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The Next Round of the War on Cash Will be Even More Aggressive
For six years straight, the Fed has been trying to “trash” cash.
First it cut interest rates to zero… making it so that savings deposits produced almost nothing in the way of interest income. Consider that at current rates, a retiree with $1 million in savings earns a measly $2,500 per year in interest income.
The Fed’s hope was that by making it painful for savers to sit in cash, said savers would move into risk assets such as bonds and stocks. This has worked in that stocks are now in one of, if not THE biggest bubbles in history… while bonds are trading at yields never before seen outside of war-time.
However, this has now created a NEW problem for the Fed.
With bonds yielding so little, (AND increasingly volatile due to the lack of liquidity caused by QE), cash is once again looking increasingly attractive.
Put it this way, if you had a choice between having your cash earn next to nothing but remain stable vs. watching your capital gyrate by 5% or more per year (while still earning next to nothing), which would you take?
The answer is easy: you’d pick cash. Sure, you’d make next to nothing… but it sure beats the roller coaster ride you get in stocks or bonds. Indeed, cash actually produced the SAME return as stocks did last year… without the volatility!
This has created a REAL problem for the Fed… and it’s going to result in a far more aggressive campaign to TRASH cash going forward.
That campaign has already begun with several economists with close ties to the Fed calling to TAX cash… if not outlaw it altogether!
This is not just idle chatter either. JP Morgan and other large banks are beginning to forbid clients from storing actual physical cash in safe boxes. More banks will be joining in on this as well the Government. Indeed, the state of Louisiana has made it illegal to buy second hand goods in cash.
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How does it work?
Will they drill the locks on every safe deposit box in America after calling the individual lessee in to watch?
And then make them take all their cash home on the subway in oversize Louis Vuitton portmanteaus?
Yes, there are scores of stories @ google about this. But none from the WSJ, NYT, WaPo, or Bloomberg. Is the MSM intentionally deceiving the American public on this one.
Or is something else going on?
The one world bank has already caused a depression by reducing the amount of currency in circulation. This has happened by restricting wage growth as inflation advances and also due to the working classes reaching debt saturation where once their borrowing crated more bank money. Another reason for the decrease of money in circulation is its capture and hoarding by the upper class removing this money from the main street economy. There never was a depression without a drop in the amount of circulating currency, or a drop in the amount of currency circulating without a depression. Today instead of soup kitchens and lines of unemployed seeking a hot meal the government does away with this overt sign of failure by issuing food stamps so the soup kitchens and attendant line ups are never seen.
"The one world bank has already caused a depression by reducing the amount of currency in circulation"
That is totally incorrect. It was the unfettered creation of fiat currency since 1971 which has caused the massive boom and inevitable bust we now see. Fiat currency creation has gone beyond all rational thinking since Nixon dropped the Bretton Woods Gold Exchange agreement , the beginning of the great unwind of this debt-fuelled fiat ponzi started in 2008 , it will continue to accelerate until we phase over to bitcoin.
Bit coin relies on 0 s and 1s.
Not even Zimbabwe fiat is that lame.
No amount of promotion or speculation or corruption is going to change that.
All matter operates around 0 s and 1 s. Electrons and Protons. Including Gold atoms BTW.
You Flat Earthers are hilarious with your lame analogies of how the universe functions. Before gold we were using sea shells as money , before that it was food , ever heard of progress ?
Why we talk so pcoco barter ...?. Means NOTHING ..
Have you considered at all what you're fighting for? No cash and a man's word is his promise. Catch as catch can. If she lies and fails, she dies hard.
Sounds good, right? Well, if you would like to return to an age when nobody but the priests are allowed to fuck at will, and even they aren't allowed free access to education. No movement outside 5 miles of your berth, without a permit.
You might consider what would scare our leet fathers so, that they would make education free, and much later, fucking too.
When you say god, to which do you mean? This ambiguity does make a hard, hard difference.
Teach your children well.
" The state of Louisiana has made it illegal to buy second hand goods in cash." Well...................... NO.
This bit of legislation was written expressly to thwart folks from stealing Copper and Aluminum, and selling them to scrap metal dealers.
