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The War On Cash And Then On Gold

Discussion in 'Topical Discussions (In Depth)' started by searcher, Dec 20, 2016.



  1. glockngold

    glockngold Gold Member Gold Chaser

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    Madness.
    Retirement IRA money collected from paychecks forced into the market and now savings accounts forced into the market.
    Next the federal reserve will be creating money to prop up the market...
    Or do they already to that?
    It's getting hard to keep up.
     
  2. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    The War on Gold Intensifies: It Betrays the Elitists’ Panic and Coming Defeat (Part 1)



    -- Published: Thursday, 30 November 2017

    By Stewart Dougherty


    Dictatorship (noun): Definition #3: absolute power or authority (Websters);

    Def. #2: absolute, imperious or overbearing power or control (Random House);

    Def. #3: Absolute or despotic control or power (American Heritage);

    Def. #3: Absolute or supreme power or authority (Collins English Dictionary);

    Def. #1: A type of government where absolute sovereignty is allotted to an individual or small clique (Wikipedia).


    “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained, you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.” Sun Tzu, The Art of War

    In recent weeks, the War on Gold, which is a subset of the broader War on Human Freedom, has sharply intensified, with massive, multi-billion dollar naked short price raids now being launched on a weekly and even daily basis by the criminal, state-sponsored price manipulators. This escalation proves the supreme importance to the Deep State financial elite of the maintenance of their gold price dictatorship, which is a vital component of their long term, systemic campaign of financial plunder.

    The elitists have no problems whatsoever with stratospheric stock and bond prices; 5,000 year low interest rates; $450 million Da Vinci’s; $250 million private homes; $50,000,000 annual salaries for circus masters, whose role in keeping the masses distracted and dumb is vital; $1.9 million Aston Martins; $100,000 Air Jordan sneakers, or any of the other prices that have now gone into outer space.

    But there is one thing they will not accept: an honest, free market price for gold. Because while all debauchery under the sun is permitted and encouraged in the Castle of Fraud and Corruption they have constructed and in which they revel, one thing is strictly prohibited: the utterance of truth. Being monetary truth when free to speak, gold is their deadliest enemy. Therefore, it is silenced, in the same way truth tellers are silenced in all dictatorships.

    The vast majority of people, aside from a small, enlightened minority who refuse to poison their minds by ingesting mainstream media (MSM) fake news, propaganda and brainwashing, do not yet realize what they are up against in the wars that have been declared against them, and are therefore at serious risk. For those who wish to survive the wars, there has never been a greater need to know the enemy and know yourself.

    As the gold price war has intensified, so has the MSM’s anti-gold propaganda campaign, with their attempts to smear gold now a clinical obsession.

    In a prime example of their over-the-top anti-gold propaganda, on 10 November 2017, the Financial Times, a long-time Deep State bullhorn and puppet, ran an article entitled, “Gold is the new cocaine for money launderers.” In this screed, the author beat the dead horse of the NTR Metals gold import scheme. This operation, whose total dollar yield was an infinitesimal fraction of the massive sums stolen by the financial Deep Statists in their forty year gold price manipulation crime, had already been the subject of an over-dramatized Bloomberg Businessweek propaganda piece published on 9 March 2017, entitled “How to Become an International Gold Smuggler.” Apparently, the MSM is running so short of new material with which to try to demonize gold, that it is now forced to recycle old, stale non-stories to keep the smear machine running.

    In the article, the MSM propagandist states such things as: 2017 has seen, according to his source, a former Goldman Sachs employee, a “dramatic crash in [physical gold coin] demand;” that interest in gold coins is linked to “political conservatism, or anarcho-libertarianism” and “end of the world right wing sentiments;” that gold has been implicated in a “conspiracy to commit money laundering;” that gold is “financed by people in the narcotics trade;” that it comes from “illegal mines and drug dealers in Peru, Bolivia and Ecuador;” that “the federal authorities assume the NTR Metals [case] represented only a fraction of illegally sourced and financed gold;” that therefore, the US attorney is broadly investigating the gold industry; that gold is “produced by exploited workers;” that “crude [gold] extraction techniques create serious and lasting environmental damage;” that gold plays an important part in “tax evasion;” that it is related to American gun sales, which the author abhors; that “drug dealers [use] gold imports as a way of laundering their proceeds;” and that drug dealers “came to realize that illegal gold [is] an intrinsically better business” than drug dealing; to name but a few of the aspersions cast against gold in the short article. As we can see, when it comes to their smear jobs, the MSM flings at the wall all the mud it can fit in its hands, hoping that some of it might stick.

    As is always the case with the MSM’s consistently negative, biased and dishonest reporting on gold, no mention was made in the article of the Deep State financial elite’s criminal gold price manipulation fraud that has been perpetrated non-stop for nearly forty years and that has resulted in a massive, $1,000,000,000,000.00+ theft from its victims. This is because the MSM is the Deep State’s in-house public relations agency, whose job is to whitewash the elitists’ crimes, no matter how egregious they are.

    But buried in the article was an important clue that the Deep Statists are concerned they are losing the War on Gold, which we will further explore later in the article. It turns out that the Deep Statists’ paranoia about and rage toward gold might be entirely justified, because more than ever in the past 37 years, gold is poised to tell the world what it knows, and this will cause the elitists’ defeat.

    Many people are completely baffled as to why, with so many serious fiscal, financial, monetary, economic, social, and geopolitical problems in the world, the Deep Statists remain so mono-maniacally fixated on demagogically denigrating gold and controlling its price.

    The answer is that the Deep Statists cannot, under any circumstances, allow the price of gold to replicate the surging price of Bitcoin and other cryptocurrencies. If the gold price genie were to get out of the bottle, becoming international news in the process no matter how much the MSM might try to suppress it, it would spur a gold buying stampede that would cause a flood of money to pour out of bank accounts and into physical precious metals. $325+ billion worldwide now resides in cryptocurrencies, a highly specialized and complex product class. In the right set of circumstances, many multiples of that amount could incrementally flow into gold, a simple product that has been innately understood for millennia by human beings all over the globe.

    Already fragile, the banking system cannot withstand a large scale withdrawal of funds. Being finite and in short supply, incremental demand for physical gold would result in immediate and sustained price gains, creating a positive feedback loop in the market place. As people watched the price go up, more and more of them would want to jump on the band wagon and participate in the gains, which is exactly what has happened in the cryptocurrency market.

    If interest in gold goes mainstream, then basic supply fundamentals indicate the price would have to rise by thousands of dollars per ounce to even approach what might be considered overbought and/or bubble territory. Which is exactly what has happened to Bitcoin, whose price has exploded to over $10,500 as of today, 29 November 2017.

    In the United States, the latest Federal Reserve Board tally of Household and Non-profit Organization (much of which is private) wealth totals $96.2 trillion. If a miniature, 1% sliver of this amount, $962 billion, attempted to find its way into the physical gold market, it would represent incremental demand, at $1,300 per ounce, of 740 million ounces. Not even a small fraction of this incremental demand would be available in the physical gold market at this time, given that it already operates at a supply / demand equilibrium. The gold price would have to surge in order to flush out supplies from current gold owners, whose hands have proven to be, and are likely to remain strong. We believe it would take years for incremental demand of this magnitude to be filled, even at much higher prices. Please keep in mind that this example relates to the United States, alone; there are additional, vast stores of private wealth all over the world, all of which would almost certainly be activated in unison by a run to gold.

    With the right spark, the same viral, Social Media-enhanced demand that has come to cryptocurrencies could come to gold. The Deep Statists know it, and the ghostly whites of their eyes now glow eerily and blinkingly across the dark battlefield of Liberty, in the senseless war they provoked and are going to lose.

