Banks Quickly Abolishing Your Ability to Use & Store Cash
By Damon Geller
Many responsible citizens believe in paying with cash and storing their cash at home, in a bank, or in a safety deposit box. But banks & governments have suddenly become hell-bent on abolishing your use and storage of cash, by restricting the ways you can spend & deposit your U.S. dollars, and reporting countless cash transactions to the police & government. The question is, why? The frightening fact is, our government has recently instituted numerous programs to track your financial accounts anywhere in the world, but tracking cash is much harder. In addition, our government aggressively pursues numerous programs to confiscate citizen savings & wealth without due process, and it’s much easier to confiscate digital accounts. Thus, cash has become a huge target.
The Bankers’ War on Cash
When JPMorgan Chase recently informed customers that the bank will no longer allow cash to be stored in safety deposit boxes, it capped off a frightening trend in banker restrictions on cash usage & storage internationally:
•Citi’s Willem Buiter recently advocated abolishing cash altogether in order to “solve the world’s central banks’ problem with negative interest rates.”
•Chase instituted a new policy which “restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans.”
•The Justice Department has ordered bank employees to consider calling the police on customers who withdraw $5,000 dollars or more.
•HSBC is now interrogating its account holders in the UK on how they earn and spend their money as well as restricting cash withdrawals for customers.
•Banks in the U.S. are making it harder for customers to withdraw and deposit cash, with Chase imposing new capital controls that mandate identification for cash deposits and ban cash being deposited into another person’s account.
•Chase banned international wire transfers while restricting cash activity for business customers (both deposits and withdrawals).
•The French government announced it will restrict French citizens from making cash payments over €1,000 euros.
Why the War on Cash?
At the very least, banks imposing restrictions on the use of cash amounts to an attack on anonymity and an example of how financial institutions are positioning themselves to handle the fallout of the next economic crash – at the expense of customers. But it goes even deep than that. Consider the lengths to which our government has gone to track your money worldwide, and the extent to which they have confiscated citizen savings without due process of law.
As the U.S. spirals toward insolvency due to massive over-spending and Fed money-printing, the U.S. government is pulling out all the stops to gain access to your money – no matter where it is across the globe. First, the government started seizing citizen bank accounts with no due process. Then, the Department of Justice and local police started seizing cash from innocent citizens. Now, the IRS threatens foreign nations and financial institutions across the globe to turn over your private data and financial accounts, with the threat of financial warfare if they don’t comply. They’re even threatening our very allies, despite the fact that they have no authority whatsoever over foreign nations!
So in short, if our government is going to these lengths to track down your money and even confiscate citizen savings without due process, isn’t it much easier to track and control digital accounts than cash? Yes. So how does the government remedy this challenge? Join the banks in a war against cash.
Yes, we’re all required by law to report our income and pay our taxes. But that doesn’t give the government & banks the authority to track every financial move we make and restrict our usage and storage of cash. These moves reek of absolute desperation on the part of the government & banks. And they have every reason to be desperate. Our national debt has reached the breaking point, and banks are once again gambling trillions on the outrageous derivatives that took down the global economy in 2008. And our entire financial system hangs in the balance.
So do you want to remain vulnerable to the whims of government & banks, or do you want to fully protect your savings & retirement? To get true protection, there’s one asset class that sits outside the system, is completely private, and cannot be tracked and controlled by the government or banks.
Physical gold & silver have been the world’s greatest wealth protectors for over 5,000 years, shielding citizens from government & banking collapse during the worst crises in history. And physical gold & silver cannot be instantly seized with the stroke of a keyboard.