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Largest Bank In America Joins War On Cash

Tyler Durden's picture




 

The war on cash is escalating. Just a week ago, the infamous Willem Buiter, along with Ken Rogoff, voiced their support for a restriction (or ban altogether) on the use of cash (something that was already been implemented in Louisiana in 2011 for used goods). Today, as Mises' Jo Salerno reports, the war has acquired a powerful new ally in Chase, the largest bank in the U.S., which has enacted a policy restricting the use of cash in selected markets; bans cash payments for credit cards, mortgages, and auto loans; and disallows the storage of "any cash or coins" in safe deposit boxes.

 

Buiter defended his "controversial" call for a ban on cash, as Bloomberg reports:

“The world’s central banks have a problem. When economic conditions worsen, they react by reducing interest rates in order to stimulate the economy. But, as has happened across the world in recent years, there comes a point where those central banks run out of room to cut — they can bring interest rates to zero, but reducing them further below that is fraught with problems, the biggest of which is cash in the economy.

 

In a new piece, Citi’s Willem Buiter looks at this problem, which is known as the effective lower bound (ELB) on nominal interest rates. Fundamentally, the ELB problem comes down to cash. According to Buiter, the ELB only exists at all due to the existence of cash, which is a bearer instrument that pays zero nominal rates. Why have your money on deposit at a negative rate that reduces your wealth when you can have it in cash and suffer no reduction? Cash therefore gives people an easy and effective way of avoiding negative nominal rates. Buiter’s note suggests three ways to address this problem:

  1. Abolish currency.
  2. Tax currency.
  3. Remove the fixed exchange rate between currency and central bank reserves/deposits.

Yes, Buiter’s solution to cash’s ability to allow people to avoid negative deposit rates is to abolish cash altogether. (Note that he’s far from being the first to float this idea. Ken Rogoff has given his endorsement to the idea as well, as have others.)

 

Before looking at the practicalities of abolishing currency, we should first look at whether it could ever be necessary. Due to the costs of holding large amounts of cash, Buiter puts the actual nominal rate at which the move to cash makes sense as closer to -100bp. So, in order for a cash abolition to become necessary, central banks would need to be in a position where they wished to set nominal rates much lower than that.

 

Buiter does not have to go far to find an example of where a central bank may have wanted to set interest rates much lower to -100bp. He uses (a fairly aggressive) Taylor Rule to show that Federal Reserve rates should have been as low as -6 percent during the financial crisis.”

As mentioned above, no meddling by a central bank is ever too extreme or too crazy for Mr. Buiter.

But now the banks themselves are getting involved, (as Mises' Joseph Salerno notes),

The war against cash has, up to now, been waged almost exclusively by national governments and official international organizations, although there are exceptionsNow the war has acquired a powerful new ally in Chase, the largest bank in the U.S. and a subsidiary of JP Morgan Chase and Co., according to Forbes, the world's third largest public company.

 

Of course , it is hardly surprising that a crony capitalist fractional-reserve bank, which received $25 billion in bailout loans from the U.S. Treasury, should want to curry favor with its regulators and  political masters and, in the process, ensure its own stability by helping to stamp out the use of cash.  For the very existence of cash places the power over fractional-reserve banks squarely in the hands of their depositors who may withdraw their cash in any amount and at any time, bringing even the mightiest bank to its knees literally overnight (e.g., Washington Mutual).

 

What is a surprise is how little notice the rollout of Chase's new policy has received.

  • As of March, Chase began restricting the use of cash in selected markets, including  Greater Cleveland.
  • The new policy restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and  auto loans.
  • Chase even goes as far as to prohibit the storage of cash in its safe deposit boxes .  In a letter to its customers dated April 1, 2015 pertaining to its "Updated Safe Deposit Box Lease Agreement,"  one of the highlighted items reads:  "You agree not to store any cash or coins other than those found to have a collectible value."  Whether or not this pertains to gold and silver coins with no numismatic value is not explained. 

As one observer commented:

 

This policy is unusual but, since Chase is the nation's largest bank, I wouldn't be surprised if we start seeing more of this in this era of sensitivity about funding terrorists and other illegal causes.

 

Bet on it.

As we previously concluded,

We keep being bombarded by moves to restrict the use of cash and demands to ban it altogether. These demands seem to mainly revolve around two arguments:

 

one is that “only criminals need cash”, which is on a par with the absurd assertion that we should all be fine with Stasi-like ubiquitous government surveillance “if we have nothing to hide”.

 

The other one is that a cash ban would make life easier for the central planners who are actively undermining the economy with their policy of debasement.

 

We would argue that central banking and fiat money have done more than enough harm already and that the eradication of financial privacy has gone way too far. Money and banking should be freed from the clutches of government-directed monopolization and cartelization and should be returned to the free market.

*  *  *

In short, things in the already insane monetary realm are about to get a whole lot insane-er. But don't worry, the central banks are in full control.

 

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Thu, 04/23/2015 - 22:15 | 6024693 holdbuysell
holdbuysell's picture

It's as if a thousand Chinatowns cried out in terror...and were suddenly silenced.

Thu, 04/23/2015 - 22:17 | 6024695 Monetas
Monetas's picture

"The buck stops with the bankers !" .... Obama

Thu, 04/23/2015 - 22:38 | 6024746 Jackagain
Jackagain's picture

You misspelled banksters...

Thu, 04/23/2015 - 22:26 | 6024715 Monetas
Monetas's picture

Oro .... Perras ! (Gold .... Bitches !)

Thu, 04/23/2015 - 22:29 | 6024722 Axenolith
Axenolith's picture

Refusal of tendered payment of a debt in the legal tender voids it, it will be interesting to see if people work that angle.

Thu, 04/23/2015 - 22:35 | 6024738 Axenolith
Axenolith's picture

Uniform Commercial Code:

§ 3-603. TENDER OF PAYMENT.

  

(a) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract.

(b) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an indorser or accommodation party having a right of recourse with respect to the obligation to which the tender relates.

(c) If tender of payment of an amount due on an instrument is made to a person entitled to enforce the instrument, the obligation of the obligor to pay interest after the due date on the amount tendered is discharged. If presentment is required with respect to an instrument and the obligor is able and ready to pay on the due date at every place of payment stated in the instrument, the obligor is deemed to have made tender of payment on the due date to the person entitled to enforce the instrument.

 

Fri, 04/24/2015 - 00:53 | 6025007 Never_Put_Down
Never_Put_Down's picture

...in other words, if you offer to settle a debt with legal tender and it's refused, the debt is thereby eliminated, correct?

