Posted: 10/30/2015 2:36:45 PM EDT
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Current efforts are another form of the banning of gold by Roosevelt in 1933 but perhaps even more insidious. Sweeden https://mises.org/blog/sweden-cash-becoming-radioactive UK http://www.telegraph.co.uk/finance/personalfinance/comment/11602399/Ban-cash-end-boom-and-bust.html http://www.economist.com/blogs/buttonwood/2015/09/economics-and-monetary-policy US http://www.wsj.com/articles/big-banks-to-americas-companies-we-dont-want-your-cash-1445161083 US in 1933 / Executive order 6102: https://en.wikipedia.org/wiki/Executive_Order_6102 Cash is a PITA for banks. They have to store it, count it, insure it and provide security for its transport. While a side effect of digital banking may be more traceable transactions, It is not a vast conspiracy by banks and the gov. to pry into your financial life. |
| It's not about physical cash vs digital. Banks are not making much money right now on any deposits because of the current interest rate invironment and the yield curve. Plus they have to hold a certain amount of equity to secure against withdrawals which ends up costing them. Banks are really hoping that the fed raised interest rates soon. |
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Cash is a PITA for banks. They have to store it, count it, insure it and provide security for its transport. While a side effect of digital banking may be more traceable transactions, It is not a vast conspiracy by banks and the gov. to pry into your financial life. Quoted:
Quoted:
Current efforts are another form of the banning of gold by Roosevelt in 1933 but perhaps even more insidious. Sweeden https://mises.org/blog/sweden-cash-becoming-radioactive UK http://www.telegraph.co.uk/finance/personalfinance/comment/11602399/Ban-cash-end-boom-and-bust.html http://www.economist.com/blogs/buttonwood/2015/09/economics-and-monetary-policy US http://www.wsj.com/articles/big-banks-to-americas-companies-we-dont-want-your-cash-1445161083 US in 1933 / Executive order 6102: https://en.wikipedia.org/wiki/Executive_Order_6102 Cash is a PITA for banks. They have to store it, count it, insure it and provide security for its transport. While a side effect of digital banking may be more traceable transactions, It is not a vast conspiracy by banks and the gov. to pry into your financial life. https://en.m.wikipedia.org/wiki/The_Work_Number |
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The elimination on private currency ownership will be the single greatest event in destroying freedom in this country.
If you eliminate cash, then every single transaction you conduct is recorded, stored, evaluated, shared and eventually scrutinized by government. |
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The elimination on private currency ownership will be the single greatest event in destroying freedom in this country. If you eliminate cash, then every single transaction you conduct is recorded, stored, evaluated, shared and eventually scrutinized by government. Sounds like it would create a massive underground/black market. |
| It's much harder to have a grey/black market without cash. Something like 10% of the US economy is grey market, and thus untaxed and unregulated; some shithole countries are more like 50%. Eliminate cash and force everybody into electronic payments and now the IRS can tax the highschool kid mowing lawns, the plumber doing jobs on the side, the shadetree mechanic, the permanent garage sale guy, even the street corner pharmacist would have to pretend to be providing legit services and pay the man his 40% in order to operate in a currency his customers posses. The opportunities for greater government regulation are also obvious; better have your lawncare license, and your liability insurance, and the EPA will be along shortly to crawl up your butt. Even if we assumed a totally benevolent, constitutional government, the elimination of cash would have expensive and onerous effects on many of us. |
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Quoted:
Cash is a PITA for banks. They have to store it, count it, insure it and provide security for its transport. While a side effect of digital banking may be more traceable transactions, It is not a vast conspiracy by banks and the gov. to pry into your financial life. Quoted:
Quoted:
Current efforts are another form of the banning of gold by Roosevelt in 1933 but perhaps even more insidious. Sweeden https://mises.org/blog/sweden-cash-becoming-radioactive UK http://www.telegraph.co.uk/finance/personalfinance/comment/11602399/Ban-cash-end-boom-and-bust.html http://www.economist.com/blogs/buttonwood/2015/09/economics-and-monetary-policy US http://www.wsj.com/articles/big-banks-to-americas-companies-we-dont-want-your-cash-1445161083 US in 1933 / Executive order 6102: https://en.wikipedia.org/wiki/Executive_Order_6102 Cash is a PITA for banks. They have to store it, count it, insure it and provide security for its transport. While a side effect of digital banking may be more traceable transactions, It is not a vast conspiracy by banks and the gov. to pry into your financial life. last time I checked. Money for the banks is essentially given for FREE! They don't guard it. They don't have to. The fed will be more than happy to replace all they lose. I can't remember the last time I ever saw a bank guard. there is more harm than good to going all digital. Very bad for privacy. Will they enact negative rates? Probably. I see no way they can MAKE people take on debt. There tons of monet sitting there to be loaned and no takers. Not in the volume they need. this is nothing more than trying to drive out savings into markets or consumption. Dent based fiat systems require consumption saving is considered death. If they don't want those funds to go into the mattress or gold ( if they want to still have savings)or something they can't inflate away they likely will somehow try to enforce digital currency or have to enact some weird Inside the USA and outside the USA currency thing. The fact that they even are spending any time on it means that clearly things are not well in our debt based, Inflationary fiat system Gee who'd thunk it? |
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Cash is a PITA for banks. They have to store it, count it, insure it and provide security for its transport. While a side effect of digital banking may be more traceable transactions, It is not a vast conspiracy by banks and the gov. to pry into your financial life. Quoted:
Quoted:
Current efforts are another form of the banning of gold by Roosevelt in 1933 but perhaps even more insidious. Sweeden https://mises.org/blog/sweden-cash-becoming-radioactive UK http://www.telegraph.co.uk/finance/personalfinance/comment/11602399/Ban-cash-end-boom-and-bust.html http://www.economist.com/blogs/buttonwood/2015/09/economics-and-monetary-policy US http://www.wsj.com/articles/big-banks-to-americas-companies-we-dont-want-your-cash-1445161083 US in 1933 / Executive order 6102: https://en.wikipedia.org/wiki/Executive_Order_6102 Cash is a PITA for banks. They have to store it, count it, insure it and provide security for its transport. While a side effect of digital banking may be more traceable transactions, It is not a vast conspiracy by banks and the gov. to pry into your financial life. 
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They can't get rid of cash. Drug money funds whole governments around the world and politicians the world over. Fuck, Miami was built on cocaine money in the 80s. Without drug money, i.e. cash, whole economies would grind to a halt. You can't stop the signal free market. People will move back to barter or some other form of "currency". It might even be silver or gold. |
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Sounds like it would create a massive underground/black market. Quoted:
Quoted:
The elimination on private currency ownership will be the single greatest event in destroying freedom in this country. If you eliminate cash, then every single transaction you conduct is recorded, stored, evaluated, shared and eventually scrutinized by government. Sounds like it would create a massive underground/black market. ...which would make everyone a criminal who needs to be "dealt with" for the good of the country. |