"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
World's Largest Economy Enacts Capital Controls...This Won't End Well...
Submitted by A. Magnus on Wed, 2018-01-03 01:00
"According to the SCMP, to gree the New Year, Beijing will implement new limits on the amount of money people can withdraw from their Chinese bank accounts while overseas, "in the latest move by Beijing to tighten its capital account controls and curb money outflows." Under the new rules individuals will be allowed to withdraw a maximum of 100,000 yuan (US$15,000) a year, regardless of how many separate bank accounts or ATM cards they have, China's FX regulator, the State Administration of Foreign Exchange said in a statement released on Saturday."
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