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Bank Of Ireland Bans "Small" Cash Withdrawals At Branches
As central planners the world over grapple with the effective “lower bound” that’s imposed by the existence of physical banknotes, there’s been no shortage of calls for a ban on cash.
Put simply, if you eliminate physical currency, you also eliminate the idea of a floor for depo rates.
After all, if people can’t withdraw paper money and stash it under the mattress, then interest rates can be as negative as the government wants them to be in order to “encourage” consumption. If, for instance, you’re being charged 10% for saving your money, then by God you will probably spend that money rather than see the bank collect a double-digit fee just for holding on to your paycheck.
In the absence of physical cash, there’s no way for depositors to avoid that rather unpalatable outcome unless the public starts buying hard assets like commodities with their debit cards. If you think that sounds far-fetched, just consider the fact that everyone from Citi’s Willem Buiter to economist Ken Rogoff to the German Council Of Economic Experts' Peter Bofinger have now floated the idea.
"With today's technical possibilities, coins and notes are in fact an anachronism," Bofinger told Spiegel back in May.
Now, in what should be a wake up call to the world, Bank of Ireland has banned branch withdrawals of less than €700.
Seriously.
Here's The Irish Times explaining that tellers will still assist the "elderly" if they have trouble using automated methods of obtaining cash:
Under new rules, designed to streamline in-branch services, Bank of Ireland said withdrawals of less than €700 will no longer be facilitated with the assistance of tellers.
From mid-November, customers will have to use ATMs or mobile devices for small and modest-sized withdrawals.
Lodgements of up to €3,000 and those involving less than 15 cheques will also have to use the bank’s dedicated lodgement ATMs.
“Bank of Ireland understands these changes may be a new way of banking for some of our customers, and the branch teams will be available to help and guide them through this change,” the bank said in a statement.
So, if you are, i) wanting less than €700, ii) have less than 15 checks to deposit, or iii) aren't looking to put at least €3,000 into your account, you are no longer welcome inside Bank of Ireland branches.
For his part, Irish Finance Minister Michael Noonan seems to think that this is, for lack of a better description, absolutely nuts:
Minister for Finance Michael Noonan has described restrictions to be imposed by Bank of Ireland on over-the-counter lodgements and withdrawals as both “surprising and unnecessary”.
“I expect the bank to fully honour this commitment and ensure that customers will be facilitated through the existing arrangements where required. I would welcome a clarification form Bank of Ireland on the issue,” he said in a statement.
Yes, Noonan is demanding some "clarification," and you should too, before you discover that the world's central bankers planners have absconded with your physical cash on the way to instituting a regime that will allow for the micromanagement of your purchasing decisions.
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the consolidation camps should be used soon...to help those with less means...then cash will be unnecessary
The cash machine at my nearest bank has a tiny $300 limit. Want $10K, go to a teller window. Bank closed? Too bad...
I fixed that by keeping a bit of extra cash at home but I have to tell you that there is no way I'm going to take serious money out of the banking system, ever, absent nirp or a major banking/currency crisis. And, yes, one can generally see such things coming, although the window may be short to move your money out.
People who stash all of their cash at home are naive if not crazy unless they do not have much money...no other way to put it. Very, very risky move...
All said, in 2008, I pulled out a hefty chunk of cash. I absolutely was worried about the banking system, no question. Nothing like it...
I can see the window closing. Don't get your fingers smashed.
You must be farsighted...
I agree
That was a worthless comment.
The curcumstances that spurred you to withdraw a "hefty chunck" in 2008 have not changed.
If anything, they are far worse today.
re-read your post.
Your logic is based on wishful thinking.
Sincerly,
Naive and Crazy
One can lose money in lots of ways and a banking crisis in the USA is not the most probable way that would happen. Keep your cash at home, you can lose by theft or fire or by losing your mind/health/life without telling anyone where it is but if you tell anyone where it is you increase the risk of theft.You play the odds as you see them, and I'll play them as I see them...no need to argue the point.
For security purposes (we "found out" that there was a LOT of counterfeit currency produced, etc etc,) so we introducing replacement notes. Please exchange at your local institution by xx/xx/xx, as the old notes will no longer be legal tender...