Fri, 04/24/2015 - 02:17 | 6025123 Axenolith
Axenolith's picture

Yes, the obligation is "discharged" in the lingo. 

TPTB count on people in their vast majorities to not look this shit up, and, not look up the civil procedure rules for fighting it in the courts, or for that matter not just writing letters with the proper terminology.

Chumba kicked ass with a freakin' masterpiece 7 page missive to the cities demand to license and they never came back from that avenue since.  I was getting jacked around on dropping mortgage insurance off my home before the pre-crash and all the phone calls in the world elicited shit.  As soon as I busted out the word processor and put that shit in writing and made them aware of their failure in the contractual realm they were falling all over themselves to offer free appraisal, all the overcharge back as credit, etc...

If you tender and are refused, be sure to have a witness, or record it.  Better yet, have them put the refusal in writing and make sure they are a "person entitled to enforce"...

Follow those links around a bit and satisfy yourself, remember, I'm not a lawyer.  I don't even smell like one...

 

Fri, 04/24/2015 - 06:22 | 6025252 Victor999
Victor999's picture

TPTB count on people in their vast majorities to not look this shit up

I think the same applies to Constitutional law - if your government passes an unconstitutioinal law, you should be under no obligation to follow it.  Most people believe that just because Congress passes a law, that that makes it constitutional and lawful somehow.  Those laws passed since 911 that remove or restrict a person's contitutional rights should be challenged in the courts.  I have never understood why they weren't (and aren't).  Of course, this assumes an uncompromised court system.....ummm...forget everything I just said.

Thu, 04/23/2015 - 22:31 | 6024730 Atticus Finch
Atticus Finch's picture

Watch the Aaron Russo interview and the discussion about inserting chips into everyone as the means of payment. No cash option.

Thu, 04/23/2015 - 22:36 | 6024739 Anunnaki
Anunnaki's picture

Agree that this is obvious to force as much money into bankster hands so when the bubble pops they can assess our accounts. Not being able to deposit cash means you have something of tangible value that competes with their funny money.

Agree also that this will catch on just like when Delta put the first $25 bag fee and everyone but Southwest quickly joined up to do the same. Same will happen here.

Two solutions that will make me Captain Obvious

1. Put my business account in a Credit Union. Unless I'm the last guy in America, businesses still conduct transactions in cash do they not?

2. My paycheck into my hometown mOntana bank. Direct deposit. If I ever have a problem I literally call Connie and she knows me from when I was a punk kid.

 

Thu, 04/23/2015 - 22:39 | 6024747 Anunnaki
Anunnaki's picture

You can call Me Nnaki-Damus.

Here's what they will do next.

I am a deadbeat. I have an Amazon credit card for points. Put all my transactions on the card. Pay that sucker to zero every month. Thus, I'm a deadbeat.

We deadbeats will be assessed a penalty for not carrying a balance on the card. It will most likely be a service fee rather than a percentange. And it will be along the lines of $25 a month at least.

It will happen. Sooner than later.

Thu, 04/23/2015 - 23:48 | 6024900 nuke ISIS now
nuke ISIS now's picture

Then you sy ..fuck you, fuck your card, i dont need you but you credit card servicer for the unamed ABS, sure as fuck needs moron credit card holders so you can ell your ABS/CDO/MBS to "investor ceriticateholders..

Fuck you keep your card and stick it the fuck up your ass

Thu, 04/23/2015 - 23:48 | 6024901 nuke ISIS now
nuke ISIS now's picture

Then you sy ..fuck you, fuck your card, i dont need you but you credit card servicer for the unamed ABS, sure as fuck needs moron credit card holders so you can ell your ABS/CDO/MBS to "investor ceriticateholders..

Fuck you keep your card and stick it the fuck up your ass

Fri, 04/24/2015 - 06:06 | 6025249 bunnyswanson
bunnyswanson's picture

Maybe.  But worst case scenario is the monitoring of purchases (alcohol, tobacco, entertainment, everything) and when the tax bill comes, the system will only permit certain purchases to be deemed necessasry.  It is always about who pays the taxes.  They want to see our money trail, sell the information to our creditors and impose fines if we deviate from the mandated allowable purchases.

Thu, 04/23/2015 - 22:48 | 6024770 rejected
rejected's picture

Soooo,,,when all the money one deposits in a bank, belongs to the bank and no cash is allowed then one wouldn't have any money at all,,, would one.

 

coooool.... if your a bank.

Thu, 04/23/2015 - 22:49 | 6024774 CaptainMoonlight
CaptainMoonlight's picture

Fk all these banksters. They all need their throats slit.

Thu, 04/23/2015 - 22:54 | 6024786 samsara
samsara's picture

Just like passing the 2005 bankrupt laws just before they were needed to stem the tide coming from Student loans and bad mortgages.

They are outlawing cash JUST before the runs on the banks are anticipated.   How about waking up and finding the USD was devalued over night?

And if cash is outlawed, they don't have to worry about keeping all those ATMs filled.

Thu, 04/23/2015 - 23:01 | 6024798 vincenze
vincenze's picture

Well, you don't mention the fact that you won't get your safely saved in a bank money back in case of a major crisis and bank runs.

It'll happen soon in Greece. Then the Ukraine. Then...

Thu, 04/23/2015 - 23:13 | 6024828 seataka
seataka's picture

Perhaps they also wish to reduce the amount of the NEW CURRENCY they need to issue after the devaluation.

Thu, 04/23/2015 - 23:18 | 6024838 JackT
JackT's picture

Come on everyone. Let's take it down a notch. Chase just requires that the person is on the account before they can pay with cash. Obviously for tracability reasons

Thu, 04/23/2015 - 23:43 | 6024890 yogibear
yogibear's picture

These banksters keep pushing and we keep allowing them to push. They keep testing us.

Time for people to say enough is enough and stand up and fight these evil criminals.

 

Thu, 04/23/2015 - 23:43 | 6024891 RSDallas
RSDallas's picture

I have been on this board since the beginning of the this so called Great Recession and I have really enjoyed reading the articles on a daily basis. I have recently began to ask myself if Tyler is not actually a mouthpiece for the world financial system and even more, for the U.S. Federal Reserve System? Surely not!

Thu, 04/23/2015 - 23:47 | 6024899 Meta_Consciousness
Meta_Consciousness's picture

You're using electricity to power a computer ( of some sort) to communicate via network hardware and protocols based on security algorithms to allow you to be you and you question what voice is spoken on the medium you put your words?

 

You need to ask?

