War on Cash continues

Discussion in 'Current Affairs' started by Clawhammer, Apr 26, 2015.

  1. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    Earlier this week we heard that Louisiana has outlawed cash transactions for 2nd hand goods (effectively making garage sales illegal)
    http://www.tpnn.com/2015/04/19/house-bill-makes-shopping-with-cash-illegal-in-this-state/
    http://schiffgold.com/key-gold-news...al&utm_source=facebook&utm_campaign=gold-news

    And today I read Swiss banks are refusing to hand over the savings of Swiss Pension Funds trying to escape their Central Bank's negative Interest Rates. The Funds have calculated that even with inflation, their member's will still be better off storing their savings as cash (still in Swiss Francs) in a vault (preferably outside the country). That way they're still liquid but escape the bank fees and -ve interest rates.
    http://www.zerohedge.com/news/2015-04-25/war-cash-migrates-switzerland

    And America's largest bank has restricted the use of cash payments in certain markets
    http://www.zerohedge.com/news/2015-04-23/largest-bank-america-joins-war-cash
     
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  2. JulieW

    JulieW Well-Known Member Silver Stacker

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    First place your frog in cold water, and then bring to the boil slowly.
     
  3. aleks

    aleks Well-Known Member Silver Stacker

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    Would be interesting to see if M0/cash supply has changed much from when the negative interest have kicked in? (Switzerland)
     
  4. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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  5. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    BTW the Louisiana thing is from ~2011.
     
  6. col0016

    col0016 Active Member

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    Umm... PMs going to da moon?
     
  7. willrocks

    willrocks Well-Known Member Silver Stacker

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    But will you accept an electronic bank deposit?
     
  8. aleks

    aleks Well-Known Member Silver Stacker

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    Denmark moves closer to a cashless society

    http://www.independent.co.uk/news/w...es-closer-to-a-cashless-society-10231995.html

     
  9. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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  10. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    In the comments there was an interesting suggestion on how the government could destroy public trust in gold and silver (i.e., "strafe the lifeboats"):

     
  11. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    One thought on the above... if the ultra-wealthy have large holdings of physical gold, would that make it unlikely that it would be outlawed?

    And if it's more likely that the vast bulk of people will own silver, then it could be the focus of government attempts at restricting its use, or maybe even taxed into oblivion.
     
  12. millededge

    millededge Active Member

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    Re: Louisiana

    The name of the legislation is "Bill 915"

    The link in the OP is ultimately blind, however, elsewhere the bill says:

    Any publicly listed second hand trader stocks like cash converters across the border?
     
  13. millededge

    millededge Active Member

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    You've touched on an important ingredient of the unit of exchange - trust

    The psychology of trust and its present parasitism is likely important to developing an effective counter
     
  14. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    I just wanted to highlight this point again. What assets are currently being held by those who pull the strings of their political puppets? Only those assets may be safe from government confiscation or excessive taxation should economies collapse and emergency economic measures are rolled out.
     
  15. petey

    petey Active Member Silver Stacker

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    The very wealthy own businesses (in the form of companies, income generating assets). Yes, they own other assets too but business makes money. Gold does not. I'd be very surprised if the average HNWI held more than 10% gold.

    Some light reading (a little dated)
     
  16. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Very interesting, thanks. Their investment advice is interesting too:
     
  17. JulieW

    JulieW Well-Known Member Silver Stacker

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    www.theguardian.com/business/2015/sep/18/interest-rates-rise-bank-of-england-chief-economist-andy-haldane
     
  18. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    "Allowing politicians and central bankers to implement negative interest rates is like giving your teenage son a bottle of whiskey and the keys to the Ferrariit will only lead to trouble."

    "Global debt has increased by over 57 trillion dollars since 2007. At these levels, sovereign debt in particular cannot be repaid with sound currency. Rather than dealing with the debt and slowing its growth to levels below the rate inflation, the central bankers' solution is to instead destroy physical cash and punish savers."


     
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  19. serial

    serial Well-Known Member Silver Stacker

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  20. SilverDJ

    SilverDJ Well-Known Member

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