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The "War On Cash" Migrates To Switzerland
Submitted by Pater Tenebrarum via Acting-Man blog,
Banks Increasingly Refuse Cash Withdrawals – Switzerland Joins the Fun
The war on cash is proliferating globally. It appears that the private members of the world’s banking cartels are increasingly joining the fun, even if it means trampling on the rights of their customers.
Yesterday we came across an article at Zerohedge, in which Dr. Salerno of the Mises Institute notes that JP Morgan Chase has apparently joined the “war on cash”, by “restricting the use of cash in selected markets, restricting borrowers from making cash payments on credit cards, mortgages, equity lines and auto loans, as well as prohibiting storage of cash in safe deposit boxes”.
This reminded us immediately that we have just come across another small article in the local European press (courtesy of Dan Popescu), in which a Swiss pension fund manager discusses his plight with the SNB’s bizarre negative interest rate policy. In Switzerland this policy has long ago led to negative deposit rates at the commercial banks as well. The difference to other jurisdictions is however that negative interest rates have become so pronounced, that it is by now worth it to simply withdraw one’s cash and put it into an insured vault.
Having realized this, said pension fund manager, after calculating that he would save at least 25,000 CHF per year on every CHF 10 m. deposit by putting the cash into a vault, told his bank that he was about to make a rather big withdrawal very soon. After all, as a pension fund manager he has a fiduciary duty to his clients, and if he can save money based on a technicality, he has to do it.
Swiss National Bank headquarters
Photo credit: Daniel Rohr
A Legally Murky Situation – but Collectivism Wins Out
What happened next is truly stunning. Surely everybody is aware that Switzerland regularly makes it to the top three on the list of countries with the highest degree of economic freedom. At the same time, it has a central bank whose board members are wedded to Keynesian nostrums similar to those of other central banks. This is no wonder, as nowadays, economists are trained in an academic environment that is dripping with the most vicious statism imaginable. As a result, withdrawing one’s cash is evidently regarded as “interference with the SNB’s monetary policy goals”. Thus SRF reports:
“Since the national bank has introduced negative interest rates, pension funds in the country are in trouble. Banks are passing the negative rates on to them. This results in the saved pension money shrinking, instead of producing a return. A number of pension funds are therefore thinking about keeping their money in an external vault instead of leaving it in bank accounts.
One fund manager showed that for every CHF 10 m. in pension money, his fund would save CHF 25,000 – in spite of the costs involved in vault rent, cash transportation and other expenses.
However, as our research team has found out, there is one bank that refuses to pay out money in such large amounts. The editorial team has gotten hold of a letter from a large Swiss bank in which it tells its customer, a pension fund:
“We are sorry, that within the time period specified, no solution corresponding to your expectations could be found.”
Bank expert Hans Geiger says that this “is most definitely not legal”. The pension fund has a sight account, and has the contractual right to dispose of its money on demand.
(emphasis added)
Indeed, although we all know that fractionally reserved banks literally don’t have the money their customers hold in demand deposits, the contract states clearly that customers may withdraw their funds at any time on demand. The maturity of sight deposits is precisely zero.
So how come the unnamed “large bank” (they should have named it, just to see what happens…) is so bold as to break the law by refusing to pay out funds in a demand deposit? Note here that it is indeed breaking the law, as there is nothing in Swiss legislation that states that banks are allowed to refuse or delay servicing withdrawals from demand deposits upon request.
The answer is that it has probably received a “directive” from the Swiss National Bank. Note here that these directives are not legally binding. SFR further:
“The president of the pension funds association ASIP, Hanspeter Konrad, has been irritated for weeks that pension funds are suffering from negative interest rates. He says: “We simply cannot understand that the banks are butting in here”. Konrad suspects that the National Bank is exerting its influence.
Indeed, the SNB confirms that it doesn’t like to see the hoarding of cash to circumvent its negative interest rate policy. “The National Bank has therefore recommended to the banks to approach withdrawal demands in a restrictive manner.”
Hans Giger, professor eremitus at the University of Zurich, says to this that the question how far the SNB can go is legally complicated. While the SNB is not allowed to influence the contract between a bank and a pension fund, it can however “issue directives to the banks in the collective interest of the Swiss economy”. What banks do with the SNB’s directives is however up to them.
(emphasis added)
In other words, large depositors in Swiss banks have now become victims of collectivism. Collectivism is of course precisely what informs all central planning endeavors. Obviously, property rights count for nothing if the central planners can revoke them at the drop of a hat.
Conclusion
It is undoubtedly a huge red flag when in one of the countries considered to be a member of the “highest economic freedom in the world” club, commercial banks are suddenly refusing their customers access to their cash. This money doesn’t belong to the banks, and it doesn’t belong to the central bank either.
If this can happen in prosperous Switzerland, based on some nebulous notion of the “collective good”, which its unelected central planners can arbitrarily determine and base decisions upon, it can probably happen anywhere. Consider yourself warned. As the modern day fiat money system inevitably cruises toward its final denouement, individual rights will come increasingly under attack as the world’s ruling elites and centrally directed banking cartels begin to batten down the hatches.
Better continue stacking, and keep a pile of this within grabbing distance – after all, it can be purchased at a generous discount these days:
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Once cash is banned, victory in the the war on terror can be declared?
Don't get your hopes up buckaroos! I doubt that Evil Excuse for Stealing our Rights ain't going ANYWHERE That easy!
Without a doubt they'll come after the stackers. However they have to get rid of cash first.
When they ban cash for purchases over XXXX amount -- AGand AU are next.
It's your 18 month heads up.
Have an international bug-out plan.
How can you have a bank run with no cash, ahahaha! These guys are smart.
I think that THIS F-head and his ilk will have some problems when the 21st Century versions of Bonnie Parker and Clyde Barrow decide to make some withdrawals.
Funny how a jew, Pater Tenebrarum, is ratting out his jew banking brothers...
Is this his way to go from Blogger to Rothschild Blvd resident in one easy step?
“We are sorry, that within the time period specified, no solution corresponding to your expectations could be found.”
C’mon……. what’s missing?
Is it the part where the demand is for 100 billion Euros by noon tomorrow?
How much cash do the banks keep on hand?
