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Dangerous New Proposal To Change Banking As We Know It
DerekJohnson
Administrator, Swaye's Wigwam Posts: 62,441 
DerekJohnson
Administrator, Swaye's Wigwam Posts: 62,441
https://www.youtube.com/watch?v=hPJFRTbzV64
Comments
IRS will be able to monitor every transaction from bank account holding a minimum of $600
Globalists set rules for smaller banks with which they cannot comply. i.e.- report every single transaction to the IRS that you make. Smaller banks won't be able to comply and will go out of business.
The end game here is total surveillance of the American people
https://www.forbes.com/sites/moneybuilder/2011/01/26/is-the-government-tracking-your-credit-card-purchases/
I anticipate this thread might get into Tug Tavern territory pretty quickly, but I don’t see how you can divorce government/politics from this discussion. I’ve always maintained that data privacy is one the most pressing issues the world is facing right now, and the economic implications are going to be serious.
https://www.wsj.com/articles/a-big-data-financial-retreat-1430436659
Sadly unless there’s some huge, sweeping legislation we’re going to keep seeing this cat and mouse game until all of our financial privacy is stripped away. What’s unfortunate about all of this is the illegal behavior they’re trying to stop with surveillance is just going to encourage MORE of it.
Meanwhile each brokerage firm and all of the banks must compare every client they have with the ongoing list of known [suspected] money launderers, and futhermore, must report all suspicious transactions over 10,000.
The compliance people at the firms must setup and maintain ever increasingly sophisticated metric analysis programs that perform active and comprehensive due diligence and regularly report directly to the regulatory authorities ~ and they are personally liable [and are personally subject to stiff fines] for failing to do so.
This is a wicked weave that is now going global which is why i have been warning people about unreported Crypto transactions.
FINRA and the SEC know EVERYTHING.
The only limiting factor for the regulators is their budget and lack of staff and therefore the focus is always on low hanging fruit... therefore the metrics analysis reliance and bullying the mandated compliance staffs of all financial firms to do there work for them regarding whisleblowing.
They just announced that they have now paid out 1 billion to whisleblowers... in reality, the way it works is whisleblowers are in some cases actually complicit with the crime, but if they report and the case is successfully prosecuted, they not only are held harmless but better yet they actually share in the proceeds of the fines which are often in the millions. Conflicts of interest be damned.
Data is a powerful thing. Every digital breadcrumb you leave paints a picture of your spending habits, your movements, etc. that can then be used to extrapolate future behavior. I’m not just talking big picture stuff like financial projections for stock purchases, I’m talking about smaller stuff like predicting when someone will put their house on the market. I’m woefully ignorant about everything that goes on, but I know enough to be concerned and get very angry that this stuff isn’t talked about more.