Fri, 04/24/2015 - 06:52 | 6025270 Free Wary
Free Wary's picture

don't fool yourself, Tyler's is almost certainly owned, just like everything else. If you were in charge it would be handy to have a few outlets like this to gather and identify everyone who wasn't taking the right pills. Plus, you could use subtle manipulation of a site like this to feed people certain pieces of information and see how they react.

Fri, 04/24/2015 - 00:33 | 6024956 knowshitsurelock
knowshitsurelock's picture

Why do you need cash anyway?  Just hold your I-Phone in front of the scanner and it will read it and complete the transaction, or scan your EBT card.  Geez!

If you can't pay you should be arrested and put in debtors prison!

There, problem solved.

Fri, 04/24/2015 - 02:15 | 6025120 Debugas
Debugas's picture

one can freeze your account individually but one can not disable the cash in your pocket without doing the same for the rest of the society

Fri, 04/24/2015 - 00:33 | 6024960 demur
demur's picture

Its the damn Jews who want control over the world. Washington and Jeffeson warned us. 

Fri, 04/24/2015 - 12:40 | 6026547 disgruntled hou...
disgruntled housewife's picture

demur you are wrong. There is no one word that can describe who wants control over the world. There is no one group with a cohesive plan. It is too complex a situation to have it all be due to any one ethnic/religious group when there are divisions within that group. This is inappropriate to say and you know it. For those who gave you a thumb's up shame on them. It is this crowd that sometimes gives me pause to even visit this site.

I believe that when perceptions, desires, and motivations of individuals line up without even being voiced events could occur that seemed planned. Some perhaps are but others come about as a result of synchronicity. I don't feel compelled to identify anyone person or persons heading us toward a One World Order with a single currency. I feel compelled to resist it. CAMPAIGN FINANCE REFORM- take money away from the political elite and perhaps we will be governed by critical thinkers.

Fri, 04/24/2015 - 00:50 | 6025001 disgruntled hou...
disgruntled housewife's picture

The Control Matrix is coming. If we allow cash to be banned then we will not be free. I don't know why anyone is using anything but cash. I make a budget for the week and take out what I need. This way there is no paper trail- the authorities do not need to know where I shop and what I spend my money on. It saves those businesses I frequent from paying fees on ATM or Credit Card use.

Believe it or not I spend less when I use cash because unless it is an emergency when the money is gone for the week that's it. Any urge for a coffee from Peets or ugh Starbucks is passed on. No extra garbage at the grocery store.

If you have never stood up before for your rights this is the time to do it. Be vocal about it. Tell everyone you know including your Congressional members you will not tolerate a cashless society.

Put your Congressional members contact information into your phone. Call/email every week. Let's face it if you are worried about landing on some list then you shouldn't be visiting this site. Let the D.C. thugs know you are watching their every move. Sure,it might not change anything but what if every week they were hearing from more and more of us? Might self preservation set in and they turn on their campaign financiers.

Liberty Blitzkrieg site has some great articles where you can create a statement to make to them using the title. Today I called and said "I am against the U.S.A. Freedom Act being introduced by Mitch McConnel. It does nothing to rein in the NSA and renews the Patriot Act."

It took 6 minutes to call all three. Comments here allow us to vent and know there are like minded people out there but in the end until you exercise your right to give the government an indication of what you are pissed about you have not participated fully in the process. Voting is not enough- you have to babysit them unfortunately. Good babysitters don't put up with bullshit.

 

Fri, 04/24/2015 - 02:44 | 6025155 northern vigor
northern vigor's picture

 

I knew one day plastic and ATMs wouldn't work because of a  meltdown, and started to keep cash. You are right, when we go to cash we spend less. 

The banks and fed are doing this because they know one day there will be a run on cash, and they will have to shut their doors. They don't  have much paper laying around...just digits on a screen. I still think one day a EMP is going to frig the grid and computers.

Fri, 04/24/2015 - 01:20 | 6025043 shouldvekilledthem
shouldvekilledthem's picture

Bitcoin does not require permission and it does not rely on an issuer.

Fri, 04/24/2015 - 02:55 | 6025151 free
free's picture

Yes, bitcoin is the alternative- a parallel system we are building while the current system is imploding.

Decentralized, no "trusted" third party required.

Peer-to-peer, baby!

Bankers don't like that!

Fri, 04/24/2015 - 02:13 | 6025114 Debugas
Debugas's picture

This is incredible - disallows the storage of "any cash or coins" in safe deposit boxes.

 


Fri, 04/24/2015 - 02:33 | 6025132 scam_MERS
scam_MERS's picture

In the immortal words of John Kay of Steppenwolf, way back in 1969 (esp. note the bolded lyrics):

"Monster"

Once the religious, the hunted and weary
Chasing the promise of freedom and hope
Came to this country to build a new vision
Far from the reaches of kingdom and pope
Like good Christians, some would burn the witches
Later some brought slaves to gather riches

But still from near and far to seek America
They came by thousands to court the wild
But she just patiently smiled and bore them a child
To be their spirit and guiding light

And once the ties with the crown had been broken
Westward in saddle and wagon it went
And 'til the railroad linked ocean to ocean
Many the lives which had come to an end

While we bullied, stole and bought our homeland
We began the slaughter of the red man

But still from near and far to seek America
They came by thousands to court the wild
But she just patiently smiled and bore them a child
To be their spirit and guiding light

The blue and gray they stomped it
They kicked it just like a dog
And when the war was over
They stuffed it just like a hog

And though the past has its share of injustice
Kind was the spirit in many a way
But its protectors and friends have been sleeping
Now it's a monster and will not obey

The spirit, it was freedom and justice
And its keepers seemed generous and kind
Its leaders were supposed to serve the country
But now they won't pay it no mind

'Cause the people got fat and grew lazy
Now their vote is a meaningless joke
You know they babble about law and order
But it's all just an echo of what they've been told

'Cause there's a monster on the loose
Its got our heads into a noose
And it just sits there - watchin'

Our cities have turned into jungles
And corruption is stranglin' the land
The police force is watching the people
And the people just can't understand

We don't know how to mind our own business
'Cause the whole worlds got to be just like us
Now we are fighting a war over there
No matter who's the winner, we can't pay the cost

'Cause there's a monster on the loose
It's got our heads into a noose
And it just sits there watching

America where are you now?
Don't you care about your sons and daughters?
Don't you know we need you now
We can't fight alone against the monster...

Fri, 04/24/2015 - 02:26 | 6025134 northern vigor
northern vigor's picture

Maybe you guys were sticking pencils up your nose or eating glue in Sunday School when they taught this ...or maybe they didn't tell ya much out of Revelations because it was a bit scary...