I’ve been to banks where they tell me that anything over a certain amount, like $50K, requires 24 hour notice so they don’t screw up their own operations.
This comment isn't helping with the fear mongering
How bout THIS comment: "and the sheeple shall lead them..."
"The outgoing head of Sveriges Riksbank, Sweden’s central bank, has argued for years that society has been cheated by cash for too long, thanks to security, transportation, and production expenses, as well as less-direct costs such as tax evasion. Meanwhile, a number of local startups are pushing new ways to pay, or otherwise bypass the need for cash. There is banking startup Tink, which already has more than 200,000 users and has no real-world presence. A consortium of the country’s major banks launched a service called Swish that enables real-time transfer between accounts; in less than two years they have drawn 1.7 million customers. And payments service IZettle, sometimes referred to as the Square of Europe, is one of the fastest-growing companies on the continent."
https://newworldorderg20.wordpress.com/2014/10/28/an-abba-stars-campaign...
Best way to rob a bank is to own it....old Wall Street proverb...
new ways to pay, or otherwise bypass the need for cash.
Let me see.....
I have a checking account and have plenty of money until I run out of checks and can pay for shit online.
I also have several plastic cards in my wallet.
Do any of those things qualify as a way to "bypass the need for cash"?
This has been a global war on cash. This has resulted in massive bubbles being blown around the world.
Some are about to pop.
http://www.planbeconomics.com/2015/04/the-canadian-housing-bubble-ready-...
If cash is outlawed, only outlaws will have cash.
The primary issue with all of this is that these people don't seem to understand that they live in what can be called a "stream of time". What this will do is set a precedence, to where future potential customers will have a directed bias in their best interest to avoid banks due to self interest and time based preferences of wealth gathering.
Basically these idiot bankers think that they have something to offer the economy that makes their goods actually have that said value, but when push comes to shove, they will learn that their opportunity cost is far too high for the economy in general. This will have the side effect of pushing future potential customers into the hands of another avenue of wealth storage and capital structuring.
I think bankers should learn what productivity means, because it's obvious to me at this point of time that they really do not understand that they are the cause of all of the economic woes that they presume to be fighting. Either they are unaware, or they are complicit. Either way, the economy will chew them up once their goods lose all value on the open markets and people start hanging them in the streets. Bankers as just as bad as outright Zionists IMO.
People are going to see that I was correct in my assessment over a year ago, we are going full cashless worldwide, and the banks will all Bail-In as well...
http://galeinnes.blogspot.com/2014/06/preparing-for-cashless-society.html
I've seen all of their justifications for cashless, the drug trade, counterfiting & crime, cost to mint money / coinage, and much much more!!!
(Imagine how many jobs will be lost in the financial & banking sectors.... WHOOSH!)
Black and grey markets are growing fast in all major cities on Merika. It's no secret most doctors and even lawyers will easily tale cash in lieu of a credit card or check. And most smaller hotels, esp those run by Indians [that's about 80% of them] will give you a 10-20% discount if you pay them in cash.
It's good, let them ban fiat! How can that be a bad thing for a freedom loving libertarian?
We should celebrate this while individually makiing sure we need not play in their next sand-box.....no?
Time to get waaaaay outside the box here...
https://youtu.be/kwEU8tpyyQA
Exactly, let them tie their own nooses.
Victim of collectiveism?
Something that benefits only the 0.1% is 'collectiveism'? Give me a break.
This issue is a straight up breach of contract suit in waiting. Until one is filed, I consider this what has recently become popularized as 'weekend baiting'.
negative interest rates and pm's are not your first thought?
The courts will stall on decision making when push comes to shove.
Don't forget the protocols of zion; they own the cash right now and at some point will take back under law the yellow they sold you. When you're on this rock, you're under their rules, simple as that - ofcouse that's also the answer...
Go ahead and try to take it....
http://thumb7.shutterstock.com/display_pic_with_logo/697561/697561,13262...
see what happens next:
https://www.youtube.com/watch?v=RpAvycIQwnY
At least in that case, his stupidity was very painful. If I had wanted to see if I was faster than a bear trap, I would have used something other than my fucking hand. Like a simple stick.
It's simple. The war on cash is just part of the larger war on freedom. If/when cash is eliminated, purchases and behaivors can be tracked. The powers that be want to control your entire life. We need to resist their plans. 'Unbank' as much as possible. Keep very little or nothing in your bank accounts. Keep at least a couple months worth of expneses in cash. Use cash or barter to make your purchases as much as possible. Store the rest of your wealth in tangible assets like real estate and precious metals.
Help educate your friends and family on ways to peacefully resist the establishment's plan for us. We need creative ways to reach out to different people. That's why I started making candles with silver coin prizes (www.etsy.com/shop/scentsavers). They help educate people on real money that would otherwise not go seek out silver values and the history of money. They also help raise awareness to the origin of many of our problems - The Fed!
IMO, this has more to do with negative interest rates than it does government tracking.
I think its about control. If the banks eliminate cash, you must use their products and services. If you only use their products and services, then all of your financial history is very easily accessible by the IRS, DHS, FBI and other government acronyms. Maybe you are correct and it is only about the Banks obtaining their negative interest rates. Sometimes I read a little too much into things.
I'm sure the alphabet soup agencies are all for it, but the push seems to be coming from the banking sector itself. They're getting scared. That's not to say that the government won't abuse it, because they will, but this seems to be banks acting not in accordance with the law on their own. Think of it as a privately implemented form of capital controls.
I love it when arrogant fux get what's coming.
If they ban cash, what makes you think that they'll allow PMs like gold/silver to run around with no control or oversight OR Taxation?
They'll simply ban that too and/or confiscate.
They want everyone to have no other choice than electronic, government issued commerce.
That's the point.
This is hardly a win for Libertarians or any other make or model citizen!
And of course the Swiss government remains silent, effectively backing the SNB's policy while screwing their customers and reputation...
Björn Ulvaeus=useful idiot
Sweden is ZWO's trial balloon turned poster child for a cashless society. Nowadays only elderly people of 60+ years are paying in cash, which has resulted in the lowest levels ever of physical cash in circulation.
