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More and More Countries Join the War on Cash...
The War on Cash is now going into hyper-drive.
In the last 24 months, Canada, Cyprus, New Zealand, the US, the UK, and now Germany have all implemented legislation that would allow them to first FREEZE and then SEIZE bank assets during the next crisis.
These moves will be sold as “for the public’s good,” when they happen. But the reality is that it’s all about stopping people from moving their capital into actual physical cash.
The whole template for this was set out in Cyprus in 2013. The quick timeline for what happened in Cyprus is as follows:
· June 25, 2012: Cyprus formally requests a bailout from the EU.
· November 24, 2012: Cyprus announces it has reached an agreement with the EU the bailout process once Cyprus banks are examined by EU officials (ballpark estimate of capital needed is €17.5 billion).
· February 25, 2013: Democratic Rally candidate Nicos Anastasiades wins Cypriot election defeating his opponent, an anti-austerity Communist.
· March 16 2013: Cyprus announces the terms of its bail-in: a 6.75% confiscation of accounts under €100,000 and 9.9% for accounts larger than €100,000… a bank holiday is announced.
· March 17 2013: emergency session of Parliament to vote on bailout/bail-in is postponed.
· March 18 2013: Bank holiday extended until March 21 2013.
· March 19 2013: Cyprus parliament rejects bail-in bill.
· March 20 2013: Bank holiday extended until March 26 2013.
· March 24 2013: Cash limits of €100 in withdrawals begin for largest banks in Cyprus.
· March 25 2013: Bail-in deal agreed upon. Those depositors with over €100,000 either lose 40% of their money (Bank of Cyprus) or lose 60% (Laiki).
The most important thing I want you to focus on is how lies and propaganda were spread for months leading up to the collapse. Then in the space of a single weekend, the whole mess came unhinged and accounts were frozen.
One weekend. The process was not gradual. It was sudden and it was total: once it began in earnest, the banks were closed and you couldn’t get your money out (more on this in a moment).
There were no warnings that this was coming because everyone at the top of the financial food chain are highly incentivized to keep quiet about this. Central Banks, Bank CEOs, politicians… all of these people are focused primarily on maintaining CONFIDENCE in the system, NOT on fixing the system’s problems. Indeed, they cannot even openly discuss the system’s problems because it would quickly reveal that they are a primary cause of them.
For that reason, you will never and I repeat NEVER see a Central banker, Bank CEO, or politician admit openly what is happening in the financial system. Even middle managers and lower level employees won’t talk about it because A) they don’t know the truth concerning their institutions or B) they could be fired for warning others.
Please take a few minutes to digest what I’m telling you here. You will not be warned of the risks to your wealth by anyone in a position of power in the political financial hierarchy (with the exception of folks like Ron Paul who are usually marginalized by the media).
With that in mind, now is a good time to prepare for systemic risk. I cannot forecast precisely when things will get as ugly as they did in Cyprus for the financial system as a whole (no one can).
However, the clear signals are clear that the Feds are preparing for something big. The Treasury Department has ordered survival kits for the Big Banks’ employees… and the NY Fed is expanding its satellite office in Chicago in case something major happens that forces the market to collapse.
Indeed, we've uncovered a secret document outlining how the Feds plan to take hold of savings during the next round of the crisis to stop individuals from getting their money out.
We detail this paper and outline three investment strategies you can implement right now to protect your capital from this sinister plan in our Special Report
Survive the Fed's War on Cash.
We are making 1,000 copies available for FREE the general public.
To pick up yours, swing by….
http://www.phoenixcapitalmarketing.com/cash.html
Best Regards
Phoenix Capital Research
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Bitcoin users are not affected.
With that in mind, now is a good time to prepare for systemic risk. I cannot forecast precisely when things will get as ugly as they did in Cyprus for the financial system as a whole (no one can)."
Phoenix...just exactly what are you recommending people do?
Can't be 'get into cash'. Cash can become worthless almost instantly, especially if what's being kept in reserves gets loose into the rest of the economy.
PM's?