    While there are now hundreds of cryptocurrencies, physical gold is physical gold, and cannot be replicated or conjured out of nothing. There will be no endless stream of new ICOs for genuine, physical gold, because gold is what it is and always will be. This means that funds flowing into gold will be forced into the one and only physical gold market that already exhibits tight, inflexible supply. This further means that the upward price pressure on gold could become volcanic if a run starts.

    A steadily increasing number of people will want to get in on the “new Bitcoin,” a bizarre paradox given that gold is as old as time, and will soon realize that gold possesses virtues Bitcoin does not, given that it is real, not digital and abstract; that owners can personally possess and store it in physical form; that it will survive any kind of electric grid or Internet disruption that might occur; that it cannot ever be hacked; that it is the epitome of private, quiet wealth; that it is actually quite beautiful to behold; and that it was not and cannot be made by man, only by God, who does not appear to have any interest in making any more of it.

    To date, in order to prevent a surge in physical gold demand from happening, the Deep Statists have created various forms of transparently fake gold, such as electronic gold futures, options and non-auditable ETFs and EFPs. These fake gold products have siphoned funds away from real, physical gold, which cannot be created out of the nothing the way the imposter electronic gold products can be. Increasingly, people are learning that there are no true substitutes for physical gold.

    More, we find it interesting that while there have been certain highly publicized condemnations of cryptocurrencies, such as J. P. Morgan Chase CEO Jamie Dimon’s comment that Bitcoin is a “fraud,” the financial authorities in the west have done little to nothing to shut down the crypto market. They seem to be just fine with $10,500 Bitcoin, but will stop at nothing to prevent $1,300 gold. Today’s (29 November 2017) market action is a case in point.

    The reason is that monetary elitists fully approve of cryptocurrencies, because this is the new form of fiat currency the western banks intend to issue. Mass adoption of cryptocurrencies is the necessary forerunner to the elimination of cash, a well-known and important agenda for the financial elite. By issuing their own cryptocurrencies, and/or co-opting Bitcoin and other private cryptos via regulation and edict, central bankers can continue their tradition of controlling the money supply. A population that has learned the value of owning and being adept at trading physical gold would prevent central banks from continuing to use fiat currencies as economic, political and societal control mechanisms. It should therefore be no surprise that they loathe gold so much; in its honesty and integrity, it is the exact antithesis of everything they stand for, are, and do.

    Some people argue, “Even if people run to gold, their funds will still remain within the banking system, so the bankers aren’t worried about this happening.” In our opinion, this is wrong.

    Fiat currency used to buy precious metals will move from personal and business bank accounts, to gold dealer accounts, to gold wholesaler accounts; and then to a variety of sovereign mint, gold precious metals refiner, gold miner and other gold supplier accounts, a large percentage of which are international.

    A bank that hosts a deposit account used to purchase physical gold has no assurance whatsoever that the buyer’s funds will transfer into another personal or business account managed by it. In all likelihood, the funds will disappear from the host bank and not return. Ultimately, the likelihood is also high that a portion of the funds, potentially significant, will disappear from the country’s banking system altogether, given the global nature of gold mining, refining, minting and fabrication. Therefore, bankers regard a run to gold as a severe, direct threat to them, which is why they do everything in their power to discredit it and crush its price. They are attempting to prevent a run on their banks.

    Over the past several years, the Deep Statists have gone to extraordinary lengths to internationally legalize bank “bail-ins.” They did not do this casually, by accident, or for fun; they did it because they know that when the system, a time-bomb guaranteed to detonate given its very design, fails, they will be able to make an unprecedented fortune by expropriating customers’ deposits via the elaborate bail-in mechanisms they have engineered. They will use the phony pretext of “rescuing” and “resetting” the financial system for the public good in order to justify this action. If, before they spring the bail-in trap, depositors have already withdrawn their funds to purchase physical precious metals held outside the banking system, those funds will no longer be available for bail-in looting. The bankers cannot steal bank balances that have disappeared.

    The cryptocurrency phenomenon, now an international sensation, has stunned them into the awareness that people all over the world have a deep, abiding, instinctive desire to own honest money of limited supply that will serve as a reliable store of value, and that cannot be hyper-inflated into oblivion for the private gain of plunderers and profiteers, the chief problem with corrupt, endlessly counterfeited fiat currencies controlled by self-interested, opportunistic, predatory central bankers and their controllers, the Deep State financial elite.

    The War on Gold is not some computer game; it is the real thing. The Deep State financial elitists will stop at nothing to win. If we the people act prudently now, we will win. Due to the length of this article, we are issuing it in two parts. In Part 2, which is already written and will be released in a few days, we will share with you important clues that indicate the Deep State’s growing concerns about losing the War on Gold, despite the unprecedented intensification of their attacks. We will also discuss how the United States Federal Reserve is outright warning that new threats to financial and economic stability are on the horizon. In the event that such threats materialize, the only financial sanctuary remaining will be gold, if one can actually find and buy any at that time.

    Stewart Dougherty is the creator of Inferential Analytics, a forecasting method that applies to events proprietary, time-tested principles of human instinct, desire and action. In his view, forecasting methods not fundamentally based upon principles of human action are unlikely to be reliable over time. He is a graduate of Tufts University (BA) and Harvard Business School (MBA). He developed expertise in strategic analysis and planning during a 35+ year business career, has traveled to and conducted research in over 25 countries and has refined Inferential Analytics into a reliable predictive instrument over a period of 17+ years.

    http://news.goldseek.com/GoldSeek/1512051600.php
     
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  3. Po'boy

    Po'boy Midas Member Midas Member Site Supporter

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    Goldman huh?
    Didn't someone appoint the Goldman bailout tool to his cabinet?
     
  4. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    New Rules For Cross-Border Cash and Gold Bullion Movements


    -- Published: Tuesday, 19 December 2017

    – War on cash continues and expands to affect non-criminals including gold owners
    – New definitions of “cash” to be drawn up by EU to include gold and precious metals
    – Claim cash and gold bullion “often used for criminal activities such as money laundering, or terrorist financing”

    – Legislation will allow authorities to seize assets from those ‘without a criminal conviction’
    – New rules usurp those currently in existence since 2005

    [​IMG]

    The ironically named European Parliament’s Civil Liberties and Economic Affairs committees have backed plans by the European Union to introduce tougher checks and controls on cash entering or leaving the region.

    Currently individuals are required to declare cross-border cash sums of €10,000 or more, under the First Cash Control Regulation (CCR) from 2005. A new decision will repeal the CCR and allow authorities to seize cash below the €10,000 threshold should criminal activity be suspected.

    According to the European Parliament news website, MEPs have agreed to:


    • – widen the definition of ”cash” to include gold, precious stones and metals, as well as anonymous prepaid electronic cash cards,

    • – enable the authorities to impound cash below the €10,000 threshold temporarily, if criminal activity is suspected, and

    • – make it mandatory to disclose “unaccompanied” cash sent by cargo.
    The justification for these changes? They say the current legislation is ‘riddled’ with loopholes. These loopholes apparently make it very easy for money to be laundered across borders, especially as criminals regularly move amounts below the €10,000 limit.

    “Large sums of cash, be it banknotes or gold bullion are often used for criminal activities such as money laundering, or terrorist financing. With this legislation, we give our authorities the tools they need to improve their fight against those crimes,” Mady Delvaux, MEP.

    This decision to tighten controls is not a surprise. On December 21st last year the European Commission announced plans to increase efforts to “tighten cash controls, ease cross border police probes, and speed up asset freezes and confiscation orders”. This is all part of a larger “Security Union” package launched in April 2015.

    No conviction needed

    Last December Justice commissioner Vera Jourova told reporters that steps were being taken in order to make life more difficult for criminals and terrorists looking to finance activities.