Swedish TBTF's have once again joined forces and are now pushing for an increased use of a mobile phone payment system called Swish that's directly connected to one's bank account. How quaint for the NSA to get all informations coming from one source...
So, now I've added physical cash on my list of things to hoard; fuck'em, either way interest rates for savers are at 0.00%, soon to go inte NIRP territory.
Riksbanken is cutting rates again in the coming week, probably to -0.50%. Fuck you Ingves and fuck your handlers!
As usual, the central planners are short-sighted at best and useless idiots at worst... What percentage of the planet's population are in a position to be constrained by the notion of a cashless society? The concept is ludicrous when the majority of the world's countries are on a cash-basis... No plastic cards, no rfid chip, no control... They plan on implementing this in the west alone, as it collapses...
There. Fixed it for you.
I had a bank tell me it would take a week to get $25,000 in cash. When I asked how much could I get that day, they would not tell me for "security reasons."
Then they tried to tell me it would not be safe to walk out of the bank with that much cash and that I might get robbed. I told them if I got robbed I would have the cops look at them first as suspects. A week later, I walked in and got my cash and left, but not before filling out some govt form letting them know I had $25,000 in cash.
"...I might get robbed."
Yeah, buy the police. Otherwise, if you're carring that kind of cash around, you should be carrying lead.
Magic 8 Balls says: Expect a visit in your near future.
Or and Magic 8 Ball says: Don't leave the country. (with your money)
http://thefreethoughtproject.com/customs-agents-steal-40000-78-year-woma...
And, actually, the money you deposit in a bank DOES belong to them. Read the fine print.
**BTW it's not money you have in a bank....it's paperclips. As Charles Shultz said once in Peanuts, "Paperclips! A million paperclips! I'm rich! I'm rich! I'm rich!"
@macholatte More likely 100 billion CHF but anyway great comment; the Zero Hedge article reminds of the hypochondriacs who see a sliver in a finger and scream tumour tumour! Or blue ink on a hand and scream blood poisoning!
"will have some problems when the 21st Century versions of Bonnie Parker and Clyde Barrow decide to make some withdrawals."
One Tiny problem with that: There would be no cash to rob. If banks don't hold any cash (ie cashless society) there is nothing to rob.
That said 21st Bonnie and Clyde are the Banksters robbing depositors left and right, and they don't have to worry about getting gunned down by the cops. In fact, if they get cause they just rob the shareholder to pay for their crimes. "Winning" for the bankers, Loser for everyone else that plays by the rules.
B & C are cyber criminals now. They can move some serious electrons in the blink of an eye. :-)
heck, maybe they will just make Pb/Cu deposits with the bankers.
and.. maybe I did not go far enough back in time for an analogy or reference the appropriate metallic substances.
How about Max Robespierre?
and,, and Fe/ stainless alloy is a potential solution, along with sturdy wood and some lube for the slide..
(heavy oil is a bit more economical nowadays)
..and alt-digi value exchange mechanisms.
if history is repetitive and we get a suppressive FDR dictate from the peace prize winner..
all bets are off and it will be time to go back to Adam Smith and T. Jefferson.
when, in the course of human events.........
a word to those who care..
your kids and their kids are toast unless..
you get trickier than the roth – schilleds
''Proper study of this period reveals a hidden agenda to the Vietnam War not only because of the way in which America got embroiled but also in the manner by which it was conducted. A war that should have taken America six months to win took over ten years for it to lose. The Globalist intriguers used the war in Vietnam as a smokescreen to conceal a co-ordinated effort to move America and her people towards Socialism. That is, a terrible distraction so that socialist programmes and other social engineered initiatives would have the least resistance possible, what Bundy termed, a "heavy reaction." The Global Elite understand the human condition and the corrupting influence of Welfarism: they know that once people are accustomed to receiving government handouts, they will continue voting to receive them. The Global Elite also understand that throughout history Democratic Socialism has always meant the wholesale corruption of elected representatives and ultimately to tyranny. Lyndon B Johnson was the figurehead of this Socialisation of America behind the slogan of the "Great Society," a programme that would otherwise face ferocious opposition from all right and proper thinking people. However, as American soldiers were dying in rice paddies in Southeast Asia all right and proper people deemed it correct to rally behind their government. Had America won the war as easily as she should have, or pulled out at a far earlier date, then all decent Americans, not distracted by the horror of the war, would have been able to see the danger and mobilise to block the "Great Society" and other legislation that attacked morality and moral civic society. A situation McGeorge Bundy understood and was gracious enough to tell it to his fellows in the CFR: "The real consequence of a pullout in Southeast Asia . . . would almost surely be heavy reaction." Gentle reader, understand, Objective History is never related in orthodox accounts. Why? Because the wicked and evil machinations of the Global Elite will be revealed and this they will not allow for it will also alert the ordinary person to their Evil Agenda for a World Empire. ''
http://www.overlordsofchaos.com/html/1965-69.html
on The East India Company............
''In a scene that seems horribly familiar to us today, this hyper-aggressive corporation had to come clean and ask for a massive government bailout. On 15 July 1772, the directors of the East India Company applied to the Bank of England for a loan of £400,000. A fortnight later, they returned, asking for an additional £300,000. The bank raised only £200,000. By August, the directors were whispering to the government that they would actually need an unprecedented sum of a further £1m. The official report the following year, written by Edmund Burke, foresaw that the EIC’s financial problems could potentially “like a mill-stone, drag [the government] down into an unfathomable abyss … This cursed Company would, at last, like a viper, be the destruction of the country which fostered it at its bosom.”
But unlike Lehman Brothers, the East India Company really was too big to fail. So it was that in 1773, the world’s first aggressive multinational corporation was saved by history’s first mega-bailout – the first example of a nation state extracting, as its price for saving a failing corporation, the right to regulate and severely rein it in''
http://www.theguardian.com/world/2015/mar/04/east-india-company-original...
"unfathomable abyss"
long strange trip or....going where?
..enjoy the ride?
"Your monies is ours."
Global bankster hegemony in league with corrupt governments.
They'll push it until they have people working for food and housing "credits" and increasing work hours and production quotas and costs while reducing benefits and social programs until it all blows up.
Problem being, it will take long enough that a majority of the complicit will be able to live and die as Kings and Queens.
