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They're Coming For Your Cash
Submitted by Mark Nestmann via Nestmann.com,
It might sound like a conspiracy theory spun by right-wing crazies. But judging by the increasing desperation of governments to reboot the world economy, it just might happen.
“It” is the recall or confiscation of cash, i.e., dollars, euros, pounds, etc., in physical form. And a key justification that those calling for this radical measure cite is that it reinforces the ability of central banks to impose negative interest rates.
Negative rates mean that lenders literally pay businesses and consumers to borrow money. They also penalize savers for hoarding it. The Danish and Swiss national banks have gone the farthest into negative territory, with interest rates of -0.75%. That means €100,000 in a euro-denominated account in Switzerland would be worth only €99,250 after one year. While these rates apply only to “excess reserves” banks maintain at the central bank, nothing stops banks from requiring depositors to share the pain.
But that’s not enough, according to some economists. Citicorp’s chief economist, a technocrat named Willem Buiter, thinks the US needs much lower interest rates to push the economy out of the doldrums. He thinks negative interest rates around -6% would do the job. But there’s one condition: For his plan to work, he says, the government must abolish cash.
It’s easy to understand why Buiter might not have warm and fuzzy thoughts about cash. After all, if your bank is taking 6% from your savings, $100 in your account would be worth only $94 at the end of one year, $88.36 after two years, and $83.06 after three years. On the other hand, a $100 bill with Ben Franklin’s picture on it would still be worth… well, $100. Buiter understands that as long as cash exists, no one will voluntarily keep their savings in accounts with negative interest rates.
And Buiter isn’t the only one pointing out that outlawing cash could stimulate the economy, especially in a crisis. In a recent article, Michael Pento, president and founder of Pento Portfolio Strategies, observed:
“Strategies such as pushing interest rates into negative territory, outlawing cash, and sending electronic credits directly into private bank accounts may appear more palatable in the midst of market distress.” (emphasis added)
And the Fed seems to be catching on to the prospect of negative interest rates. At the latest meeting of the Fed’s Open Market Committee, at least one member suggested that negative interest rates might be worth considering.
As for abolishing cash altogether, proposals to do so are much further advanced outside the US. Italy and France have banned allcash transactions over €1,000. Spain has banned cash transactions exceeding €2,500. Similar restrictions are in place in Belgium, Bulgaria, Greece, Mexico, Russia, Uruguay, and other countries.
In the US, cash transaction limits don’t yet exist, but de facto limits already are enforced. I’ve received reports from several clients of interrogations by banks if they withdraw more than a few thousand dollars in cash from their accounts. And depositing or withdrawing more than $10,000 in cash from an account requires that banks (as well as other “financial institutions”) file a Currency Transaction Report with the IRS. “Structuring” a single cash transaction into multiple transactions to avoid this requirement is a crime. And if the circumstances surrounding a transaction above $5,000 are “suspicious,” financial institutions must file a Suspicious Activity Report.
Federal, state, and local law enforcement agencies consider cash holdings inherently suspicious. Under the Alice-in-Wonderland legal process of civil forfeiture, they can seize your cash if they believe that it’s somehow connected to a crime. That’s easy, since nearly 100% of cash circulating today contains tiny concentrations of narcotics residues – primarily cocaine. All police need to do is bring in a drug-sniffing dog to inspect the cash. If the dog alerts, police seize the cash. And under civil forfeiture rules, it’s up to you to prove that the cash has a legitimate origin.
If the government decides to restrict cash transactions or outlaw cash altogether, how would they do it? Actually, efforts along this line are already well under way. Many airlines accept only credit or debit cards for inflight purchases. Louisiana forbids cash for some secondhand sales of scrap metal. A proposal in Wisconsin would ban cash payments for treatment at pain clinics.
But for negative interest rates to really take hold, the Fed will need to step in. One proposal is for cash to be recalled in a very short period – as little as 10 days. Anyone turning in more than a relatively low threshold – perhaps as little as $1,000 – would be required to prove that the cash was generated legally and that all taxes on the income had been paid. Otherwise, 30% or more of the cash would be confiscated.
It’s easy to be frightened by these proposals. But if governments think they can force us to accept negative interest rates on our savings by abolishing cash, they need to think again. It’s preposterous to assume that savers will passively accept outright confiscation of their assets via negative interest rates or a ban on cash.