    The problem is that whether you’re a criminal or not then you are subject to these new changes. This is particularly worrying when one considers that the ‘loopholes’ being closed currently prevent the authorities from seizing and confiscating if the “criminal is not convicted”. Now law enforcement offices in various states can take one look at you, decide they don’t like you or suspect you and find cause to seize your assets.

    Sadly they don’t even have to take a physical look at you in order to seize your assets, even ‘unaccompanied cash’ and precious metals is up for grabs if undisclosed.

    Careful with those birthday card gifts and wedding rings

    At the moment it is not clear if ‘unaccompanied cash’ includes gold and silver bullion coins and bars but it likely is under the new definition. Given the new legislation comes in two parts, first the inclusion of gold etc in the definition of cash and secondly the seizure of unaccompanied assets, then it would be sensible to assume that gold and silver are under scrutiny.

    The definition also includes ‘anonymous prepaid electronic cards’. One has to ask how far this is going to go. I often receive ‘gift vouchers’ in the form of electronic cards, from relatives to be spent in a store of their choosing. Are these now at risk of confiscation?

    Furthermore, is the definition just about gold and silver bullion and coins, or also jewellery? Goodness knows how many women cross borders each day with their engagement and wedding rings comfortably sitting above the €10,000 mark.

    Typical scare-mongering combined with opacity from the EU

    [​IMG]

    This is typical scare-mongering combined with opacity from the EU. The organisation regularly uses ‘criminal activities’ as the justification for imposing additional controls on society in the drive towards the cashless society.

    We have seen this in the EU where many countries have capped the amount that can be legally paid in cash, in order to keep a track of money laundering. Following the Charlie Hebdo attacks France’s Finance Minister Michel Sapin declared war on cash, placing the terrorists’ ability to buy dangerous goods with cash as one of the main reasons for the murders. There is now a €1,000 cap on cash payments, down from €3,000 previously.

    Also in the EU, the removal of the €500 note was done under the guise of crime prevention.

    Whilst the EU like to act as though they are being transparent in their reasoning for imposing such controls the opacity with which they are able to enforce them is terrifying.

    Given that they are now apparently able to seize and temporarily freeze assets without evidence of criminal activity or conviction, we are now all at risk.

    The truly frustrating part of all this is that cash is not used for fraud at anywhere near the level we see at the electronic level. Governments love to use cash-based money-laundering as a reason to go cashless but cash-based only laundering is not that big of a deal. In the UK it is common knowledge that it is not as big a problem as cyber money laundering.

    The Treasury and Home Office believe that they ‘know about most cash-based money laundering’ but the big problem lies in ‘high-end’ money laundering, such as from bank accounts:

    “The size and complexity of the UK financial sector means it is more exposed to criminality than financial sectors in many other countries, including abuse enabled by professional enablers in the legal and accountancy sector.”

    It is here that the intelligence agencies see ‘significant gaps’ in their knowledge.

    Making you feel like a criminal

    The cashless society is very real and pretty terrifying prospect which we explored in some depth last year. One of our key points was how anti-cash legislation ended up affecting the mindset of innocent individuals who were looking to move legitimately held funds:

    In Sweden, the bastion of the cashless society, banks have done such a great job in making cash appear so suspicious that:

    “In general, the rule of thumb in Scandinavia is: ‘If you have to pay in cash, something is wrong,’” writes Mikael Krogerus for Credit Suisse. Arvidsson explains that “At the offices which do handle banknotes and coins, the customer must explain where the cash comes from, according to the regulations aimed at money laundering and terrorist financing,” The hassle, for the depositor, is enough to make them go cashless.

    Surely the risks of holding cash are for you, the individual, to manage. And the risks of criminal activity, if facilitated by cash or even diamonds, is for the police to manage. Why are the two conflated?

    Conclusion: Where do we go from here?

    The only example I have seen the EU offer up in terms of justifying the control of gold and silver is the following:

    National authorities have also seen that certain precious high-value commodities such as gold are now being used to escape the obligation to declare, since gold is not considered ‘cash’ under existing rules. For example, French customs authorities found non-declared cash and gold worth €9.2 million in postal parcels and freight packages during an investigation at Roissy Airport in 2015.

    I have seen this cited twice since last year, with no other accompanying examples. A (admittedly quick) Google search found no reports of this. It’s also interesting how the EU’s example fails to offer a breakdown of how much of the €9.2 million was cash and how much was gold.

    The sad truth is likely that the EU is seeing increasing numbers of people pulling their assets out of bank accounts and placing them into physical assets. They are doing this because of the increasing threat of both negative interest rates and deposit bail-ins. Both are very real and depressingly legal risks.

    As we concluded in our study of the cashless society:

    A ban on cash does not remove the issues that the proponents claim it will, instead it exacerbates the issues that already exist and bring them to the forefront of every prudent saver and investors’ mind: liberty, security of assets, protection of wealth against negative interest rates, bail-ins and currency devaluations.

    The current drive towards a cashless society shows the importance of being diversified and not having all your savings and assets within the vulnerable financial and banking system.

    It underlines the importance of diversification and having direct ownership of some of your wealth – outside the electronic savings and payments systems.

    [​IMG]

    Related reading

    Cashless Society – Risks Posed By The War On Cash

    Gold Will Be Safe Haven Again In Looming EU Crisis

    Gold Is The “Ultimate Insurance Policy” As “Grave Concerns About Euro” – Greenspan

    News and Commentary

    Asian Stocks Hold Gains, Yen and Dollar Steady (Bloomberg.com)

    Bitcoin’s anonymous creator just cracked the top 50 richest list (MarketWatch.com)

    Gold May Not Be Bitcoin, But Miners Can Still Make You Money (Bloomberg.com)

    Home-builder confidence roars to an 18-year high (MarketWatch.com)

    Bitcoin hits bigger stage as exchange giant CME launches futures (Reuters.com)

    [​IMG]
    Source: World Gold Council

    U.K. Businesses Are Increasingly Pessimistic on the Nation’s Outlook (Bloomberg.com)

    Stewart Dougherty: ‘Exchange for physicals’ erases government trades that rig gold price (InvestmentResearchDynamics.com)

    Why a Skyrocketing Gold Price is Not Always Ideal (Kitco.com)

    The 10 “Grey Swans” Events For 2018 (ZeroHedge.com)

    Desperate UK homeowners are cutting prices, says Zoopla (TheGuardian.com )

    Gold Prices (LBMA AM)

    19 Dec: USD 1,263.10, GBP 944.93 & EUR 1,070.10 per ounce
    18 Dec: USD 1,258.65, GBP 943.11 & EUR 1,067.71 per ounce
    15 Dec: USD 1,257.25, GBP 937.41 & EUR 1,065.52 per ounce
    14 Dec: USD 1,255.60, GBP 935.67 & EUR 1,062.49 per ounce
    13 Dec: USD 1,241.60, GBP 929.96 & EUR 1,056.97 per ounce
    12 Dec: USD 1,243.40, GBP 933.92 & EUR 1,056.27 per ounce
    11 Dec: USD 1,251.40, GBP 935.80 & EUR 1,061.19 per ounce

    Silver Prices (LBMA)

    19 Dec: USD 16.16, GBP 12.08 & EUR 13.68 per ounce
    18 Dec: USD 16.09, GBP 12.04 & EUR 13.64 per ounce
    15 Dec: USD 15.99, GBP 11.93 & EUR 13.55 per ounce
    14 Dec: USD 16.01, GBP 11.92 & EUR 13.54 per ounce
    13 Dec: USD 15.71, GBP 11.76 & EUR 13.38 per ounce
    12 Dec: USD 15.78, GBP 11.82 & EUR 13.40 per ounce
    11 Dec: USD 15.84, GBP 11.84 & EUR 13.43 per ounce

    https://news.goldcore.com/

    http://news.goldseek.com/GoldSeek/1513693971.php
     
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  5. Joe King

    Joe King Gold Member Gold Chaser

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    They try to force us into a World where all of our transactions are public, while all of theirs is private.



