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    Default Re: War on cash

    Quote Posted by TargeT (here)
    Is trump playing 7d Backgammon??
    That sharp drop from 1225 to 1223 on the Bloomberg Dollar Index (R1) looks dramatic on a short term chart (just 12 hours long) but it's lost in the noise over a longer term. For the last 4 years, that US Dollar index has been basically flat. Back in March of 2013 for example, it was at 1222, and right now, it is at 1219. It has gone nowhere in over four years. Foreign nations and corporations owing dollar denominated debt continue to have a hard time finding dollars to make their debt payments, as I (cynically) presume is intended.
    Last edited by Paul; 18th April 2017 at 08:19.

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    Default Re: War on cash

    Quote Posted by Paul (here)
    Quote Posted by TargeT (here)
    Is trump playing 7d Backgammon??
    That sharp drop from 1225 to 1223 on the Bloomberg Dollar Index (R1) looks dramatic on a short term chart (just 12 hours long) but it's lost in the noise over a longer term. For the last 4 years, from that US Dollar index has been basically flat. Back in March of 2013 for example, it was at 1222, and right now, it is at 1219. It has gone nowhere in over four years. Foreign nations and corporations owing dollar denominated debt continue to have a hard time finding dollars to make their debt payments, as I (cynically) presume is intended.

    the vid was about the currency drop, but i'm more interested in trumps 180* on "strong dollar".
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    Default Re: War on cash

    Myths Behind the War on Cash

    Mises.org -- 06/28/2017 Ronald-Peter Stöferle

    The attacks on physical cash from a phalanx of economists, central bankers, commercial banks, and politicians have not diminished in recent years. On the contrary, in the face of the worldwide increase in terror attacks, particularly in Europe, and ongoing pressure on public budgets, the cash ban issue is increasingly dragged into the spotlight.

    In a highly-recommended study entitled “Cash, Freedom and Crime. Use and Impact of Cash in a World Going Digital,” Deutsche Bank Research demolishes numerous popular myths surrounding cash, inter alia in the context of crime and terrorism. Without cash there are no longer bank robberies at gun point, instead there are now electronic bank robberies. Fraud involving credit cards and ATM cards is massively increasing in Sweden, the country considered the pioneer of the cashless society. The argument that adopting a cashless payment system would facilitate the fight against terrorism doesn't hold water either:

    As regards terrorism in Europe, an analysis of 40 jihadist attacks in the past 20 years shows that most funding came from delinquents’ own funds and 75% of the attacks cost in total less than USD 10,000 to carry out — sums that will hardly raise suspicions even if paid by card.

    Moreover, many terrorists, particularly if they are prepared to risk their own death, won't be deterred by prohibitions, just as stricter gun laws have no impact on people who must use unregistered weapons for their crimes. Often, they are unable to get hold of a weapon by legal means anyway if they have a criminal record. Planned terror attacks are as a rule characterized by a meticulous and careful approach. At best a cash ban might make financing of terrorism more difficult (even that is doubtful), but at the price of subjecting the law-abiding peaceful population at large to even more intrusive surveillance.

    Legislators have passed additional regulations in the past 12 months which at least restrict the use of cash; bans of high-denomination banknotes (e.g., the 500 euro note) and (lower) thresholds for legal cash payments. There are however also technological developments that are significantly reducing the transaction costs of cashless payments and are therefore making cash comparatively unattractive.

    In Sweden, an app called “Swish” introduced by the country's leading banks has revolutionized cashless payments. To this point, the app has been downloaded 5.5 million times. In the Scandinavian country only 2% of all payments are settled in cash these days.

    Sweden's central bank expects that this percentage will decline by another three-quarters to 0.5% by the end of the decade. 900 of the 1,600 bank branch offices in the country no longer have any cash in store.

    The academic debate continues unabated. A paper that has recently triggered intense debate is the IMF working paper “The Macroeconomics of De-Cashing,” which was published in March 2017. Its author Alexei Kireyev examines the possible macroeconomic consequences of abolishing cash. His central conclusions are:

    A cashless payment system would make the monetary policy transmission mechanism more efficient, as there would be very little or no cash available anymore. In particular, it would become possible to implement negative interest rates on a broad front, in order to boost consumption.
    Since a decline in cash holdings would go hand in hand with an increase in demand deposits at banks, the banking sector would be able to extend more loans. That would lower the level of interest rates and boost economic growth.
    A sudden increase in the demand for cash is a sign of an imminently impending financial crisis. Shortly before the collapse of Lehman Brothers in September 2008, demand for cash currency increased significantly. That was a sign that bank customers increasingly lost confidence in the solvency and liquidity of commercial banks. This warning signal would no longer be available if cash were abolished.
    A cashless economy makes tax collection easier, as the example of Sweden illustrates.