What you've mentioned is something the cash holders generally do not consider. The authorities can cancel a currency at any time and reissue a new, devalued currency in exchange. The people who are too worried about the banks to keep money on deposit should not hold cash but physical gold in order for their position to be coherent.
Exactly. They can cancel currencies but cannot cancel silver or gold....or platinum.
You can't "cancel" commodities but they can and have outlawed gold before.
lol, yer a nut. =)
You understand very little of what passes for law now, apparently.
It is child's play to hide serious sums of money in most homes where anyone but a SEAL Unit would come up empty handed.
The REAL danger is in the ability for "authorities" to seize everything you have with one Executive Order from the Oblong Office.
Your home has, at this late date, residual search protections that are non-existant in a bank or other financial institution.
Every dime you keep in a bank should be considered at-risk, just so you don't have a heart attack when they roll it all up into one big ball and swallow it whole.
Is the Bank of Ireland the only bank in Ireland? If not I know a solution.
The object here is to be able to close the bank except for the ATMs, phase out real tellers and large cash withdrawals. This is for when everyone including banks are bankrupt like Greece.
I wonder if the day will come when you pay digital dollars when dealing with government/bank and gold or silver when dealing local/individuals...
Now people will be forced to use their debit cards, interesting.
bible says you will need the mark of the beast to buy and sell...
Music fills the space between, the diety and the prophecy. Did you know that David, in the book of Psalms, was an orchestra leader, and that his poems in the book of psalms, rhyme in his own language? Psalms 23, and I dont care who you are, these words with his orchestra were probably just what I said " music fills the space between, the diety and the prophecy". You dont need to believe in God to understand the greatness of these words. I just wish they had a tape recorder back then so I could here it with music that David wrote. He played the harp like a genius.
The Lord is my shepherd, I lack nothing.
2 He makes me lie down in green pastures,
he leads me beside quiet waters,
3 he refreshes my soul.
He guides me along the right paths
for his name’s sake.
4 Even though I walk
through the darkest valley,[a]
I will fear no evil,
for you are with me;
your rod and your staff,
they comfort me. (coast edit: the rod was to keep the wolves away, and the staff was to lead his sheep, bet you didnt know that)
5 You prepare a table before me
in the presence of my enemies.
You anoint my head with oil;
my cup overflows.
6 Surely your goodness and love will follow me
all the days of my life,
and I will dwell in the house of the Lord
forever.
I have spent many years setting myself up to not need much money and still live somewhat comfy. getting out of the game was my priority. screw the bankers. once you get out of the game, all of the sudden new ideas, and thoughts, and aspirations change dramatically...The reason they want you in the game is because it distracts you from you who really are and what you can accomplish with your own thoughts.
I was thrown into the court of canes, my soul tossed to the furnace flames, where all my heroes have been slain, exiled or put in prison. Because they rose above the mess and because their powers posed a threat, and because they spoke of something else, that everybody else didnt.
The first step is becoming debt free.
Debt is a trap, like a sticky trap.
I do not care one iota what anyone says, there is no such thing as good debt. ALL debt is bad. Period.
Once one is debt free, it is simply amazing much LESS one needs to get by.
Also, one's priorties begin to change a bit, and one may be content to live in a cardboard box, instead of having a job one hates to buy things one really can't afford to impress people one really does not like anyway.
+1 for not mentioning religion or doG.
and this my friends is why I have a BitGold account.
https://www.bitgold.com/
My bank here in Lithuania charges a fee for getting cash out of their ATM. Same if you use another ATM. Fees on everything. Of course higher fees to have a teller help you (if you can find one who understands and speaks decent English
They say the internet instructions are in English but when you drop down you find the questions are still in Lithuanian so I constantly have to cut-n-paste to a translator.
Get use to it or get a thicker mattress.
I buy silver from Goodwill everyday sometimes for $2.99 an ounce.
As far as I can tell you can still CLOSE YOUR ACCOUNTS...
Do the banks even care?
Yes, the care! They're psyched!
Yes, the care! They're psyched!
Can someone help clarify for me- Are they charging Mom and Pop depositors to hold cash in Europe, or is it just excess reserves the banks keep on deposit at the central bank.
