War On Cash Intensifies: Citibank To Stop Accepting Cash At Some Branches
by Tyler Durden
Nov 17, 2016 6:31 AM
Yesterday, banking giant UBS proposed that eliminating Australia’s $100 and $50 bills would be “good for the economy and good for the banks.”
(How convenient that a bank would propose something that’s good for banks!)
This isn’t the first time that the financial establishment has pushed for a cashless society in Australia (or anywhere else).
...
Most notably, two days ago, Citibank (yes, THAT Citibank) announced that it was going cashless at some of its Australian branches.
The media and political establishments have chimed in as well.
In February of this year, the Sydney Morning Herald released a series of articles, some of which were written by officials from Australia’s Department of the Treasury, suggesting that eliminating cash will “save billions”, and that “moving to a cashless society is the next step for the Australian dollar”.
This is how it works.
The government, media, banks, and even academia have formed a single, unified chorus to push this idea out to consumers that “cashless” is good for everyone.
And it’s happening across the planet, from Australia to India to Europe to North America.
They’re partially right.
...
As UBS pointed out yesterday, “de-monetizing” Australia’s $50 and $100 bills would force anyone holding those notes to deposit them back in the banking system.
Bank deposits would rise as a result, and consequently, so would bank profits.
Governments would benefit from a cashless society because all savings would be in the banking system, and they have full regulatory control over the banks.
This means that your politicians would have more control over your savings and fewer obstacles to impose capital controls or engage in Civil Asset Forfeiture.
...
You have no say in the matter.
As a bank depositor, you’re nothing more than an unsecured creditor of a financial institution which may or may not allow you to withdraw your own savings.
If you don’t believe me, take a trip down to your bank and ask to withdraw $25,000. See how quickly they treat you like a criminal terrorist.
...
So until that day comes, cash remains an asset that you’ll want to hold.
Just make sure you don’t go overboard. The War on Cash is very real. So if you have more than a couple of months worth of living expenses, you’re taking on unnecessary risk.
Also, keep the denominations low.
As the case with India shows (see the photo), governments have no compunction about violating the public trust with immediate effect and without warning.
So if you’re in the US, don’t keep a mountain of $100 bills in your safe. Keep 10s, 20s, and 50s.
If you’re in Europe, definitely avoid the 500 and 200 euro notes, opt for 20s and 50s.
http://www.zerohedge.com/news/2016-11-16/
Buy a lot of merchandise like guns-ammo-25yr food shelf life-etc-etc...
Get yo-self an island lol...
by Tyler Durden
Nov 17, 2016 6:31 AM
Yesterday, banking giant UBS proposed that eliminating Australia’s $100 and $50 bills would be “good for the economy and good for the banks.”
(How convenient that a bank would propose something that’s good for banks!)
This isn’t the first time that the financial establishment has pushed for a cashless society in Australia (or anywhere else).
...
Most notably, two days ago, Citibank (yes, THAT Citibank) announced that it was going cashless at some of its Australian branches.
The media and political establishments have chimed in as well.
In February of this year, the Sydney Morning Herald released a series of articles, some of which were written by officials from Australia’s Department of the Treasury, suggesting that eliminating cash will “save billions”, and that “moving to a cashless society is the next step for the Australian dollar”.
This is how it works.
The government, media, banks, and even academia have formed a single, unified chorus to push this idea out to consumers that “cashless” is good for everyone.
And it’s happening across the planet, from Australia to India to Europe to North America.
They’re partially right.
...
As UBS pointed out yesterday, “de-monetizing” Australia’s $50 and $100 bills would force anyone holding those notes to deposit them back in the banking system.
Bank deposits would rise as a result, and consequently, so would bank profits.
Governments would benefit from a cashless society because all savings would be in the banking system, and they have full regulatory control over the banks.
This means that your politicians would have more control over your savings and fewer obstacles to impose capital controls or engage in Civil Asset Forfeiture.
...
You have no say in the matter.
As a bank depositor, you’re nothing more than an unsecured creditor of a financial institution which may or may not allow you to withdraw your own savings.
If you don’t believe me, take a trip down to your bank and ask to withdraw $25,000. See how quickly they treat you like a criminal terrorist.
...
So until that day comes, cash remains an asset that you’ll want to hold.
Just make sure you don’t go overboard. The War on Cash is very real. So if you have more than a couple of months worth of living expenses, you’re taking on unnecessary risk.
Also, keep the denominations low.
As the case with India shows (see the photo), governments have no compunction about violating the public trust with immediate effect and without warning.
So if you’re in the US, don’t keep a mountain of $100 bills in your safe. Keep 10s, 20s, and 50s.
If you’re in Europe, definitely avoid the 500 and 200 euro notes, opt for 20s and 50s.
http://www.zerohedge.com/news/2016-11-16/
Buy a lot of merchandise like guns-ammo-25yr food shelf life-etc-etc...
Get yo-self an island lol...