    Regardless of a superficially balanced approach in large parts of the text, the article clearly evinces an underlying bias toward supporting the abolition of cash. Several arguments in the paper are fallacious and represent little more than intellectual kowtowing to the prevailing zeitgeist. Thus a cashless economy is supposedly going to improve “financial inclusiveness” — as every citizen and economic actor would be forced to open a bank account; it would reduce illegal immigration — as employment of illegal immigrants would become more difficult; and it would help protect the environment — because the production of paper or polymers for banknotes has a greater impact on the environment than electronic money.

    Whether the given objective of fighting crime and black markets can be realized by banning cash remains a highly controversial issue. Thus, Professor Friedrich Schneider, one of the most renowned experts in the areas shadow economy and tax evasion, shows that a cash ban would reduce illicit employment be a mere 10% and organized crime by less than 5%.

    The paper's conclusions ultimately read like a political manual for the abolition of cash by means of salami tactics. In other words, to prevent the population from getting alarmed, it is to be weaned off cash in tolerable doses through a piecemeal approach. Economic incentives for cashless payments are to be put in place, i.e., specifically, fees for cash payments are supposed to be introduced or raised. In our assessment, the most important point though concerns the notion that “de-cashing” would be “critical for the efficiency” of a negative interest rate policy.

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    Default Re: War on cash

    Senate bill S.1241 Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017, if passed, will severely limit that amount of cash anyone can carry on them, as well as other egregious assaults on our freedom.

    https://www.congress.gov/bill/115th-...nate-bill/1241
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    Default Re: War on cash

    Visa Trying to Bribe Merchants to Stop Taking Cash

    July 13, 2017 by Yves Smith

    The war on cash is escalating. A big driver isn’t central banks who want to be able to inflict negative interest rates on savers, or Treasuries who see cash transactions as hiding revenues from their tax collectors, but the payment networks that want to kill cash (and checks!) as competitors to their oh so terrific (and fee-gouging) credit and debit cards.

    However, one bit of good news is there doesn’t appear to be much enthusiasm on the buyer, as in merchant, end.

    First, the overview from the Wall Street Journal:

    Visa Inc. has a new offer for small merchants: take thousands of dollars from the card giant to upgrade their payment technology. In return, the businesses must stop accepting cash.

    The company unveiled the initiative on Wednesday as part of a broader effort to steer Americans away from using old-fashioned paper money. Visa says it is planning to give $10,000 apiece to up to 50 restaurants and food vendors to pay for their technology and marketing costs, as long as the businesses pledge to start what Visa executive Jack Forestell calls a “journey to cashless.”

    There are good reasons to think this initiative won’t get far.

    Customer resistance. Food vendors, and in particular restaurants, are low margin businesses with fickle customers who have little to no loyalty. Why risk driving business away?

    Aside from the fact that some customers prefer cash, a related issue is that using cards and smartphones often seem to be a tax on time. I really hate using chip cards. Mag cards were often faster than cash, since you swiped and could stuff the card back in your wallet while the transaction was being approved. Chip cards, by contrast, require you to keep the card in the machine while it is being approved, so one is very much aware of the wait. And when I’ve seen people using phones (often to buy small stuff like coffee, which really amazes me), I find that they are slower with it that they would probably be with cash, in that they seem to have to fumble with the phone to get the right app readied and then the payment doesn’t always go right through either.

    And that’s before you get to the fact that ApplePay and other smartphone payments time stamp exactly when you paid, adding to the information the surveillance state is gathering about you. By contrast, even if you use a credit card at a store, Clive informs us that the card network typically retains only the date of transaction.

    Read more at link above

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    Default Re: War on cash

    People Not Amused by EU Efforts to “De-Cash” their Lives

    By Don Quijones, Spain & Mexico, editor at WOLF STREET.

    In January 2017 the European Commission announced it was exploring the option of imposing upper limits on cash payments, with a view to implementing cross-regional measures as soon as 2018. To give the proposal a veneer of respectability and accountability the Commission launched a public consultation on the issue. Now, the answers are in, but they are not what the Commission was expecting.

    A staggering 95% of the respondents said they were opposed to a cash ceiling at EU level. Even more emphatic was the answer to the following question:

    “How would the introduction of restrictions on payments in cash at EU level benefit you, or your business or your organisation (multiple replies are possible)?”

    In the curious absence of an explicit “not at all” option, 99.18% chose to respond with “no answer.” In other words, less than 1% of the more than 30,000 people consulted could think of a single benefit of the EU unleashing cross-regional cash limits.



    Read rest of article at Wolf Street...
    Last edited by TrumanCash; 17th July 2017 at 18:11.