Maybe because it's Louisiana, or maybe because it's Louisiana Government, that things got sideways pretty quickly.
In an attempt to clarify their intent, they revised the wording to read thusly:
"(1) A secondhand dealer shall not enter into any cash transactions in payment for the purchase of copper or aluminum-copper air conditioning coils. Payment for copper or aluminum-copper air conditioning coils shall be made in the form of a check made payable to the seller of the copper or aluminum-copper air conditioning coils and mailed to the address recorded on the photo identification of the seller no earlier than five business days after the date of the transaction.
(2) A secondhand dealer shall not enter into any cash transactions in payment for the purchase of any precious metal object. Payment for a precious metal object shall be made in the form of a check made payable to the seller of the metal.
(3) A secondhand dealer shall not enter into any cash transactions in excess of three hundred dollars in payment for the purchase of metal property other than copper, aluminum-copper air conditioning coils, or a precious metal object. Payments in excess of three hundred dollars for metals other than copper, aluminum-copper air conditioning coils, or a precious metalobject shall be made in the form of a check made payable to the name and address of the seller and may be tendered to the seller at the time of the transaction. The secondhand dealer, at his discretion, may make payment by either cash or other method for transactions of three hundred dollars or less for all metals other than copper or aluminum-copper air conditioning coils, or a precious metal object.
Read more at http://www.snopes.com/politics/business/cashillegal.asp#jgC1idHJUrO6GcOS...
O.K. - this is clear as mud - all of a sudden "Copper and Aluminum" become "precious metals" - gotcha.
I'm guessing this will come down to defining "second hand dealer", and the definition of "is".
Excellent reply. Phoenix like most of the top of the page posts is essentially advertising.
The same legislation came into force in the UK because so much metal was being torn from church roofes and railway lines , power cables etc. It was causing signalling failures on railways costing millions for a few hundred worth of metal. So some pretty drastic laws came into force. they were needed , no tin foil hat conspiracy nut jobs stories required.
Double Interest?
'Money is Debt'. Money is created when a party takes out a loan at a bank and the bank conjures up cash out of thin air. The owners of the loan (newly created money) go out into the market place and through work create new wealth that is used to retire their loans.
If banks create money through loans then encourage their customers to use ATM and Credit Cards to get their money thus incuring more interest expenses (loans) a double billing of interest on a single block of money occurs does it not? All the people working all the time will not be able to create enough wealth to retire these loans and will be perpetually inslaved. Eventually the system will collapse.
What do I not understand?
It's also worth noting that the money to pay off the interest on the debt is never created - for example, in the case of the national debt - so - the interest can never be paid off, and the debt exists eternally.
Quite the parasitc scheme the scumbag bankers cooked up, I'd say. If more people understood this basic reality, like Henry Ford said, "There would be a revolution by morning" ... and seeing a few (thousand) bankers swinging from highway overpasses would be a good start...
Tease.
Here's what the war on cash propaganda looks like in Switzerland.
The Swiss franc has the highest paper denomination (1000 CHF) and is relatively trusted, which makes it a particular target. Already it is common knowledge that foreigners cannot withdraw cash from their Swiss bank accounts (a rare few are surely exempted, but it is a top concern for a huge majority of foreign savers here). Now I've heard that in many cases you cannot even transfer your savings out before you prove they are declared to your local tax authorities.
IMHO they won't ever ban existing notes, but will simply refrain from printing higher denominations when price inflation starts kicking in. This, added to regulatory barriers to use/withdraw/hoard cash, will effectively achieve their objective.
(They will ultimately fail, as the Internet will enable an organic separation of money and State).
What the Author fails to consider is that each State in the US has the Authority to issue currency in the form of Gold and Silver.
If treasury failed to print money then in short order some State will. As soon as one goes so goes the others. Only with a suspension of the Constitution will you see and end to cash. Then the armed uprising begins !
I'm with you, and I hope you are right.
Only problem being that the Feds could then deny: Education, Highway, and Medicare/Medicaid/Healthcare funding to the States - and those have become a special kind of Heroin.
Speaking of Heroin...
God damn the Pusher Man.