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Thread: The ban on cash is coming. Soon.

  1. #1
    Unobtanium mick silver's Avatar
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    The ban on cash is coming. Soon.

    The ban on cash is coming. Soon.
    By Simon Black - February 17, 2016




    This is starting to become very concerning.
    The momentum to “ban cash”, and in particular high denomination notes like the 500 euro and $100 bills, is seriously picking up steam.
    On Monday the European Central Bank President emphatically disclosed that he is strongly considering phasing out the 500 euro note.
    Yesterday, former US Treasury Secretary Larry Summers published an op-ed in the Washington Post about getting rid of the $100 bill.
    Prominent economists and banks have joined the refrain and called for an end to cash in recent months.
    The reasoning is almost always the same: cash is something that only criminals, terrorists, and tax cheats use.
    In his op-ed, Summers refers to a new Harvard research paper entitled: “Making it Harder for the Bad Guys: The Case for Eliminating High Denomination Notes”.
    That title pretty much sums up the conventional thinking. And the paper goes on to propose abolishing, among others, 500 euro and $100 bills.
    The authors claim that “without being able to use high denomination notes, those engaged in illicit activities – the ‘bad guys’ of our title – would face higher costs and greater risks of detection. Eliminating high denomination notes would disrupt their ‘business models’.”
    Personally I find this comical.
    I can just imagine a bunch of bureaucrats and policy wonks sitting in a room pretending to know anything about criminal activity.
    It’s total nonsense. As long as there has been human civilization there has been crime. Crime pre-dates cash. And it will exist long after they attempt to ban it.
    Perhaps even more hilarious is that many of these bankrupt governments have become so desperate for economic growth that they now count illegal drug activity and prostitution in their GDP calculations, both of which are typically transacted in cash.
    So, ironically, by banning cash these governments will end up reducing their own GDP figures.
    What’s really behind this? Why is there such a big movement to ban something that is used for felonious purposes by just a fraction of a percent of the population?
    Cash, it turns out, is the Achilles’ Heel of the financial system.
    Central banks around the world have kept interest rates at near-zero levels for nearly eight years now.
    And despite having created massive bubbles and enabled extraordinary amounts of debt, their policies aren’t working.
    Especially in Europe, the hope of stoking economic growth (and even the sickening goal of inflation) has failed.
    So naturally, since what they’ve been trying hasn’t worked, their response is to continue trying the same thing… and more of it.
    Interest rates across the European continent are now negative.
    Japanese interest rates are now negative.
    And even in the United States, the Federal Reserve has acknowledged that negative interest rates are being considered.
    They have no other choice; raising rates will bankrupt the governments they support and derail any fledgling economic growth.
    Look at how low interest rates are in the US-- and yet 4th quarter GDP practically ground to a halt. They simply cannot afford to raise rates.
    As global economic weakness continues to play out, central banks will have no other option but to take interest rates even further into negative territory.
    That said, negative interest rates will be the destruction of the financial system.
    Because sooner or later, if banks have to pay negative wholesale interest rates to each other and to the central bank, then eventually they’ll have to pass those negative rates on to their customers.
    Many banks have already started doing this, especially on larger depositors.
    We’ve seen this in Europe where some banks charge their customers negative interest to save money, and in some extraordinary circumstances, pay other customers to borrow money.
    It’s total madness.
    There’s a certain point, however, when interest rates become so negative that no rational person would hold money in the banking system.
    Eventually people will realize that they’re better off withdrawing their money and holding physical cash.
    Sure, cash doesn’t pay any interest. But it doesn’t cost any either.
    If you have a $200,000 in your savings account at negative 1%, you’d have to pay the bank $2,000 each year.
    Clearly it would make more sense to buy a safe and hold most of that money in cash.
    Problem is, the banks don’t have the money.
    For starters, there’s literally not enough cash in the entire financial system to pay out more than a fraction of all bank deposits.
    More importantly, banks (especially in the US and Europe) are extremely illiquid.
    They invest the vast majority of your deposit in illiquid loans or securities of dubious long-term value, whatever the latest stupid investment fad happens to be.
    And many banks have been engaging in a substantial balance sheet shift, rotating bonds from what’s called “Available for Sale” to “Hold to Maturity”.
    This is an accounting trick used to hide losses in their bond portfolios. But it also means they have less liquidity available to support bank customer withdrawal requests.
    The natural side effect of negative interest rates is pushing people to hold money outside of the banking system.
    Yet it’s clear that a surge of withdrawal requests would bring down that system.
    Banks don’t want that to happen. Governments don’t want that to happen.
    But since central banks have no other choice than to continue imposing negative interest rates, the only logical option is to ban cash and force consumers to hold their money within the banking system.
    Make no mistake, this is absolutely a form of capital controls. And it’s coming soon to a banking system near you.
    Conclusion: Clearly a trend with this much momentum requires some deliberate and measured action if you don’t want your savings trapped.
    We’ll discuss this in our upcoming webinar.
    I hate to belabor the point, but it should be obvious that these things are happening, quickly, and I can promise that you’ll get a ton of great information and solutions with the small investment of your time.
    Sign up here to attend for free.

