Swiss Bank Refuses Request for Cash Withdrawal!


Mises Institute

April 27, 2015
swiss franc

The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.  (Lord Acton)

As reported on Zero Hedge over the weekend, a Swiss pension fund manager calculated that he could save his clients a substantial amount of money by withdrawing cash from his fund’s bank account, which was yielding a negative interest return, and depositing the cash in an insured vault.  Exercising his fiduciary responsibility, he notified his bank of an impending large withdrawal of CHF.  The bank rebuffed the fund manager’s request, informing him:

We are sorry, that within the time period specified, no solution corresponding to your expectations could be found.

One banking expert argues that the bank’s action “is most definitely not legal” because the pension fund holds a “sight account,”  which gives the holder the right to withdraw cash on demand. The president of the pension funds association (ASIP), Hanspeter Konrad sees in this incident the hand of the Swiss National Bank, which wants to discourage the hoarding of cash as a means of circumventing negative interest rates.  Accordingly, “The National Bank has therefore recommended to the banks to approach withdrawal demands in a restrictive manner.”

As Hans Giger, professor emeritus at the University of Zurich, points out, however, while the SNB may “issue directives to the banks in the collective interest of the Swiss economy,” it is not allowed to influence the contract between a bank and a pension fund.  The banks themselves are responsible for how they act on the directives.

That even a Swiss bank should, on its own hook, refuse cash payment to a holder of a demand deposit should not be surprising.  As Murray Rothbard has shown, fractional-reserve banks since their inception have continually connived to restrict cash payments to their depositors either by lobbying government for legal suspension of payment or by adopting quasi- or extra-legal methods of discouraging withdrawals.  Indeed, this was the modus operandi of both Scottish and U.S. banks during their respective eras of so-called “free banking.”

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SULTAN OF BRUNEI’S SECRET LIFE: Sex, lies & Sharia law


…he is a member of the Committee of 300the elitist group controlling the world

The Malaysian Chronicle

sultan bruneiHE’S worth an estimated $25 billion (AUS), lives in a 1700-bed palace, indulges himself in western luxuries and has a reputation for enjoying beautiful women.

In a story on 60 Minutes, viewers saw how the Sultan of Brunei lives a very extravagant but somewhat moderate Muslim life.

But last year the Sultan introduced Sharia Law – where thieves would have their hands cut off and adulterers and homosexuals would be stoned to death. It applies to everyone living in Brunei except the Sultan and his Royal family.

While parts of the ancient Islamic law have been introduced in stages, Brunei is now on the verge of adopting public stoning.

“We’ve been trying for six months to get access and permission to visit Brunei to speak to the Sultan and that was denied, so in the end we decided to go in as tourists,” Langdon told news.com.au ahead of the program.

What they found, she explained, was a beautiful but repressed country where its citizens never criticise the royal family – mainly because it’s a crime – and seem to be unaware of the Sultan and his playboy brother, Prince Jefri’s debauchery.

Both brothers have a reputation for indulging in beautiful women.

Vanity Fair dubbed them the “constant companions in hedonism” in 2011 for their lavish lifestyles and penchant for collecting women like children collect toys.

And Prince Jefri is on the outer, accused of siphoning $19.2 billion (AUS) from the country’s coffers.

jefferi

Prince Jefri Bolkiah, brother of Sultan of Brunei, during polo match at Cirencester Park, England, in June 1998. Source:AP

Read more…

60 Minutes’ Alison Langdon travelled through the small Asian nation undercover to see how the strict regime was affecting citizens and spoke to a woman who was once part of the Sultan’s harem revealing the hypocrisy of the current state of affairs.

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Malaysia’s problems more than 1MDB and its leaders – Philip George


…it is more, and goes wider than what is expressed here. Malaysia is not excluded from the strangleholds of the cabal. The locals are blind and never will see the big picture. By design the local problems are simply a distraction, a circus show to keep the Malaysians distracted from the more important world control issues.

…Malaysians need to acknowledge the presence of a Rothschild’s central bank here which is fully cloaked and disguised as BANK NEGARA (National Bank). Remove this pesky money leech and Malaysia will start to breathe

The Malaysian Insider

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Corporations are complex and though they may seem messy at times, the malleability and flexibility of the corporate structure is close to the heart of capitalism. Usually, the bigger the corporation the more complex is its corporate structure. What follow is an entanglement of companies, in a structure understood by few, linked in various different way to maximise the effective gains of the “corporation” in the name of capitalism and the free market.

The objective of the profit maximising firm is to try capture all the value and to externalise the costs. The problem of capitalism is the profit maximizing mentality of the firm; by only seeking to maximise utility for one stakeholder (the firm) in society, the rest of the stakeholders are marginalised.

The source of this mentality needs to be changed, when we continue to believe we can only maximise our individual gains by externalising the social costs, we allow individual benefits to take precedence over the social good; hence, although the individual is functioning at an optimal level, society will be functioning at a sub-optimal level because it produces negative externalities and social losses.