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    Default Re: War on cash

    Today, Zerohedge - "It's Your Money But You Can't Have It - EU Proposes Account Freezes To Halt Bank Runs

    http://www.zerohedge.com/news/2017-0...halt-bank-runs

    And we're not even cashless yet. Imagine if we were...

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    Default Re: War on cash

    War on Cash Proposals in Australia: Microchip Expiring $100 Bills, Forcing People to Keep Receipts

    Australia’s Black Economy Taskforce has come up with a list of 35 “consumer-focused” proposals to crack down on cash. The taskforce blames consumers for holding cash and for not getting receipts.

    Michael Andrew, the head of the taskforce, proposes nanochips in $50 and $100 notes so the government knows where the cash is. Cash will expire after a designated period of time.

    Andrew believes “consumers are part of the problem”. He wants to punish people who pay in cash and don’t get a receipt....

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    Default Re: War on cash

    I have heard that you can just pop the notes in a microwave for a few seconds and that will take care of the chips

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    Default Re: War on cash

    Quote Posted by Callista (here)
    I have heard that you can just pop the notes in a microwave for a few seconds and that will take care of the chips
    Well - dang - that microwave that I put away in my closet years ago, because it's bad for healthy food ... just might have a use!

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    Default Re: War on cash

    I posted another take on this war on cash, as part of an analysis of some related matters (such as silver, Clif High and NSA influence on crypto-currencies) in a new thread: Bitcoin, the war on cash, Clif High, and the NSA's long range plans.

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    Default Re: War on cash

    Here's a good article on the advantages, and the major disadvantage, of a cashless society: After Cash: All Fun and Games Until Somebody Loses a Bank Account.

    The advantages include a variety of conveniences and security improvements.

    The major disadvantage: it gives governments way too much power over each of us.

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    Default Re: War on cash

    Why Elites Are Winning the War on Cash

    Visa recently unveiled its own offensive in the war on cash. Visa is offering certain merchants a $10,000 reward if they refuse to accept cash in the future.

    Not surprisingly, Visa’s competitor is also part of the war on cash. Mastercard is increasing its efforts to encourage merchants to refuse cash. Here’s Bloomberg, quoting the CEO of Mastercard:

    “Mastercard Chief Executive Officer Ajay Banga has been one of the most ardent supporters of ditching paper currency in the U.S. The 57-year-old first declared his war on cash in 2010.”

    These private efforts by Visa and MasterCard exist side by side with official efforts to eliminate or discourage the use of cash coming from governments in India, Australia, Sweden as well as the United States.

    These efforts are always portrayed in the most favorable light. Private parties talk about convenience and lower costs. Governments talk about putting pressure on tax cheats, terrorists and criminals.

    Governments always use money laundering, drug dealing and terrorism as an excuse to keep tabs on honest citizens and deprive them of the ability to use money alternatives such as physical cash and gold.

    But the so-called “cashless society” is just a Trojan horse for a system in which all financial wealth is electronic and represented digitally in the records of a small number of megabanks and asset managers.

    Once that is achieved, it will be easy for state power to seize and freeze the wealth, or subject it to constant surveillance, taxation and other forms of digital confiscation.

    The war on cash has two main thrusts. The first is to make it difficult to obtain cash in the first place. U.S. banks will report anyone taking more than $3,000 in cash as engaging in a “suspicious activity” using Treasury Form SAR (Suspicious Activity Report).

    The second thrust is to eliminate large-denomination banknotes. The U.S. got rid of its $500 note in 1969, and the $100 note has lost 85% of its purchasing power since then. With a little more inflation, the $100 bill will be reduced to chump change.

    Last year the European Central Bank announced that they were discontinuing the production of new 500 euro notes. Existing 500 euro notes will still be legal tender, but new ones will not be produced.

    This means that over time, the notes will be in short supply and individuals in need of large denominations may actually bid up the price above face value paying, say, 502 euros in smaller bills for a 500 euro note. The 2 euro premium in this example is like a negative interest rate on cash.

    The real burden of the war on cash falls on honest citizens who are made vulnerable to wealth confiscation through negative interest rates, loss of privacy, account freezes and limits on cash withdrawals or transfers.

    The whole idea of the war on cash is to force savers into digital bank accounts so their money can be taken from them in the form of negative interest rates. An easy solution to this is to go to physical cash.

    The war on cash is a global effort being waged on many fronts. My view is that the war on cash is dangerous in terms of lost privacy and the risk of government confiscation of wealth. India provides the most dramatic example.

    How would you like to go to bed one night and then wake up the next morning to discover that all bills larger than $5.00 were no longer legal tender? That’s essentially what happened in India not long ago.

    The good news is that cash is still a dominant form of payment in many countries including the U.S. The problem is that as digital payments grow and the use of cash diminishes, a “tipping point” is reached where suddenly it makes no sense to continue using cash because of the expense and logistics involved.