But the Bible says the day will come that we won't be be able to buy or sell without the mark of the beast.

Folks...meet beast. Beast, meet folks.

Fri, 04/24/2015 - 02:30 | 6025143 opencircle
opencircle's picture

Where are the scare mongering articles about Swine Flu in Minnesota?

Here is a good one -- Obama's grandma visits Mecca. http://caravandaily.com/portal/obamas-grandma-arrives-for-umrah/

Fri, 04/24/2015 - 03:17 | 6025175 katchum
katchum's picture

Since gold is not considered money, cash or currency, but a barbarous relic, then gold holders won't be affected right?

Fri, 04/24/2015 - 03:21 | 6025180 HowdyDoody
HowdyDoody's picture

And once cash has gone, there is no limit to the size of negative interest rates that can be applied. The rules exist to ensure the banksters profit.

Fri, 04/24/2015 - 03:32 | 6025189 giggler321
giggler321's picture

How do they stop you putting something in a deposit box?  Suggests they know exactly what's in them

Fri, 04/24/2015 - 03:37 | 6025192 katchum
katchum's picture

They will send a mail to you for a surprise audit of your deposit box on regular dates and close off your deposit box until validated. Then they will confiscate any irregular items in that deposit box.

Fri, 04/24/2015 - 03:56 | 6025201 DutchBoy2015
DutchBoy2015's picture

in most of Europe you cannot get a job unless you have a bank account.  All wages and salaries are paid into that account.  there are NO exceptions.  NO bank account?  you are an illegal.

Also you are penalized if you decide to have paper bills sent to your home for things like your internet , electricity ,etc etc,

No penalties for direct debit from bank account.

On the bright side (snark),  there are no fees for ATM withdrawals here.  but fewer and fewer people are using cash.

FYI, the first country to use cellphones for transactions was here in the Netherlands about 3 years ago.

Fri, 04/24/2015 - 04:00 | 6025203 DutchBoy2015
DutchBoy2015's picture

So do they have a scanner in the church collection plates now?

Fri, 04/24/2015 - 04:00 | 6025204 DutchBoy2015
DutchBoy2015's picture

So do they have a scanner in the church collection plates now?

Fri, 04/24/2015 - 04:00 | 6025205 DutchBoy2015
DutchBoy2015's picture

So do they have a scanner in the church collection plates now?

Fri, 04/24/2015 - 04:05 | 6025208 DutchBoy2015
DutchBoy2015's picture

History they don't teach you in school

https://www.youtube.com/watch?v=cX8i-QriYIU

Fri, 04/24/2015 - 04:10 | 6025211 DutchBoy2015
DutchBoy2015's picture

Soon you will be commanded to exchange all your dollars to  Shekels as Israel (Rothschild ) takes over all world banking.

Just remember, that to the banksters you are GOYIM.

Fri, 04/24/2015 - 04:25 | 6025217 Debugas
Debugas's picture

how it will actually happen - transition to cashless society:

1) Government and banks will force companies to pay wages not as cash but to employees' bank accounts (mostly happened in the western world not so much in the developing world yet)

2) then the banks will impose fees for withdrawing cash from your bank account to discourage you from using the cashing-out.

3) later on they will close bank offices and ATMs as very few people will be using cashing-out

Fri, 04/24/2015 - 04:44 | 6025224 DutchBoy2015
DutchBoy2015's picture

in most of Europe you cannot get a job unless you have a bank account.  All wages and salaries are paid into that account.  there are NO exceptions.  NO bank account?  you are an illegal.

Also you are penalized if you decide to have paper bills sent to your home for things like your internet , electricity ,etc etc,

No penalties for direct debit from bank account.

On the bright side (snark),  there are no fees for ATM withdrawals here.  but fewer and fewer people are using cash.

FYI, the first country to use cellphones for transactions was here in the Netherlands about 3 years ago.

Fri, 04/24/2015 - 04:54 | 6025227 DutchBoy2015
DutchBoy2015's picture

BTW, this has been like this over 15 years here

Fri, 04/24/2015 - 04:57 | 6025230 Haus-Targaryen
Haus-Targaryen's picture

I am pulling out my entire paycheck here in Euro-Rainbow-Land save for a couple hudnred EUR in cash -- immediately after every paycheck. 

The ultimate liquidity.  No bail in will help me financially assisting Rainbow Land's continued existance.  

Fri, 04/24/2015 - 04:37 | 6025221 localizer
localizer's picture

Why have your money on deposit at a negative rate that reduces your wealth when you can have it in cash and suffer no reduction? Cash therefore gives people an easy and effective way of avoiding negative nominal rates.

Oh boy... this really does get crazier by the day...

Fri, 04/24/2015 - 04:48 | 6025225 Magooo
Magooo's picture

Off topic ... but if you want to see just how fucking desperate the MSM is you NEED to watch this cnBS clip:

http://www.cnbc.com/id/102611283

Wall Street forecast Caterpillar would deliver quarterly adjusted earnings of $1.35 a share on $12.38 billion in revenue, according to a consensus estimate from Thomson Reuters.  On CNBC's "Squawk Box," Oberhelman said he's pleased with the results

 

Then revisit this story on CAT:  http://www.zerohedge.com/news/2015-04-22/caterpillar-its-second-great-de...

 

Incredible... totally incredible...  we are so totally fucked.

 

Fri, 04/24/2015 - 05:01 | 6025233 justmy2cents
justmy2cents's picture

Will NEVER, EVER happen, too many corrupt elite rely on cash for their criminal operations.

Fri, 04/24/2015 - 06:24 | 6025254 GuusjA
GuusjA's picture

De Verenigde Naties zijn op de hoogte gebracht dat de 'gezamenlijke actie van Europa' om 'verwarde mensen' te laten verzuipen in de Middellandse Zee de druk op alle regeringleiders zal opvoeren om na te denken over het systeem 'Leven en Laten Leven'.

http://www.volkskrant.nl/dossier-vluchtelingendrama-middellandse-zee/vn-...

Indien iedere asielzoeker ook recht heeft op een wereldwijd @basisinkomen dan was het gedoe rondom het 'bed, bad en brood' ook ineens opgelost. Het recht van een @basisinkomen wil de UNHCR - de vluchtelingenorganisatie van de VN - nog niet op tafel leggen, omdat ...

http://www.nrc.nl/nieuws/2015/04/24/nederland-zakt-in-top-van-gelukkigst...

