Jim Kouri
Obama's illegal alien financial bonanza
By Jim Kouri
Last week, the US Senate approved the most far-reaching expansion of Wall Street regulations and the financial industry since the Great Depression. Part of that expansion of government power is President Barack Obama naming three nominees to the board of the Federal Reserve Bank as it prepares to handle its vastly expanded duties "to ensure financial stability and oversee financial institutions."
"To the left of even EU socialists, when it comes to deciding whether to keep careening towards insolvency or begin belt-tightening, Barack Obama seems stuck on stupid. Notwithstanding all of his rhetoric about the failures of the past, his economic vision is modeled after that of Franklin Delano Roosevelt," said columnist Jayme Evans in Canada Free Press.
At the same time, the Federal Reserve Bank continues to devise programs that will extend banking services to illegal aliens, and most of this money transfer scheme was created under the radar with few — if any — political figures discussing the subject.
One such program being utilized by illegal aliens from Mexico is a remittance program with the ultimate goal of bringing illegal Mexican aliens — who send money home — into the mainstream of the US financial system, regardless of immigration status. In other words, The Federal Reserve Bank is aiding lawbreakers in moving their cash around in the US and Mexico. This obviously includes the myriad alien gangs and more than 50,000 gang members who are involved in narcotics trafficking, identity theft, homicides, and other criminal activity.
"Directo a Mexico," the name of one such program, enables US commercial banks to make money transfers for Mexican workers through the Federal Reserve's own automated clearinghouse, which is linked to Banco de Mexico, the Mexican central bank. Few Americans are aware of the connection between the Fed and foreign banks and this program would be just another that exists in the shadow world of international banking.
To use the service, a Mexican need only possess a matricula consular, an ID issued by the Mexican consulate in most major US cities to those with proof of Mexican birth or citizenship, or a picture ID card issued by the US or another foreign government. The idea is to make it "cheaper and safer" for illegal workers to send funds to their relatives in Mexico.
While on the surface this may appear to be a good idea for banks, it's an idea based on lawbreakers being given assistance in moving their money around. The Mexican drug trafficker will be able to take advantage of this new banking system as much as the illegal worker cleaning toilets.
Most law enforcement commanders recognize the Matricula Consular card as a useless identification document. In fact, some US government agencies still refuse to accept them as identification documents.
Most illegal aliens make cash transfers, which average $350 each, through companies like Western Union or a hodgepodge of wire-transfer firms, couriers and others that operate out of storefronts in Hispanic enclaves. Family members then collect the wired cash at a shop in their town or village.
The Federal Reserve Bank's primary goal is to use the program to draw hundreds of thousands of illegal aliens into our banking system because commercial banks require that those wanting the service first open a savings account. While American citizens will continue to be required to show extensive identification and proof of residence, illegal aliens will only be required to show a Matricula Consular card, which are known to be counterfeited and sold by human smugglers.
"People who didn't have bank accounts establish a relationship with us," said James Maloney, chairman of Mitchell Bank in Milwaukee, one of the first banks to offer the Federal Reserve Bank's remittance scheme, according to the Wall Street Journal, a newspaper that favors using illegal alien workers.
"It's great for our business," said Maloney.
Remittances sent by Mexicans topped $15.5 billion in the first few months of this year, 20 percent higher than the amount sent during the same period the previous year, according to Mexico's central bank, and this year's annual figure is expected to hit a new record. Savings scraped together by nannies, painters and others working abroad are now Mexico's second-largest source of foreign revenue, after oil exports and ahead of tourism, according to analysts interviewed by the WSJ.
The Federal Reserve Bank, always a friend to foreign interests, is instructing illegal aliens that should they return home on their own or should they be deported, their money is safe whether it was obtained working as a busboy in a restaurant or working as an enforcer in a sex-slave house.
The Fed has already set up a system by which illegals can retrieve their money through easy access at an ATM in Mexico using their debit cards.
And whom do we have to thank for this financial windfall for illegal aliens? The US federal government.
One of the stated objectives is to continue to help lower the fees paid by Mexican workers to send money to their native country. It's bargain time for illegal aliens.
"Now, if only Obama and the rest of our elected officials would look out for the interests of US citizens during these tough economic times," quipped political strategist Mike Baker.
"As for mobsters, they will have an even easier time laundering the ill-gotten gains," he added.