This complexity is only compounded when a strategic business unit (SBU) is owned by the government, and inadvertently funded by the public. In such a case, the need for transparency and accountability is heightened.

Therefore, true transparency and accountability requires more than just good governance and corporate or “feel-better” social responsibility because the fault of 1Malaysia Development Berhad’s (1MDB) joint venture is not only in the factors inhibiting its transparency and accountability, but also in the system itself. The faults in the system are proliferated by the recent display with 1MDB, it has shown us that the system has fictitious governance and an alarmingly lack of transparency.

The standard solutions such as laissez-faire and the self-correcting invisible hand, and regulating or socializing industries and markets are not sustainable long-term solutions. Instead of viewing gains as a trade-off between private and social benefits, we must seek an alternative that results in a “win-win” situation for everyone.

By internalizing the interest of society such as the interests of employees, the environment, civil societies, etc., with the objectives of the firm, the decision-making structure incorporates all the needs and costs of society thereby causing a paradigm shift in power, ownership, and control. The enhanced version of capitalism in the 21st century has relied on good state-corporate relationships. However, the interest of society has been marginalised.

When the interest of the state and its official, and the firm are being met but not the interest of the people, democracy and capitalism have failed. The state will become a failed state. However, if civil society (e.g. employees, scholars, lawyers, NGOs, civil servants) is included in the discussion, the state-corporate relationship will evolve into a culturalist society, where there is a state-corporate-society relationship and society will be functioning at an optimal level.

Who is better than society itself to determine the needs and costs to them. When a government becomes so disconnected from its society, it becomes hard to know the needs of society. Our dear Prime Minister Datuk Seri Najib Razak has gone shopping for all the support he can get from his party and corporate counterparts; although he may be doing what he can to clear his name in the state and corporate level, he has left a nasty stain on the Rakyat, and it will be shown in due time.

Khoo Kay Peng, a political analyst, said, “Mr Najib does not need the demonstration of support if he feels that his position is secure… He has to be very careful, especially with the silent majority and grassroots, as Dr Mahathir’s influence is still great.” Likewise, former information minister Tan Sri Zainuddin Maidin warned, “Najib is now overconfident that he will maintain his leadership until his time is u ; riding on the support of the division leaders and Supreme Council members, even though Dr Mahathir has withdrawn his support.”

While the current form of capitalism in Malaysia is confrontational, late, and reactive. A shift to culturalism brings with it the promise of a better tomorrow. Culturalism serves the best interest of all the stakeholders in society and expands the ownership structure by allowing finer decision making at all levels of society than can be offered with regulation.

At the same time, it does not get rid of the capitalist work ethic and self-interest incentives. Malaysia is handicapped by a government and corporate officials who are rent-seeking and self-serving. The government, with the help of the police, are limiting the incentives for the people to become active participants in Malaysian politics.

Under such circumstance, we are blanketed with threats, even though they go against our civil rights; consequently, these threats have the ability to let fear take charge and mystify the incentives of participation.

Unfortunately, we will only realise the incentives and see the true value if we choose to actively participate. – April 28, 2015.

McDonalds caught funding truth jihad


VT

Ronald expected to "come out" for 9/11 truth soon

By Kevin Barrett, Veterans Today Editor

Treasonous deception has spread its dark shadow across the land. Some of America’s most beloved individuals and institutions have been deeply compromised.

Read more at Veteran Today

Our politicians and statesmen cannot be trusted.
So…who CAN we trust?

How about McDonalds, America’s iconic fast food chain?

Mac Islam

Ronald’s famous Golden Arches scream out “USA” with more worldwide recognition than any other symbol including the stars and stripes. From Akron to Albania, from Versailles to Vladivostok, from Tierra del Fuego to Timbuktu, the golden arches rise majestically, emblems of the imperial hegemony of American consumer culture and mass-produced hamburgers.So it is with a heavy heart that I report the disconcerting news: McDonalds is helping fund a radical Muslim plot to blow up America with a “truth bomb.”

I write these words from the McDonalds restaurant in Osceola, Iowa, where I am drinking their 65-cent “senior coffee” despite my tender young age of, shall we say, somewhat less than 65. A somewhat slightly little bit less, anyway.

By giving me such a cheap price on 16 ounces of their relatively drinkable cofee (relative to what’s available in nearby gas stations), and then letting me plug in my laptop and use their internet for hours on end, McDonalds is openly subsidizing my “Truth Jihad” in general – and my We Are NOT Charlie Hebdo book tour in particular.

I will be speaking this evening (Tuesday) in Kansas City’s biggest mosque. Then on Wednesday I will speak in the biggest mosque in St. Louis. I will be explaining to my fellow Muslims that January’s Charlie Hebdo PR stunt in Paris was just the latest in a series of false flag attacks perpetrated by the enemies of Islam, designed to smear Islam and trigger the mass murder of Muslims. And I will do my best to incite the Muslims of Kansas City, St. Louis, and everywhere else to rise up against the shameful Big Lie of the neocon-Zionist-fabricated “war on terror” and wage all-out truth jihad™.

And it’s all McDonalds’ fault.

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