... anders de ranglijst van de gelukkigste landen van de Verenigde Naties gigantisch zal veranderen.

http://www.ftm.nl/column/buffer-blues/

Netwerk @SuperWil weet dat de voormalig CFO Bert Bruggink van de Rabobank wel mee wilde doen met het uitrollen van de 'Logica van de 1', maar verloor – hoe toevallig – zijn baan bij de Rabobank, zodat hij nu beschikbaar is om de nieuwe minister van Financiën te worden.

Fri, 04/24/2015 - 08:39 | 6025496 GuusjA
GuusjA's picture

Het wordt steeds meer duidelijk dat netwerk WitteGejT niet wil dat het systeem 'Leven en Laten Leven' wordt ingevoerd.

 

http://www.nrc.nl/nieuws/2015/04/24/pakistaanse-en-afghaanse-terreurverd...

 

Er komen wel 'afgeluisterde gesprekken naar buiten' waar te horen is hoe verdachten zeggen dat ze een 'grote jihad in Italië' willen ontketenen. Paus Franciscus zei te beseffen dat hij een doelwit kan zijn, omdat de 'Heilige Stoel' nog steeds niet in de VN heeft verteld hoe de 3e SpinozaGolf in zijn gang gaat.

 

http://www.trouw.nl/tr/nl/33101/Luxleaks/article/detail/3978868/2015/04/...

 

Dit zou belastingadviseur PricewaterhouseCoopers (PwC) ook wel willen weten, want dat met het RENTE=BELASTING-plan van Stichting Intuïtie Trainen het één en ander zal veranderen kan zelfs eurogroepvoorzitter Jeroen Dijsselbloem niet ontkennen.

 

http://www.nrc.nl/nieuws/2015/04/24/collegas-pakken-griekse-minister-van...

Fri, 04/24/2015 - 12:37 | 6026528 GuusjA
GuusjA's picture

De 3e SpinozaGolf is volgens de @MinPres ook niet te temmen: 'De ontwikkeling naar een participatiesamenleving is geen doel van beleid, maar een ontwikkeling die gaande is'.

 

http://www.ftm.nl/non-profit-organisaties-doorlichten-citizenaudit/#comm...

 

Het politieke probleem tussen de regeringspartijen VVD en PvdA heeft in de optiek van netwerk @GuusjA direct te maken met het feit dat ze hun denkbeelden niet toetsen aan de wiskundige definitie van de absolute waarheid.

 

http://www.politico.com/story/2015/04/white-house-on-trade-deal-clinton-...

 

Netwerk @MinPres had al in 2004 de kans om de blauwdruk van het systeem 'Leven en Laten Leven' eigen te maken. Maar alles is stil gevallen in onbenullige wetgeving en nu moet de Griekse premier Tsipras de eurozone laten zien hoe een cultuur van waarheiddelen moet gaan functioneren. 

 

https://www.youtube.com/watch?v=E-0ujdgWoBw

 

In de optiek van netwerk @MinPres is de Griekse regering aan zet om orde op zaken te stellen. Het zijn echter alle regeringen in de eurozone die hun overheidsfinanciën moeten gaan stroomlijnen in lijn met het GELD=ZUURSTOF-paradigma. Dat Griekenland blijft onderhandelen heeft te maken dat men niet wil dat in Europa dadelijk net zo'n grote puinhoop wordt als in Syrië en Libië. 

Fri, 04/24/2015 - 06:00 | 6025247 gmak
gmak's picture

THis may have already been said, but I thought that it was illegal to refuse cash as a method of payment. After all, it's the only way to ensure that paper currency is acdepted. Well, that and making it the medium of choice for paying taxes.

Fri, 04/24/2015 - 07:35 | 6025324 2muchtax
2muchtax's picture

Once a "debt" is established you have to accept FRNs. So a store can say no cash before you owe them, but once you owe them (pump gas, eat food) they must accept cash.

Fri, 04/24/2015 - 06:40 | 6025265 Dr.Engineer
Dr.Engineer's picture

Everyone close your Chase account. Do you really think your money is safe with this insane and/or bought off individual?

Fri, 04/24/2015 - 06:46 | 6025266 Free Wary
Free Wary's picture

If this is for real:

Step 1: get a loan from a company that says they don't accept cash payment for loans

Step 2: Try to make a loan payment with cash

Step 3: If they refuse, read the manager what the bill says: "This note is legal tender for all debts, public and private"

Step 4: If they still won't accept the cash, sick the government on them.

Step 5: If the government fails to enforce the legal tender law, rejoice that we no longer have to put up with the tyranny of uncostitutional legal tender laws. If the big banks don't have to accept cash, I don't either. From now on, my business only accepts silver or pre-approved barter items.

Fri, 04/24/2015 - 07:22 | 6025304 p00k1e
p00k1e's picture

How much stuff have you gained using this method?

Sun, 04/26/2015 - 09:11 | 6030958 Free Wary
Free Wary's picture

Well  my barbershop doesn't get many customers because of my policy which is just fine with me I don't like customers anyway. But yesterday a customer traded me 6 haircuts for a mint unopened peter frampton LP

Fri, 04/24/2015 - 06:55 | 6025272 GreatUncle
GreatUncle's picture

Economics is purely a relative concept where poor is determined by how wealthy others are as wealth is determined by how poor a population is made to be. In the article is this comment

Taylor Rule to show that Federal Reserve rates should have been as low as -6 percent during the financial crisis.

If rates were set at -6% it is a tax on wealth to make the economic system the thieves have created to make themselves wealthy while pauperising everybody else. But wait a minute ... it is a relative concept ... they did set -6% percent because QE was the tool they used instead. Pauperised their populations because those with few if any assets were physically the taxpayers in this case. Setting the -6% would have spreasd the tax so IT WOULD HAVE INCLUDED THOSE WITH WEALTH NOT JUST THE POOR.

As for the abolition of currency, it is not because the trade has to be represented through some exchange. What CHASE BANK ARE DOING IS SAYING THE MONEY IN BANK YOU HAVE WE ARE STARTING TO RESTRICT YOU ON TAKING IT OUT. Their biggest fear and it does seems like so many people do not realise the power for people is to do one thing REMOVE ALL MONEY YOU CAN IN CASH.

If anything join the dots please ... Chase have been told by the fed how it intends to change policy (not QE this time) in the near future and got to admit I was reckoning on MORE QE BY XMAS but this time they are going to use NEGATIVE RATES to once again balance the economic system (= QE again

Negative rates will be worse than QE because people will start to keep it out of the system and by not putting it back in reduce the little money flowing at the bottom now even further.

