Mexico Bans Large Cash Transactions…Oh and They Store Their Gold in London!
(ALWL) Two great stories on Mexico today. The first comes from Forbes and highlights the most recent move toward the elite’s ultimate goal, a “War on Cash.” From the article:
For real estate transactions, cash payments of more than a half million pesos ($38,750) will be forbidden and, for automobiles or items like jewelry, art, and lottery tickets, cash payments of more than 200,000 pesos ($15,500) will be forbidden. The law carries a minimum penalty of five years in prison.
Two years in the making, the new law also requires notaries, real estate brokers, and other dealers to report the forms of payment for transactions above the respective limits. Financial institutions will also be required to report monthly credit card balances in excess of 50,000 pesos ($3,875).
Although it’s part of a global trend among governments, Mexico will still have a long way to go to catch up. Spain recently banned cash transactions above 2,500 euros and Italy banned cash transactions above 1,000 euros.
Think about this for a second. Five years in jail for using cash. Meanwhile, banksters and oligarchs rob trillions from the public throughout the world and as punishment they generally get promoted!
Moving along, there is a much greater reason to mock Mexico today. It has been discovered that the country holds its gold in…yep, London! What does this mean for Mexico? It means they own no gold at all. Even if the gold bars exist in London, they probably have at least a hundred separate claims on them (South Korea may want to look into their gold).
If you are a sovereign nation and you don’t hold your gold within your own borders I have news for you. You are not sovereign and you own no gold. What morons.
From the Silver Vigilante:
Last year the Bank of Mexico did not reveal the location of its gold reserves for national security purposes. This came after it purchased 93 tonnes of gold. The Federal Transparency Law in Mexico, however, has forced Banxico to state the amount of its gold holdings as well as the names of its custodians and the locations of where its gold holdings are held. The bank refused time-and-time again to release the information, but has been compelled to do so by the “Department of Management for Rules Control.”
- The countries where these reserves are located are “United States of America, England and Mexico.” And also, “the acquisitions of gold during March and April 2012 are under custody in England”.
- And besides, it is precisely there in “the city of London, England, where more than 99% of the gold which the Bank of Mexico maintains outside the country is presently under custody…”
Of Mexico’s gold:
94.23% are stored in London, BoE
4.82% are stored in Mexico
and 1% is stored in the NY Fed
Full article on the large cash transaction ban is here.
Full article on Mexican gold is here.
Muy bien Mexico!