How to ass-rape muttonheads in 8 easy steps.
Step 1) Buy off or kill some politicians and create your privately owned Central Bank
Step 2) Outlaw use of gold and silver as legal tender and exchange for printed paper banknotes
Step 3) Plunder and debase your own debt based money system so that it enriches you while becoming worthless as you print infinite amounts for the muppets, their governments, for yourself and your financial elite friends so that you can buy real assetts that will continually inflate in value.
Step 4) When you have finally stuffed debt into every orifice that leaks cash, financialized everything including derivatives worth 10X global GDP and the system is ready to implode... lock-in the muppets in at negative interest rates for a couple of pennies of extra profits.
Step 5) Ban all bank notes. Seal all escapes.
Step 6) Implode the system and institute Bail-in haircut time for the muppets.
Step 7) Determine the subsequent economic collapse is due to lack of new money. Hire Gideon Gono and print gazzillions in new debt money for your friends so you can now dispossess the same muppets of everything they own.
Step 8) Let the currency go FULL Zimbabwe so that the same new debt and money becomes worthless leaving all valuable assetts and PM's in your hands.
Step 9) Start a new larger ponzi called the NWO Pheonix (IMF SDR etc.) and repeat steps 1 to 8.
Where does an armed populace, including several paranoid, militant, racist, militia members fit into the equation?
I came here to die with you...or live with you,
You'll be Ten Bears?
I am Ten Bears.
I'm Josey Wales.
I have heard.
You're the Gray Rider.
You would not make peace with
the Bluecoats. You may go in peace.
I reckon not.
-Got nowhere to go.
-Then you will die.
I came here to die with you.
Or live with you.
Dying's not hard for you and me.
It's living that's hard...
...when all you ever cared about
has been butchered or raped.
Governments don't live together.
People live together.
Governments don't give you a fair word
or a fair fight. I've come here to...
...give you either one.
Or get either one from you.
I came here like this so you'll know
my word of death is true.
And that my word of life is then true.
The bear lives here, the wolf,
the antelope, the Comanche.
And so will we.
We'll only hunt what we need to live on,
same as the Comanche does.
And every spring when
the Comanche moves north...
...he can rest here in peace...
...butcher some of our cattle
and jerk beef for the journey.
The sign of the Comanche,
that will be on our lodge.
That's my word of life.
And your word of death?
It's here in my pistols
and there in your rifles.
I'm here for either one.
These things you say we will have,
we already have.
That's true.
I ain't promising you nothing extra.
I'm just giving you life,
and you're giving me life.
And I'm saying men can live together
without butchering one another.
It's sad that governments are chiefed
by the double-tongues.
There is iron in your words of death
for all Comanches to see.
And so there is iron
in your words of life.
No signed paper can hold the iron.
It must come from men.
The words of Ten Bears carry
the same iron of life and death.
It is good that warriors such as we
meet in the struggle of life...
...or death.
It shall be life.
So will it be.
I reckon so.
"financialized everything including derivatives worth 10X global GDP"
..synthetics probably closer to 20X Global GDP.. whatever the F they are using for metrics in the new normal.
Powerful, classic scene, hard to describe with the English language. So many things of great magnitude inferred/said, all referenced in a brief dialogue.
Gun control is not about disarming criminals you know. Time for people to consider whether they want to go out on their feet or on their knees.
"By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." - John Maynard Keynes
Switzerland is a heavily armed populace. They had a historical tradition of independence. Yet, look at how they voted in the gold referendum that would have enacted some reasonable measures to help curb the destructive actions of the Swiss Natl Bank.
Another Quote -
"If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be." - Thomas Jefferson
Guns mean nothing, if they are in the hands of those who have nothing in their heads. Until people are more willing to first pick up a relevant book & educate themselves on these matters, - they will continue to provide the physical bodies to enslave themselves & allow others to do so. Unfortunately, there are more who are willing to pick up a gun and go after whatever 'boggie man' they are directed at - than those willing to read a serious book. (Most Americans don't read a single serious book after leaving highschool or college.)
You shouldn't have given out such detailed instructions like that. Someone might get the idea it could work and try it.
Oh, right....maybe someone else thought of this too.
Just where does one go, and what is going to keep "Hydra" from spreading to the place one has fled to?
For example, I bet people who left Poland for the Netherlands, France, or Belgium in 1938 felt very clever in 1939, but not so much in June, 1940.
There is nowhere to run. Technological, technocratic Neofedualism is GLOBAL, get it through your skulls.
There's a jew on every streetcorner with his beady gaze fixated upon your wallet.
So what you need to do to ESCAPE this horryfying risk is to
go to a Hollywood movie (preferably one about BAD Nazi's or Terrorists)
use your credit card for the ticket purchase & to buy a $10 dollar bucket of popcorn
tune in to the TV, after the movie to see what the bad muzzies & neo Nazis' did that day & catch up on the latest horror in the Ukraine
Sleep it off, & go to your government/ or government service provider job the next day and get some REAL SENSE knocked into yourself the next day by your co-workers
clock out of your job, get home, relax with a glass of wine, & log on to HuffPo to ban some racist antisemitic comment you read on the thread
consider yourself a GOOD PATRIOT!
Stacking will be the least of our problems.
When they made us cashless, we become the tagged and tracked currency. Thanks to AAPL and www.
ID'ing and Tracking has gone way beyond fingerprints. They already use license plate and facial recognition SW. Thanks to smartphones and speech recognition SW, they can now track you by your face and voice.
The next step that's already WIP, is to obtain and analyze your very DNA. If they asked you to provide it, or told you to, you'd resist vehemently. Instead, they're using Edward Bernays trade craft: enter Ancestry.com
You now get to not only to volunteer, but to actually pay for TPTB to obtain your DNA for future use.
Like I said, stacking and unstacking will be the least of your problems.
If I were that pension manager, I would just go up to the bank and say, either give me my money or I drag you to court, because you have either embezzled the funds or you are bankrupt, and I will be very public about this. Last thing a bank needs these days. But to look at the broader picture.
To put things into perspective, I have said it again, this is an old subject debated in Japan in the 1990's. The idea was to abolish physical currency in order to enforce negative interest rates. Of course the Japanese had a backbone and it became very clear very quickly that they wouldn't put up with it. That and Japanese swords being crazy sharp.
