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I’m just some whacked out cowboy hat wearing (made of tin foil) conspiratorial nut job.  Listen to of all people…Jamie Dimon, CEO of non-other than JP Morgan itself!  He gave a speech last week to the Council on Foreign Relations where he actually told the God’s honest truth, he said, “I can’t honestly tell you I know it’s going to be two years or five years, but it will happen. It is a matter of time and the United States can’t borrow indefinitely.”  The article and video can be found here.

Can you imagine that?  Reading between the lines, Jamie Dimon actually said that the U.S. is broke and will end up just like every other past issuer of the world’s reserve currency.  Yes I know, he said “in 2 years or 5 years…but it will happen.” Did you expect him to say that tomorrow morning is just as likely as any other day because we are flat broke so go out and sell all of your dollars and treasuries in a panic fashion?  Forget about him measuring his words as far as a timeframe goes, did you ever expect to hear the truth come out of his mouth?  EVER?

Of course he did have to caveat by saying that we should have done Simpson-Bowles a year or 2 ago and we would be booming by now and that “it’s still doable” but “we just don’t have the will to do it”…so don’t put a cowboy hat on him yet but he is further toward the truth than I’ve ever heard him.  Bill Gross of PIMCO has also come a long way towards telling the truth as well as some others in the mainstream, did they just “figure it out” or what?  No, many of these people are VERY smart and they “know” better than us.  They “know now” not because it is common sense, math and logic but because they need to clean up the record for historical purposes.

These people know that it is time to “get on the record” so that they can point to it after the fact.  Think of it as rats jumping ship, did Alan Greenspan leave at the right time?  How about Bernanke?  Maybe he hasn’t left soon enough or maybe he has but his “record” cannot be cleaned up because his college thesis that “printing money” could have averted the Great Depression has been proven false in the real world.  Watch closely over the coming weeks as more and more mainstream figures try to “clean up” their records for the sake of posterity.  My point is simply that “they know” that the end of the line is near and will act in a mode of self-preservation.

Normally I try to get confirmation of information before writing about it but I will pass this along to you because I have always believed that “capital controls” would be in place BEFORE any meltdown is allowed to happen.  Alex Jones has reported that he has letters from Chase Bank telling customers that as of Nov. 17th they will no longer be able to wire funds overseas.  He showed a copy of the letter which if true is disturbing and a sure sign that the banking industry is preparing for collapse.  (While editing this I have since confirmed that these letters are true and authentic).

“Capital controls” are all about restricting the movement of your monies.  They have almost always been put in place BEFORE any devaluation and act as a “cage” to keep money in so that it cannot “escape.” Think back to Russia, Argentina, Brazil, Venezuela and even Zimbabwe, once the decision has been made to devalue (or issue a new currency) capital controls are put in place.  I lived for 5 years close to the Mexican border and remember seeing machine gun toting “Federales” posted at all of the border towns twice.  The first time took me by surprise but I knew what was going to happen the second time…a devaluation.  I also remember that as a broker we were told not to open any accounts or accept any funds from Mexican nationals leading up to their devaluation.  I was still “wet behind the ears” back then and did not really understand until after the fact…but I do remember it well!

If it turns out that these rumors of capital controls are true then there is very little time left to do whatever it is that you think is necessary.  I would tell you this; if Jamie Dimon is telling you that the credit markets will turn against the U.S. and…”It’s only a matter of time”…don’t waste any in preparing for your financial survival because he and a long list of others will tell you after the fact “we tried to tell you but you just weren’t listening.”