Instead, people will simply revert to other stores of value. The Yapese people who inhabit some of the Caroline Islands in the Pacific Ocean, for instance, once used giant stone disks as money. Some of the disks were as large as 13 feet in diameter.
Other forms of “currency” are more convenient. For instance, at the end of World War II, a cigarette economy developed in occupied Germany. Cash was scarce, so ordinary Germans adapted by exchanging cigarettes for food and other necessities.
Indeed, barter of all kinds flourishes when money is scarce. It will flourish even more if governments make a serious effort to abolish cash. And of course, ending cash will only encourage the growth of digital currencies such as Bitcoin.
Finally, I believe that there will be significant movements of cash into precious metals – especially gold. If you don’t already own some gold in fully allocated form, now would be a good time to consider buying some.
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gold to 973 by Jan
Don't care how many Federal Reserve notes my real money can buy...sounds like owning FRN's might be a liability soon anyway
They are already mostly federal reserve bits anyway (1's and 0's), just like stocks. Who owns a physical stock certificate anymore? Paper money is a tiny percentage of total US currency in "circulation." Anyone who does not own some physical PMs, land, or other tangible assets has a lot of faith not only in 1's and 0's, but in 1's and 0's controlled exclusively by a bunch of bankers.
Ignore the consequences gvt bitches!! I demand it.
It will be a complete shift, not just a ban on cash. A new monetary system such as the E-Dollar.
Digital currency IS the front line in the war against cash.
Like Visa? ;-)
What's in your wallet?
BITCOINS!!
Oh yeah - like a pile of crypto bux is gonna get you anything at the farmers market to eat, etfucking cetera ad nauseum.
Didn't read your comment but we did junk you.
You are a sad little diapered man child living in your Cheetos reinforced basement cave, jerking off on your giant pile of cryptocurrency - nothing.
This is NOT Fantasy island, you are NOT Ricardo Montabalm, and your midget man servant is ready to boot fuck you into the middle of next week.
At least the late, great, legendary Fonestar was an intellectual giant amongst the crypto pimps running that electronic Ponzi scheme.
You, sir, are no Fonestar - you, sir, don't even qualify to tongue out Fonestar's hole
I think outlawing the farmer's market is also part of the idea. Absolutely everything must be under the regulated system.
It's for your safety. /s
Alternate stores of value = Guns & Ammo. Bitchez.
And scotch.
Every time I re-up on an Islay single malt, I also grab a plastic bottle of hooch to stash in the garage for a rainy day. Its cheap, barterable, no one will care if its cheap by then and plastic doesnt break like glass. I diversify, each time buying something different. By now Ive got tequila, gin, scotch, whiskey, vodka and a few others.
I'd rather have glass, the plastic will degrade over time, check to see what type of plastic it is and make sure and store it away from direct sunlight.
Glass might be cumbersome and more susceptible to breakage but it's durability over time, undisturbed, is without question.
There's no way either party will risk alienating the Hispanic population that run a huge underground economy using cash only. They can theaten all they want, but it won't happen if they want the votes. It's political suicide for whoever tries this.
Who cares about how people vote? Don't be that naive. Voting results are easy manipulated electronically. The results are known well before elections!
What of the people don't have smart phones and internet? How would they transact? Sounds racist to me.
They obviously need free Obamaphones. Duh.
*sound of M4 being racked behind your head* Now cough up the digital 1's and 0's or else you heartless fucking racist, or we'll crybully you into a 5x8 "safe space" for the rest of your miserable existence.
Starts this week. Gold closed below 1084 friday. Strong bearish signal. Wait to buy at 925. Then it will go to the moon in the next few years.
Maybe. They will have to push the paper to physical ratio to even more insane levels though. I don't think they will be able to sustain this nonsense for long.
973 what, exactly?
Law666 - " gold to 973 by jan "
Who fucking cares ?
Gold as future buying power, storehouse of value for over 5000 years.
When paper burns, as it always does, gold will still be there, and be worth it's value in trade for other useful commodities.
Your quote if it comes true, just allows some of us to exchange more clownbux for value reality before US fiat tanks forever as a currency.
Can I just make my own then?