    While bitcoin is in the title, it's hardly mentioned for most of the vid. It's all about this very topic of monetary control. I think it's relevent to the topic and that most here would agree with this gentleman's assessment.



    The reason for that mindset change is that people inherently want their Right to privacy. Then the gov uses that change in mindset against them by using it as an excuse to seize their money. Not because the money was ill gotten gains, but rather that they expected to have any Right to privacy at all.
     
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  6. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    Had an interesting chat with a insurance investigator at work today. Both of us are gold bugs. Discussion was that gold when mixed with more than 12% other metals is considered scrap metal, albeit a valuable scrap metal but isn't all scrap metal valuable to someone? Thing is that when it reaches scrap proportions in composition it is no longer considered bullion. An interesting loophole in the laws. Heck! foreign car makers were importing pick ups without beds attached because they were considered automobile part assemblies and not whole cars so this would make sense. Seems there was claim on the insurance policy because the government seized the shipment and now the lawyers are telling the courts the government had no basis in law to do so. Looks like the insurance company is going to win.
     
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  7. Joe King

    Joe King Gold Member Gold Chaser

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    Ol' grandad certainly appears to have his thinkin' cap on.

    So about 21 karat gold would do the trick?
     
  8. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    I apologize for my dyslexia but that number needs to be 21% instead of 12%.
     
  9. GOLDZILLA

    GOLDZILLA Harvurd Koleej Jeenyus Midas Member

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    I thought of that about 5 years ago but I was keeping my mouth shut so that they wouldn't make a new law.
     
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  10. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    December 24, 2017 / 9:02 AM / Updated 5 hours ago
    Israel central bank mulls issuing digital currency for faster payments

    Steven Scheer
    3 Min Read


    JERUSALEM (Reuters) - The Bank of Israel is examining issuing digital currency as a means of creating a faster payments system as well as reducing the amount of cash in the economy, a central bank source said on Sunday, though he stressed no decision had yet been made.


    The source, who spoke on condition of anonymity, also said the government was ready to legislate or include the issue in its 2019 budget and economic package if the central bank gave the green light.

    The emergence of bitcoin and other so-called cryptocurrencies has led some economists to predict the technology could be used one day across entire economies, with digital currencies created by central banks.

    But the Israeli source said any digital currency introduced by the country’s central bank would be centralized, safe and abide by money laundering rules - in contrast to bitcoin and its peers, which are decentralized and whose value has often oscillated wildly.

    “Central banks around the world are examining (the use of digital currencies) so we should as well,” the Israeli source told Reuters.

    The Bank of Israel declined to comment on the issue.

    Cryptocurrencies allow parties to transact payments directly without a central intermediary, by means of blockchain technology that uses a shared ledger that verifies, records and settles transactions in a matter of minutes.

    The Israeli government has been seeking to limit the amount of cash in the economy for a few years since the black economy is estimated at some 22 percent of national output.

    Last month, the Bank of Israel published a public consultation asking for proposals for the creation of at least one infrastructure that would support immediate payments in Israel, similar to that used in Britain and Sweden.

    In such a system, the initiator of the payment is debited immediately and the beneficiary is credited within a very short period of time, the central bank said, adding payments can be made 24 hours a day, 365 days a year.

    A fast payments system is one option, while “a central bank- issued digital currency is another form of an advanced payments system which currently does not exist,” the source said.

    Last week, Bank of England Governor Mark Carney said he saw “fundamental problems” with the idea of a digital currency issued by a central bank that could be used by the general public.

    Editing by Gareth Jones

    https://www.reuters.com/article/us-...al-currency-for-faster-payments-idUSKBN1EI0D5
     
  11. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Cash Might Be King, but They Don’t Care
    [​IMG]
    The New York Times

    By ANDY NEWMAN
    13 hrs ago



    The other day at Dig Inn, a just-opened lunch spot on Broadway and 38th Street in Midtown Manhattan, Shania Bryant committed a consumer faux pas. She placed her order for chicken and brown rice and yams, and when she got to the register, she held out a $50 bill.

    “Sorry,” the cashier told her. “We don’t take cash.” Not, “We don’t take $50s.” No cash. Period.

    “What?” Ms. Bryant asked.

    The cashier patiently explained. Credit and debit cards were fine, as was the easy-to-download Dig Inn phone app. But the almighty dollar was powerless.

    “I’ve never experienced that before,” said Ms. Bryant, 20, an assistant to a designer. “I guess we’re in new times.”

    Indeed. Cashless businesses were once an isolated phenomenon, but now, similarly jarring experiences can be had across the street at Sweetgreen, or two blocks up at Two Forks, or next door to Two Forks at Dos Toros, or over on 41st Street at Bluestone Lane coffee. In Midtown and some other neighborhoods across New York City, cashless is fast on its way to becoming normal.

    But it is not quite normal yet. So the cashier at Dig Inn cut Ms. Bryant a break.

    “Just this one time, we’ll give it to you on the house,” she said, handing over the bag. “But just so you know, in the future.”

    Ah, the future. In the future, when dollar bills are found only in museum display cases, we will look back on this moment of transition and confusion with the same head-shaking smile with which we regard customs on the Isle of Yap in Micronesia, where giant stone discs are still accepted as payment for particularly big-ticket items.

    Some people already live in this cashless future. They find nothing strange about paying for a pack of gum with a swipe of a card. If you are one of these people and you are still somehow reading this article, you may be thinking, “What on earth is the big deal?”

    At Two Forks on 40th Street, where the lunch offerings have cheery names like Squash Goals, Kristin Junco, a 34-year-old auditor for the state Education Department, said she had not used cash for about a week and much prefers a cashless establishment to its opposite. “We travel a lot for work,” she said, gesturing to a colleague, “and if they don’t take credit cards that makes things difficult.”

    On the other side are those who were raised to equate credit card spending with taking on debt — something to be avoided whenever possible, and reserved in any case for major expenditures. Those people do things like grab a $5 bill from their purse and run down from their office to the place on the corner thinking that they can buy a snack with it. They will catch on eventually.

    “I was shocked,” said David, a 66-year-old accountant who popped into Dig Inn for lunch a few hours before Ms. Bryant. (He declined to give his surname because “I’m a private person.”) “This is very unusual to me.”

    Tim McLoughlin, 59, a writer in Brooklyn, did a double-take when he walked into a Bluestone Lane branch in Dumbo, Brooklyn. “My reaction was ‘Jesus, a New York City restaurant that records all its revenue? How can they stay in business?’ ”

    They can, and do. At Pokee, a poke-salad place in Greenwich Village, cash is treated like a quarantinable substance. “If you have exact change, we’ll take it,” said the woman behind the counter. “We give it to the manager and he puts it in a safe. Because we don’t have a register.”

    Not surprisingly, the credit card companies, who make a commission on every credit card purchase, applaud the trend. Visa recently offered select merchants a $10,000 reward for depriving customers of their right to pay by the method of their choice. A Visa executive described this practice to CNN as offering shoppers “freedom from carrying cash.”

    This freedom is good for the consumer, good for business, and good for the planet, the new breed of eateries insist.

