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More and More Countries Are Beginning to Outlaw Cash For Certain Transactions
More and more institutions are trying to make it harder for you to move your money into cash.
Globally, over $5 trillion in debt currently have negative yields in nominal terms, meaning the bond literally has a negative yield when it trades. In the simplest of terms this means that investors are PAYING to own these bonds.
Bonds are not unique in this regard. Switzerland, Denmark and other countries are now charging deposits at their banks. France and Italy have banned any transaction over €1,000 Euros from using physical cash. Spain has already banned transactions over €2,500. Uruguay has banned transactions over $5,000. And on and on.
This is also at work in the US. Louisiana has made it illegal to purchase second hand goods using cash. This is just the beginning. The War on Cash will be spreading in the coming weeks.
The reasoning is simple. Most large financial entities are insolvent. As a result, if a significant amount of digital money is converted into actual physical cash, the firm would very quickly implode.
This is true for banks around the world. European banks as a whole are leveraged at 26 to 1. In simple terms, this means they have just €1 in capital for every €26 in assets (bought via borrowed money). If a significant percentage of their depositors took their money out of the bank, the bank would violate its capital limitations at best and implode at worse.
The US financial system isn’t any better. Indeed, the vast majority of it is in digital money. Actual currency is just a little over $1.36 trillion. Bank accounts are $10 trillion. Stocks are $20 trillion and Bonds are $38 trillion.
And at the top of the heap are the derivatives markets, which are over $220 TRILLION.
Notice that less than 1% of the “wealth” in this system is actual physical cash. Now imagine what would happen if investors decided to move their money out of the system and into physical cash.
This is precisely what imploded the money market system during the 2008 crisis.
If you think the banks aren’t terrified of what this market could do to them, consider that JP Morgan managed to get Congress to put the US taxpayer on the hook for it derivatives trades. Mind you, this is the same bank that is now refusing to let clients store cash in safe deposit boxes.
This is just the beginning. As anyone can tell you, it’s all but impossible to move large amounts of money into cash in the US. Even the large banks will routinely ask you for 24 hours notice if you need $10,000 or more in cash. These are banks will TRLLLIONS of dollars worth of assets on their books.
This is just the beginning.
Indeed, we've uncovered a secret document outlining how the Fed plans to incinerate savings.
We detail this paper and outline three investment strategies you can implement
right now to protect your capital from the Fed's 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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"Louisiana has made it illegal to purchase second hand goods using cash. This is just the beginning. The War on Cash will be spreading in the coming weeks."
This statement is flat out false and easily refuted. http://www.snopes.com/politics/business/cashillegal.asp
Phoenix Capital has proven themselves to be opportunistic scammers with little credibility- time after time. They prey on the gullible uninformed and easily misinformed, using scare tactics and disinformation.
OMG ZH.....when will you rid yourself (and your readers) of this parasite.
I must hve been the 1001 request for the "free" report ...better luck next time ...
YO ZH: These "Phoenix Capital Research" articles are rapidly disintegrating into simple spam posts to apply for their newsletters. There's very little informative or analytical value in this post.
Just a thought, but you might want to ditch Phoenix Capital Research before your readers start ditching ZH.
Googled the no cash for used stuff in LA claim. Mostly bogus. I suspect most of Phoenix Capital is bogus.
Uruguay. Really?
Do you know that in the rural towns of Urugay there are people who still have horses and buggy's on the roads. And these people are supposed to buy hay with an AmEx?
Hahahahahah! Uruguay.
The world is really falling off a cliff :-)
dont be retarded.
there are rural towns in pennsylvania with people who still have horses and buggies. so what.
Even the large banks will routinely ask you for 24 hours notice if you need $10,000 or more in cash. These are banks with TRLLLIONS of dollars worth of assets on their books.
MISSED TWO SMALL WORDS!
Even the large banks will routinely ask you for 24 hours notice if you need $10,000 or more in cash. These are banks with TRLLLIONS of dollars worth of NON PERFORMING assets on their books.
THey'll never go cashless until the control grid is complete and everyone is bagged and tagged....cash is king for black market and the #1 trafficker of arms and drugs is the CIA, like they'd EVER let that cash cow and payment system dissappear...
if/when cash is finally outlawed it will be the least of our worries....
Do pay attention as we have some of this here in the US..maybe a bit trickier using Algorithms to fool the public, but look at Medication prediction adherence scores that pharmacists and doctors have to deal with. They have to verify that you are taking your meds and what they are finding as a whole is that people are taking their prescription drugs and the software tells pharmacists they are non compliant outliers if they can't find enough data..
http://ducknetweb.blogspot.com/2015/07/patients-who-pay-cash-when-filling.html
So US has doctors and pharmacists chasing outliers in the data game mostly to find that these are consumers that are paying CASH...and taking their meds so one more way to get folks from using cash so they don't suffer a low score on medication adherence predictions and swing that old purchase over to a credit card so they can score and sell that to insurers and pharma companies.