Fri, 04/24/2015 - 06:56 | 6025273 Baby Eating Dingo22
Baby Eating Dingo22's picture

Are these the same soldiers who are also beheading gold?

Fri, 04/24/2015 - 06:58 | 6025276 Fahque Imuhnutjahb
Fahque Imuhnutjahb's picture

If it's any consolation, I feel confident that any capital controls, whether enforced domestically or internationally, will be equitably enforced across the entire socio-economic income continuum.  Do not fret that the top of the pyramid will receive preferencial treatment.  THIS IS AMERICA!!  Land of the free, home of the American dream! , and everything will work out just fine--- until it doesn't.       q:B

 

https://youtu.be/_PG9Rh-qmdg

Fri, 04/24/2015 - 07:08 | 6025284 Lies All Lies
Lies All Lies's picture

Am I supposed to read 2 fu**** words a line a f**** mile long?   C'mon Z F*** heroes are you making the money or not? F*** spend some $$ on a decent F**** layout or what F*** ever.

That's all for now.

 

But I''ll be F*** back. Bank on it

Fri, 04/24/2015 - 07:23 | 6025306 Lies All Lies
Lies All Lies's picture

Oh! I forgot to comment on this article.

The noose is tightening around your balls. It is inevitable. You will go down with barely a FUCKING  gurgle of protest. You are all mouth and trousers (look it up).

At the end, some will rise up but too little, too late. Mostly useless pansies.

You will reap your karma & cry like babies.

Such is life.

Fri, 04/24/2015 - 13:49 | 6026909 ultramaroon
ultramaroon's picture

Half of American men today actually like having the noose tighten around their balls, so they won't protest at all. Unlike in the 19th century through the 1940s, the only thing you can do these days to be a Modern American Hero(tm) is to dress up in a leather teddie and beg to be tied up and flogged. Just ask the kids who staged the "Shit-In" at California Polytechnic the other day. They were carving shit statues of their Lord and God Obama and worshipping them. Best be a coprophiliac in America these days, 'cause the gods are going to take a giant shit on you. That's a prophecy.

Fri, 04/24/2015 - 07:33 | 6025319 Offthebeach
Offthebeach's picture

I used to think we'd get tattoo bar codes.  Or cattle ear tags.  Now I just think the price of technology is so cheap that cops with smartphone biomarker sensors will just have our own uniqe chemistry give us up.  Maybe Bruce Jenner is on to something.  

Fri, 04/24/2015 - 07:39 | 6025330 roadhazard
roadhazard's picture

Cash is King. Don't get your panties in a wad.

Fri, 04/24/2015 - 07:42 | 6025337 Celsius 233
Celsius 233's picture

Simple; move to Asia. Asia is a cash based culture and no amount of western pressure will change that.

I love it; credit cards are almost (but not quite, useless). 

Out side of major metropolitan centers, credit cards are useless.

Cash rules; long live cash...

Fri, 04/24/2015 - 07:49 | 6025358 RealityCheque
RealityCheque's picture

What will all the lobbyists put in their brown envelopes now!?

Fri, 04/24/2015 - 07:56 | 6025377 deerhunter
deerhunter's picture

22 LR.  =  half pint whiskey  =   pack of smokes  =  roll of toilet paper  = 5 pre 64 silver dimes

2 squirrels dressed ,  skinned and quartered   =   how many of the above?

Think it can't happen?  Baaaaaaa  

22 LR  =   squirrel

Where did your last meal come from?  Will it be there in a week if there is a run on your grocery store?  Didn't think so.  Prepare accordingly. 

 

Fri, 04/24/2015 - 08:01 | 6025387 Immortal Flatulence
Immortal Flatulence's picture

In many other countries around the world, the local populace hoards US dollars to preserve wealth, and use in times of local currency upheaval. What's to happen next in the USSA? We start using the chinese Renminbi in the same way?

Signed, Fucked and I know it

Fri, 04/24/2015 - 08:11 | 6025417 bluez
bluez's picture

Some paltry bone will be thrown to "compensate."

 

This is the True Law: They must always stir the people's pot to keep it from boiling over.

Fri, 04/24/2015 - 08:16 | 6025430 earnulf
earnulf's picture

Darn, here I thought that FRN says good for all debts public and private.

Fri, 04/24/2015 - 08:38 | 6025495 litemine
litemine's picture

What an Opportunity for a New Company that offers a lock box system that holds what people want to securely lock up .

Take your money and coins and move them out......If You don't hold it You don't own it. 

Fri, 04/24/2015 - 08:56 | 6025526 steelrules
steelrules's picture

Time to get your money out and open that account with US Mattress or Bank of back yard & shovel.

Edit to add,  Gold and Silver are selling at a manipulated discount.

Fri, 04/24/2015 - 08:54 | 6025551 geno-econ
geno-econ's picture

Where is the Federal Government in regulating what Bankers are doing ? Obviously restricting use of cash is undermining the" full faith and trust" in US currency---or what ever is left in "full faith and trust in our entire political/economic system.

Uncharted waters  

Fri, 04/24/2015 - 08:55 | 6025555 2muchtax
2muchtax's picture

Fight back, start using cash again. They are skimming 2% off every electronic transaction.

Every small business I deal with I use cash. I often ask if they will give a discount for cash and half of them do. I saved $150 on a large purchase recently.

Plant a garden, no transaction cost and tax-free. Try barter, I traded an old truck for a basement water-proofing. I have 500 lbs of tax-free pork in my freezer. Starve the beast or be starved.

Fri, 04/24/2015 - 08:59 | 6025564 mbf114
mbf114's picture

Queston: If US goes cashless could I use the electronic currency to buy Forein currencies and then buy my foreign made goods in that currency. If so I will just do a conversion of my income into the chinese currency and then learn Mandaran.There has to be a way around the sytem for those who think outside the box. The U.S. should be ashamed at what they are doing to us citizens. We save and they steal, We work an they tax. We breath an they polute. We breed and they take our parental right.

Fri, 04/24/2015 - 09:07 | 6025592 gcjohns1971
gcjohns1971's picture

The truly astounding irony of the pursuit to outlaw currency, is that it is absolutely 100% impossible - it is akin to the desire to outlaw Gravity in order to lower the cost of air and space travel.

Currency is whatever people will accept in exchange.  Money is whatever currency retains its value over time.

No currency of the last 100 years meets the definition of money.

So...why is it IMPOSSIBLE to outlaw currency?  Because people will trade so long as they breath.  Factually, they have to, and despite the every State's innumerable attempts to interdict trade, it is still going to happen...as the Soviet practice of Mat (illicit trading of the products of the workplace) clearly shows.

