The fear is that banks, and indirectly, the federal government have too much control over individuals' money which sits in the form of deposits. Limiting withdrawals and keeping people from sending money overseas feels like capital controla government attempt to prevent money from flowing out of the country. Think Iceland and Cyprus.
JPM says that's not what's happening here. read more
The move to limit deposits and withdrawals while banning international wire transfers altogether is a bizarre policy and will cripple many small and medium-sized businesses with Chase accounts. Buying stock from abroad in any kind of quantity will now become impossible for many companies, while paying employees will also be a headache. Grocery stores or restaurants that turnover more than $50k a month will be unable to use their account. read more
Asking whether a New York Times article last week about the agency's use of social network analysis of metadata was accurate, Sen. Patrick Leahy (D-Vt.) complained that he had never heard of the program. read more
A Western diplomat following the conflict closely said: "Saudi Arabia is growing increasingly uncomfortable with more rebels joining al Qaeda ranks. The recent advances by the Islamic State have embarrassed the Saudis and the new alliance appears designed to stop al Qaeda from gaining influence."
He said Saudi strategy was two tiered: back less extreme Islamist figures in the exile SNC political organization and woo Salafist brigades on the ground with arms and money. read more
"This is about keeping weapons out of the hands of terrorists and rogue actors. This is about reducing the risk of international transfers of conventional arms that will be used to carry out the world's worst crimes. This is about keeping Americans safe and keeping America strong," he said. "This treaty will not diminish anyone's freedom. In fact, the treaty recognizes the freedom of both individuals and states to obtain, possess, and use arms for legitimate purposes." read more