It's one more war on cash in the US, all done with operation perception deception.
http://ducknetweb.blogspot.com/2015/06/operation-perception-deception-into.html
So go blame flag for all of this.
Not "countries"...more and more GOVERNMENTS.
Quite a difference.
I wasn't around when the original ZH started....i imagine there actually was / is a Tyler Durdan ....but i recently saw a comment that the ZH site was sold a while back .....and based on the amount od advertising, i think it (ZH) is losing its soul. This article is just an example of paid advertising dressed up to look like news.
I don't follow ZH as much as previously, due to their rampant commercialism.
It is possible that posters For-Profit pay a fee to have their commercials/articles placed on ZH.
However, I personally can spot them easily and I suspect you can too.
Pass them by or laugh at them.
JB
Well there is this thing called ad block. "After 35 years in TO as a computer information nerd" you should be able to figure it out.
Its still worth the price of admission ;-)
The issue isn't whether or not one is savvy enough to use ad block. The issue is that ZH does peddle "news" space to infomercial hacks. Of course, the bigger issue is that one never knows how much of the ZH news is designed to affect markets rather than to report them since we don't know who ZH is or represtents and we don't know what ZH's book consists of.
Actually no, the issue is whether anyone (you or I or the 35yr IT computer nerd) chooses to believe in or act on what they read, here or anywhere else.
I really don't care if the operators of ZH make billions of dollars/forints/rubles/pesos/euros off of whatever "their book" is, they're not holding a gun to your head demanding you buy.
If you're not going to do your own due diligence that would be on you, nothing in this life is free.
Caveat emptor ;-)
You might be right about this article, but as a whole, this site is still a leader in financial journalism.
When I first wrote the below, it was 100 hits, now it is 10,000 hits.
I encourage each one of you to send this link to your local newspapers and TV stations. CBS, WJS, and other "main stream media" are starting to carry radiation stories.
we need this exposed to millions of people.
It's time to TIPP it good, folks, but I need your help.
Also expand the reach through Facebook and Twitter.
----------------------------------------------------------------Only 100 hundred people viewed this article I wrote last night, I would have though it would be viral, and be seeing 10,000 hits.
The EPA intentionally shut off almost all the Beta Radiation monitors in the USA, blaming it on cell phone towers, and cost reductions.
Gamma is hard to read, hard to interpret and integrate all 9 energy bands. Beta is simple to understand as a chart.
Beta will detect Strontium 90 which if 100 times worse than Cesium.
As Fukushima there was AS MUCH strontium 90 as Cesium 137
Now its all on the west coast of USA.
And EPA shuts off the Beta monitors. Folks, this word needs to get out, put it out on Facebook, twitter, everything you got.
http://nukeprofessional.blogspot.com/2015/10/fukushima-is-here-this-mont...
>>> in the US. Louisiana has made it illegal to purchase second hand goods using cash.
Please stop repeating this canard. It simply isn't true (with minor exceptions) and makes you look stupid to repeat it.
They did away with that from public outcry, indeed not correct. Not sure but i think they made it illegal to purchase PMs with cash.
http://www.snopes.com/politics/business/cashillegal.asp
In Louisiana:
$300 cash limit on copper (or part copper) scrap metal when bought by a dealer.
No cash purchases of precious metals by dealers.
Even dealers can sell PMs for cash in Louisiana.
Anyone who is not a dealer can buy precious metals for cash.
First they came for the dealers...
They also hate cash since it fuels the grey/black markets where more and more people are going and they avoid all sorts of taxes coming in (income taxes) and going out (sales taxes).
Watch the Pakis and Mexicans chekcing out at the store; 99% of them use cash.
Welcome to Bartertown.
Daja vu, now, where have I seen this before?
When Phoenix, when???
;-D
"Free", meaning that you also have the pleasure of receiving incessant emails from Graham hawking his pay services.
i.e. – strings attached.
If a product or service is "free," you are the product.
"Citxmech": Eiither you're the product, or you're going to provide the service. That's what "Free" means.
But then, I'm the kind of guy who refuses to be my own cashier at the grocery or home supply store, and I pound the "0" key every time I encounter a voice-tree offering me options on how to provide myself the customer service I called someone else in need of.
Governments wage war on cash?
Bitcoin user not affected.
https://ip.bitcointalk.org/?u=http%3A%2F%2Fmembers.modernvespa.net%2Fgla...
Sick of hearing about electronic currencies. Computers are vulnerable and Bitcoin has a terrible repuration and is hard for the average person to grasp. On the other hand BIT GOLD (GOLDMONEY) is growing by over 3,000 new accounts every day. Why buy BitCoin with its wild valuation swings when you can buy REAL government backed Gold Grams and get a debit card backed by gold for purchases? http://www.bitgold.com
Bitcoins rely on a functioning network to deliver this "digital currency". Do you really think we will have working internet if this kind of collapse actually happens?