    At Dos Toros, a Mexican chain that is in the process of going cashless at its 13 New York City locations, the co-chief executive Leo Kremer said that cash took up precious time: the time of the general manager of the location, who spent a couple of hours a day counting (and recounting) cash drawers that could have been spent coaching new employees and making sure customers have a great experience. “There’s something fundamentally demoralizing when you have the leader of the restaurant back in the office, counting, instead of out on the floor,” he said. And it took up the time of the customer: Cash causes bottlenecks at the register, he said.

    Mr. Kremer said that only a minuscule portion of customers complained about the cashless policy, but there are enough of them for the employees to notice.

    “Every day I have an argument with somebody about it,” said a cashier at the Dos Toros on 40th Street, who said she could not give her name because she was not authorized to speak without permission from the company. “I don’t make these rules, you know.”

    But wait, how is this even allowed? Doesn’t the dollar bill say it’s “legal tender for all debts, public and private.” The Federal Reserve’s website says that notwithstanding that language, there is no federal law compelling a business “to accept currency or coins as payment for goods or services.”

    Asked why the $8.71 a customer owes for that Turmeric Sweet Potato Hummus Toast she just ordered is not considered a debt, the Federal Reserve offered a partial explanation, but it begins with the words “for purposes of illustration, and not for attribution to the Fed,” so we cannot share the rest. But a professor at the New York University School of Law who teaches contract and commercial law, Clayton Gillette, laid it out.

    First of all, he said, you do not have a debt until after you receive a good or a service. What about at a sit-down restaurant, where you pay after you eat? “Assuming the restaurant lets you know up front that they don’t take cash, they’re offering to serve you a meal, but they are offering it on their terms,” Professor Gillette said. “If you consume the meal, you’ve accepted the terms of the contract.”

    Still, occasionally, the Luddites win. A couple of weeks ago, Lisa Gaytan, 60, and a friend walked into a Van Leeuwen Artisan Ice Cream store in Boerum Hill, Brooklyn. Her friend ordered a vegan chocolate cone. He was told he could not pay with cash. He handed over his credit card. There was a problem with the card reader, or maybe the Wi-Fi. In any case, the machine was down. The cashier apologized and said the ice cream was on the house.

    “My thought was, sometimes the analog world works better than the digital,” Ms. Gaytan said. “We both walked out of there saying ‘That was crazy.’ ”

    Correction: December 25, 2017

    This article has been revised to reflect the following correction: An earlier version of this article misspelled the surname of Dos Toros’s chief executive. He is Leo Kremer, not Kramer.

    http://www.msn.com/en-us/money/mark...ey-don’t-care/ar-BBHm7p0?li=BBnb7Kz&ocid=iehp
     
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  12. madhu

    madhu Silver Member Silver Miner

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  13. madhu

    madhu Silver Member Silver Miner

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    searcher likes this.
  14. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    People need to boycott these businesses that refuse to accept cash till they're on their knees and cave. There's no excuse for putting up with that crap.
     
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  15. mtnman

    mtnman Gold Member Gold Chaser Site Supporter ++

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    Heck I wish I knew where some restaurants were that didn't accept cash. I'd eat there for free reagulary. "Legal tender for all debts public and private" says so right on the bill.
     
  16. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    I'm sure they've consulted lieyers. The only time I've encountered someone saying they couldn't take cash it was a parking garage toll booth and they claimed it was perfectly legal. I ended up using a debit card, but never used the garage again.
     
  17. mtnman

    mtnman Gold Member Gold Chaser Site Supporter ++

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    Technically if you are required to pay before use then there's no debt so they could refuse cash. On the other hand, If I eat at a restaurant and then presented with a bill, that's a debt and cash is king.
     
  18. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Nah, this was on the way out. You don't know the bill until you leave because it's based on an hourly rate. I suspect there were signs posted, though I never saw one. Didn't much care, if some dummy wants to limit the way I can pay then they don't want my business.
     
  19. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Thought this interesting. Family locked outta the system..............

    The Bank Made My Family Broke | True Life Story
    Reluctant Preppers



    Published on Jan 6, 2018
    Blessed with a steady professional income and carefully managed expenses, this family was getting along well - until overnight they found themselves frozen out of their bank account: without warning, WITHOUT HAVING DONE ANYTHING WRONG, and without recourse. Strapped for cash, they consumed their pantry food, and struggled to pay for groceries and even medical care.

    "Like watching a train wreck in slow motion, as you stand helplessly by, BUT THEN YOU REALIZE THAT YOU ARE THE ONES ON THE TRAIN..."

    This unconventional true-life interview with an American mom living in Israel shows how suddenly life can turn upside down, completely outside your control. Whether due to geo-political tensions, increased restrictions (in the name of "security",) the risk of lockup of the leveraged banking system, or even natural disasters, you can lose your freedom to conduct your financial affairs in the blink of an eye. A grim foretaste of the cashless future we are all being ushered into yields some priceless lessons-learned.. WHAT CAN YOU DO NOW to be prepared to survive when life throws you a severe curve? Tune in and find out!

    ==================================
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    Donate to Support ReluctantPreppers!
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    Channel graphics by http://JosiahJohnsonStudios.com
    Promotion by http://FinanceAndLiberty.com
     
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  20. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    How to build a cashless society? Give people no other choice | CNBC Reports
    CNBC International



    Published on Aug 11, 2017
    India's prime minister pulled nearly 90% of banknotes from circulation last year. The results have been mixed, but one thing is for sure. The historic shake up has boosted India's digital economy.
     
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  21. TAEZZAR

    TAEZZAR LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH Midas Member Site Supporter

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    I think these are the REAL CRIMINALS, using the "other criminals" as an excuse to commit their crimes !
     
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  22. TAEZZAR

    TAEZZAR LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH Midas Member Site Supporter

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    From a kink within your post:
    Marco Carabjo, a credit expert, wrote in a 2013 U.S. Small Business Administration blog post that fees for credit card transaction can cost businesses up to 5% of their revenue.

    Visa claims it has proof that cutting out cash can help small businesses. The company said it conducted a study that found if businesses in cities across the United States stop accepting cash, they could bring in billions more each year.

    Do I detect a small discrepancy here ???

    How can you tell when a bankster is lying, when he speaks !!
     
  23. Joe King

    Joe King Gold Member Gold Chaser

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    It may seem that way, but no. No discrepancy. The "they" referred to as bringing in billions more each year, is themselves and other CC companies. I think you assumed it referred to the small businesses and merchants?.
     
  24. latemetal

    latemetal Platinum Bling Platinum Bling

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    More "on the books" cash, small businesses have been known suitcases full of cash in the owners attics. I've know some bar owners,grocery store owners and pizza joint types, cash is king.
     
  25. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    The World Is Going Cashless - Gerald Celente
    Kitco NEWS



    Published on Jan 18, 2018
    A new paradigm shift in support of cryptocurrencies means the world is going digital, says Gerald Celente, publisher of the Trends Journal.

    In an interview with Kitco News, Celente said that digital currencies like bitcoin will continue to gain popularity because people have lost faith in fiat currencies.

    “It’s a populist generation’s gold,” Celente said, referring to cryptocurrencies, “when the next financial crisis comes, you’re going to see people going into safe-haven assets; they’re going to go into gold and they’re going to go into bitcoin.”

    Speaking on gold, Celente said that momentum behind the yellow metal is dependent on the dollar’s strength.

    “We see gold becoming bullish when it breaks over $1,400 [an ounce] and the mid-$1,400’s, which it hasn’t done in years, so it’s still in that trading range,” he said, “we don’t see a big downside risk in gold.”
     