Of all the banks I have dealt with in my 60+ years - I trust (like) Citi the least. Just my opinion.
Wells Fargo is appealing that ruling
Lost all my cash in a boating accident...it probably would have floated but was weighed down by the gold I lost too....
Ok - speaking real for a moment - do you ever worry about how you liquidate say gold coins if the need should ever arise ? I don't like paying exchange rates on currency transfers. Selling coins has to be worse - no ?
Watch an old Western movie, even a not very historically accurate one. It really wasn't that long ago in the scheme of things that a silver coin or a quantity of gold was accepted directly by everyone as payment. We are all conditioned by normalcy bias that a FED issued piece of paper is somehow the one and only reasonable way to conduct a transaction.
To give some context, just 75 years ago or so a guy would have looked at you like you are insane if you offered him a small plastic card to pay for something.
I save all my coins. Remember that metal (copper, nickel, etc) IS WORTH SOMETHING - in contrast to paper. You'll need to make change when the revolution comes.
BURMA SHAVE
Actualy a good point. Profits made from selling bullion are taxed as regular income, quite a high rate. For the moment transactions between $1500 and $9999 can be done off the books but I am sure that will end quite soon. In my mind, precious metals are not for bartering in some post apocilyptic world or for spending during a crisis, it is for use as capital once the "big reset" is over
Thank you both for your reples.
I'm not looking to hide/cheat anything from anybody. We live outside the US and I really don't like all these FATCA (and such) papers we need to file each year. The US seems really interested in our bank accounts but would seem to have no interest in our real-estate or other non-bank holdings. I must be missing something - or - they are baiting me.
Bullion profits are taxed as "collectibles" in the US at a flat 28%. A number of times over the years, Ron Paul introduced legislation to give bullion profits capital gains treatment but it never got out of committee.
Gold is a very ductile metal, and can easily be beaten by a hammer into an unrecognizeable nugget.
At the point your government "needs" to take your money directly out of your bank account because they have no clue how to spend it, it brings to mind the old expression "with friends like Uncle Sham.. Who needs enemies?" Why do we need this type of government again? For our benefit? LOL! What a joke.
So let me see if I have this correct - we ditch cash and then let the Hackers become the ritchest.
It’s preposterous to assume that savers will passively accept outright confiscation of their assets via negative interest rates or a ban on cash.
Really? If the loss of the Bill of Rights, habeas corpus and all personal privacy doesn't raise a whimper, then continuing theft by the banks---overt this time--- probably isn't going to bring out the torches and pitchforks either.Lizard Brains:
When brought to a boil,
(At a slow enough rate),
There's no fight or flight,
Until it's too late.
-Ancient Elitist Adage
These things do not affect people in a way that is immediately felt across the entire population. Many people don't even know what habeas corpus is. Mess with their money and there will be immediate revolution.
"Mess with their money and..."
...You must be joking.
I agree I think it will wake the heart of America up finally. There will be hell to pay. What has our government done to justify taking our money when things just keep getting worse? What makes them worthy? Nothing and it could be the straw that broke the camels back.
like I have been saying for the past 2 years... small weight tradable, useable, hideable gold bullion.... 1g 2.5g 5g... private issue
www.teamramgold.com/about-us
I was worried about paying too much for 1/2 oz gold coins vs. 1 oz. - and you are talking grams ??
Grams are what we really need denomination-wise for day-to-day commerce. Premium on them is painful though.
10g is a third of an ounce. Very popular bar size in asia. Even that is $400 at today's prices. So you see the benefit of silver at around 1/7th the price.
If the criminals in Washington think this will be done without dire consequences they are in for a surprise. Let's say they take cash out of our hands and they also make the use of gold and silver illegal then we all can start using the yuan (RMB) for cash use. This will surely make the yuan the world reserve currency.
I have written a comment about this before, all banning cash will do is accelerate dedollarization across the world, including the US itself.
Yep, that's what I see happening too. Problem is which currency to buy?
Euros and GBP are surely out because if/when NIRP and/or banning cash happens in the US, it will happen in Europe too before or after the US.
The Yuan or Sing dollar may be the best bet.
Wait until the barter system gives them coniptions.
Then hang the fuckers.
