J.P. Morgan Is Facing Heat Of Patriot Act

[Steve Schear]

At 09:14 AM 3/11/2004, Major Variola (ret) wrote:


>At 02:27 PM 3/10/04 -0800, Steve Schear wrote:
> >At 11:49 AM 3/10/2004, Major Variola (ret) wrote:
> >>This is how the US intimidates such that the USG can monitor
> >>all transactions.  A serious practical problem for e$ when it
> >>needs to interface to atoms.
> >
> >not really.  it means there is a need for a more P2P approach, like
> >Kawalah, where trusted individuals act as entry and exit points using
>their
> >own banking accounts in exchange for the lion's share of the service
> >fees.
>
>Kawalah, isn't that a terrorist tool? ;-)
>
>If it isn't already, it will be declared one.

The money order and small payment industry sought and got exemptions 
covering smaller operators (I think the upper limit is $10,000 per 
day).  E-gold secondaries easily fit within that umbrella.  Its unlikely 
that federal laws will effectively be tightened to keep such ad hoc small 
transfer businesses from operating legally.

steve
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