Banning cash and NEGATIVE interst rates.

Discussion in 'Markets & Economies' started by bretto, Feb 11, 2019.

  1. alor

    alor Well-Known Member Silver Stacker

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    same as in USA the ability to tax was pledged to it's lender, its property transferred...what would become of the tax payers if there is no longer the middle man between them and the lender. pure slavery
     
  2. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Better than tax, convert all private land into government property with 99 years lease (in Singapore), or 50-70 years lease like in China. After you paid for your mortgage all your life, the property reverts back to the government.
     
  3. SlyGuy

    SlyGuy Active Member

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    It is that way everywhere. Land purchasing and ownership is the biggest scam of all time. Government owns all land. Always have, always will. The only way it changes ownership is if a new government conquers the old one... then it becomes property of the new govt.

    "Real Estate" literally means "royal estate." It's not yours. Doesn't matter how much you paid or how long land has been in your family.

    When you "own" land, you basically just take control it. If you actually owned it, you'd collect the taxes on it. Instead, you pay taxes on it in exchange for controlling its use (farming, renting out apartments built on the land, living in a house on the land, building and running a business on the land, etc). Never make the mistake of thinking you actually own it, though. All you can do is pay taxes to keep it or transfer your controlling interest to others. The ownership never changes.
     
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  4. pmbug

    pmbug Active Member

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  5. alor

    alor Well-Known Member Silver Stacker

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  6. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Why would anyone hoard physical cash or any ancient relic when you can just stored it in your phone like bitcoin?
     
  7. pmbug

    pmbug Active Member

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    https://www.gizmodo.com.au/2018/05/...l-purchases-over-10000-starting-july-of-2019/

    ~~~

    https://apnews.com/e4e95476e4e74756b3973ed23fa3b00e
     
  8. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    That AP News article is a turn up for the books.

    In the article it notes...

    "According to the Federal Deposit Insurance Corporation, 17 percent of African American households and 15 percent of Latino households had no bank account."......now that is a high number.

    Question: do they not have an account due to illegal activities or because they are illegal immigrants?
     
  9. pmbug

    pmbug Active Member

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    Most likely because they are poor. They "bank" through payday loan / cash advance businesses.
     
  10. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Fair point, however I find it hard to believe as most if not all modern countries in the main pay their employees direct into their bank a/c. The World Bank did a report back in 2018 on the subject and noted that 1.7bn people globally did not have a bank a/c which the vast majority of these people in developing / third world economies.

    http://www.worldbank.org/en/news/im...sustainable-world?cid=ECR_TT_worldbank_EN_EXT
     
  11. Jim4silver

    Jim4silver Well-Known Member

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    There is a basic reason to ban cash that is self-evident, to try and capture all tax dollars. With cash, it is possible for people to work off the books and evade paying income tax. If cash is banned, it would require some type of account to buy or sell. Folks without such accounts would soon get them or be left out. The gov would probably give sheep some "free credits" or such when they sign up. You know sheep will do anything for a free credit or such.

    If every dollar you earn or spend is tracked, not only will it avoid tax cheating (with the use of cash), it also gives big brother the ability to spy on what you buy. Wow, kind of sounds like the biblical number of the beast prediction from a few years back?

    The elites have been conditioning folks to not use cash for years, by pushing the use of debit cards, credit cards, and now smart phones that can pay for stuff. I bet many folks don't carry cash anymore, ever. Personally, I don't even own a debit card. I use my credit card sparingly. I use checks to pay bills. Why let the banks get a 3-4% profit off of every transaction I do?

    As a small business owner (services industry), I refuse to take credit or debit cards. I take personal checks, cashier's checks, or money orders instead (or cash if they wish). I can clear checks quickly before any work begins to make sure the funds are there, I can forgo a tithing to the banks for facilitating the transaction, and I never worry about charge backs or being held hostage by the credit card bank if the customer tries to start trouble later.

    I guess if they ban cash people can try and barter to evade taxes, such as paying your gardener with silver coins or something like that? Eventually all countries (modern ones) will ban cash. They will have some type of tracking system like Bitcoin, etc. I predict such a move in the US would be after some giant calamity where folks are desperate and willing to make concessions because they need to eat, etc. Maybe a mega ton financial crash or something worse?
     
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  12. pmbug

    pmbug Active Member

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    @Oddjob - here's a link to the FDIC itself with their bi-annual household surveys from 2017-2009: https://www.fdic.gov/householdsurvey/

    The 2017 Executive Summary link is pretty informative.

