Posted Aug 21, 2014 by Martin Armstrong
Prosecutors are simply lawyers gone really bad and enjoy their power without comprehending the full depth of their actions. The sanctions against Standard Chartered are insane and this will drive more and more banks away from using the dollar in international transactions. It is the prosecutors who are setting the stage for the new one-world reserves currency.
Standard Chartered has been banned from opening US dollar bank accounts without explicit approval by US regulators, according to an article in The London Times. The bank has seen severe restrictions imposed on it, after US officials warned that the bank may be “a conduit for illegal transactions,” the report says. The bank has also been forced to cease US dollar clearing through its NY branch for “high-risk retail business clients,” the Times reports.
The prosecutors have no concept of what they are doing. This is killing the dollar in international transactions in the same manner as FATCA. Rather than report US citizens with accounts and comply with fines for mistakes, the banks have just refused to accept accounts from Americans. Now the prosecutors are ensuring that the bankers will not even deal in dollars if they believe they can prosecute banks overseas for violating US decrees that have no legal application in foreign lands.
Can you imagine if France passed a law and said anyone eating a croissant must pay a tax to them because this was invented in France. Then the other governments, fearing the French nuclear power agreed to allow them to prosecute their citizens. This is what the USA has done to other nations – forced them to surrender their sovereignty to US law. Anyone who traveled to France they could imprison until they pay the tax for every croissant they have ever eaten all because this was invented in France.
The prosecutors are rapidly destroying the world economy. Any foreign bank should immediately leave the USA and they should create a foreign entity they merely hire in the USA to clear any dollar transaction. That way they would extract themselves from the risk of dealing with prosecutors who are off their chain in the USA. Or ask Goldman Sachs to clear for them for they have absolute immunity even J.P.Morgan envies.
The sensible reaction to this trend the prosecutors are on is to eliminate dollar transactions as much as possible and to close the US branch of foreign entities. If they must have a presence in the USA, isolate it through a completely different arms-length structure. Adopt the same mechanism as airlines where three airlines are selling seating on the same flight.
Our sources already are reporting there is serious movement in the works to avoid using dollars. International banks are moving silently to book any transaction in a currency other the dollars. While this will not unseat the dollar as the reserve currency for you still have to park money, these prosecutors cannot claim jurisdiction simply based on a dollar transaction. This is absolutely without precedent in international law and it illustrates the entire problem in the legal field. The rule of law has been inverted. They get to do whatever they like, just as Obama said his is right Congress is wrong, and you have to take them to court to prove they are wrong. Nobody has to check their theory BEFORE they act – the shoot first and justify later.
You have ZERO rights. Whatever rights you have exist ONLY if you have the money to go to court and PROVE to a judge you have such a claimed right.