Negative Interest Rates and the War on Cash (3)
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September 7, 2016 at 1:03 pm #30281Raúl Ilargi MeijerKeymaster
Lou Stoumen Going to work 8am Times Square, NYC 1940 This is part 3 of a 4-part series by Nicole Foss entitled “Negative Interest Rates
[See the full post at: Negative Interest Rates and the War on Cash (3)]September 7, 2016 at 4:42 pm #30287regionsworkParticipantPart 4 will be the solutions – right?
September 7, 2016 at 5:26 pm #30288dmgerParticipantI am a bit surprised Nicole didn’t mention precious metals when mentioning a handful of alternatives to cash. Also, I realize Americans are far softer than they were decades ago, but I hope and pray that we would rise up refuse to give the failed fed even more control over our money through negative conversion rates or elimination of cash. The very fact that it is being discussed is an admission the fed has failed miserably and needs to be ended. Finally, even if it were to abolish cash and somehow force people to consume their retirement savings, in the end it is just another delay of an inevitable collapse that will leave people with no money for the future and therefore be even worse in the intermediate/longer-term.
September 7, 2016 at 8:09 pm #30289Stephen MaturinParticipantThanks for opening my eyes about the significance of negative rates and the war on cash. It sounds ominous to me; but I can see it seems to solve a lot of problems from the point of view of the financial elites. Let’s hope it cannot be implemented. In a contraction the center cannot hold? This could be a way for that center to keep its grip on skimming ever more from the population to pay for their repressive strategy. For while the necessary infrastructure remains intact enough.
September 8, 2016 at 12:46 am #30290V. ArnoldParticipantZH has featured Nicole’s series, “Negative Interest Rates and the War on Cash”.
As to precious metals? If one is a U.S. slave, er, citizen; physical gold, silver, and Platinum as coin or bars could be a problem, as the below link illustrates;
https://www.zerohedge.com/news/2016-09-07/irs-warns-against-keeping-ira-funds-gold-home
Might just be advantageous to relocate elsewhere, no?September 8, 2016 at 12:48 am #30291NassimParticipantSeptember 8, 2016 at 9:46 am #30307V. ArnoldParticipantI would add, for those not disposed to move abroad, one might want to get familiar with one’s local black market. As the song says; “You can get anything you want, at Alice’s restaurant, c’epting Alice…”
Cash purchases of precious metals would not be traceable, so a gold or silver coin of the realm, would work very well in such a market for hard to get items…
Just a thought; I would never suggest breaking any laws… 😉September 9, 2016 at 1:59 am #30326ProfessorlocknloadParticipantI recall reading, back in the 80’s, of the adventures of a western capitalist traveling behind the Iron Curtain. While on the streets of Moscow, he observed back alley “Venders” selling Levi 501’s at about the same dollar price as they went for at New York retail stores. And this in a totalitarian system, where the penalty for dealing in western goods, let alone holding US dollars was likely a one way ticket to the gulag.
One of these entrepreneurs, when questioned about the risks, replied something along the lines of “Where do you think the apparatchiks get their Levi’s?”
So, certainly, in a cashless, honest, law respecting US of A there will be an enterprising cattle futures dealer willing to sell a “Contract” to a future presidential candidate, not so much for cash, but for favors after she is elected.
And funny cigarettes were mentioned in the article as a substitute for currency (Although 215 is frequently found as an acceptable settlement medium on Craig’s List in Humboldt County, CA,,,,weed) I was once at a carnival in Central California back in the early 70’s where the booth had a row of numbers along the front counter, and a big roulette wheel in the back. We would place a quarter on a number at the counter, to win a pack of smokes, the man would spin the wheel, and if we won, he would reach over our number with a pack of Lucky Strikes, but drop our winnings in quarters on our number, pulling the cigarettes back, indicating he was buying them back from us. Gambling was illegal in California at the time, you see?
September 9, 2016 at 3:50 pm #30355John DayParticipantMish anticipates social mood getting very ugly. Not directly mentioned by Nicole, though alluded to, is the righteous wrath of the robbed. Lynch-mobs…
Eye on Social Mood: Stock Market Bubble Will Pop, Social Mood Will Get Extremely UglySeptember 9, 2016 at 7:32 pm #30356Andrew AndersonParticipant<i>There is an important distinction to be made between official electronic currency – allowing everyone to hold an account with the central bank —</i>
Has it not occurred to you as noxious that citizens may not deal with their nation’s fiat in the form of inherently risk-free, convenient accounts at the central bank itself but must work through a government-privileged usury cartel consisting of depository institutions who alone in the private sector may have such accounts?
Cui bono from that special privilege if not the banks themselves and the most so-called creditworthy, the rich?
September 9, 2016 at 7:46 pm #30357Andrew AndersonParticipant“People would convert a very large share of their current bank deposits into official digital money, in effect taking them out of the private banking system. Why might this be a problem? If it’s an acute rush for safety in a crisis, the risk is that private banks may not have enough reserves to honour all the withdrawals. ”
This is a good thing since the new reserves needed could be equally distributed to all adult citizens and thereby reverse a lot of relative wealth inequality.
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