  26. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    The grocery store where you NEVER have to wait in line: Amazon opens checkout-free supermarket where customers just walk out as cameras track what they buy
    • 'Amazon Go' shop is on the bottom floor of the company's Seattle headquarters
    • The grocery store has no checkouts and instead uses cameras to track products
    • Shoppers scan their smartphone with the Amazon Go app at a turnstile
    • They then pick out the items they want and leave, with all charges billed automatically to their Amazon Go account


    Read more: http://www.dailymail.co.uk/sciencetech/article-5295583/Amazon-debut-cashier-store-downtown-Seattle.html#ixzz54uXXKhBb
    Follow us: @MailOnline on Twitter | DailyMail on Facebook
     
  27. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    History In The Making: Amazon's First Fully-Automated Grocery Store Opens To The Public
    [​IMG]
    by Tyler Durden
    Mon, 01/22/2018 - 05:58


    After nearly a year of testing - plus a few highly publicized practice runs involving reporters from a handful of influential tech media outlets like the New York Times - Amazon will open its small-format Seattle test store, dubbed “Amazon Go” on Monday.

    The store will feature cashier-free checkouts, allowing customers who install the “Amazon Go” app to simply pick up an item and walk out with it. The launch was supposed to happen earlier, but was delayed due to bugs, we pointed out late last year.

    Details of the shopping experience provided to the mainstream media sound like something wholly different than what consumers are used to...

    The Seattle store, known as Amazon Go, relies on cameras and sensors to track what shoppers remove from the shelves, and what they put back. Cash registers and checkout lines become superfluous - customers are billed after leaving the store using credit cards on file.

    For grocers, the store’s opening heralds another potential disruption at the hands of the world’s largest online retailer, which bought high-end supermarket chain Whole Foods Market last year for $13.7 billion. Long lines can deter shoppers, so a company that figures out how to eradicate wait times will have an advantage.

    Amazon did not discuss if or when it will add more Go locations, and reiterated it has no plans to add the technology to the larger and more complex Whole Foods stores.

    The opening date, Jan. 22, could very well be remembered as a milestone in the history of consumerism, as Reuters pointed out. While many assumed Amazon would quickly adapt the Amazon Go format for use at its Whole Foods stores, the company says it presently has no plans to integrate the technology with WFM.


    [​IMG]

    Bloomberg reported back in November that that the Amazon Go team had shifted from hiring the engineers and research scientists needed to perfect the platform to hiring construction managers and marketers necessary to build and promote the stores to consumers - a decision that likely signaled Amazon’s intentions to take the concept nation-wide.

    But apparently Jeff Bezos has decided that crushing rival grocery stores is a conquest that could wait until 2019, or perhaps beyond. According to the NYT, there were 3.5 million grocery store jobs in the US, as of 2016.

    [​IMG]

    However, according to NYT, there’s been speculation that Amazon could sell the system to other retailers, much as it sells its cloud computing services to other companies.

    But rather than eliminating jobs, Amazon says its technology simply changes the role of employees, who will be assigned to different tasks. Though the impact that Amazon’s other businesses have had on retail and other industries would suggest that this notion is a fiction invented by the company’s communications department.

    The Amazon Go prototype opened to Amazon employees on Dec. 5, 2016. At the time, Amazon said it expected members of the public could begin using the store in early 2017.

    But, as Reuters pointed out, there have been some unexpected obstacles involving the store’s complex system of sensors and cameras. People familiar with Amazon’s operations said these included correctly identifying shoppers with similar body types.

    [​IMG]

    Children who were brought into the store during the course of testing created mayhem by picking up items and putting them back in the wrong places. Hopefully, Amazon has since optimized its technology to account for this.

    One Amazon executive told Reuters that four years of planning went into Amazon Go before the prototype store was even built.

    Gianna Puerini, vice president of Amazon Go, said in an interview that the store worked very well throughout the test phase, thanks to four years of prior legwork.

    “This technology didn’t exist,” Puerini said, walking through the Seattle store. "It was really advancing the state of the art of computer vision and machine learning."

    “If you look at these products, you can see they’re super similar,” she said of two near-identical Starbucks drinks next to each other on a shelf. One had light cream and the other had regular, and Amazon’s technology learned to tell them apart.

    The 1800-square-foot (167-square-meter) store is located in an Amazon office building in Seattle. In a brief description of the customer experience, Reuters explained that, to start shopping, customers must scan an Amazon Go smartphone app and pass through a gated turnstile.

    In an interview with the Times, Amazon representatives were tight-lipped about how the store’s complex system of cameras and sensors would work, other than to say it involves sophisticated computer vision and machine learning software. The sensors are mostly out of sight, though customers can, in some areas, see clusters of small cameras hanging from the ceiling.

    Ready-to-eat lunch items greet shoppers when they enter. Deeper into the store, shoppers can find a small selection of grocery items, including meats and meal kits. An Amazon employee checks IDs in the store’s wine and beer section.

    Sleek black cameras monitoring from above and weight sensors in the shelves help Amazon determine exactly what people take.

    If someone passes back through the gates with an item, his or her associated account is charged. If a shopper puts an item back on the shelf, Amazon removes it from his or her virtual cart.

    Clearly struggling to list off aspects of the shopping experience that would be familiar to customers, Reuters reported that products sold at Amazon Go locations contain price stickers similar to traditional grocery stores. But, judging by the Times’s description, most of the experience will feel completely alien: The paper described passing through the store’s turnstiles as similar to entering the subway.

    [​IMG]

    The experience is more closely akin to shoplifting, the paper noted. But, assuming you have an Amazon, account, actually shoplifting from the store is exceedingly difficult, according to the Times - a testament to the sophistication of its system of sensors.

    Also there are no shopping carts or baskets inside Amazon Go. Instead, customers put items directly into the shopping bag they’ll walk out with. Every time customers grab an item off a shelf, Amazon says the product is automatically put into the shopping cart of their online account. If customers put the item back on the shelf, Amazon removes it from their virtual basket.

    Once the store opens for business today, expect a rash of customer reviews and - considering mankind’s aptitude for rooting out flaws - complaints. However, one thing is clear: Regardless of the initial reaction, this is a glimpse into the future of the retail industry - a future that will inevitably require the employment of fewer humans.

    https://www.zerohedge.com/news/2018...ns-first-automated-grocery-store-opens-public
     
  28. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  29. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Davos Elite Desperately Want A Cashless Society - But Crash May Come First!
    World Alternative Media



    Published on Jan 25, 2018
    Josh Sigurdson talks with author and economic analyst John Sneisen about the recent meeting in Davos for the World Economic Forum where globalist world leaders, bankers, economists and business leaders are meeting to discuss the economic transformation of the world and in their eyes, the necessity for people to bend over to a massive financial global order.

    Everyone from Modi and Trudeau to Merkel and Christine Lagarde are calling for more global unity which is code for global governance. Financial elite like Kenneth Rogoff (author of 'The Curse of Cash', an economic adviser to the Federal Reserve and member of the CFR) and Jes Staley (CEO of Barclays) are concerned about complacent markets not unlike 2006, something we at WAM have been talking about for quite some time, but what's shockingly absurd but not at all surprising coming from these men is their hope for a cashless society which would literally repeat the problems on a centralized digital scale, forcing everyone in servitude to the banks via legal tender laws.

    As Staley said,
    "We’ve got very little capacity in the capital markets to deal with a real move in interest rates.”

    Well much like Sweden who lowered interest rates into negative territory and went cashless for the most part, a similar brush with financial ruin may come upon our doorsteps as well. The Federal Reserve is desperately attempting to raise interest rates so they can drop them out when the innevitable crash occurs. However, from 2008 to 2012, interest rates were dropped 5.5%. The drop out would be much higher this time around and there's no room for it about zero. We will see negative interest rates. So where do you think the monetary system would go? Cashless.

    Just as Nobel Laureate Joseph Stiglitz demanded in Davos last year...

