War On Cash Intensifies: Citibank To Stop Accepting Cash At Some Branches

Tyler Durden's picture

Submitted by Simon Black via SovereignMan.com,

Less than a week after India’s surprise move to scrap its highest denomination cash notes, another front in the War on Cash has intensified down under in Australia.

Yesterday, banking giant UBS proposed that eliminating Australia’s $100 and $50 bills would be “good for the economy and good for the banks.”

(How convenient that a bank would propose something that’s good for banks!)

This isn’t the first time that the financial establishment has pushed for a cashless society in Australia (or anywhere else).

In September 2015, Australian bank Westpac published its “Cash Free Report”, suggesting that the country would become cashless by 2022.

In July 2016, Australian payments firm Tyro published an enormously self-serving blog post touting the benefits of a cashless society and saying, “it’s only a matter of time.”

Most notably, two days ago, Citibank (yes, THAT Citibank) announced that it was going cashless at some of its Australian branches.

The media and political establishments have chimed in as well.

In February of this year, the Sydney Morning Herald released a series of articles, some of which were written by officials from Australia’s Department of the Treasury, suggesting that eliminating cash will “save billions”, and that “moving to a cashless society is the next step for the Australian dollar”.

This is how it works.

The government, media, banks, and even academia have formed a single, unified chorus to push this idea out to consumers that “cashless” is good for everyone.

And it’s happening across the planet, from Australia to India to Europe to North America.

They’re partially right.

Going cashless probably will save a lot of money; paper currency is costly to transport in large quantities due to the need for security.

It’s also accurate to suggest that going cashless will be “good for the banks.”

As UBS pointed out yesterday, “de-monetizing” Australia’s $50 and $100 bills would force anyone holding those notes to deposit them back in the banking system.

Bank deposits would rise as a result, and consequently, so would bank profits.

Governments would benefit from a cashless society because all savings would be in the banking system, and they have full regulatory control over the banks.

This means that your politicians would have more control over your savings and fewer obstacles to impose capital controls or engage in Civil Asset Forfeiture.

Even policy wonk academics would have a rare opportunity to take their lousy theories and PhD dissertations for a test drive.

Everyone benefits from a cashless society… except for you.

For individuals, cash still has plenty of important advantages.

Cash is one of the few remaining options for financial privacy that doesn’t create a permanent record of every purchase or transaction you make.

It’s also an easy way to reduce your exposure to risks in the broader financial system.

Think about it– the banking system is full of institutions that never miss an opportunity to demonstrate they cannot be trusted with our money.

Hardly a month goes by without some major banking scandal; they’re caught colluding on exchange rates, manipulating interest rates, fraudulently establishing fake accounts without customer consent (and then charging us fees on top of that).

It’s disgraceful.

In addition, bank safety is far from certain.

In many banking systems across the world (especially in Europe right now), banks have precariously low levels of capital and are already suffering the effects of negative interest rates.

Even in the United States, banks routinely employ very clever accounting tricks to conceal their true financial condition.

There’s also the fact that, the moment you make a deposit at a bank, it’s no longer your money. It becomes the bank’s money.

And they can do with it as they please, whether it’s freezing you out of your account or making idiotic investments with minimal reserve requirements.

You have no say in the matter.

As a bank depositor, you’re nothing more than an unsecured creditor of a financial institution which may or may not allow you to withdraw your own savings.

If you don’t believe me, take a trip down to your bank and ask to withdraw $25,000. See how quickly they treat you like a criminal terrorist.

Bottom line, conventional banking is not risk-free. And holding cash is one way to reduce that risk.

Cash essentially eliminates the middleman between you and your savings… at least, the portion of your savings that can be easily exchanged for goods and services in the economy.

Cash is a pitiful store of value over the long-term. Precious metals and other real assets are much better alternatives.

But we still can’t walk into Starbucks and pay for a cup of coffee with a quarter-ounce silver coin.

So until that day comes, cash remains an asset that you’ll want to hold.

Just make sure you don’t go overboard. The War on Cash is very real. So if you have more than a couple of months worth of living expenses, you’re taking on unnecessary risk.

Also, keep the denominations low.

As the case with India shows (see the photo), governments have no compunction about violating the public trust with immediate effect and without warning.