    - See more at: http://www.thedailybell.com/news-ana....4C4IKA5Y.dpuf
    “Now remember, when things look bad and it looks like you’re not gonna make it, then you gotta get mean, mad-dog mean. ‘Cause if you lose your head and you give up then you neither live nor win. That’s just the way it is.” ~ Outlaw Josey Wales…

    STOP F*CKING WITH US.

  2. #2
    Unobtanium
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    Re: The ban on cash is coming. Soon.

    Paper fiat is made by the Fed........coins by the government......., what can you do with a piece of paper? and what can you do with a coin? LOT OF THINGS....save all your coins. The more that I learn, the better that I can get ready.

    V
    "If you don't hold it, you don't own it"... Ponce

    "I'll never stop learning because I'll never stop reading"... Ponce

  3. #3
    Great Value Carrots StreetsOfGold's Avatar
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    Re: The ban on cash is coming. Soon.

    This has been KNOWN by us Bible believers for centuries, but it's always good when the "world" wakes up (a little) to Bible TRUTH!!

    Revelation 13:16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:
    Revelation 13:17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
    Murder was the Catholic answer - Pope Francis

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    Unobtanium Shami-Amourae's Avatar
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    Re: The ban on cash is coming. Soon.

    A lot of you Bitcoin naysayers will come to love Bitcoin once cash is outlawed.

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    Iridium
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    Re: The ban on cash is coming. Soon.

    Quote Originally Posted by Shami-Amourae View Post
    A lot of you Bitcoin naysayers will come to love Bitcoin once cash is outlawed.
    Not sold on that yet...it's still all digital currency to me subject to powers and events out of my control

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    mick silver (18th February 2016),Ponce (18th February 2016),Sparky (18th February 2016)

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    Unobtanium
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    Re: The ban on cash is coming. Soon.

    Quote Originally Posted by Joshua01 View Post
    Not sold on that yet...it's still all digital currency to me subject to powers and events out of my control
    Not only to the power but also to power itself..... when the power goes out? what will you use?.....bye bye bitcoins...hello coins, remember......there are no longer paper fiat...and you are right Joshua for, "If you don't hold it, you don't own it"
    "If you don't hold it, you don't own it"... Ponce

    "I'll never stop learning because I'll never stop reading"... Ponce

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    Re: The ban on cash is coming. Soon.

    Ponce you are ill informed and ignorant as the rest. Your coins will not mean shit.
    What's coming is going to erase all of it. Not even gold or silver is allowed as money. The only thing allowed as money is your allegiance to the fake christ who will issue is own currency....all else is forbidden.
    This is why the "ant" is Gods favorite insect because they store up what they need to for bad times....and there is a terrible time coming on the horizon....a storm!
    You wont be allowed to buy or sell unless you take up the mark of the beast. And that is believing (on your forehead) he is the messiah and doing his works (on your hand).....which is taking allegiance.

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    Iridium
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    Re: The ban on cash is coming. Soon.

