Tag Archives: War On Cash

Swiss bank breaks negative deposit rates taboo

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“The Alternative Bank Schweiz (ABS) caused shockwaves with a letter sent to all clients informing them that it would begin imposing interest charges on deposits in 2016.  For current accounts, the bank said it would impose a -0.125-percent rate, while slapping a -0.75-percent rate on client deposits higher than 100,000 Swiss francs.  ABS, which grew out of the ideals the 1960’s protest movement, justified the unprecedented development by saying it would provide manoeuvering room for financing ‘meaningful projects’.  The Swiss central bank introduced a negative deposit rate in January after it abruptly abandoned its three-year effort to hold down the franc’s exchange rate to protect exports.”

https://en-maktoob.news.yahoo.com/swiss-alternative-bank-breaks-negative-rates-taboo-055323034–sector.html

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The World’s First Cashless Society Is Here – A Totalitarian’s Dream Come True

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“Central planners around the world are waging a War on Cash. In just the last few years: Italy made cash transactions over €1,000 illegal; Switzerland proposed banning cash payments in excess of 100,000 francs; Russia banned cash transactions over $10,000; Spain banned cash transactions over €2,500; Mexico made cash payments of more than 200,000 pesos illegal; Uruguay banned cash transactions over $5,000; and France made cash transactions over €1,000 illegal, down from the previous limit of €3,000.  An increasing number of government restrictions are encouraging Swedes to dump cash. The pretexts are familiar…fighting terrorism, money laundering, etc.”

http://www.caseyresearch.com/articles/the-worlds-first-cashless-society-is-here-a-totalitarians-dream-come-true-2

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Banknote printer De La Rue to cut jobs in shift to electronic payments

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“Banknote and passport printer De La Rue is to cut about 300 jobs and halve its number of production lines to four as it battles a global decline in demand for cash.  The company, which produces notes for the Bank of England, has set out a restructuring plan that will see almost 10pc of its workforce go as it consolidates its banknote printing operations at three centres.  The introduction of plastic notes is causing a revolution in the industry, as printers struggle to deal with he challenges of printing on new materials. The banknote printing industry is facing the challenges of global overcapacity, with many of the printers state-backed.”

http://www.telegraph.co.uk/finance/newsbysector/epic/dlar/12028484/De-La-Rue-to-cut-jobs-and-print-fewer-banknotes-as-shift-to-electronic-payments-hurts-paper-money.html

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Texas Man Arrested After Attempt To Pay Taxes With Dollar Bills

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“Tax Assessor Collector Tommy Smyth said that the spectacle brought work in the office to a halt so he asked Norris to leave. Norris refused and was eventually arrested and charged with criminal trespass. As you can imagine, Norris was none too happy about being arrested and attempted to break away from the arresting officer, earning him an additional charge of resisting arrest.  Texas makes it clear that cash is an acceptable form of payment for property taxes.  The same is true for the feds. There is no law that says you have to pay your taxes by check, credit card or by using the largest bills possible. By federal law, at Section 31 U.S.C. 5103, you can pay your taxes in coins and currency.”

http://www.forbes.com/sites/kellyphillipserb/2015/02/03/texas-man-arrested-after-attempt-to-pay-taxes-with-dollar-bills/

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The Secret Fed Paper That Advocated a “Carry Tax” on All Physical Cash

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“Many commentators have noted that mainstream economists are calling to do away with cash entirely.  It would be easy to scoff at these proposals as completely insane if the Fed hadn’t published a paper back in 1999 suggesting the implementation of a ‘carry tax’ or taxing actual physical cash using an expiration date if depositors aren’t willing to spend the money.  The author of this lunacy is a visiting scholar with the ECB, the Fed, the IMF, and the Swiss National Bank. The fact that two of those groups have already imposed negative interest rates (ECB and SNB) should give warning that these sorts of ideas are actually taken very seriously by Central Banks.”

http://www.zerohedge.com/news/2015-05-16/secret-fed-paper-advocated-carry-tax-all-physical-cash

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Bill Bonner: The First Shot in the War on Cash?

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“Cash in hand is different. It is physical. Paper. You can do what you want with it. And you don’t pay a negative interest rate.  Which is why the feds want to ban cash… They say it will make it easier for them to stimulate the economy.  As long as you can hold physical cash, you have an easy way to escape negative interest rates: You just take the money out of the bank and put it in your home safe.  But if physical cash is illegal, you have no choice. You have to keep ‘your money’ on deposit at the bank… and take whatever negative rate the bank imposes on you.  Of course, the idea that taking away your money will stimulate economic growth is ridiculous.”

http://bonnerandpartners.com/the-first-shot-in-the-war-on-cash/

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Drone Pilots Expose Civilian Murder, U.S. Freezes Their Financial Accounts

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“The U.S. Government failed to deter them through threats of criminal prosecution, and clumsy attempts to intimidate their families. Now four former Air Force drone operators-turned-whistleblowers have had their credit cards and bank accounts frozen, according to human rights attorney Jesselyn Radack. Michael Haas, Brandon Bryant, Cian Westmoreland and Stephen Lewis, who served as drone operators in the US Air Force, have gone public with detailed accounts of the widespread corruption and institutionalized indifference to civilian casualties that characterize the program.”

http://thefreethoughtproject.com/drone-pilots-bank-accounts-credit-cards-frozen-feds-exposing-murder/

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Visa CEO Charlie Scharf: Moving at the speed of money

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“West Coast venture capitalists see Visa as an oligopolistic dinosaur and are pouring hundreds of millions of dollars into rivals that use bitcoin. Meanwhile, banks, which collect the bulk of the fees from merchants, are warily eyeing Visa’s efforts to bypass them and forge direct relationships with retailers by offering one-click internet transactions and providing data on consumer behaviour that only Visa possesses.  None of which seems to faze Visa’s chief executive, Charlie Scharf. In time, he says, would-be Visa disruptors all discover—just as internet upstarts PayPal, Square and Uber did—that it is simply easier and more economical to work with his leviathan than fight it.”

http://india.forbes.com/article/forbes-global-2000/visa-ceo-charlie-scharf-moving-at-the-speed-of-money/40423/0

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Swiss Bank Refuses Request for Cash Withdrawal, Backed By Central Bank

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“A Swiss pension fund manager calculated that he could save his clients a substantial amount of money by withdrawing cash from his fund’s bank account, which was yielding a negative interest return, and depositing the cash in an insured vault.  Exercising his fiduciary responsibility, he notified his bank of an impending large withdrawal of CHF.  The bank rebuffed the fund manager’s request:  ‘We are sorry, that within the time period specified, no solution corresponding to your expectations could be found.’  One banking expert argues that the bank’s action ‘is most definitely not legal’ because the pension fund holds a ‘sight account,’  which gives the holder the right to withdraw cash on demand.”

https://mises.org/blog/swiss-bank-refuses-request-cash-withdrawal

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Bloomberg: The Death of Cash

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“JPMorgan Chase recently sent a letter to some of its large depositors telling them it will charge certain customers a ‘balance sheet utilization fee’ of 1 percent a year on deposits in excess of the money they need for their operations.  That amounts to a negative interest rate on deposits. [..] Several central banks have discovered that depositors will tolerate some rates below zero if withdrawing cash and storing it themselves is costly and inconvenient. There are signs of an innovation war over negative interest rates. There’s a surge of creativity around ways to drive interest rates deeper into negative territory, possibly by abolishing cash or making it depreciable.”

http://www.bloomberg.com/news/articles/2015-04-23/negative-interest-rates-may-spark-existential-crisis-for-cash

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