Now to cut through he crap. Once cash is banned you have effectively been fully expropriated. WTF, you are not allowed material access to what is legally yours? You are not allowed to physically store the value of your labor in the manner you deem fit and accessible? I am not sure yet if this is a government plan (I don't think so)or the banks trying to force the government into legislating for digital only currencies. Shitcoin fanboys take note, you are the useful idiots in this.
Not sure why the brain damage of legal recourse would be needed.
Why not just wire all the money to a different bank that will remit the cash?
Because Swiss banks tend to act in unison. They first make up their minds together and by the time the client finds out it is pretty much the same across the board. Forget about the "corner banks". FATCA/GATCA killed them.
We'd love to be of service to your banking needs.
-- Caymen Islands
No FATCA/GATCA there? You can make a cash withdrawal and travel around with a suitcase full of money? I doubt it.
Cashish is good in the Caymans. Bring all you can carry.
Assuming you have that much. You clearly don't, or you would not have speculated wildly.
@agent default - you make some great points (I upvoted you)
I would only add that 'government' and 'banks' are the same thing. The revolving door populates them with the same people following the same agenda. The banks own the government.
Off topic, but the western equivalent of the Katana, was The Kreigsmesser:
http://albion-swords.com/swords/albion/nextgen/sword-kriegsmesser-knecht...
You guys with your silly notions of ownership.
Here's how it is. Ready? You....don't....own.....anything. Full Stop. End of Story.
If you do not print the money....(ie, create the DEBT)....you don't own it.
It's not your cash. They don't have to store what THEY created. They are getting ready to go to a new cashless paradigm. Printing money is a waste of resources and a drain on profit. Why waste even more in storing your cash THAT THEY PRINTED AND THUS OWN ?
Gold.....LOL....did you mine it. No. Did you loan the money (ie, create the debt instrument) that funded the mining company to extract that gold ore and then the refiner to make it into a gold bar? Then you don't own it. There are two levels of ownership and the very first...as always...is the bank that issued the debt instrument known as money.
Debt creators are the owners. Debt holders are the slaves.
Got it now?
Oh wait....almost forgot. That house or property you own? You don't own it. Anything that is taxed that can either be taken away from you for failure to pay said tax means you don't own it. That car you own....you don't own it. Fail to get licensed, fail to get insurance, fail to pay for a title, fail to acquire AND update your tag and that car you think you own gets taken away.
Your kids....you don't own them. Fail to keep them immunized, fail to either put them in government education camps or fail to let the state test and verify the tester when you home school, and they are taken away.
I could go on forever. But I think all you know by now.....you all were born and will die on Prison Planet. Not on some piece of land still euphemistically called the "Land of the Free and the Home of the Brave". If enough of you were brave you would have already shed blood to reclaim your freedom as your forefathers did.
Now.....you know what my ancestors (Native Americans) feel like to be a conquered people. Welcome to the Rez. From sea to shining sea.
Very well stated. "Land of the well regulated and the wimpy".
Oy vey, you are on to us . But we don't care because WE are the chosen people to control you.
To be clear: you are not so much 'Chosen', as 'self-chosen'. And even if you were 'chosen', the question to be asked is: "For what purpose?" Do not to presume that the Answer is "For your own vanity & glory". Even so...
The salient issue/observation is, "If 98% allows a mere 2% to rule over them, than what does that say about each, and what does it say about their (religion-based) worldviews?"
"A People is as a People does." Winners don't make excuses, losers do. The question and decision each one of us has to make, is which we are going to be, by deciding which Darwinian worldwide we will live by. Hint: turning the other cheek, unconditional love of fellow man, and embracing subservience and poverty... won't cut it (any more).
Ouch... got it.
We are all so totally screwed...
For those who don't get what Jumbotron is talking about, read the book
'They Own It All Including You'
Also know there is man's 'laws', and there is Natural Law.
A century ago, they snuck in a 'law' (during the Christmas holiday season), which forced Americans to use their by fiat decreed debt notes, - & thus enslaved the populace. This was in violation of the US Constitution.
No man has the right to own another. Every man has the right to live as he would wish, - as long as he does not interfere with the Natural Law rights of others.
" Life, Liberty, and the pursuit of Happiness " - there's a reason they don't teach that concept and its historical significance in the 'schools' today
Jumbotron is having .... an Elizabeth Warren moment .... the people before your native Americans conquered them .... are all dead or eaten .... sanctimonious savages .... the Muslims are the new "Indians" .... and they must be civilized, too .... or die in the process .... and Jumbotron .... thanks for stating the obvious .... governments steal .... so I guess they can sit on your cash ?
Keep listening to Mark Levin and watching Fox News, Monetas, and leave the real discussion to thinking adults.
Who is more savage.....the Native American...who as you "eloquently" put it is already dead or "eaten" (yes...some engaged in cannibalism, the vast majority did not)....or the Banker with CNTRL-ALT-P in one hand, a Collaterlized Debt Instrument in the other and a nice polite smile on his face?
I see you're partial to the civilized banker. After all....your avatar shows you taking it up the ass from a banker.
"Once cash is banned, victory in the the war on terror can be declared?"
Nope. However victory over anybody who doesn't do what TPTB want them to can be declared. Terror can continue as needed.
Quick turn your money into an asset before people realise its only debt.
@austrianjim
It is not constitutional conservatives behind the woar on cash, is it?
This woar on cash is progressive policy. "Big Government" progressive criminals OWN this effort.
Oh hey--the big government progressive drone stupid, it burns doesn't it?
Grimaldus
Being that the BIS has its headquartes in Basel, I'd say the war on cash began in Swazi--I mean Switzerland.
Just because it appears to be a model of geniality and civility does not mean it hasn't a heart of worms and rot.
Diary of a 'vacan'
I had inherited 4 x 1 m offshore accounts.
Changed one in three apartments years ago.
That left three. Lost one trading ..yep .
That leaves two ..umm what to do?
Closing another one and buying a nice penthouse in playacar , fuck it they win. i retire.