    Quote Originally Posted by 7th trump View Post
    Ponce you are ill informed and ignorant as the rest. Your coins will not mean shit.
    What's coming is going to erase all of it. Not even gold or silver is allowed as money. The only thing allowed as money is your allegiance to the fake christ who will issue is own currency....all else is forbidden.
    This is why the "ant" is Gods favorite insect because they store up what they need to for bad times....and there is a terrible time coming on the horizon....a storm!
    You wont be allowed to buy or sell unless you take up the mark of the beast. And that is believing (on your forehead) he is the messiah and doing his works (on your hand).....which is taking allegiance.
    You see, this is an example of how religious nonsense can cloud the judgement of an otherwise intelligent person. Like any other time in history people will have choices as we go forward into this mess. To simply assume you'll make one choice or another based on religious fables will only serve to limit those choices. What people should be doing is preparing in the best way they can and silver, gold, food, weapons, ammo, water and bourbon/beer/Doritos are the staples you'll need to hoard in advance of the meltdown. You won't need that bible/koran...unless you can use it for kindling for your evening fire

  13. #9
    Unobtanium
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    Re: The ban on cash is coming. Soon.

    Here's what Armstrong says...

    Larry Summers, the father of NEGATIVE INTEREST RATES, is so against a free society and looks upon us as dumb cattle to be herded and corralled for his pleasure. His ideas are just beyond belief. Now Mr. Pro-Government-Anti-Democracy is advocating killing the $100 bill. He is moving to electronic money so that government can get all the taxes it ever dreamed of. We are rapidly being converted from milk cows to just beef cows. This is creating a completely totalitarian future. With people like this who never had a real job but knows how to dictate to the world, our future looks very bleak.

    Summers actually reveals this is really about taxes by arguing that the U.S. government should stop issuing new $100 bills and recall the old ones out of circulation. Keep in mind the government will comply because this is the balloon he is floating at their direction and the press cheers our demise. There is nobody in the press willing to call him out. They prefer to lick the ground he walks on. They give him air-time because that is their role......

    Thank you Mr. Summers for your persistent dedication to eliminating our freedom and converting the world into a giant totalitarian state, despite admitting the government is incapable of forecasting the business cycle. That means that they are too blind to even comprehend the consequences of their actions today......

    TIP: Swap your $100 notes in the sock-drawer for $20s. We went from $10,000 to $100 without terrorists or money laundering laws (which now means hiding money from government). Summers will take us down to $1 at best and he wants that gone as well. This guy should be in prison for what he has done to society. He was the cheerleader to get rid of Glass Steagall under the Clintons.....

    Summers is in the top 10 people who have created the destruction of all our rights and the world economy. The press treat him as royalty. In my book, he is in the class of Adolf Hitler within the Financial arena. Hitler actually began terminating the handicapped because they were a burden to the state. They happened to be veterans from WWI. This is the same attitude of Summers. Eliminate all our rights for his efficient mind to be at peace. What happens when he controls everything, and government is still unable to survive? He will be first among the elite to advocate sending in troops to hunt anyone who dissents from his will. Yes I am being harsh. But this guy has ZERO respect for that cattle he sees out his window any more than Germany terminating veterans because it was a burden to take care of them. Our society which he cannot figure out how it works because he admits it is too “complex” for his mind, never prevents him from trying to manipulate us to his desire. He seems more like a two-year old who get mad they cannot play with a toy and do not like to share. If the economy is too complex to forecast, it is too complex for his manipulation games.

    https://www.armstrongeconomics.com/w...itarian-state/

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    Unobtanium Shami-Amourae's Avatar
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    Re: The ban on cash is coming. Soon.

    Quote Originally Posted by ximmy View Post
    In my book, he is in the class of Adolf Hitler within the Financial arena. Hitler actually began terminating the handicapped because they were a burden to the state. They happened to be veterans from WWI. This is the same attitude of Summers. Eliminate all our rights for his efficient mind to be at peace. What happens when he controls everything, and government is still unable to survive?
    Summers sounds like a Saint suddenly.

    http://s11.postimg.org/7pexfxytf/origina333l.jpg

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