1oz Silver American Eagles €12 @ EurGold
https://www.eurgold.eu/silver/silver-coins/american-eagle-1oz-silver-coi...
The author's conclusion is wrong.
This is not about eliminating cash.
This is about eliminating cashiers (bank tellers).
Bank is cutting costs.
This will do wonders for their employment numbers. (/sarc for the last sentence)
Typical ZH hysteria--totally misinterpreting the reality to support their skewed view of the world, which is always cons[iratorial.
See you on the other side of the Change, dip shit.
October 1928. Conspiracy.
Dirty Thirties. Ditto.
Savings and Loan scandal. Rumors.
Dot Com bubble bursts. Innuendo.
9 / 11. Claptrap.
2008 to present ongoing recession headed to depression. All is well, move along, these are not the facts you are looking for.
Inbetween is pain - indeed.
Physical commodities or you don't own it, bitchez.
Terrible. You shills should be fired for this piss poor performance.
teeny tiny steps and before you know it there you are
We are old retired folk who live outside the US.
In addition to our home - which we own outright - we have moved about 1/3 our cash out of the US. Our retirement accounts are still sitting in the US - mostly in cash.
Yes we are getting killed on the exchange rate at the moment - but it is nice to have some money close at hand which doesn't require a wire etc. Besides - the money is earning as much as 3.7% (before taxes).
Our money is spread around between 4 different institutions - which makes my FATCA filings a pain.
Since the exchange rate is so bad at the moment I am principally paying for stuff using our US dollar based Visa charge card which has no transaction fees and offers a very decent exchange rate.
Recently I was shocked when I moved some money in the US - from a checking account into a money market account - at the same bank. Turns out you can only move your own money up to 6 times per month. Something to do with bank reserves or such. That to me is scarier than using an ATM to get one's cash.
Divedivedive, You must have met and married a gal abroad. And, I congratulate you on a well funded lifestyle to boot. How do you see the wheels coming off the cart here in the States? Any advice on where to go if TSHTF? Nova Scotia? Should one buy a row of townhouses in Tripoli?
Pocomotion : No - I married a girl from the mid-west. Our secret is that at one point in our lives - before we met each other - we were both dirt poor. - and we had college degrees. We re-tooled ourselves.
We have never paid a penny in credit card interest, never really had a mortgage (once for a few months), and drive our cars at least 10 years (current is a 2001 Jeep).
Funny story : In the late 90's I was working for a high tech startup. Had a decent position - making good bucks but I was driving like a 10 year old Volvo wagon. Once a week this crew came in to wash/wax cars in the parking lot. They refused to touch my car because it was too far gone...
I don't know how the 'wheels will come off the cart' - but much like my lawnmower I think they are geting wobbly (sp ?). I think the thing I like most out of living outside the US is cutting down on the 'automatic' expenses most people take for granted. We are paying a fraction of the expenses we had in the States - and to be honest - the thing I miss the most are my favorite eating holes - otherwie we are ok.
Constant change is the hallmark of humans. It is what sets us apart from Neanderthal. "The Madness of Adam and Eve" Horrobin.
It's a fire in a madhouse.
https://youtu.be/vDh44H_RigA
Did the Neanderthal leave a written record?
who needs customers when you can borrow all you want from the ECB at 0% and buy government bonds.
Bend over again Ireland
Boris
Only one word is describe passage of Obamacare by Amerikanski people, "S-U-C-K-E-R-S"!
I really like your posts, glad to have you here,that said you don't get it on this one.Amelicans DID not approve this, had ZERO say in it,most DID NOT WANT IT, and are getting screwed by our Politburo.(the Dem side)
Change your bank' that will end the non-sense real quickly. Want to kill JP Morgan or Citi, then people need to organize and quit doing business; they would die within 30 days or less.
The IRA needs to come out of retirement and start taking action agains the banksters. Blow a few to smithereens and these problems with lessen.
These banking criminals are sure asking for it. Nobody condones violence, but these fukcing monsters 'just have to know' the people of planet earth are only going to take so much before they exercise their duty. Just think about it... in all honesty, without any exaggeration, when we drill down to find the cause of all the troubles on earth, including the health of the planet itself, including wars and the incredible pain and totally unnecessary suffering heaped upon the good people of this world, at the very minimum, 99% of all of it is caused directly or indirectly by the criminal global banking mafia.