So if you’re in the US, don’t keep a mountain of $100 bills in your safe. Keep 10s, 20s, and 50s.

If you’re in Europe, definitely avoid the 500 and 200 euro notes, opt for 20s and 50s.

 

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Boris Alatovkrap's picture

Personal liberty is inseperable tie to economic freedom. Control capital and you are control poplution. Period. Story of benefit to economy is pure excremental lie.

J S Bach's picture

Fine.  Just boycott CitiBank.  Take your fiat dollars out and put them somewhere else.  Let them die on the vine.  That's the only power we have right now, folks.

Mr. Universe's picture

The other advantage not mentioned is that in a cashless society not only is every transaction recorded, but it can also be regulated, taxed and of course a service fee applies. A fee to use your own money, everytime.

NidStyles's picture

It also allows them to monitor spending habits, build a model of your pesonality based on spending habits. Restrict you from purchasing outside of (((their))) system which means you can no longer consume opinions or material from sources (((they))) don't approve of. Almost all of the Alt-Right elements have been banned or restricted from the numerous (((owned))) monetary transfer companies.One has even been banned from major credit card processing.

 

 

A cashless society will lead to one of two things.

 

1) White genocide completely, as this is the current agenda being pushed by the (((banking class))).

 

2) World War, because the alternative is number 1.

 

Make no mistake folks, the kikes intend on starting a war. They actually believe that enslaving all of humanity will bring them their messiah.

Countrybunkererd's picture

from the article "They’re partially right.

Going cashless probably will save a lot of money; paper currency is costly to transport in large quantities due to the need for security."

...

FUCK YOU!!!!!!!!!!!!!!!

NidStyles's picture

Those costs would disappear if they'd stop inflating the shit out of it, and let the economy catch up again, so everyone isn't constantly playing catch up. Can't have that goyim, we have a genocide to commit.

Akzed's picture

How does one catch up? Even without inflation, it's borrowed at interest after it'is farted into existence out of the Fed's arse.

Countrybunkererd's picture

the age old arguement... AU and AG backed with PB.

RaceToTheBottom's picture

Whew, I don't normally wear a shirt, but when I do, I make sure it is made of gold.

Of course I stay away from Indian thugs....

Notveryamused's picture

Time for Trump to issue a new $1000 bill.

UmbilicalMosqueSweeper's picture

Time to dump the Fed and the parasitic central banking system, then break up the banking monopolies and limit their mafia usury rates.

Bastiat's picture

"THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE."

I read that somewhere . . . .

DollarMenu's picture

Yes, and they used to say "Payable to the bearer in silver on demand".

Much easier to alter history once things become digital.

Countrybunkererd's picture

it is legal if it is "deemed" legal... FYI.  for the rest, well i said my piece today and don't need more "confessional time" if i were to spend it there.

Help Is Not Coming's picture

Yes and at the end of the day it is still a "NOTE" which is a promise to pay.

The best thing to do is to go into a Citibank branch with a $20 bill and tell them that you want to redeem your $20 Federal Reserve Note for lawful money. When they ask if you have an account with them you can tell that that they are legally required to convert your note to lawful money pursuant to 12 USC 411 since they are a member bank of the Federal Reserve.

You might have to have a frank discussion with the branch manager and it might take some time but you should be able to leave the branch with $20 in coins.

floomby's picture

Pennies dated prior to 1983 will be copper. And the nickels before some date I can't remember are like 35% silver. And some of the other nickel have actual nickel in them. And of course there are the silver eagles. All these coins are worth more than face value right now.

Countrybunkererd's picture

i can tell that you know the "FU" wasn't for you..

but yes, you have a very clear, crystal clear, vision of our future... beware.

new game's picture

so the banker will know whether we like it well lubed or dry when we all bend over to use their captive services.

can't wait to hear what our reps thinks. jamie for cashless treasuies sec. oh yea good move...

nothing changes cept the lie...

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) NidStyles Nov 16, 2016 4:04 PM

Cash needs to die so the wimps can't hide anymore.

You either stand for Gold, Silver, Bitcoin in the streets, in the real world or you do not.

