wants to take the ability away from American citizens to invest in gold and silver again (Theodore Roosevelt confiscated gold in 1933). But Some 15 states have pending legislation that would make gold and silver a legal tender again. Those states involved in helping to make precious metals legal tender are Florida (HB 697), Georgia (HB 895), Hawaii (HB 1724), Indiana (HB 1400), Iowa (SF 2108), Kansas (SB 303), Kentucky (SB 105 and HB 101), Utah (HB 348), Missouri (SB 735 and HB 1955), Oklahoma (SB 2030),Nebraska (LB 1305), New Hampshire (HB 1246), New Jersey (AB 5294), West Virginia (HB 4343), and Wisconsin (SB 33).
“**URGENT** US States Move to RECLAIM Silver & Gold as Money 💰💰 Are YOU Included?”
CONCLUSION:
President Joe Biden has put sanctions on Russia to punish Vladimir Putin for his invasion of Ukraine but a recent news junket to Moscow Tucker Carlson revealed that Russia is not only not suffering, in many ways they are surpassing the United States economically. Many of these precious metal dealers of the United States are quick to point out that the Russians are using both gold and silver for everyday transactions to skirt these U.S. sanctions as a work around.
I was happy my friend suggested this news story but angry to think that when SARs are filed against the Joe Biden crime family, nothing seems to happen. But when some small town coin dealer tries to make a legal living, he or she can get debanked without any SARs filed and without explanation! We have also heard previous stories of gun and digital currency dealers being unconstitutionally targeted under the Joe Biden Administration. Why is this allowed to occur? How is this not considered harassment and discrimination? It also should be considered stalking since it does not impact every occupation equally.
“De-banking: Cancel Culture’s Newest Threat: What is de-banking, and why should you be concerned about it?” – Alliance Defending Freedom
The ironic part about the Joe Biden crime family, and their 20 LLCs, is our own governmental agencies has identified one of the BIG red flags of money laundering as newly formed “shell companies” with no discernable service or product rendered for cash received.
Thankfully the SCOTUS may soon weigh in on this illegitimate use of power that has surfaced under the Joe Biden Administration.
“Supreme Court could limit enforcement powers of U.S. banking agencies” – American Banker
The dangers inherit with debanking is the reason for doing so can be both arbitrary and capricious. Today it could be gold and silver and tomorrow it could be for carbon credits (CC) and diversity equity and inclusion (DEI).
Copyright © 2024 by Mark S. Schwendau