Who in their right mind would deposit money with a bank that charges negative interest rates? People will just start paying or trading for goods and services with gold, silver, gas, pot, chicks will give blow-jobs, bitcoin, food, booze, tobacco etc. The government must think that people are totally stupid to put up with this shit. The USD, AUD, Euro etc are just fucking paper!
Rebels Rule!
They want to provide incentive for people to spend, spend, spend! They want us buying stocks, homes, iphones, etc. and it will likley work. However, the FED is actually planning on raising rates, not lowering them in the coming announcements. I think they are targeting 75 basis points.
IMO, if significant negative interest rates are imposed, your goal will be to keep your official savings at zero. This will trigger hyperinflation, because hyperinflation occurs when NO ONE wants to hold the currency and is trying as hard as possible to get rid of it.
the correct answer is bitcoin
its going to increase in value by orders of magnitude in a way the world has never seen before
the greatest global wealth transfer in history is already in progress
I don't accept electrons for my produce...neither do any of my acquaintences at the market.
Good luck finding something to eat with your 128GB fuck-stick.
ehm, even your produce consists of electrons....
I think you're missing the point.....
not really
for efficient trading you need efficient and easily exchangeable store of value that is trusted and decentralized (out of the hands of governments full of criminal psychopaths)
easy, cheap and fast to transfer, secure, verify and granulate
predictable, limited in supply (no debtfiat created out of thin air)
not controlled by any central authority
not debt based
and nothing is better suited for this than a technological invention of this century - bitcoin - which is secured by science, math and open consensus, with trust machine blockchain at its center
Are you sure the smartphone/internet-connected-device you're using to conduct bitcoin commerce isn't tracking your location and activity?
you dont need internet or any device at all for paying with bitcoin
you can print a qr code or a key containing specific value on a paper, wood, gold, tattoo it on a chicken skin, etc
(that way you can store a million or billion worth of bitcoin on a single gold coin)
you can even memorize it if you're up to it
Bitcoin fans always seem to leave out a rather important part - durability.
Yes, Bitcoin meets all of the other requirements of an efficient store of value for exchange however it relies totally on an exhaustable energy source. Without electricity, bitcoins don't exist.
thats an outright lie, without internet/electricity/computers it simply means its just less convenient
bitcoin is secured by a complex math, and solving blocks can and has been done by hand on a piece of paper.
Bitcoins are a digital reward for verifiably solving a mathematical problem.
That verification comes from the concensus of an electronic peer to peer network.
Without electricity, that concensus cannot be formed, blocks cannot be verified, and bitcoins cannot be created.
Yes, the blocks can be solved by hand on paper... but you are equating the task of solving a mathematical problem with the reward recieved for performing that task. Can I present a block solved this way and expect to exchange it for goods and services? No, because that solution must be verified by the concensus of the peer to peer network before the bitcoins it will create are actually created.
The block chain without electricity is akin to a newspaper sudoku puzzle - an interesting mathematical quirk to amuse and confound, and nothing more.
So I will continue to express my view that bitcoins rely entirely on electricity for their existence, and you can continue to childishly call people liars due to your own lack of understanding.
the keyword here is peer to peer
in principle exchange of information between nodes doesnt have to be over internet, it doesnt even have to be electronic or electric
its just way faster and convenient among other things
You still don't get it - bitcoins are digital reward for solving mathematical problems.
Exhibit A) The block chain is a mathematical creation. It can exist without electricity. It can be solved by hand on paper.
Exhibit B) Bitcoins are not the block chain, they are a virtual reward for solving a block. Being entirely digital they cannot exist without electricity.
If I solve a block by hand on paper, and post it all around the world to get it printed in newspapers so people can verify that solution, all without electricity, where do the bitcoins come from? From our collective imaginations?
Exhibit C) You are a retard.
Personally, I don't need (nor trust) your 'efficient and easily exchangeable store of value'. I have my own obtained by the sweat of my brow from a fertile ground that has taken years to enrich. It's the fruit, vegetables, honey, eggs, and medicinals that people require to live that is my store of value. I produce necessities...you produce bitcoins. Your e-coin has no value to me. My life goes on as before....and you go hungry. It's really that simple.
Most of my exchange is in trade/bartering for goods I don't cultivate or services I don't perform myself. For example, cheese, pork/beef, and certain labors (electrical, welding, etc...). Frankly, it doesn't get more decentralized than that.