    The problem is, the impact of the world reserve currency crashing would be so enormous that there's a good chance the whole system world wide would go down and people would rise up, so for that reason it appears that the financial elite are desperately trying to push the cashless system forward BEFORE the crash.

    We are not talking about decentralized Bitcoin. We're talking about a legal tender currency likely routed through the SDR at the IMF which is based in debt, out of control circulation, centrally planned and teamed with bail in regimes restricting individuals from taking their non-existent money out of the bank. Look at it this way, if youre money's in the bank, it's not your's, it's the bank's. If your money's always going through the bank via legal tender laws and digital transactions, it's never your money. It's always the bank's. You are therefor in perfect servitude to the banking system.

    Looking at the US M0 chart, it's clear there's already a move being made. With the power shift to China and India, there's even more evidence that this trojan horse will soon consume us. That's why we must learn to be self sustainable, financially responsible and educate ourselves and those around us. It's imperative to our very monetary survival. It's imperative to our very freedoms.
     
  30. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  31. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Cash is king no more in Germany as cards gain ground

    Francesco Canepa
    5 Min Read


    FRANKFURT (Reuters) - Cash no longer makes up most of the money spent in Germany, a Bundesbank study showed on Wednesday, denting a historical supremacy over other means of payments rooted in the country’s longing for privacy and freedom.

    The Bundesbank has been a staunch advocate of cash in the face of a global shift to electronic forms of payments such as debit cards and an international debate about the idea of digital-only money issued by central banks.

    But a survey of about 2,000 people by the German central bank showed cards were gradually gaining ground in the country, even if cash remained the favorite form of payment.

    “Cash remains the most popular, but card payments are increasing,” Bundesbank board member Carl-Ludwig Thiele said as he presented the survey.

    Cash accounted for 47.6 percent of German transactions by volume last year, down from 53.2 percent three years earlier and below the half mark for the first time since polling started in 2008, the survey showed.

    Cards grabbed a 39.4 percent market share last year compared to 33.4 percent in 2014, mirroring a global trend that has long taken hold in many other countries including Sweden and Britain.

    Internet payments also grew but still accounted for a modest 3.7 percent of total volume.

    Germans and Austrians are the biggest users of cash among countries in the euro zone’s richer “core”, according to a recent study by the European Central Bank (ECB).

    This preference has been associated with worries about privacy and a deeply ingrained diffidence towards the state, which some trace to the era of the Nazis and of communist East Germany.

    The Bundesbank survey found most Germans thought that cash was useful to teach children about the use of money and to ensure a better control of one’s personal finances.

    The vast majority also believed the abolition of notes and coins would cause problems to parts of the population, such as the elderly, while only just over a third saw it as a way to fight tax evasion and money laundering.

    A German government plan to push for an upper limit of 5,000 euros to cash payments met fierce resistance two years ago, including by the country’s own central bank.

    Speaking after Thiele, ECB board member Yves Mersch weighed in by saying that low caps threatened the euro’s status as the euro zone’s legal tender, which promotes freedom and equality.

    The Bundesbank mounted a lonely opposition around the same time to the ECB’s move to retire the 500 euro note, its highest denomination, due to suspicions it was used by criminals. Thiele said on Wednesday he still hoped the purple bill would make a comeback when a new series of euro banknotes is unveiled.

    WRONG RESPONSE
    Speaking at the same conference, the Bundesbank’s president Jens Weidmann said getting rid of cash or replacing it with digital money issued by central banks would be the “wrong response” to the challenges faced by central banks at times of low inflation.

    The idea of a digital currency giving holders a direct claim on the central bank is under study by Sweden’s Riksbank and has been touted by some academics as a way to extend the reach of monetary policy when interest rates on deposits are below zero.

    But Weidmann rejected it and defended the use of cash and means of payments that go through commercial banks.

    “(Getting rid of cash) would be the wrong, completely disproportionate response to the policy challenges of the zero lower bound,” he said.

    “The same goes, obviously, for the introduction of digital central bank money with the aim of crowing out cash and enforcing negative rates across the board.”

    His views were echoed by Swiss National Bank board member Fritz Zurbruegg, who told the same event the central bank had no plan to issue a digital currency.

    Both argued that allowing money to be held directly at a central bank would worsen bank runs at times of trouble.

    Weidmann added that it was up to central banks to promote more efficient payment systems that would quash the appetite for private digital tokens such as Bitcoin.

    Reporting By Francesco Canepa; Editing by William Maclean and Raissa Kasolowsky

    Our Standards:The Thomson Reuters Trust Principles.

    https://www.reuters.com/article/us-...in-germany-as-cards-gain-ground-idUSKCN1FY0WG
     
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  32. TAEZZAR

    TAEZZAR LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH Midas Member Site Supporter

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    At least someone is trying to go in the right direction.
    Cash will usually get you the best price, too !!
     
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  33. arminius

    arminius Gold Member Gold Chaser Site Supporter ++

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    Headline is a direct lie.

    Pure propaganda piece...
     
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  34. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    ‘No Cash’ Signs Everywhere Has Sweden Worried It’s Gone Too Far

    [​IMG]
    Bloomberg
    Amanda Billner
    6 hrs ago





    “No cash accepted” signs are becoming an increasingly common sight in shops and eateries across Sweden as payments go digital and mobile.

    But the pace at which cash is vanishing has authorities worried. A broad review of central bank legislation that’s under way is now taking a special look at the situation, with an interim report due as early as the summer.

    Going Cashless: Bad for Tax Cheats, Privacy, the Poor: QuickTake

    “If this development with cash disappearing happens too fast, it can be difficult to maintain the infrastructure” for handling cash, said Mats Dillen, the head of the parliamentary review. He declined to give more details on the types of proposals that could be included in the report.

    Sweden is widely regarded as the most cashless society on the planet. Most of the country’s bank branches have stopped handling cash; many shops, museums and restaurants now only accept plastic or mobile payments. But there’s a downside, since many people, in particular the elderly, don’t have access to the digital society.

    “One may get into a negative spiral which can threaten the cash infrastructure,” Dillen said. “It’s those types of issues we are looking more closely at.”

    Last year, the amount of cash in circulation in Sweden dropped to the lowest level since 1990 and is more than 40 percent below its 2007 peak. The declines in 2016 and 2017 were the biggest on record.

    An annual survey by Insight Intelligence released last month found that only 25 percent of Swedes paid in cash at least once a week in 2017, down from 63 percent just four years ago. A full 36 percent never use cash, or just pay with it once or twice a year.

    In response, the central bank is considering whether there’s a need for an official form of digital currency, an e-krona. A final proposal isn’t expected until late next year, but the idea is that the e-krona would work as a complement to cash, not replace it completely.

    Riksbank Governor Stefan Ingves has said Sweden should consider forcing banks to provide cash to customers. In its annual report on Monday, the Riksbank said the question is what role it should play in a future with even fewer cash payments.

    “The Riksbank is carefully analyzing this development,” Ingves said. “Overall, I think we are facing structural changes in areas that have previously been stable. This is a development which will affect all the Riksbank’s departments and we will need to make strategic decisions regarding the way forward.”

    — With assistance by Niklas Magnusson, and Sheldon Reback

    https://www.msn.com/en-us/money/mar...too-far/ar-BBJogIJ?li=BBmkt5R&ocid=spartandhp
     
  35. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Swedish Authorities Fear "Negative Spiral" As Society Goes Cashless 'Too Fast'

    [​IMG]
    by Tyler Durden
    Wed, 02/21/2018 - 04:15

    In 1660, Sweden’s Riksbank was the first central bank in the world to issue paper currency.

    In 2016, Sweden began to accelerate its transition from cash to digital currency.