Better to retire a young and tiny millionaire that going bust going for the home run.
my one remaining portfolio is in silver,gold, miners, SDRL, reits and a shitload of mnkd. I,ll let those sink with the ship if i have to.
GL.
ps, i have a bad feeling....and those i get right.
How you going to pay your drug dealer with a credit card?
Kerry will be up in arms over this.
Yeah, and how are the Mexican cartels gonna pay the CIA and vice versa? Do they use gold now? Hummmm.
bitcoin.
Nope - Bitcoin is traceable ,,,,,,, DASH (rebranded DarkCoin) perhaps - if it ever works properly.
This is exactly why the cash ban will not really happen. One of the major pillars of the status of the dollar as a reserve currency is that it can be readily traded in every part of the world from Ivory Coast to Afghanistan. This also holds true for every currency aspiring to become a reserve or borderline reserve currency. Good luck with you shitcoin in Africa bitcoin faggots.
Correct, but only until the USD loses its status as Reserve Currency, and they're working on ending that. When RC status is lost they'll be able to ban cash. No matter what they call the unit of exchange on your iPhone it will really be the shit-dollar that Jim Willie's always screeching about.
And if you get on their bad side--via a criminal matter or civil--they can immediately cut off access to 100% of your resources at will. Just like they turned off Snowden's passport when he was changing planes in Moscow. That's why no one will protest the periodic devaluations, or the VAT that will be applied soon after.
All of this is coming at us like a giant fucking meteor yet the sheep keep grazing. Well, it ain't gonna turn out like this: https://www.youtube.com/watch?v=-_OtbXmu9kg
I don't use the term reserve currency in the strict technical sense here because it does not really apply. There are always some currencies that are more or less universally acceptable in most or certain parts of the world, particularly in what is called third/emerging world. In the old days these were the USD, the DM (especially in the Balkans and Eastern Europe), the CHF, the GBP in certain parts of Africa, and even the French Franc (mostly French Africa). Today the Euro occupies many of these former (black) markets. This is a very big market, it is in the shadows, it is over there where most Americans can't find on the map, but it is there. You can argue with plenty of reasons that to a very large extent this third world currency trade underpins and supports the relative reserve value of any currency. As the currency war for the status and value(value is the important part) of the dollar rages, I would say that it will be very self undermining for the US to interfere with the physical availability of the USD. Because you can bet, that as the physical USD liquidity dries up, others will be more than willing to supply the paper that will replace it, since this will make their currency look more like universally acceptable money. The US is very careful with that one. Have you ever wondered why US dollar bills are legal tender no matter when they have been issued? Even if completely withdrawn from circulation decades ago? It is precisely for this reason.
So as long as the dollar aspires to be a universally accepted currency (not reserve in the strict technical sense) it will have to be available in physical form and be deemed as legal tender by the issuer. This bank talk of abolishing cash is certainly something that falls afoul of the definition of legal tender. They basically want to become arbitrary issuers of money. This is a bit strange in it self both legally and politically. I don't think the Fed and the treasury are really stupid enough not to realize these implications and go there, because the banks think it is a good idea.
Then again if you are talking about the total implosion of the USD, the US government and their laws will more or less become irrelevant. To the point where we will eventually have to drop the U from USA. Seriously if there is such a complete collapse of the USD to the point that it becomes irrelevant to the global scene, I give it two years at most before states start to declare independence or form independent unions or confederacies(pun intended).
Digital Lawbreaking is just as easy as non digital lawbreaking.
The real reason is that they solidify their role as the lords of finance and the marketplace disapears and is replaced by economic lords.
Make no mistake, economists HATE a real marketplace and have focused their lifes work in iradicating real markets.
true. I have great faith in PMs becoming the TOP choice of all black markets, including drugs. so, instead of worrying about the dollar price, look forward to the the bartering value. especially after cash is essentially outlawed.
q99x2- use HSBC, they launder drug money. They can probably facilitate a transaction for you.
Precisely, the banksters will take a cut and not ask any questions.
Only us serfs will have to share account information and pay.
Easy.... Personal checks for house calls from Dr Feelgood!
holy fuck batman
Not sure how new this really is.
I had a check for over 200k pounds from a giant UK retailor, back in the 70's.
I got it cashed, after a whole day running around.
They will jail you today for the same...
what would be the iq of someone downvoting my comment?
the equivalent of a negative return on your cash
Probably someone who values proper capitalization.
"what would be the iq of someone downvoting my comment?"
Apparently -7, by last count.
in around 75 i tried to get 3000 cash out of canada trust on a saturday morning. after getting pissed off 2 officers escorted me out. closed the account monday morning.
This is important, but not for the reasons suggested. The Pension fund will get its cash.
TPTB are coming up against some hard limits with negative interest rates. Their policy options are being reduced toward zero.
Those hard limits aren't that hard. The bail-in procedures are already in place in all the major economies -- so when a major fund goes to withdraw, they're going to get a counter offer of how would they like 80% of the funds in bank bonds, transferable in five years, with the other 20% disappearing.
Make no mistake, the banking system is going to save itself over all others. TPTB's policy options are just making the math that allows that to happen work, and every variation of that math is some sort of asset confiscation or tax. Bail ins, negative interest rates, banning cash transations to force the acceptance of both -- the message is clear, we're going to take your money.
The good news is the little people have way more options than a retirement fund has. Ironically the smaller your savings the easier this particular bullet is to dodge.
That is one dangerous game of chicken. At personal level, a Fund Manager can directly threaten the CEO of the bank, with exercising that option and immediately wiping out the entire existing equity structure of the Bank.
Give me my money, or your bitch ass will work for me, right up until I Donald Trump you and your soon to be worthless restricted stock bonuses over the recent years...
Bank customer: I want my 100 million.
Banker: No.
Bank customer: I wonder how much it will cost someone to cut off your head.
Banker: On second thought....
He should bring along Ving Rhames to motivate him: http://www.youtube.com/watch?v=tVRPz6-Tkww&t=1m17s
What will it cost? Less than the negative interest rate on 100 million.
Take the gloves off!
There are no DONALD Trumps in Austria that is their problem ...
on another thought, if all the fund manager is doing ... WHY invest with him anyway ... one can keep the cash on his own ... right?
"...victims of collectivism."