Your e-coin only has as much value as others attach to it (faith). It's that dependence that deters me from accepting your e-coin. To me (and many doing what I do) it's worthless. Your market is limited and you can only hope that producers (of your needs) attach the same value to your electrons as you do. I prefer not to throw the dice....I'll stick to what requires work to produce as a store of value.
Good luck with your bet.
i simply see no point in going back to caves or even climb back on trees
we're human so we evolve, learn, research and increase our knowledge.
technology is here to stay and get more and more advanced no matter how stone age flat-earthers keep denying it
be honest, do you have tools? use electric or electronic devices?
how about clothes? what about tools you use to tend and get your produce.
do you live in a cave, or do you live in a house?
all various degrees of technological progression
sufficiently advanced technology is capable of reproducing everything you gather, fruits, etc. because its just various atomic combinations, energy-matter conversion
we can already create gold, its just not worth it because cost of energy outweighs the value of created gold
technology is here to stay and get more and more advanced no matter how stone age flat-earthers keep denying it
Flat earthers, that is pretty funny. Dear Bitcoin shill, I dont like the idea of bitcoin not because I am anti technology, but simply because I do not trust those who want to sell it to me and otherwise cram it down my throat, it really is just that simple. Your arguments are completely flaccid, and do nothing to further your agenda.
BTW, I live in a cave, but it has wi-fi...
I'm long 1.75 litre bottles of Jamesons.
Will you take one of those for a bushel of beans and tomatoes?
You bet.
Jamesons is a Hell of a lot more palatable than the shine being distributed around these hills....
Until Captain Cheetos gets his orange-stained hands on it from his command post in mom's basement.
That's the whole point of negative interest rates. Force people to take their money out of savings and raise the velocity of money; make them spend it on crappola they don't need.
However, how is someone with half a million in retirement accounts change that into metals or something else that stores value. well? Bad times coming ahead.
Ruthless morons at the helm.
More pessimissim porn.
Whats he selling?
We are not the victims of the world we see, but are the victims of the way we see the world?
When I first read this headline, I thought it was an advertisement for an escort service or porn site.
best comment so far!
I already shot my wad.
Just quite consuming, barter, fuck the govt., fuck the banksters.
If this article had started out with "It might sound like a conspiracy theory spun by left-wing crazies" every comment so far would have said things like: "Yet another example of just how stupid those Libtards can be..."
"Citicorp’s chief economist, a technocrat named Willem Buiter, thinks the US needs much lower interest rates to push the economy out of the doldrums. He >>thinks<<< negative interest rates around -6% would do the job. But there’s one condition: For his plan to work, he says, the government must abolish cash."
Buiter is so wedded to the idea of monetary policy (the same policy that hasn't worked in seven years) being the cure-all, he desires to abolish the very monetary unit he is so in love with? That is the definition of insanity, "I must kill the thing I love.".
"It’s easy to understand why Buiter might not have warm and fuzzy thoughts about cash. After all, if your bank is taking 6% from your savings, $100 in your account would be worth only $94 at the end of one year, $88.36 after two years, and $83.06 after three years. On the other hand, a $100 bill with Ben Franklin’s picture on it would still be worth… well, $100. Buiter understands that as long as cash exists, no one will voluntarily keep their savings in accounts with negative interest rates."
I can't believe the man can walk around safely without a phalanx of bodyguards armed with Uzi's, he's like a legitimized Al Capone. He's openly advocating for not only theft but theft on a grand scale.
I have already been giving 6% of my cash towards silver for the last few months.
Wise move, but be careful there. Gold is much easier to transact when push comes to fuck you.
Willem Buiter is a Dutch fuckface Rotschild Bank of England prick
Negative interest rates mean banks pay lenders to borrow money? Just when I think they can't get any dumber.
Congress would never go for it because hookers would never go for it.
Just in the U.S. alone, the officials would have an impossible task of making everyone turn in their cash - make that FUCKING IMPOSSIBLE - WON'T, CAN'T HAPPEN!
Back to some other money. That's what always happens. In Zimbabwe, when their currency failed, they switched to the US dollar. What would keep US citizens from simply using a foreign currency to trade and pay between themselves?
You don't MAKE everyone turn in their cash. You simply declare it to be non-legal-tender and let them hang on to all they want.
