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  • The coming war on Cash-

    This is starting to become very concerning. The momentum to “ban cash”, and in particular high denomination notes like the 500 euro and $100 bills, is seriously picking up steam. Prominent economists and banks have joined the refrain and called for an end to cash in recent months. What’s really behind this? Why is there such a big movement to ban something that is used for felonious purposes by just a fraction of a percent of the population? Cash, it turns out, is the Achilles’ Heel of the financial system.

    Wall street journal quoted in Zero Hedge-

    http://www.zerohedge.com/news/2016-0...-wont-end-well

    In short, there is one reason alone for the sudden campaign to abolish large denomination bills. It is a necessary predicate for the imposition of NIRP. That is to say, it would pave the way for central bank mandated confiscation of the wealth and savings of millions of American citizens in the pursuit of a cockamamie theory that would bring about the final destruction of honest price discovery and financial discipline in the Wall Street casino.
    https://www.lewrockwell.com/2016/02/...ben-franklins/

  • #2
    I fully expect a replay of Germany in 1923 in the near future, and then they will need 500 MILLION mark notes, by the barrow load.

    JMO
    The PLO claims ALL of Israel!!! There will and can NEVER be a "2 State solution".

    Comment


    • #3
      It is not so much a "war on cash" as it is cash becoming obsolete. A card is so much easier to use. Personally, if I have $10 in bills in my wallet it is a big thing. Usually I rarely have a dollar if anything at all, and I rid myself of change as soon as I can. Don't really care for the jingle.

      Tuebor

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      • #4
        There's several reasons for it:

        Government wants it because they can more easily capture taxes fully. It reduces the cost of printing money and its circulation. It makes doing illegal business harder to do.

        Banks like it because it means money transfers quicker. That captures more interest for them on that deposited cash. It's sort of like super quick stock transactions for them... Every millisecond counts...
        It also means that the accounting is more accurate and that money moving between accounts is more easily tracked.
        It also reduces the cost of business. Fewer tellers, fewer face to face transactions, fewer brick and mortar buildings.

        Credit companies want it because they get a transaction fee from businesses and customers for using an electronic system.

        Most people could really care less for the most part. For them it is transparent and they really don't see any difference between using a card and using cash.

        It's cash businesses and criminals that get slammed here. You own vending machines? Wham! Coin laundry? Wham! Hot dog cart in the Home Depot parking lot? Wham!

        Of course, these are "micro" businesses and of no concern to the banks or government in terms of their loss of revenue as they are too small to really count to these big entities.

        Comment


        • #5
          Originally posted by The Exorcist View Post
          This is starting to become very concerning. The momentum to “ban cash”, and in particular high denomination notes like the 500 euro and $100 bills, is seriously picking up steam. Prominent economists and banks have joined the refrain and called for an end to cash in recent months. What’s really behind this? Why is there such a big movement to ban something that is used for felonious purposes by just a fraction of a percent of the population? Cash, it turns out, is the Achilles’ Heel of the financial system.

          Wall street journal quoted in Zero Hedge-

          http://www.zerohedge.com/news/2016-0...-wont-end-well



          https://www.lewrockwell.com/2016/02/...ben-franklins/
          The reasons are tracking and control. The justification is that terrorists, organized crime and drug cartels must move huge amounts of cash, laundering it along the way, and thus tracking it is seen as a means to an end. There is also a concern, as always, to avoid counterfeiting.

          However, given the appalling lack of electronic security in the American banking industry, the willingness of offshore banks to handle everything over the internet, and the simple fact that the cartels and terrorists can easily hire their own computer wizards to move whatever they want wherever they want, this move is unlikely to win much support in America.

          Personally, here in my backwoods part of the world, cash talks a lot louder than credit, plastic cards or any other form of exchange. A number of local establishments are cash only, given the lack of security of plastic and the high fees charged by the card issuing banks. I can actually get a discount on some transactions by pulling out real money, and I guarantee you that those getting by by doing part-time work for hire don;t take checks, plastic or anything BUT real money.
          Quis Custodiet Ipsos Custodes? Who is watching the watchers?

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          • #6
            Governments abolish cash. You have no choice but to leave your savings on deposit. When your bank wants to confiscate your money, who will stop it? At least if you have your money in cold, hard cash, they will have to come and physically get it from you. When it is “in the bank” – existing as nothing but electronic account balances – all they have to do is push a button. When cash is outlawed… only outlaws will have cash. And we intend to be among them.
            http://www.acting-man.com/?p=43321

            Negative Interest rates and bail-ins have already happened in Europe, and I believe they are coming here too.
            You would have no choice but to accept a haircut on your savings, and the Govt could track every penny you spend.

            New York Sun - It’s the financial equivalent of gun control. When criminals use guns the Democrats want to take guns from law-abiding citizens. When terrorists use hundreds, the liberals want to deny the rest of us the Benjamins. What the government fears is that if people use cash, they’ll be able to act privately. It’ll be harder to impose on them the sky-high taxes the government likes. It would never occur to a government official to deal with this problem by, say, lowering taxes.

            http://www.nysun.com/national/bannin...ats-are/89457/

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            • #7
              An anecdote from 1966.

              I was an innocent young bank teller that year, and for months after Australia's 'D(ecimal) Day' customers were coming in with wads of old 10 pound notes with a VERY strong musty smell. Mainly George 5th and 6th with a few QE2.

              They simply exchanged them for $20 notes and took them to the old hiding place I presume.