No, it's being done in the name of "collectivism" -- that's where they want us to focus our attention -- while it's actually being done in an attempt to cover the bankster crimes.
"In other words, large depositors in Swiss banks have now become victims of collectivism."
You are right. This is bullshit. "Collectivism" in this case is a term as vague and unscientific as "terrorism." Those who control the state and its banking tools intend to escalate confiscatory policies for their own self-defense. This is theft. The robber class defending itself from the rest of us is not any sort of collectivism. It is simply class war.
The "right" side of Zionist propaganda pushed the fear the communists meme constantly, and that falls under their greater "collectivism" meme.
These fucks will do anything to take control of everyone's lives. Even sacrifice their own.
Seek, I being one of the little people would like to know what you think my options are? I would really really like to know.
The standard ZH answer: PMs and cash, with enough in the bank to cover your usual bills for a couple months.
Someone with a billion dollar hedge fund can't convert to cash and PMs, but somone with $5K in the bank sure as hell can.
The pension fund can get it cash, but the costs will eat into that 25bps the fund manager was planning to save. If it is a sight account, the funds can simply be transferred to another institution that is willing to play ball (anywhere in the world). The problem is that the Bank is trying to buy time right now- those LARGE deposits will have to be replaced (not practical in this environment) or the balance sheet will have to be reduced to maintain constant leverage.
I think "blaming" the SNB at this point is premature without actual evidence, as I am sure someone at the unnamed bank in question has actually passed a banking 101 course.
A single pension fund pulling out CHF 100M is a bank run in and of itself.
The entire pension, insurance, and reinsurance industries in Switzerland is being pushed in that direction because of negative returns.
So if the SNB doesn't find a solution, one will present itself. (Every tinfoil hatters favorite Paul Kanjorski video)
The Rats who jump ship first will be able to swim the farthest when that ship [the bank] sinks.
If I were a penison fund manager in switzerland, I'd be planning a withdrawal of my client's money ASAP. What big depositor needs this crap from a banker?
if new to ZH watch this video, Paul Kanjorski and Hank Paulson's fucking you with tarp ,.no one asks WHO was pulling half a trillion from M Market funds in 2 hours in fall of 2008,.,to this day we do not know.,
one will present itself. (Every tinfoil hatters favorite Paul Kanjorski video)
Actually there have been several other interviews that established it was "everyone" e.g. a lot of common account holders. The emergency measure of expanding FDIC to 250K from 100K was creditied with stopping the runs, and that supports that it was millions of smaller account holders and not one big one.
Oh yeah? That's what the frog thought too as the water got just a little bit warmer.
They do whatever they want and nothing and nobody is stopping them, that is my empirical experience. Everything else is fantasy, pretty though as it may be.
The only real “hard limit” is when the supra-national crime syndicate controls EVERYTHING and there is nothing more to take. Until then they will continue their monopolization by QE, ZIRP, confiscations, bans, propaganda, coercion.
"This money doesn’t belong to the banks, and it doesn’t belong to the central bank either."
I don't know about the Swiss BUT in Murica if you deposit cash into a bank it becomes their cash to do with whatever they want to include not returning it to the original owner. From what I gather this includes everyone, from individuals to businesses.
I'm sure someone here can correct me if I am wrong but I think I'm pretty close.
I read the same thing. We've evolved from being "depositors" to "investors" in the banks. Of course it can all be confiscated anyhow if an employee calls the cops on you for withdrawing too much cash and they can seize it under civil forfeiture law.
As a depositor you are an unsecured creditor - you have made a loan to the bank with no collateral!
... and “return-free risk” (sic).
Depositors have pretty much always been unsecured creditors going back hundreds of years. However they historically were senior to all other creditors.
Correct, and not only that it says right on the face of it who it belongs to.
Its would calling in their loan technically, and legally speaking.
Your shares are held by Cede and Co.Good name don't you think ?
They love rubbing our noses in it.
You're correct. And this is specifically called on the the resolution section of Dodd-Frank. Depositors are unsecured creditors to the bank, and with DF I think they're in fifth position, which is a massive shift from pre-DF where I think depositors were #2.
the worst terrorists are the bankesters themselves, IRS, and all the fascists controling power around the world.....
aided *of course* by those "scientists" the ekonomists
Economics:Today::Church:15th Century
Dont ask questions, just trust them.
"Hans Giger, professor eremitus at the University of Zurich, says to this that the question how far the SNB can go is legally complicated. (Edit: No its not, call them terrorists and kill them on sight.) While the SNB is not allowed to influence >>>the contract<<< between a bank and a pension fund, it can however “issue directives to the banks in the collective interest of the Swiss economy”. What banks do with the SNB’s directives is however up to them."
If any bank puts the "collective interest" above their clients contractual agreement they have just become an accomplice to the crime...see edit.
The entire financial system is going to become the Hotel California...
IMO mostly, it already has.
By their own actions and words they attempt to morph ownership & trust into a possession of theirs, not a fiduciary duty, it really is insanity. If you give me something of yours to safeguard its still yours and if I give something of mine to you to hold for me, its still mine.
Their lust for power has done this to them, we're still fine, the same as we always were ;-)
Better a year early than a day late... Any Vault businesses in the States??
but then again the next logical step is to steel the cash and jail anyone that is in possesion of cash,, oh wait already happening
New Banks For the People, Run by the people..
If gold has a discount what about silver?
Wait until next week and the obligatory FOMC metals clubbing.
Little update on the earthquake in Nepal for those who question solar/terrestrial linkages like occurred with Fukushima, New Zealand quakes etc...
Earth-directed CME erupts on sun travelling at 400 km/sec on April 19th...
http://www.spaceweatherlive.com/en/news/view/117/20150419-c5-solar-flare...
Alert sent...
Space Weather Message Code: ALTEF3
Serial Number: 2179
Issue Time: 2015 Apr 25 1116 UTC
CONTINUED ALERT: Electron 2MeV Integral Flux exceeded 1000pfu
Continuation of Serial Number: 2178
Begin Time: 2015 Apr 24 1555 UTC
Yesterday Maximum 2MeV Flux: 1182 pfu
http://www.swpc.noaa.gov/products/alerts-watches-and-warnings
And blammo...
http://earthquake.usgs.gov/
Just sayin'...