...when we drill down to find the cause of all the troubles on earth...
You are absolutely correct. The psychopathic banking parasites are the root of pretty much all the world's ills.
Psychopathy is genetic, inheritable, and incurable. The human race has a choice to make.
"The human race has a choice to make."
Yes sir, that's pretty much what this all boils down to.
long unhappy history of the the IRA robbing banks...
Every one of your posts seem to end in some kind of mayhem or brutal violence delivered to the banker class. I mean, seriously.
Thanks for being a friend.
and your 7 week old opinion is what??? Give them roses and champagne?
You know eventually this shit is coming to our shores....
This may be even a bigger story.
Sydney street could be the first in Australia to go cashless http://www.news.com.au/finance/business/sydney-street-could-be-the-first...At the bottom is a video; it said "Sorry, this video is not available in your region" Anyone else get censored?
The Aussies are real DUMB trend setters.
"In 2007, 69 per cent of payments in Australia were in cash. By 2013, that had plummeted to just 47 per cent with cards nipping at the heels of notes and coins at 43 per cent, according to data from international market research agency Colmar Brunton."
"to go cashless"
how do you expect a robber to make a living now?
(I guess they'll trade in their guns for computers and do credit card fraud instead, can't even meet your taker anyore)
I finally had to log in and i am pissed about it. Thanks. You must be at the level of that type of robber, in other words, clueless and inept with a sub 100 IQ. Nobody with a decent IQ uses anything other than technology to rob these days. Sub 100 use guns, and there are a lot of those... but i bet you have an issue about citizens having guns for protection as well. I do not put much stock in IQ's either, so don't come back with "i have a 152 IQ" because i can care less. I have worked with the so called highly intelligent (mostly professors with 15+ letters after their names) and they can't even drive a car without scaring the life, well the crap in my case to be truthful, out of me.
But all that to say only an idiot uses a gun to rob. First, it adds many years to your sentence. Second, you can make much more in other ways while sitting in one's soiled underwear.
I think we need to do some crowd funding here and raise enough money so that you can buy yourself a sense of humor.
We pull cash but pretty much spend it on things we may need in the future as saving it is pretty risky these days. The cost of everything is so high it doesn't take much to spend it all. Also too many robberies in the area to risk it all at home. We do leave money in the system to pay for larger jobs such as house / car repair. Once saved money to pay cash for a car just to see if the car dealer would do it... They did. LOL.
Funnily enough
http://www.independent.ie/business/irish/noonan-sells-his-own-euro-share...
Michael ain't no dummy
Large withdrawals are still ok?
Big deal.
That's been going on in Canada for a couple decades. Some branches have very limited hours (9:30 - 4:00 or 5:00) and not a lot of tellers, but lots of ATMs. The ATMs are almost always faster than waiting in line.
"Some branches have very limited hours (9:30 - 4:00 or 5:00)"
The Irsh banks have always had those operating hours
I wonder if that will change in Ireland?
The last few years, Canadain banks are staying open longer and longer hours, like 8am to 8 or 9pm.
But Canada is also at least 2 or 3 decades ahead of the US in terms of electronic banking. There has been near univeral debit cards in Canada for almost 30 years. Email money transfers from banks to individuals for 15 + years. So things like PayPal weren't necessary.
They don't call it "Bankers Hours" for nothing. Those hours have been around for many decades. Businesses with a lot of checks, or cash to deposit and do so without a teller won't be around long considering the error rates these days. ATM's are convenient for those who don't mind paying 10+ percent for 40 bucks because they failed to plan. Convenience has it's price and that price seems to be high in my opinion. But when you hear people say credit card limits, and total debt limits are like cash it is small wonder why so many people don't have 200 bucks to replace a tire.
Not long ago, but when gas was above 2.50 a gallon i saw someone driving a Ford Expedition buy 5 bucks in gasoline. Maybe they were just topping off their tank... the tires were bald too, so i think it was much deeper than the fill up.
With the gas, I've seen the same thing. Someone with a nearly new, large SUV pulls up and puts in $5
There are only four words to describe this move by the Bank of Ireland ...