    At the time, Deputy Riksbank Governor Cecilia Skingsley warned:

    “We need to do the homework because it’s not an option for the public sector to stay on the sidelines and see the private sector cut off access to central bank money for individuals."

    A year later, in 2017, cash in circulation was plummeting and establishment economists celebrated the battle in the war on cash.

    Additionally, Riksbank was actively looking toward cryptocurrencies as potential government-backed money.

    But now, in 2018, Swedish officials are worried that too much (or too little in this case) is a bad thing warning:

    "If this development with cash disappearing happens too fast, it can be difficult to maintain the infrastructure” for handling cash.

    As Bloomberg reports, Sweden is widely regarded as the most cashless society on the planet. Most of the country’s bank branches have stopped handling cash; many shops, museums and restaurants now only accept plastic or mobile payments.

    But there’s a downside, since many people, in particular the elderly, don’t have access to the digital society.

    [​IMG]


    “No cash accepted” signs are becoming an increasingly common sight in shops and eateries across Sweden as payments go digital and mobile.

    Last year, the amount of cash in circulation in Sweden dropped to the lowest level since 1990 and is more than 40 percent below its 2007 peak. The declines in 2016 and 2017 were the biggest on record.

    [​IMG]

    But the pace at which cash is vanishing has authorities worried.

    “One may get into a negative spiral which can threaten the cash infrastructure,” Mats Dillen, the head of the parliamentary review, said.

    “It’s those types of issues we are looking more closely at.”

    Riksbank Governor Stefan Ingves has said Sweden should consider forcing banks to provide cash to customers. In its annual report on Monday, the Riksbank said the question is what role it should play in a future with even fewer cash payments.

    “The Riksbank is carefully analyzing this development,” Ingves said.

    “Overall, I think we are facing structural changes in areas that have previously been stable. This is a development which will affect all the Riksbank’s departments and we will need to make strategic decisions regarding the way forward.”

    If you have any misguided notion that a cashless society is not coming, just keep telling yourself that every time you use a debit card, credit card or your phone for your next purchase. With the elimination of cash we effectively hand over our individual human sovereignty to the banks and the government.

    * * *

    Finally we leave you with Harvard's latest study on which nations would 'benefit' the most from going cashless...


    https://www.zerohedge.com/news/2018...egative-spiral-society-goes-cashless-too-fast
     
  36. glockngold

    glockngold Gold Member Gold Chaser

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    This is how the cashless society has been working locally for the last 12 hours...

    upload_2018-2-23_8-55-49.png
     
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  37. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    “Cash Must Not Be Made the Scapegoat”

    Posted on February 23, 2018 by Yves Smith
    By Don Quijones of Spain, the UK, and Mexico, editor at Wolf Street. Originally published at Wolf Street

    The proposed EU-wide cash restrictions could come into effect as early as this year. But defenders of physical cash have an unexpected ally in their struggle: Yves Mersch, a member of the European Central Bank’s executive board. In a speech hosted by the Bundesbank last week, the Luxembourgian central banker exalted cash’s value as legal tender and heaped scorn on the oft-heard argument that its anonymity only helps criminals.

    “Protection of privacy matters to all of us. Privacy protects people from the risk of a surveillance state and thought police,” he told his audience. “No particular link can be established statistically between cash and criminal activities. The focus must be on the fight against crime. Cash must not be made the scapegoat.”

    One of the world’s biggest issuers of notes and coins, the Bundesbank was a fitting location for a speech on the virtues of physical money. In total, €592 billion of the €1.1 trillion of banknotes in circulation at the end of 2016 were issued by the Bundesbank.

    Judging by recent statements, the Bundesbank wants to preserve this arrangement. Bundesbank president Jens Weidmann, who is hotly tipped to replace Mario Draghi as ECB president in 2019, has warned that it would be “disastrous” if people started to believe cash would be abolished — an oblique reference to the risk of negative interest rates and the escalating war on cash triggering a run on cash.

    That didn’t stop five national governments — Cyprus, Bulgaria, Belgium, Portugal and Denmark — from approaching the ECB last year to consult on measures to limit the use of cash, according to Mersch. Meanwhile, Sweden is widely regarded as the most cashless society on the planet. “No cash accepted” signs are a common sight in shops and eateries as payments go digital and mobile, Bloomberg reports. A full 36% of the population never use cash, or just pay with it once or twice a year.

    But the pace at which cash is vanishing is beginning to worry Swedish authorities. If it disappears too quickly, it could be difficult to maintain the infrastructure for handling cash, one Swedish official warned. Most of the country’s bank branches have stopped handling cash altogether and many shops and restaurants now only accept plastic or mobile payments. As a result, many people who struggle to navigate the digital system, in particular the elderly, are finding themselves increasingly locked out of the country’s payment system.

    This dystopian trend underscores one of the oft-ignored benefits of physical cash: its universality. “The easy accessibility to cash, especially for the elderly, the socially vulnerable or minors, allows people to participate in society and, for example, allows children to learn how to handle money,” said Mersch. “In particular, when socially vulnerable people use cash, they face none of the barriers involved in applying for a credit card or, despite all their efforts, opening a current account.”

    Mersch’s speech at the Bundesbank was not the first time he had publicly defended physical money. In an April 2017 article for Project Syndicate titled “Why Europe Still Needs Cash” he lambasted advocates of a cashless society, which he divided into three main camps:

    The first camp, the alchemists, wants to overcome the restrictions that the zero lower bound (ZLB) imposes on monetary policy. The second, the law and order camp, wants to cancel the primary means of payment for illicit activities. And the third camp, the fintech (financial technology) alliance, anticipates major business opportunities arising from the elimination of the high storage, issuance, and handling costs of cash that the financial industry currently faces.

    But most of the arguments for going cashless wilt under scrutiny, Mersch says. Negative interest rates, which “should be understood as a specific non-standard monetary-policy instrument” (i.e. a short-term emergency measure), have worked without triggering a massive flight to cash, he says. Meanwhile, harming the decent majority of people who continue to use cash in order to punish a misbehaving minority would be like “cracking a nut with a sledgehammer – and breaking the table it is on in the process.”

    Ultimately the most pertinent argument against imposing a cashless society in Europe is that most people don’t want it. In the summer of 2017, 95% of respondents to a European Commission survey said they were opposed to a cash ceiling at EU level. Less than 1% of the more than 30,000 people consulted were able to think of a single benefit of the EU unleashing cross-regional cash limits.

    There are plenty of reasons to worry about living in a cashless (or “less cash”) society, including the vastly increased power it would grant to political and monetary authorities as well as the near-impossibility of ever escaping from the clutches of the banking system or central banks’ monetary experiments.

    If anything, recent efforts to make it harder to use cash in Europe are having the opposite effect. According to data cited by Mersch, growth in overall demand for cash is outpacing nominal GDP growth.

    In the last five years, the average annual growth rate of euro banknotes was 4.9% by value and 6.2% by piece. This rise includes denominations that are predominantly used for transactions, rather than for savings.

    In other words, despite the preponderance of digital alternatives, most Europeans do not seem ready to give up notes and coins just yet. According to Mersch, they have nothing to worry about: printed euro banknotes “will retain their place and their role in society as legal tender for a very long time to come. There is no alternative to euro cash.”

    It sure would be nice if he’s right. But many very important people, institutions, and companies — especially those that process electronic payments and take their cut on each transaction — think differently. By Don Quijones.

    What happens if cases like this prove to be the rule rather than the exception? Read… On Closer Inspection, Debt of Bankrupt Spanish Construction Firm Grows Four-Fold

    This entry was posted in Currencies, Europe, Free markets and their discontents, Guest Post on February 23, 2018 by Yves Smith.

    https://www.nakedcapitalism.com/2018/02/cash-must-not-made-scapegoat.html
     

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