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6.70 Money transfers abroad: Immediate directions
Most national and international banks belong to a global money wiring cartel. What this means is that the banks’ own monopoly to transfer monies from bank A to bank B, via a family correspondent bank C must normally be used.
Not only does the customer have to pay ridiculous fees and rip off currency exchange rates to use this monopoly, but something worse takes place. The banks concerned conveniently “sit on” the money overnight (or several “nights”) without having to pay any interest to anyone. They then lend it out at interest!
I direct all Sovereign states symbolically drag all bank CEOs by their hair to a public hearing on the matter.
I direct banks be fined punitive rates for the disgraceful monopoly. As banks can go back several years and apply interest charges even if it was their mistake –so should tribal governments force banks to pay punitive fines. Teach them a lesson so this never happens again.
I further direct the issuers of credit cards, bank cash cards and charge cards allow their customers to assign "additional card holders" who live in poor regions across the World. This will allow small cash withdrawals to be made relatively quickly and cheaply by poorer relatives of cardholders who live in wealthy regions of the World. I do not accept the ridiculous excuse which may be suggested by those who will have a conflict of interest that this opens the door for money laundering. Just because some poor mama in the Caribbean is withdrawing her weekly limit of 200 dollars to feed her 7 children, doesn't mean she's chief cook and bookkeeper for the local Yardies.
Finally, I direct the major reputable supermarket chains around the World create their own internal inexpensive wire transfer service for customers to provide grocery money to their poorer relatives abroad. Refer to my earlier directive on this matter (section 1.110).
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