CLEAR SIGN OF DESPERATION
I'd say it's primarily a cost-saving measure. The whole strategic trend is away from inter-personal banking and towards the electronic alternative.
you lose control of your money once it leaves your hands
for banksters, possession is 10 10ths of the law (or lawlessness)
Feckin' Irish anyway.
So, countries are trying to do several things right now it seems:
1. Ban physical cash or the ability to pull out more than you might need in a day or a week. (Try transferring money through western union or moneygram, too! There are limits on how much you can send in 24 hours, 168 hours, and how many transactions you can actually do in both of those periods...and those are typically in response to laws and regulations, not any actual desire to limit your transactions)
2. Charge negative interest rates on accounts; basically punishing you for not spending your paycheck.
3. Devaluing the currency through inflation or literal devaluation.
So, if these three are being pushed, the only response is to take your earnings and sock them away into untouchable goods, such as gold, silver, etc. The problem with those is that you can't easily and quickly spend them....so it seems like we are being pushed straight into Bitcoin? Is that the endgame right now? For us all to start pumping our savings into Bitcoin? If so, I am really worried what will happen to Bitcoin after it becomes as big and universal as they (the royal "They") want it to become.
Metal was used for years for payment. It can be done again. Either way, I'd rather work out private contracts of some sort with my buyers and sellers and completely circumvent the banks. Everything you do could be arranged outside a bank. All it takes is two willing parties.
I am going to start thinking about how i can work gold and silver into an acceptable payment for my services. Hmmmm...
Discounts for it? It is better than paying for "merchant card transactions" to some big bank that cares less about local economic health.
the problem is wages are only paid to bank accounts
one day, a hundred years from now, people we begin to realize that this is tyranny - but not before 100 years - cuz people are the dummest most gullible species on the planet
Don't worry. The reasons for not even bothering to work are increasing daily.
Wait till you see healthcare on your taxes for 2015. You know there is a potential penalty of 36,500 dollars? The normal highest penalty is about 14K...
The rates are weighted to income, but if you make above 20K and don't have insurance you will get a haircut. Above 65K you will get shaved.
Read the law. The key is to NEVER HAVE THE GOVERNMENT OWE YOU A REFUND. The IRS was never given legislative authority to collect this "tax" other than from refund checks. Don't know about social payments like SS or welfare but just make sure you always owe something to the criminal syndicate laughingly call "our government" and they can't touch you...for now.
Psychopaths. Making people behave as zombies just to get some paper with ink.
I posted about this very issue in an earlier article... guys and girls, if you have any chance to get our hands of physical gold, do so now. You may have thought I was nuts and peddling some bit of a scam.. but this article vindicates me... we have a great idea..small weight bullion, tradable, useable, valuable and most of all hideable!!
This is why I do what I do... I educate and highlight to people the absolute necessity of owning physical gold. (even physical cash is unsafe over the long term) Many people are beginning to understand and this is manifesting in increased gold savings. If you are reading this and you understand the absolute necessity of owning gold, and want to make a difference in your community or even protect your family and friends - get in touch with me.
there is a collapse coming in a magnitude like we have never seen before - will you be ready
www.teamramgold.com/about-us
You lot really have no idea how surreal it's got here in Ireland...iv given up...it's beyond a joke..
I gave up on my homeland years ago...
Why do you say that? My Dad was very proud to be Irish. His favorite book was How the Irish Saved Civilization by Thomas Cahill. If my Dad said so, it must have been so. He was a brilliant man. He and John Adams had something in common, a pretty deep reading list. It is hard to hear about a country with such a noble past and great traditions being dragged down.
I have not been to my 'holy land', Ireland. I really ought to go sometime. I hope it is not as bad as you say it is.
@ inosnt .. Ireland, the country is simply beautiful, and for a visitor the nicest place in the world. .the commerical and .gov for people trying to build a business and earn a living is simply awful...
Correct
@ribeye..have to agree 100% - i'm doing what I can to protect my family ; where will it end?/
Everybody here thinks things are great! The Government has just announced a giveaway budget. They know what they're doing so things must be fine.