Nobody made people turn in their Confederate dollars or Reichsmarks. They ceased to have any value as a medium of exchange between one day and the next. Afterwards, for those who hang onto such things long enough, they acquire some collectible value-- payable in the new medium of exchange, of course.
I think (i.e. fear) this will actually be a lot easier for them to pull off than we think - remember, an accelerating % of our population is made up of fsa and/or trigger-sensative snowflakes that have zero to negative net worth (much less significant cash and/or pm). selling them on stealing from the "rich" (even though it's not the actual rich that would be the victims) to write off the loans for their mfa(s) in literary deconstruction of gender fluidity is not exactly peddling icecubes in north alaska...
You want part of your investment in a compact format with a very long shelf life, small enough to be exchanged easily, of quality craftsmanship and recognized value across languages and cultures. The day will come, well within our lifetime and personally I think within five years tops, when people will look out wistfully into the middle distance and remember when they could buy as much ammunition as they wanted, over the counter, even through the mail. And wish to God they had.
I have it on good authority that EBT cards are cumulative month to month. What I was told by a small-grocery clerk, is that she had seen balances in excess of $3000 on some EBT cards. This is government handout money, food stamps and cash.
How about a little negative interest on these balances month to month?" Like -100% What the fuck is going on?
What I'd like to know is: Exactly WTF has changed in over 200 years in the US that there is a need to do this? Of course, the "government expert economists" blame the citizens. "They don't spend enough", or they "hoard money", or some other totally BS reason. How did it work for over 200 years, without these friggin' imbeciles and their rules?
It worked until they were ready to establish 100% total tyranny, which they have almost done now in the USSA and their allies.
They killed off Greendot Moneypak earlier this year.
It was an anonymous cash transfer service.
RIP Greendot Moneypak.
About the time they ban cash is the time the people need to kick them out of office? Its like continuing to let a contractor work on your house who you know is destroying it and costing good time and money to do it? Why would you let it continue? 7 years no explanations as to why things arent that great? WTF? I could give you a list of contractors that operate the exact same way? Why do we let the FED continue to operate? Good people have lost money because gold doesnt "fit their plan"? Why not get them out before it gets even worse? Its almost like they are stoking the fire? It only gets worse but yet we sit here and continue to let it happen? WTF? Lets just watch it implode, I guess?
This could be very interesting - No money left in the bank to pay bills, No money for retail, no money for government bribes (political contributions under the table will be a thing of the past. Everyone will be attempting some form of self sufficiency/barter and leaving no trail. No one will desire to give one inch to the bankers/government.
Political contributions are easy. I learned about it while working for a 501(c)4:
The politician of choice sets up a special type of Super PAC that can take a wider variety of donations than the typical PAC. The politician charges his "strategic retreats" in Vegas to the PAC's tab. This is entirely legal and on the public record, but no one is bothering to look.
Well, OK, there are organizations that do this all day, but no one is taking even 5 minutes to read what they are publishing. By posting here on ZH I am guilty of this also... guess I should head back to finishing libertarian.tools
Here's where you can get started:
https://www.opensecrets.org/
Hold on people.
You can't charge negative rates to consumers ever.
The way it can be done is imposing "loan" percentage fees. Above and beyond the normal rate.
Anyone who saves always always always have mortgages or loans - nearly always.
To get negative rates you just need to add a few percentage points to loans - or raise the interest rate like the fed is planning. it doesn't cost them anything to charge interest thus by raising it they get their negative rates.
It's backward right now because so are the rules. Throw in an approval of the yuan to the SDR, lower the value of the USD add a little inflation and viola you have the path away from debt started.
That's a very good point. In fact, if you have a savings account but don't have a mortgage, they could always set you up with a line of credit, then burden you with a liability on your LOC even through you haven't drawn anything out. So at that point the objective would be to shift to cash and gold.
I think one of their main concerns is that such a small percentage of the money supply is represented by paper.
This already happened to my grandparents during the depression of the 30s. Nobody had cash. Barter was everywhere and the .gov panicked because they were losing control. It's not in the history books but it came damn close to a system beyond the control of central bankers.
Maybe this is our chance?