              When they scrub the high denomination notes I expect that they will change to smaller ones and do the same.
              The PLO claims ALL of Israel!!! There will and can NEVER be a "2 State solution".

              Comment


              • #8
                The banks and processors are slowly sucking away our money a little bit at a time. I lose up to 6.5% on each transaction - and that percentage also applies to sales tax. If you buy a $100 item, I have to pay percentage for $108.50. If you return the item, I have to pay percentage for $118.50 again. That is the main reason why many businesses only give store credit or charge a "restocking" fee.

                For those of you that think how convenient it is, don't forget that ultimately you are paying for those fees through the higher cost of doing business, not to mention fraud and identity theft.

                Keep in mind, that the more "advantageous" it appears for you to use a card (miles, bonuses, cash back, etc) the higher it actually cost for the business to accept that card. Also, there is a routing system with a lot of middlemen that also grab their share of fees. Look at the back of your cards - the more logos, the more middlemen -thus higher fees again.

                During the recession/banking crises of 2008, one of my suppliers stop accepting cards of any kind - checks or cash only. Just at one branch, they saved over $1,000,000 in fees. They have three branches in California and are in all 48 lower states. The decision to not accept electronic payments saved them from bankruptcy.

                I would stop taking cards in a heartbeat if I could, and use that money to hire another employee. But in today's retail climate, it is nearly impossible to have a successful cash only store.
                Flag: USA / Location: West Coast

                Prayers.

                BoRG

                http://img204.imageshack.us/img204/8757/snap1ws8.jpg

                https://www.youtube.com/watch?v=5PtsX_Z3CMU

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                • #9
                  Anybody who doesn't want their money, send it to me and I will defend it in the coming war.

                  Comment


                  • #10
                    Originally posted by T. A. Gardner View Post

                    It's cash businesses and criminals that get slammed here. You own vending machines? Wham! Coin laundry? Wham! Hot dog cart in the Home Depot parking lot? Wham!
                    Vending machines will just convert to card readers. Many already have. One of the local laundromats here also has card readers. Hot dog cart? Card reader with your phone. Lot of small businesses already at that route.

                    Tuebor

                    Comment


                    • #11
                      Originally posted by Tuebor View Post
                      Vending machines will just convert to card readers. Many already have. One of the local laundromats here also has card readers. Hot dog cart? Card reader with your phone. Lot of small businesses already at that route.

                      Tuebor
                      But customers do not have to hand over their card, and with the growing number of "skimmers" using electronic card readers, they are stupid to do so. What card security does the guy at the hot dog stand have for his customers? Zilch.

                      Cards aren't safe to use anywhere, but when I hand cash to someone, we're face to face and I can see where my money is going, and who got it.
                      Quis Custodiet Ipsos Custodes? Who is watching the watchers?

                      Comment


                      • #12
                        Originally posted by T. A. Gardner View Post
                        There's several reasons for it:

                        Government wants it because they can more easily capture taxes fully.
                        This is the one that matters most.
                        ALL LIVES SPLATTER!

                        BLACK JEEPS MATTER!

                        BLACK MOTORCYCLES MATTER!

                        Comment


                        • #13
                          Originally posted by Mountain Man View Post
                          But customers do not have to hand over their card, and with the growing number of "skimmers" using electronic card readers, they are stupid to do so. What card security does the guy at the hot dog stand have for his customers? Zilch.

                          Cards aren't safe to use anywhere, but when I hand cash to someone, we're face to face and I can see where my money is going, and who got it.
                          I rarely use my card. Debit, I don't have a credit card. I pay bills with it and maybe food shopping.

                          I keep a minimum amount in my checking account. I'll transfer money into checking to pay bills, leave the bulk in savings, inaccessible by card.

                          Also, fees can have an impact on small businesses, like the one I work for. Apparently, American Express is the worst.
                          ALL LIVES SPLATTER!

                          BLACK JEEPS MATTER!

                          BLACK MOTORCYCLES MATTER!

                          Comment


                          • #14
                            Originally posted by Mountain Man View Post
                            But customers do not have to hand over their card, and with the growing number of "skimmers" using electronic card readers, they are stupid to do so. What card security does the guy at the hot dog stand have for his customers? Zilch.

                            Cards aren't safe to use anywhere, but when I hand cash to someone, we're face to face and I can see where my money is going, and who got it.
                            That's the problem there. Skimmers and other scammers would see that as a major opportunity for gathering card data.

                            My recommendation is carry a card that is pre-loaded with funds for use in risky situations. I also recommend the use of such a card for anything done on-line.
                            That way a potential skimmer can't get more than the nominal value of the card at most and has no means to link that card to any accounts you have.

                            Comment


                            • #15
                              Originally posted by ozjohn39 View Post
                              An anecdote from 1966.

                              I was an innocent young bank teller that year, and for months after Australia's 'D(ecimal) Day' customers were coming in with wads of old 10 pound notes with a VERY strong musty smell. Mainly George 5th and 6th with a few QE2.

                              They simply exchanged them for $20 notes and took them to the old hiding place I presume.

                              When they scrub the high denomination notes I expect that they will change to smaller ones and do the same.
                              Ah yes. But did you have the foresight to grab those George V notes,those in the best condition, and keep them yourself ? A very sound investment.
                              "I dogmatise and am contradicted, and in this conflict of opinions and sentiments I find delight".
                              Samuel Johnson.

                              Comment

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