Probably due to teller staffing issues, since the Irish are such a sociable, garrulous people, transactions at the teller would take much longer. Getting rid of small withdrawals would save the bank some money. Some very, very cold bankers in that charming country!
Are there any other kind of bankers?
Time to wake Boudicca and and Collins.
Just one more live-test-study for the banksters to figure out just how far they can push you before you push back. So far, no one's pushed back, so expect even more of the same.
Everybody just needs to wake up one day and ask for silver or gold as payment. No more paper bird cage liner.
One more step down Excession Road come the Bank Holidays.
Bank per Mirriam-Webster
a: an establishment for the custody, loan, exchange, or issue of money, for the extension of credit, and for facilitating the transmission of funds
So, if a bank stops doing those things does it cease being a bank?
Okay, listen up...
First, we get rid of all that waste paper we've been generating by closing the branches and firing all the tellers. Everyone can bank at an ATM. More conveninent for them, cuts our overhead way down, and helps save the planet.
Next, after a short period of transition, we'll get rid of the electricity-sucking ATMs and the horribly-polluting armored cars that drive around town restocking them. Everyone can bank online or shop at POS terminals. More convenient for them, cuts way down on our overhead, and helps save the planet.
Next, we'll eliminate those nasty, landfill-clogging plastic cards and go to straight biometrics. More convenient for them, cuts our overhead way down, and helps save the planet.
With all the space we've saved in the landfills, we'll have plenty of room to stash the bodies of all the crazy people who don't want to be registered customers of the bank. More conveninent for them, cuts way down on our overhead, and helps save the planet.
Bonus season is looking pretty spectacular this year.
THX 1138...
A little simple math here...
Golds downside is about 50% ... as in it might drop
to say $750... maybe.
Its upside is about 700%... as in it could easily punch
thru say $7,000...
Guess what NIRP does for you...
Barter is better than this crap.
Ireland's problems in a nutshell...
Entrenched political corruption..(obviously)
Unions...
Presstitutes...led by state broadcaster RTE....
Fully politicised justice system..
Peter Suterland...
The EU..
A police force that would make the cops in The Wire look like good guys...
NAMA....and the banks...
And of course the Kingpin...one Mr Denis O'Brien...
Obama was cheered by crowds lining the streets when he visited here...I rest my case....
Breaks my heart so it does...
A Washington vassel state...and an EU serf...
All spot on apart from your reference to unions. This should be public sector unions.....the private ones have been pretty well tamed by now thanks in large part to globalization.
Correct
Compare with Scotland's problem.
Sheep.
Whats da problem?
Heard at a bank here in Germany: We have absolutely nothing to do with money.
I collected two kilograms of small coins over some time. Went to the bank: No, we don't take coins.
Came back with 3000 dollars in cash in my wallet, tried to change that here in Germany: No we don't handle cash.
So Ireland is just catching up.
I will go to the butcher's tomorrow morning asking for a steak. He will probably tell me: We have absolutely nothing to do with meat here.
Stupid fucking Goverment and Those Irish fuckin Wankin asshole bankers.
https://www.youtube.com/watch?v=koY6kXhQDQo
Next year, the Irish "Republic" will put on lavish parades to celebrate 100 years since our liberation from the tyranny of the British...
What a fckn joke...
Freedom me bollix...
the general MSM theme in Ireland is that the recovery is in full swing. Tax returns are good, another property boom is underway...so why is the traditionally biggest bank cutting cutting cutting? Preparing for another crash I'd say. Thing is not even these fuckers know how bad the next one's going to be. But they know it's coming.
Nah, it's not that sophisticated, it's just a cost saving exercise, "Bank" are just following the route set out by "Allied"...
You're giving the fuckwits running the Irish banks far too much credit(lol, no pun intended)...they know that the so called recovery is a farce...but they have no fckn clue what's coming..nor do the poor fools taking out mortgages...including my own friends..
But I learned my lesson in 2005...I just keep my mouth shut now..none so blind as those who don't want to see..
that's what I mean though......the Dail-controlled media say one thing, reality says something different. If anyone believes in this "recovery" they are thick as 2 short planks or completely brainwashed. Either way i have little sympathy except for their children.