If the State outlaws one form of currency, people will simply use another one.  It really is that simple.   And there is nothing they can do about it this side of the grave.

Here are some of the problems they face:

1) Why do people use Dollars, cash or electronic variants, anyway?  There is a LEGAL TENDER Law requiring it in the US, elsewhere they use them because they can buy things with Dollars, and Dollars, as the reserve currency, are less likely to sharply fluctuate in value.

2) If Legal Tender REQUIRES use of Dollar Notes... how can they simultaneously outlaw them?  They can't.  They'd have to change the Legal Tender Law.

3) Can they factually restrict barter transactions?  No.  They can't.   If they can't stop people from trading drugs, they certainly can't stop people from trading other things.   Recently, Tide Laundry Detergent was used as cash in the drug trade.  Bitcoin is a suitable alternative currency and (dare I say it?) Gold and Silver collectible coins are suitable alternative currencies.

But...how do I know ahead of time what I can buy things with? 

Look to Aristotle's qualities of money. 

1) Durable

2) Portable (significant value in small package)

3) Divisible (you have to be able to divide it such that payment isn't constrained by the size of the denomination)

4) Desirable in the market as itself (Like Tide!  People want it for Laundry...not just for money)

 

If something fits the bill, you'll be able to get someone to provide you a good or service in return for that thing.

 

They are likely to get the monetary devaluation they want, if they outlaw paper notes... but it will eventually be an uncontrollable devaluation.

Fri, 04/24/2015 - 11:08 | 6026102 Charming Anarchist
Charming Anarchist's picture

Yup. 

<<If the State outlaws one form of currency, people will simply use another one.  It really is that simple.   And there is nothing they can do about it this side of the grave.>> 

Gift cards and phone cards can substitute for fiat. 

Fri, 04/24/2015 - 09:27 | 6025656 g'kar
g&#039;kar's picture

Getting rid of cash is just another step towards the "number of the beast". No buying, selling or trading without the number.

Fri, 04/24/2015 - 09:56 | 6025742 koan
koan's picture

Cash is still accepted for guns, tar and feathers.

Fri, 04/24/2015 - 10:18 | 6025821 Honey Badger
Honey Badger's picture

My cash says, "This note is legal tender for all debts, public and private."

Fri, 04/24/2015 - 10:28 | 6025874 overmedicatedun...
overmedicatedundersexed's picture

"This note is legal tender for all debts, public and private."..err if you magnify the micro script it says:

all above is null and void we own you.

Fri, 04/24/2015 - 10:21 | 6025835 Jack4952
Jack4952's picture

I will have to do some research on this topice, but I believe there is a section in the U.C.C. (Unifrom Commercial Code) that states essentially that if a debtor attempts a to pay a creditor in full AND the creditor refuses to accept that payment, then the debt is considered as having been paid in full and the creditor has no more claim on that debtor.

HELP in finding this section will be greatly appreciated !!!!

Fri, 04/24/2015 - 10:28 | 6025868 csmith
csmith's picture

Hey, no biggie. This means I get PAID to borrow money, right?

Fri, 04/24/2015 - 10:38 | 6025924 CBLACKSAX
CBLACKSAX's picture

Once again, the biggest bank in the U.S. makes a move to take over control of more of the economy. It wasn't enough that the Bushwacking we had resulted in awarding the big banks for the financial meltdown, and instead of breaking them up making them larger. What they simply want is to control all commerce. It may be a violation of their federal charter to not allow cash payments or storage of cash in a private safe deposit box. Someone should check, that is if all of CONgress isn't already on their payroll.

This is truly Orwellian and a horrible thing for working people. Just think, if you have bad credit, then you may need to pay hundreds of dollars yearly to have the Chase like firms either give you a credit card, or provide you a bank debit card. More money for them. Control of everything is what these big brothers want.

Fri, 04/24/2015 - 10:35 | 6025909 theyjustcantstop
theyjustcantstop's picture

can you hear china, and russia laughing?

the worlds reserve currency, backed by gold you can't see, and now physical currency you can't see, or use.

I'd sell western-union, and buy jpm's new electronic pay-day loan co., soon to be rolled out, nationwide.

 

Fri, 04/24/2015 - 10:40 | 6025937 MeBizarro
MeBizarro's picture

Rogoff is a brilliant man but he is simply unwilling to alter his stance an iota on issues.  He is basically a huge international stooge and has been since his earliest days.  Just go back and look at what he wrote on NAFTA and several trade negiotations since then or his other stances.  

Rogoff will say with a straight face that the average American has benefited greatly from NAFTA and it has been beneficial to the US as a whole.  Nevermind the gaping holes and flaws in his logic or the macroeconomic figures on Americans households that put whole holes in his BS rhetoric.

Not sure if he is a zealot in his beliefs but economists like Rogoff are a huge part of the problem in current economics today both in terms of how it is taught and applied to public policy due to their complete idealogical rigidity even when actual outcomes show their work & beliefs are almost completely wrong.

Fri, 04/24/2015 - 10:55 | 6026026 ian807
ian807's picture

Well, banning cash is as good a way to guarantee the creation of independent currencies as any, I suppose.

Governments will do what they always do. Try and ban that which doesn't support their power. Currency. The internet. Weapons.

The simple fact of the matter is that no government can control everyone all the time. Independent currencies, internets and weapons are all possible to build and create from scratch. Ban them, and that's what will happen no matter how hard the government tries to suppress them.

Start getting too heavy handed with military force and don't be surprise when the military doesn't go along, especially when their friends or family are involved.

The government that survives will have neither too light, nor too heavy of a touch. Unfortunately, we seem to have lost that common sense wisdom in the USA.

Fri, 04/24/2015 - 11:04 | 6026044 Jack4952
Jack4952's picture

Found it !!!

According to the U.C.C., the bank IS REQUIRED to accept payment in the form of CASH, regardless of its "internal policies", since the U.S. dollar is by statute "legal tender for all debts, public and private".

Thus, if the bank REFUSES your CASH payment for ANY DEBT you owe the bank (say, a $15,000 balance to owe on a car loan); and the bank REFUSES to accept this payment in U.S. dollars cash, then the AMOUNT you offered to pay ("tendered") is considered as having been paid and that AMOUNT is DISCHARGED. In this instance, the courts (follwing U.C.C. would considered this $15,000 as being DISCHARGED and you no longer owe the bank that $15,000.

Just get the entire incident on VIDEOTAPE with 2-3 witnesses, then immediately afterward, have the witnesses write out (or have pre-written) and sign a sworn affidavit in the presence of a Notary Public, which then sign and seal the affidavits.