Already covered that on this blog, and others, ad nauseum. Won't work, because NO ONE can tell you what gold, for example, will BUY. Not be worth...but what it will buy. You think food and other essentials will be as readily available in a collapse? Just ask the few left from the Great Depression; many a soul went to bed hungry in the breadbasket of Kansas, as an example. I knew one of those folks personally, and they told me plenty about those days. You don't have a way to eat, or grow food, no one's going to bring it to you. No one cared about PM's either.
Maybe you're advising people to invest in the housing mania.
Does anyone seriously believe that, having their own shack, in the midst of depression-like want and need will matter all that much? What will you do with just a shack? Even if you had a stack of PM, how long would that last?
You think you'd be secure?
So, Phoenix, just what do folks do with "assets" of no sustaining value?
m
The War on Cash is only just beginning...
http://www.globaldeflationnews.com/governments-are-secretly-preparing-to...
QUOTE:"Even middle managers and lower level employees won’t talk about it because A) they don’t know the truth concerning their institutions or B) they could be fired for warning others." 3) they have been and will be thrown off a tall building or nail-gunned.
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Gold and Silver are secondary targets of a cashless "society"; it is evident on the war on those particular metals and evident by the fact that Central Banks and Governments have been accumulating these metals at the same time...back-door confiscation.
The war on cash is a war on freedom.
The ushering in of iron fisted financial tyranny.
Please look at the definition of "freedom"; it is a grand illusion and does not exist on this planet. Enslavement, yes and limited liberties yes...freedom...no.
Freedom is lack of other people.
Rural people are freer than urban people, because of population density.
Single folks living alone are freer than people sharing a house. There are less rules.
A crowd at a movie theater is as unfree as it gets. They have little choice but to sit and watch. Cant talk, cant scream Fire!, are frowned upon standing or walking. Cant chew noisily, cant laugh...
A large group at an elevator? Cant even fart.
You see the pattern? People need common rules to live together. If freedom is defined as a lack of rules, then freedom is the lack of people.
+1 for the thoughts on the relevance of population density on the rules that spontanously appear as a function of it
according to this train of thought, though, the worst that can happen to the freedom of a human is having children, isn't it? ;-)
I would really like this yahoo to tell me what legislation in the US allows "them" to freeze and seize my bank account? Please someone, tell me where that is written?
This guy is chicken little.
If you read your paperwork that you signed when you set up your bank account you will see that you are an unsecured creditor of the bank. The bank has many delineated rights in the agreement that you signed for the account.
Read tha fine print and not so fine print and you will have the answer to your question.
What account?
We are told that, in a national emergency, the federal government has the legal authority to relocate populations.
Freezing banks accounts is child's play.
At the risk of being redundant:
The Ban on Cash - Part II
The bankster's attempt to get cash banned is not an unprecedented move, they've managed to get the Legal Tender Money/Money of Account outlawed once before, when it was Gold.
Nice blog. Sounds like the magnum opus of a piker. Redundant no. Here is a snippit
The good news is that there is apparently no virus being spread by this link. The better news is that there are no comments to any of this pikers blog posts.
Gold and Silver are secondary targets in all of this; it is evident on the war on those particular metals and evident by the fact that Central Banks and Governments have been accumulating these metals at the same time...back-door confiscation.
I would expect the courts, as fucked up as they are, to intervene. This issue is now, and always has been property rights. Your labor is your property and what it is exchanged for is also "property". So the banksters in associating with .gov wnt to eliminate cash and go full digital? Another form of direct deposit? Right. And how many times has it been confirmed that ALL bank deposits represent and unsecured loan to the bank? Sooo, by law I will have no viable alternative to commit to mere employment agreements involving the exchange of my property(labor) for a digital credit that in law represents a WAIVER of property to a third party?? THIS IS BY ITS VERY NATURE A DIRECT VIOLATION OF THE OBLIGATION OF CONTRACTS ALONG WITH AN END RUN AROUND THE DUE PROCESS CLAUSE VIA WAIVER.