NidStyles's picture

You first tough guy. Let me know when you get in your first street fight against five angry steroid abusing jews, or a pack of feral dindu's.

Then you can run your mouth.

 

Countrybunkererd's picture

maybe they just woke to the real nightmare... you know, the one we ALL face.

Dancing Disraeli's picture

A Jew (or even 5) is not going to fight you that way.  Packs of feral dindus, however...

NidStyles's picture

You're right, that's what happens after you spot the first one and go after him first. Then they try to gang up on you.

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) NidStyles Nov 16, 2016 4:43 PM

I don't intend to be bartering or engaging in any commerce with those people with any medium of exchange.

cheech_wizard's picture

If I have to do that, then I've already lost.

gatorengineer's picture

3) Ability to Tax everything

4) Ability to confiscate electronic Fiat

Tide may become the new currency

balolalo's picture

WHAT IS TRUMP'S CASH POLICY???

what happens if he doesn't protect it? 

what will the tylers do?  what will you do?

GoinFawr's picture

shhhhhh! You wake one up and he'll start trumppetting, which will wake all the others and then there will be a cacophony of phony caca; just let them enjoy their pipedream for awhile longer, it's only fair.

hawaiian waverider's picture

And.. the kicker- measure what you spend and consume vs. what you declare for income and those with unexplainable large difference.. rut roh.  

BrownCoat's picture

@NidStyles

A cashless society will lead to one of two things...

Up side: it is good you are vigilant on preventing war.
Down side: dwelling on the negative too much will warp your perspective. 


Kaiser Sousa's picture

"Some people express the concern that governments will prohibit the ownership of precious metals, particularly gold, when things unhinge. We would respond by saying that if it ever comes to that, you will know, for a fact, it is game over. By issuing such an order, the Deep State would make it absolutely categorical that they intend to impoverish and enslave you. While many people might surrender to that kind of totalitarianism, hundreds of millions to billions of people worldwide will not."

http://investmentresearchdynamics.com/guest-post-human-derivatives-and-g...

Countrybunkererd's picture

<<< I WILL NOT!!!!!!!!!!!!!!!!

 

 

...

there IS NO OTHER CHOICE.

scoutshonor's picture

Should they ban the ownership of gold that would really mess up this sweet little operation in my garage reloading range ammo.

I'm tellin ya thar's gold in them hills.

hxc's picture

Sadly had to downvote you... too many people are too fucking stupid to even know why people hold precious metals. Some dumb cunt i stopped fucking both (same night) didn't understand A) why she shouldn't buy a house in this market and B) why people buy and hold metals.

Dwain Dibley's picture

 

 

You really don't realize just how truly funny this is.

TRANSACTIONS IN AUSTRALIAN CURRENCY

Every sale, transaction or dealing relating to money, or involving the payment of, or a liability to pay, money in Australia is to be done in Australian currency unless it is done, or the parties to the sale, transaction or dealing agree that it will be done, in the currency of another country.

However although transactions are to be in Australian currency unless otherwise agreed or specified, and Australian currency has legal tender status, Australian banknotes and coins do not necessarily have to be used in transactions and refusal to accept payment in legal tender banknotes and coins is not unlawful.

COMMERCIAL TERMS

It appears that a provider of goods or services is at liberty to set the commercial terms upon which payment will take place before the ‘contract’ for supply of the goods or services is entered into. For example, some vending machines, parking meters and road toll collection points indicate by signs that they will not accept low denomination coins. Some road toll collection points indicate that they will not accept any cash at all. If a provider of goods or services specifies other means of payment prior to the contract, then there is usually no obligation for legal tender to be accepted as payment.

However, refusal to accept legal tender in payment of an existing debt, where no other means of payment/settlement has been specified in advance, conceivably could have consequences in legal proceedings; for example, the creditor may be unable to enforce payment in any other form.

 

You see, those 'electronic dollars' you think you're using, is not your nation's legal tender, it's not money, it is bank generated, debt based, PRIVATE CREDIT, denominated in your nation's legal tender money.

MONEY

the Frog

Jeffersonian Liberal's picture

As I just posted here:

http://www.zerohedge.com/news/2016-11-16/stunning-scenes-panic-gold-pric...