Most articles on this subject leave out an important reason cash must go. All socialists governments want to shut down what they consider "black markets" that eliminate their ability to tax and monitor. Black Market transactions for cash that bother the feds are firearms sales between individuals, unreported cash produce sales (food, lumber, metals,...), illegal drug sales and untaxed services paid for with cash (repairs, prostitution, etc..) to name a few. These untaxed cash transactions can be 20% to 40% of unreported GDP.
And up to 100% of CIA black ops. Without cash, or an easily available and accepted form of untraceable trade then a massive part of what keeps TPTB in power would not be possible - drugs, corruption, and blackmail to name a few.
It would be so much cheaper to hang them all.
There is no shortage of ideas in the world to oppose these people, they are not listening and they are taking our civilization down. We really should consider stopping them soon, as they have not listend. Do you hear, they have not listened?
This says they cannot win the game of oppression:
https://thinkpatriot.wordpress.com/2015/01/08/operation-afghanistan-1000...
https://thinkpatriot.wordpress.com/2015/06/27/american-gestapo-agency-he...
These are ideas in the escallation of opposition, our ingenuity against theirs. Hurry guys, 9/11 was a big roll of the dice, the people who did that are unhinged. They must realize the coverup has failed and political consequences are happening. Big false flags will follow.
https://thinkpatriot.wordpress.com/patriot-games/
Israeli-US neocons are the enemy of civilization. They are the ones causing the most problems in the world, add in the Saudis and other Gulf states.
They steal elections. They ignore voters. They ignore the petitions Obama said he would deal with. They make opposition leaders like Jesse Ventura non-persons, he is never mentioned in MSM.
They run continuous psyops campaigns against us here in our global gossip space, trying to convince us we don't know what we know, and don't believe what we believe nor suspect what we suspect.
https://thinkpatriot.wordpress.com/2015/10/20/lebowski-enlightenment-7/
We are beginning to understand how much of our knowledge and judgement is in their control, how many of the events driving history are arranged. They lie because those are not to the benefit of those in the 99%.
Way past time to get excited.
Arm your neighbors for world peace.
https://thinkpatriot.wordpress.com/2015/11/15/for-world-peace-arm-your-n...
Odious debt.
$25 in US one dollar coins takes up about 3 cubic inches.
$250,000 in one dollar coins takes up about 30,000 cubic inches, or around 18 cubic feet. So a 3x3x2 foot stack of nicely rolled dollar coins is a quarter-million dollars.
Unlike FRNs, coins are minted directly by the Treasury, and cannot be "recalled". They last hundreds of years, and it would take a Constitutional Amendment to "outlaw" coinage.
You could do the same thing with quarters, dimes, nickels, if you had the space. $50k in mixed coinage would fit in an inconspicuous steel drum in the back of a garage. Fill the top 6" with scrap metal or non-organic garbage and it will sit there undisturbed for years.
Good idea but no winner. There are clear laws against hoarding coins/bills. Otherwise it would be easy for a billionaire to request all his money in $1 bills just to fill a warehouse for fun. It creates a shortage for everyone else. Govt could easily claim anyone with more than 5k in coins is "hoarding" and force you to redeem - meaning you cannot pay for stuff either if you refuse.
It would take an act of Congress to repeal the Dollar - look on the bill - Legal tender for all debts, public and private. It is illegal to "not" accept cash, with a few exceptions. They will be hard pressed to tell citizens they cannot use cash at all. The 20 something idiots will scream yipee because they live on their i-phone.
What is to keep them from going -50%, -80%? The only thing would be a challenge to the Fed ability to do that as an illegal tax. Sup Ct takes years and years to get around IF you can get them to agree to standing/case or controversy and not ditch the case outright. Meanwhile your 500k is now 100k at -20%. Not sure how anyone could finance a suit - even with millions of dollars it comes 50-100% more because of the neg rates. A 500k retainer does not just sit in the law firm office - its at JPM, Chase etc in a segregated account - subject to neg interest rates.
how to enforce negative interest rates:
1) force all wages to be paid to the bank accounts
2) tax cash withdrawals from the bank accounts
3) introduce negative interest rates on savings
My insurance company wouldn't accept cash at the doctors' office so they said they'd bill me because I wouldn't pay them by credit card. When I got the bill in the mail, I sent cash. HAHAHA! Good fun.