Note to .gov et al.GO FUCK YOURSELFS.
3-5 days' hunger and waterlessness will condition 90% of the population. A few buttstrokes with an assault rifle will cure most of the holdouts. It is going to be very, very challenging for people who want to live free.
Freedom is a dream and sounds good, but a cursory look at the actual definition reveals it does not exist and never have. Liberty is the closest you will ever get and that is being erodes as your choices are becoming fewer.
The NSA has the courts in hand through blackmail from spying on the public and gubment sectors, the laws are made to protect them and not us...
The Courts will roll over; we are on our own. The notion of what Liberty is, is being bred out of Amerikans so most will not know what is happening. They will only know they can't order food at EAT/24 on their iPhones. They too will roll over.
Let's see if we can figure this one out.
Money in bank = Problem
Take money out of bank = No problem
We will never go cashless, despite all the wet-dreams of the elite.
Any attempts to marginalize it will just cause it to be valued at a premium...Cash will disappear overnight, not by decree, but because of people hoarding. The black market will explode...the electronic currency will be relegated to tax payments and large purchases, but cash will be the medium of choice for most day to day expenses. Eventually, the good money drives out the bad, and the official electronic currency becomes worthless.
Economically, people will always value something in their hand more than something intangible.
I agree.
One thing is to substitute real money with fake fiat nominal-valued money and other thing is to forbid individuals the free physical disposal of their means of payments (even being inadvertently fake).
The ansiety they would provoke would spike in few days. It would be uncontrollable.
"The ansiety they would provoke would spike in few days."
Exactly. The trouble is, these PTB do NOT understand human nature. Money has always been something that people could hold in their hands. Whether real or fiat, it was still a physical presence, which is comforting. The saying "A bird in the hand is worth two in the bush" says it all. People value and trust that which they can HOLD, no matter how tempting the ephemeral might be.
Digital cash cannot be held, touched, seen (except as numbers on a screen). This would bug folks out in a big way on a level TPTB cannot affect with their policies. Because they don't understand it.
I believe there are folks who would force cashlessness upon us, right away. I also believe there are other, more conservative voices, that know damned well it would be a fiasco, with the resultant collapse of the global economy taking out THEIR wealth as well. So they will not let the irresponsible voices have their way.
They're not going to worry about NIRP, they'll put NIRP right out of their minds. It simply isn't realistically do-able. They'll figure something else out, no doubt. Maybe something even worse. But they won't ban your cash.
Out of interest, because I really do not know and cannot find it on the net, those 40%/60% bails-ins are for cash only or also for stocks/bonds etc.?
I'm quite sure they are not affected, but wanted to make sure.... Cannot put everything in that old sock :)
It HAS to be for securities and mutual funds because the banks were allowed to gamble in the markets. That's what they'll need bail-ins for (market losses), not for bad loans.
Traditional cash bank deposits are nothing - this isn't 1955 anymore. Only your crazy grandma has a big savings account and CDs, not the average person. Everyone who would normally have a large savings account has been punished with low interest rates and essentially forced into the securities markets - directly or indirectly. That's what they're going after in the U.S. - not the insignificant and measly cash bank deposits.
"But I didn't think money-market funds were securities... They're in my bank account. What do you mean they're NOT covered by FDIC?"
They will have to do this in major countries with large special snowflake populations. The only thing politician fears is being lynched by big constituent groups, so the bankers will face very large headwinds trying to do this to the world economy. It's better than an Italian opera......
Your money won't disappear. Instead, it will be converted into valuable shares at the bank--a special class of shares that can't be traded (in escrow, perhaps) until 2035. But you will still "have" all of your "money".
I read that real fiat paper and coin is less than 1% of the money supply. Not much of a reach to see it banned, however I think a ban is b.s., why bother. All they have to do is stop making it. No ban needed. Just slowly reduce the fiat supply (like they've been doing for years.) until that last > 1% reaches 0. Still, I wonder is running that printing press a gov. job ? Cause them jobs NEVER go away. Keep stacking, and never give them your gold.