     
  13. Jim4silver

    Jim4silver Well-Known Member

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    One reason some folks don't have bank accounts, and what won't be mentioned in such a report, is that many people have outstanding judgments against them. If they have an identifiable account someplace, the creditor can grab the money. There are also IRS liens and other gov "grabs" that can seize the money in your account. So if you are any sort of deadbeat, having a bank account is bad for you.

    If you get paid in cash (or in exempt from creditor gov freebies), you don't need an account.
     
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  14. Silverling

    Silverling Well-Known Member Silver Stacker

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    Jim, in Australia we are almost totally already there as to what you are saying. Cash was phased out for salary payments way back in the 90's, (in my work anyway). Most people get paid by electronic bank transfers. I have not written a cheque in 20 years and have not received one in 5 years. Funny enough it was our "FED" Reserve Bank the drew it but that's gone too now. Our Tax refunds go straight into our account. Proceeds from real estate sales and even inheritances are paid by bank transfers these days. When I see a Doctor the Medicare rebate goes into our bank account. I can't think the of the last time I received cash for anything. However I did pay for a f2f silver buy last year, which required me to do a ATM withdrawal.

    You are right to say that the Government just want their slice of the tax money and it is about control. The only thing we can do is just be honest because here in Australia as in the USA the government knows everything about your financial movements. When I lodge my tax return my tax agent has the print out from the Tax Office right in front of him. The only way to go is to be truthful and honest and pay your taxes because they will come looking for you if you don't. And yes I carry cash a bit of cash but these days as a back up emergency but don't use it. Everything goes on my credit card, just tap and go a quick 2 second transaction and at the end of the Month an automatic full payment is withdrawn from my bank account. The new world we live in.
     
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  15. bron.suchecki

    bron.suchecki Active Member

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    The start date for that has been delayed, I wrote about it in this week's market update https://www.abcbullion.com.au/investor-centre/pdf/china-buys-gold-as-trade-wars-escalate including a recent IMF "guide" for central bankers on how to make deep negative interest rates happen, which has to involve repression of physical cash usage:

    In additional to setting a lower exchange rate between paper and digital currency (e.g. when depositing $100 cash in a bank, you only get $98 credit to your account), which is the IMF’s preferred approach, they discuss other methods of enforcing negative interest rates including:

    • Cash withdrawal limits or limits on cash deposits
    • Purposely keeping low inventory of cash in bank branches
    • Banning storage of paper currency as a business
    • Putting restrictions on flows of paper currency in and out of the country
    • Retiring large denomination notes
    • Abolishing paper currency outright
     
  16. JOHNLGALT

    JOHNLGALT Well-Known Member

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    ER, excusame Bron, It sounds a bit like THEFT to me.
    It also sounds like something ADOLPH HITLER would have done.
    MORE THEFT.jpg
     
    Last edited: May 11, 2019
  17. JOHNLGALT

    JOHNLGALT Well-Known Member

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    Fascists tend not just to have power, but to have absolute power to STEAL from their subjects.

    What does this make the people who are proposing this [email protected]?
    p.s. It starts with F & ends with S.
    p.p.s. @Captain Kookaburra I see you lurking there, JOHN GALT is doing what john galt does best. Have a drink for me up in Brisbane @ the meet. You should get a lift with @malachii 's wings. THANKS. MONEY IS THE ROOT OF ALL GOOD.jpg MONEY IS THE ROOT OF ALL GOOD.jpg
    MONEY IS THE ROOT OF ALL GOOD.jpg
     
    Last edited: May 11, 2019
  18. JOHNLGALT

    JOHNLGALT Well-Known Member

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    Did I really post 3 jpegs? I need to lay off the P!$$.
    Mr. Moderator, can you get rid of two of them please?
     
  19. Silverling

    Silverling Well-Known Member Silver Stacker

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    Here's some more evidence for the move to a cashless society. Most Aussie banks are getting rid of some of their ATM's.:eek:

    The National Australia Bank (NAB) has quietly purged 1943 automatic teller machines (ATMs) from its once sprawling Australian network over the past year, turbocharging a wider push across retail institutions to ditch expensive cash machines and slash costs.

    More Here: https://www.itnews.com.au/news/nab-purges-almost-2000-atms-524900
     
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  20. JulieW

    JulieW Well-Known Member Silver Stacker

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