 

They switched from coin to paper/linen in the past because paper was so much more convenient (lighter, takes up less room, can be folded).

Their goal here (and the goal of other nations banning higher denominations) is to force -- eventually -- people to carry their cash in 1's and 5's.

The idea is that people will get so fed up have having huge wads of smaller bills that they'll demand that their governments "offer" the alternative of digital currency.

The governments will be happy to oblige, since that is their ultimate objective.

Once it is available as an alternative, they'll phase out non-digital currencies completely.

Then they'll be able to monitor your every transaction and shut down all of your buying/selling activities should they deem you not to be "in compliance" with whatever they dictate.

Hitlery_4_Dictator's picture

NWO order is in warp drive now that it's all unraveling....trying to do as much damage before Trump gets in.  Screw you stiffs.  

Something quite “HUGE” just happened!
And it’s not just the paradigm-shattering election of Donald Trump
http://themillenniumreport.com/2016/11/something-quite-huge-just-happened/

this from the website " The State of The Nation"....President Elect Trump Uses Beforeitsnews to Help Win Election (Video)
http://stateofthenation2012.com/?p=56619

 

South Park clips from recent episode: https://www.youtube.com/watch?v=wh3FCjeynuY

 

https://www.youtube.com/watch?time_continue=20&v=E1y1Tj_DVJM

Countrybunkererd's picture

if that is what they want... bring the bloodbath.  See you on the other side.

UnschooledAustrianEconomist's picture

I don't think it's Trump that sent NWO on warp drive. I think it's the soon-to-come "peak credit" that made it necessary to change gears from "silent" to "warp".

Hitlery_4_Dictator's picture

People are waking up by the millions due to Trump and the alt right.  Pretty sure it has something to do with it. I'm sure peak credit and peak debt is also causing major issues. The conflagration of both is epic. 

Akzed's picture

B4IN also runs a FB alternative - seen.life. There's no .com or anything, just put seen.life in your browser. It's a lot of alarmism and name calling, so you'd all love it.

Dancing Disraeli's picture

I dunno.  Do they have chart porn?

Caught_Fish's picture

Already being implimented in Australia, first trials in majority aboriginal populations with the usual drugs, gambling and alchol abuse issues being put forward as the driving factor. Cards only work at approved vendors, for approved items. No buying cheap at a local garage sale or paying your mechanic son cash after he repairs your car.

Suggested implimentation across majority of pension payments except age pension.

https://www.humanservices.gov.au/customer/enablers/cashless-debit-card

https://www.dss.gov.au/families-and-children/programmes-services/welfare...

floomby's picture

People are going to switch to bartering. I saw a ted talk where some lady and her son (he was like 12 or something) lived for a year without money with the one exception of paying for health insurance. So removing money will drive people back to bartering if it comes down to that.

skitalo's picture
we are NEVER going to bring down the Big State while it is controlled by the Central PRIVATE Banks! It targets people, confiscates and persecutes, while benefiting selected minorities. A PUBLIC LEDGER money like Bitcoin, which THEY can track and TAX / persecute / confiscate WILL NOT HELP TOO. The only way to destroy the Big State is through a PRIVATE and UNTRACEABLE form of MONEY, which they CANNOT TAX / TRACE.

READ ABOUT MONERO - visit http://monero.reddit.com .

Bitcoin and all its clones are NOT anonymous: (http://www.bitcoinisnotanonymous.com/).

Anonymous Web Cash may be the only thing that could save free society and stop the redistribution of tax-stollen money to favoured minorities and friendly oligarchs. Just so you know the BEST PERFORMING HEDGE FUND EVER IS INTERESTED IN MONERO - LINK: https://www.reddit.com//r/Monero/comments/4u911u/exante_we_are_also_inte... - and calls it "more valuable when compared to bitcoin. " Still at <$7.

Bloomberg has recently published an article recognising Monero as the next evolutionary step after Bitcoin and defining it as more valuable: https://www.bloomberg.com/gadfly/articles/2016-11-03/bitcoin-s-at-it-aga...

Most old Bitcoiners have already migrated / hedged their bets with Monero.
OpTwoMistic's picture

FU Citi, one of the reasons for credit unions.  We do not need you or your ilk.

Remember bit coin.