The "War On Cash" Migrates To Switzerland

Tyler Durden's picture

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.


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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AustrianJim's picture

Once cash is banned, victory in the the war on terror can be declared?

Pancho de Villa's picture
Pancho de Villa (not verified) AustrianJim Apr 25, 2015 5:01 PM

Don't get your hopes up buckaroos! I doubt that Evil Excuse for Stealing our Rights ain't going ANYWHERE That easy!

Haus-Targaryen's picture

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.

TahoeBilly2012's picture

How can you have a bank run with no cash, ahahaha! These guys are smart.

Manthong's picture

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.



I need more asshats's picture

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?

macholatte's picture



 “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.




mastersnark's picture

This comment isn't helping with the fear mongering

Bananamerican's picture

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."

Bindar Dundat's picture

Best way to rob a bank is to own it....old  Wall Street proverb...

macholatte's picture

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"?

markmotive's picture

This has been a global war on cash. This has resulted in massive bubbles being blown around the world.

Some are about to pop.

Pairadimes's picture

If cash is outlawed, only outlaws will have cash.

NidStyles's picture

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.

MonetaryApostate's picture

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...

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!)


Son of Loki's picture

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.



Oh regional Indian's picture

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

Time to get waaaaay outside the box here...

NidStyles's picture

Exactly, let them tie their own nooses.

HowdyDoody's picture

Victim of collectiveism?

Something that benefits only the 0.1% is 'collectiveism'? Give me a break.



zhandax's picture

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'.

jbvtme's picture

negative interest rates and pm's are not your first thought? 

giggler321's picture

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...

El Vaquero's picture

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.

realmoney2015's picture

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 ( 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!

El Vaquero's picture

IMO, this has more to do with negative interest rates than it does government tracking. 

realmoney2015's picture

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. 

El Vaquero's picture

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.

ebear's picture

I love it when arrogant fux get what's coming.

stuman's picture

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! 

Keyser's picture

And of course the Swiss government remains silent, effectively backing the SNB's policy while screwing their customers and reputation... 

ThirdWorldDude's picture

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!

Keyser's picture

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... 


aldousd's picture

This comment isn't helping with the Gold Advertisement.

There. Fixed it for you.

Beowulf55's picture

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.

El Vaquero's picture

"...I might get robbed."


Yeah, buy the police.  Otherwise, if you're carring that kind of cash around, you should be carrying lead. 

stuman's picture

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)

RiverRoad's picture

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's paperclips.  As Charles Shultz said once in Peanuts, "Paperclips!  A million paperclips!  I'm rich!  I'm rich!  I'm rich!"

ajax's picture



@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!  

AGuy's picture

"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.




worbsid's picture

B & C are cyber criminals now.  They can move some serious electrons in the blink of an eye.  :-)

Manthong's picture

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.........

Dizzy Malscience's picture

a word to those who care..

your kids and their kids are toast unless..

you get trickier than the roth – schilleds

Usurious's picture

''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. ''

Usurious's picture
Usurious (not verified) Usurious Apr 26, 2015 8:25 AM

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''

Manthong's picture

"unfathomable abyss" 

long strange trip or....going where? 

..enjoy the ride?


ebworthen's picture

"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.

ZerOhead's picture

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.


papa song's picture

Where does an armed populace, including several paranoid, militant, racist, militia members fit into the equation?