One thing I always watch for is how a major event on one side of the planet will be followed by one on the other side of it in a short time frame-- say, a week.
By way of example:
Chile volcano
Nepal earthquake.
I think perhaps the magnetic field distorts the crust just like the tides (terrestrial and oceanic) via currents in molten iron outer core. Could even be a piezoelectric effect of some kind... I am remembering the Chinese earthquake clouds here. The good(?) news is if it didn't happen now it most likely would have been even worse later.
https://www.youtube.com/watch?v=KKMTSDzU1Z4 < luminescent clouds 30 minutes before massive Sichuan earthquake in China
https://www.youtube.com/watch?v=hzVamNQzfYA < 10 minutes before earthquake DIRECTLY ABOVE THE FAULT (co-incidence? ... perhaps but unlikely)
And the earth and sun are giant magnets after all....
http://en.wikipedia.org/wiki/Earth%27s_magnetic_field
http://www.researchgate.net/publication/248347884_The_integrated_sun_as_...
Primitive apes are not capable of understanding how primitive their understanding actually is. Have patience, because they are the targets of all of this insanity.
To the topic:
www.suspiciousobservers.org
I think you just found my new favorite website.
I wish that some of that $4B of US global warming research money could be directed to scientists conducting real research into these linkages but alas... it's all based on politically driven agendas these days which will confer more power/money to the elite that own the governments.
As you must be aware we potentially have a huge problem on the very near horizon wrt the current solar minimum. The normal zonal flows of the jetstream have gone meridional (north>south,south>north) often with stationary blocking high pressure ridges locking these patterns in. These were the same air flows as occured during Dalton/Maunder minimums and indeed during the majority of the Pliestocene iceages.
Logan sodium record attests to meridional jetstream during LIA
http://www.researchgate.net/publication/265732154_Mt._Logan_Ice_Core_Rec...
The two mile thick continental icesheet came from the Pacific moisture over Beringia (Alaska) which despite it's high latitude was NEVER glaciated as placer gold deposits will attest. And the California missions took in the natives as drought intensified during the Dalton Min not because they were seeking god.
My gut tells me there is a high probabilty of troubling times ahead.
"The 58th Bilderberg Meeting will be held in Sitges, Spain 3 – 6 June 2010. The Conference will deal mainly with Financial Reform, Security, Cyber Technology, Energy, Pakistan, Afghanistan, World Food Problem, Global Cooling, Social Networking, Medical Science, EU-US relations."
http://blogs.telegraph.co.uk/news/jamesdelingpole/100055500/global-cooli...
Thanks for the link again...
This is another corollary to Modern Monetary Theory. This corollary calls for the elimination of cash, and its replacement with electronic money, which must be held in a bank account in digital form. Coins and paper money will be eliminated. All spending will be by way of plastic cards, and all transactions will be automatically recorded and reported to local taxation authorities, and relevant taxes will automatically be deducted from your account and remitted to the government. See how convenient all this will be? All barter and informal trading will be outlawed.
For the purposes of GDP calculation, transactions in hookers and blow can be added in exact terms.
Doesn't eliminate pure barter
Thankfully.
Yeah, considering the illegal drug market in the US is estimated to be at least $200 billion a year, I think it's safe to say any law banning barter or cash transactions is going to fail miserably.
It would take an unprecendented level of police-statism to catch someone doing a few extra oil changes over the course of the year in exchange for installing a new water heater, for example. But it does say that in whatever fucked future economy we have, transactions are going to be local, discreet, and small. TPTB will be proud of themselves for "saving" an economy that is withering away and dying from all the parasitic load, and meanwhile they'll have re-enabled the very local social networks their efforts over the past 100 years sought to destroy.
"It would take an unprecendented level of police-statism to catch someone doing a few extra oil changes over the course of the year in exchange for installing a new water heater"
Ask and ye shall receive...
The policing will be done by the guy whose oil you're changing, or perhaps your shifty-eyed girlfriend (or whomever). After all, he'll/she'll get 1,000 extra "digi-credits" for ratting you out.
There are reasons - a microwave oven works around 2.4ghz to resonate water to increase its temperature, 2.4ghz is a well used communication band, MRIs detect O^2, nitrates are bad, and we are moving up in the electromagnetic spectrum frequencies in our efforts at communication.
The systems that are needed to find out what goes on are already here or in development. A powerful quantum-computing system is in demand not just because database searches are sped-up more vs digital computing at an escalating rate the bigger the database data-sample gets but also because a computer made of the particles of the universe/creation simulates physical matter-based systems very well (Scientific American from the mid 90's). Financialization and the locking-out of freedom of choice in financial exchanges isn't the only thing happening these days. Hopefully one of the developments recently is actually on the side of perfected liberty instead of perfected control, at least in some hands.
These two end-states are similar upon reaching a destination if under identical leadership; everyone doing only what they are allowed, and everyone having good intentions and incorruptable ways to follow. Those are not the same journey, however - even then. Right?
In my belief, those two desired end-states(and before you go there, there is only a false dichotomy because there is a true dichotomy) are not under the same leadership, however. Who needs control and who desires a relationship with His perfected children? Who promises the roadways of heaven are paved in gold? That isn't about going to heaven and being 'rich beyond the dreams of avarice'. Won't it be nice when only those with good-intentions remain and the incorruptable ways that remain to be used have all been designed by I-am-that-I-am, who in the second-covennant books says that he is love and elsewhere in the same provides a list of what 'a more perfect way' involves?
I'd laugh, but this is all a bit much. There are promises for everyone that has faith through Jesus the Christ, however.
I am hoping it does not get complete before I trade my few kilos of gold for a 5-10 acre plot....
You know, one of the deeds to a property I own says "for the sum of $10 and other valuable considerations..." I'm pretty sure the implication was the $10 was in gold and the rest was fiat, and it's a carry-over from the currency transition of the 30's. I don't see why that couldn't still be done, lots of properties get swapped, gifted, exchanged, etc.
Cash can't be eliminated completely because then the deep state wouldn't be able to clandestinely funnel the proceeds of its global narcotics business into its world-wide subversion operations.