© Jim Kouri
July 23, 2010
Last week, the US Senate approved the most far-reaching expansion of Wall Street regulations and the financial industry since the Great Depression. Part of that expansion of government power is President Barack Obama naming three nominees to the board of the Federal Reserve Bank as it prepares to handle its vastly expanded duties "to ensure financial stability and oversee financial institutions."
"To the left of even EU socialists, when it comes to deciding whether to keep careening towards insolvency or begin belt-tightening, Barack Obama seems stuck on stupid. Notwithstanding all of his rhetoric about the failures of the past, his economic vision is modeled after that of Franklin Delano Roosevelt," said columnist Jayme Evans in Canada Free Press.
At the same time, the Federal Reserve Bank continues to devise programs that will extend banking services to illegal aliens, and most of this money transfer scheme was created under the radar with few — if any — political figures discussing the subject.
One such program being utilized by illegal aliens from Mexico is a remittance program with the ultimate goal of bringing illegal Mexican aliens — who send money home — into the mainstream of the US financial system, regardless of immigration status. In other words, The Federal Reserve Bank is aiding lawbreakers in moving their cash around in the US and Mexico. This obviously includes the myriad alien gangs and more than 50,000 gang members who are involved in narcotics trafficking, identity theft, homicides, and other criminal activity.
"Directo a Mexico," the name of one such program, enables US commercial banks to make money transfers for Mexican workers through the Federal Reserve's own automated clearinghouse, which is linked to Banco de Mexico, the Mexican central bank. Few Americans are aware of the connection between the Fed and foreign banks and this program would be just another that exists in the shadow world of international banking.
To use the service, a Mexican need only possess a matricula consular, an ID issued by the Mexican consulate in most major US cities to those with proof of Mexican birth or citizenship, or a picture ID card issued by the US or another foreign government. The idea is to make it "cheaper and safer" for illegal workers to send funds to their relatives in Mexico.
While on the surface this may appear to be a good idea for banks, it's an idea based on lawbreakers being given assistance in moving their money around. The Mexican drug trafficker will be able to take advantage of this new banking system as much as the illegal worker cleaning toilets.
Most law enforcement commanders recognize the Matricula Consular card as a useless identification document. In fact, some US government agencies still refuse to accept them as identification documents.
Most illegal aliens make cash transfers, which average $350 each, through companies like Western Union or a hodgepodge of wire-transfer firms, couriers and others that operate out of storefronts in Hispanic enclaves. Family members then collect the wired cash at a shop in their town or village.
The Federal Reserve Bank's primary goal is to use the program to draw hundreds of thousands of illegal aliens into our banking system because commercial banks require that those wanting the service first open a savings account. While American citizens will continue to be required to show extensive identification and proof of residence, illegal aliens will only be required to show a Matricula Consular card, which are known to be counterfeited and sold by human smugglers.
"People who didn't have bank accounts establish a relationship with us," said James Maloney, chairman of Mitchell Bank in Milwaukee, one of the first banks to offer the Federal Reserve Bank's remittance scheme, according to the Wall Street Journal, a newspaper that favors using illegal alien workers.
"It's great for our business," said Maloney.
Remittances sent by Mexicans topped $15.5 billion in the first few months of this year, 20 percent higher than the amount sent during the same period the previous year, according to Mexico's central bank, and this year's annual figure is expected to hit a new record. Savings scraped together by nannies, painters and others working abroad are now Mexico's second-largest source of foreign revenue, after oil exports and ahead of tourism, according to analysts interviewed by the WSJ.
The Federal Reserve Bank, always a friend to foreign interests, is instructing illegal aliens that should they return home on their own or should they be deported, their money is safe whether it was obtained working as a busboy in a restaurant or working as an enforcer in a sex-slave house.
The Fed has already set up a system by which illegals can retrieve their money through easy access at an ATM in Mexico using their debit cards.
And whom do we have to thank for this financial windfall for illegal aliens? The US federal government.
One of the stated objectives is to continue to help lower the fees paid by Mexican workers to send money to their native country. It's bargain time for illegal aliens.
"Now, if only Obama and the rest of our elected officials would look out for the interests of US citizens during these tough economic times," quipped political strategist Mike Baker.
"As for mobsters, they will have an even easier time laundering the ill-gotten gains," he added.
© Jim Kouri
The views expressed by RenewAmerica columnists are their own and do not necessarily reflect the position of RenewAmerica or its affiliates.
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