 

U.C.C. - ARTICLE 3 - NEGOTIABLE INSTRUMENTS (2002)PART 6. DISCHARGE AND PAYMENT › § 3-603. TENDER OF PAYMENT.

§ 3-603. TENDER OF PAYMENT.

(a) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract.

(b) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an indorser or accommodation party having a right of recourse with respect to the obligation to which the tender relates.

(c) If tender of payment of an amount due on an instrument is made to a person entitled to enforce the instrument, the obligation of the obligor to pay interest after the due date on the amount tendered is discharged. If presentment is required with respect to an instrument and the obligor is able and ready to pay on the due date at every place of payment stated in the instrument, the obligor is deemed to have made tender of payment on the due date to the person entitled to enforce the instrument.

 

Sun, 04/26/2015 - 09:57 | 6026148 wwxx
wwxx's picture

When did the U.S. Fed Gov. announce their Centralized direction and say: "We are going digital,(whether you like it or not) with all money, and you need to get on board"?

 

It is now obvious that is the direction they intend, every financial transaction documented digitally, I believe this intentional economic wreckage worldwide is the only way they could digitize all money while protecting the corrupted/illegal fortunes, and allow the continuation of such corrupted/illegal entities in the future.

 

No longer will be the excuse/right: I bought and have a right to that property, because I bought it with my savings.  There will be no savings except cash, and cash has already become nearly totally digitized in the banks at least, therefore 'cash from under the mattress' will become invalidated.  I would imagine those coin collectors for example have lost all intrinsic value, and only the precious metal value remains.  If you had collected cash notes, the toilet paper value is all that remains.  The same could be said of other type property, or did we not see housing values plummet in 2008, and shall happen again, with further loss of human right to own property.

 

wwxx

Fri, 04/24/2015 - 11:15 | 6026150 JohnGaltsChild
JohnGaltsChild's picture

No debts, public nor private.

Fri, 04/24/2015 - 11:49 | 6026213 Jack4952
Jack4952's picture

Except for items purchased ONLINE via debit card by which I save a LOT of money (e.g., airline tickets - as opposed to puchasing them at the airport), I pay for EVERYTHING in CASH. (Even ultilities companies will allow you to pay them in cash if you wish, either at their offices or via your bank).

I keep only about $300 in my checking (debit card) account; and if I know that I will very soon be buying airlines tickets, I will deposit that amount as cash into my checking account 1-2 days before I make the online purchase. I have not used an ATM in YEARS !!! (especially abroad where multiples fees are charged by all banks involved, plus a rather large "currency conversion fee.)

By the way, for those who do not travel to Europe on a frequent basis, many countries now have "currency controls", especially regarding U.S. dollars. No problems getting U.S. dollars INTO a country or as a deposit into one of their banks. But bank withdrawals as U.S. dollars often have "daily limits" and banks in some countries (e.g, Ukraine) now charge as much as a 1.0% "withdrawal fee" on any U.S. dollars you withdraw - which means that you have to be CRAZY to keep any U.S. dollars (or Euros) in any Ukrainian bank!!! 

Yet another dumb-ass policy from the post-coup regime in Kiev! At a time when the Kiev regime is desperate for U.S. dollars, Euros and other hard-currency investments, they create laws to drive away potential investors! Some other countries have greatly increased ATM fees (some of which goes to the government) and/or use an "exchange rate" far below the market rate. The locals in various countries have become are aware of these "tricks"and "street currency changers" will often give you up to 10% more of the local currency than an ATM machine (after you calculate in all the ATM fees).

 

 

Fri, 04/24/2015 - 12:39 | 6026544 DutchBoy2015
DutchBoy2015's picture

I get my SS monthly at any ATM here in Europe. I draw it all out.  There is NO FEE here at ATM's. And the exchange rate is best at an ATM.

Don't try and BS me. please.

Fri, 04/24/2015 - 12:45 | 6026569 Gold is money -...
Gold is money - and bullets if your out of lead's picture


**********************************************************************************

*****     THIS NOTE IS LEGAL TENDER FOR ALL DEBTS PUBLIC AND PRIVATE      ********

**********************************************************************************

Thats what is says right there on the bank note and your going to take it as payment or I am going to shove it up your fucking ass - are we clear!!!!

Fri, 04/24/2015 - 19:00 | 6028089 ImGumbydmmt
ImGumbydmmt's picture

"This note is legal tender for all debts public and private"

printed right on the Fiat.

But amazing how many places wont take cash, especially $100 bills

 

Fri, 04/24/2015 - 19:54 | 6028227 felix2
felix2's picture

Franklin Roosevelt got a law passed requiring all Americans to trade in their gold for cash. He also required gold mines in the US to sell their output to the US Gov - for cash of course. After this was done, a law was passed devaluing the currency 40%.

It doesnt matter if the public believed the devaluation by law decreased the value of their greenbacks. It only mattered that the US government and friends had devalued their own debt obligations by 40 percent. Had Roosevelt allowed people to hold gold, gold would have become preferred tender.

I believe the recent stories about cash facilitating terror are being planted to manipulate public opinion towards accepting a fast switcheroo to cashless society.

I believe the prime reason for the push, banksters aside, would be the ability of governments to instantly erase government debt, by moving a decimal point

Secondarily, government controlling currency on a keyboard would give them control over business. Or rather, business would scramble to donate to politicians in return for currency favors.

This would truly be the evil empire. Up the value, to reduce what a business receives, then lower the value, to sink the business. Saudi Arabia working oil markets is kids stuff

Sat, 04/25/2015 - 09:25 | 6029071 fstwrtr
fstwrtr's picture

Enter , the US underground economy, Illegals thrive in it..and so will the resisters of this cashless Idea.

Sat, 04/25/2015 - 12:03 | 6029291 Molley
Molley's picture

I have been thinking about how the big banks have been messing with us for a long time. So here is my plan of attack. withdraw any and all of your money from the big bank and put it in a small localy owened bank. I did this years ago and have been a lot happier since I know all the employees by first name and they know me. But here is the kicker, Banks borrow free money from the fed at about a 6.5 to 1 ratio based on assetts. So every dollar you remove from them hurts, remove enough dollars and we can get their attention. As for what I can have in my safe deposit box, that is none of their business. Nobody can look in it without a court order, if the bank does it is major lawsuit time. Vote with your feet folks and let's give these blood suckers a taste of the lash. If you have bank stocks sell them and find something else to invest in. Don't get caught by a "Bail in"

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