Now if they had banned cash withdrawals of more than 700 Euros, I might agree with the concern, but this is the same motivation that caused the deployment of ATMs in the first place - cost savings.
Though I think the general motivation is correct in that we have some collapse occurring and banning cash is going to be the big worry.
BoI have changed their mind based on public pressure. But surely they'll be back with some sneaky hald measures to segue it in.
Actually, I think Tyler should take this article down...if Enda sees some of the comments here he'll be scrambling the army to protect the ATM's...
Hahahaha:)
of course
and also no shortage of calls for the central banks to continue their Eternal Printing of QE fiat.a lot of things, the most important thing being
If you you want hyperinflation in your economy, be sure to publish pictures of wheelbarrows full of new bank notes being delivered to the local Goldman Sachs. It worked with the Weimar mark and the Hungarian pengo.
And it would have worked with the gazillions in currencies that the central banks agreed to print this decade. The US with its dollar, the EU with its euro, England with its pound, etc., except for the latest technology, might be seen today pushing around a 21st century model of a wheelbarrow full of scratch.
When inflation hits an economy and the citizens see their neighbors shopping with huge wads of cash, buying today before prices go up tomorrow, mass hysteria takes over.
Whether these distinguished economists have floated "the idea," to make you spend your money before your bank impounds it or to try to prevent the onset of hyperinflation caused by the unlimited printing of fiat by the central banks remains to be seen.Who better than distinguished economists to know that inexhaustible cash is a major cause of hyperinflation and who better than them just to shut up about it lest they encourage mass hysteria.
I omitted one very important thing in my list of Ireland's problems...
Liveline with Joe Duffy...
Only Irish people will know what that is...but they will understand my hatred for that creature....
Which is still exceeded by mine. What a hypocritical turd.
Joe Duffy
a zit on a boil on the ass of a fly on a pile of manure
We are in a time where the previously unthinkable is becoming a daily reality.
Who cares. I haven't used a bank branch in years. It's antiquated system that's still in play because some users refuse to learn how to use a computer or smart phone. Why drive to a bank to deposit a check when I can do it standing at my kitchen counter.
How the fuck do you deposit a cheque while standing at the kitchen counter?
Scans it with a smart phone app.
Wow, that will really give their economy a needed boost!
Oh FFS people, they said theyre restricting teller assisted withdrawls at the windows. Its not a war on cash, its a war on customer service. They just cant be bothered to deal with people; its labor costs they're chasing. If they could stick an ATM behind the counter to handle everything they would.
way to push a meme
Remember we gave these fuckers €22 billion to keep them open!! Serious return on our investment ...
Irish bank, eh? Can't withdraw your own money? Time to leave the bank and head for that pot of gold at the end of the rainbow.
I deal mostly with Community Banks. Completely different business model than the Nationals.
Leprechauns file suit for equal access, film at eleven, faith'n begorrah.
who needs cash in ireland, they have gay marriage now. all is well
This is what a "free market" is supposed to be for. If customers don't like the bank's new policies, they can remove their money and walk around the corner to a different bank. At least, that's the theory. Typically of course all the banks institute similar policies so the customers have no choice but to swallow whatever terms they're offered. Still, if I had money in Bank of Ireland right now, I'd send a strong signal with my FEET.
A ban on cash and negative interest rates will be a big encouragement for the people to bring back a gold standard.
yeah. This kind of bullshit won't quite fly in the US.
Yet.
So sneaking it in via the periphery seems innocuous enough.
WTF. There is no "ban," and the headline is false. That apparently doesn't stop the lunatics from posting the usual drivel.
Fuck 'em in the ass, Cuz
Time to move to a credit union.
The Irish will accept this without complaining. They accept everything without complaining. For instance mass immigration of young men of fighting age they accept without complaining. For instance, cutting 10% of their pensions they accept without complaining. For instance real estate taxes where none existed before they accept without complaining. For instance, getting saddled with bank debts that are per capita the most burdensome in Europe they accept without complaining. For instance, water charges in a country that has the most rainy climate in Europe where it rains all year long and the cisterns are always full they accept without complaining. For instance, gay marriage and abortion in the country which has the strongest Catholic tradition in Europe they accept without complaining. They should all wear t-shirts with tire track marks.