    Once cash usage shrinks to a certain point, economies of scale are lost and usage can go to zero almost overnight. Remember how music CDs disappeared suddenly once MP3 and streaming formats became popular?

    That’s how fast cash can disappear.

    Once the war on cash gains that kind of momentum, it will be practically impossible to stop. That’s why I’m always saying that savers and those with a long-term view should get physical gold now while prices are still attractive and while they still can.

    Given these potential outcomes, one might expect that citizens would push back against the war on cash.

    But in some places, the opposite seems to be happening.

    A recent survey revealed that more than a third of Americans and Europeans would have no problem at all giving up cash and going completely digital.

    Specifically, the study showed 34% of Europeans and 38% of Americans surveyed would prefer going cashless.

    Notably, Germans are the most resistant to going cashless. Almost 80% of transactions in Germany are done in cash, and many Germans never use credit cards.

    The German experience with hyperinflation after WWI and additional monetary chaos after WWII certainly plays a part in this resistance to the cashless society.

    Incidentally, the German word for debt, schuld, also means guilt.

    Other countries, such as Romania and Bulgaria, which have recent experiences with currency and financial crises, also tend to use cash extensively.

    Of course, there’s no denying that digital payments are certainly convenient. I use them myself in the form of credit and debit cards, wire transfers, automatic deposits and bill payments.

    The surest way to lull someone into complacency is to offer a “convenience” that quickly becomes habit and impossible to do without.

    The convenience factor is becoming more prevalent, and consumers are moving from cash to digital payments just as they moved from gold and silver coins to paper money a hundred years ago.

    But when the next financial panic comes, those without tangible wealth will be totally at the mercy of banks and governments who will decide exactly how much of your own money you’re allowed to have each day.

    Just ask the citizens of Cyprus, Greece and India who have gone through this experience in recent years.

    It will come to the U.S. soon enough.

    Other dangers arise from the fact that digital money, transferred by credit or debit cards or other electronic payments systems, are completely dependent on the power grid. If the power grid goes out due to storms, accidents, sabotage or cyberattacks, our digital economy will grind to a complete halt.

    That’s why it’s a good idea to keep some of your liquidity in paper cash (while you can) and gold or silver coins. The gold and silver coins in particular will be money good in every state of the world.

    I hold significant portion of my wealth in nondigital form, including real estate, fine art and precious metals in safe, nonbank storage.

    I strongly suggest you do the same.

    Regards,

    Jim Rickards
    for The Daily Reckoning

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    Default Re: War on cash

    Quote Posted by TrumanCash (here)
    Why Elites Are Winning the War on Cash

    Visa recently unveiled its own offensive in the war on cash. Visa is offering certain merchants a $10,000 reward if they refuse to accept cash in the future.
    That wouldn't be attractive to me at all, my businesses pays more than $10,000 in credit card processing fees annually... if they wanted to REALLY get sneaky they'd waive processing fee's and maybe toss in some other benefit.... but I doubt those greedy SOB's will do anything like that.


    However, if they did; I could see a landslide of acceptance from smaller businesses like mine. As it is currently, we tell every customer we prefer cash (soon to accept bitcoin too!)
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    Default Re: War on cash

    Quote Posted by TrumanCash (here)
    Governments always use money laundering, drug dealing and terrorism ...
    Well, they should know, shouldn't they?

    As best as I can figure, governments, especially the Imperial American Empire, are the world's leading money launderers, drug dealers and terrorists.


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    Default Re: War on cash

    IMF Working Paper: The Macroeconomics of De-Cashing, Alexei Kireyev of the International Monetary Fund advises abolishing cash without having the citizens aware of the process.

    First, large banknotes are to be withdrawn from circulation, next limits on cash transactions are to be imposed, then computerization of the world’s financial system and control of international cash transactions are to be enforced and, finally, private companies are to be encouraged to avoid cash transactions.

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    Default Re: War on cash

    I believe there is a war on Cash, but there always has been a war on cash. It's a constant re-distribution of wealth if any form and does not have to be physical monetary money but commodity items as well.

    We are entering a strange point in time. Lot of the World Word 2 Baby Boomers retiring and passing their inheritance down to children, people's pensions..etc The Big Boys want all this and keep control of the population. They will use All and Any Means necessary to steal your money. The biggest war on cash was in 1964 disguised as the Civil Rights Act that is a so-called is a landmark civil rights and US labor law in the United States that outlaws discrimination based on race, color, religion, sex or national origin...bla bla bla

    The U.S. Government does not overall have a favorable treatment towards the black population in it's history. We all know the story of what happened. Population grew and Black people wanted to be treated like equal human beings in this New American society. Protests, and Riots and various shades of bloodshed. The U.S. Government was pushed up against the wall with very few choices left what to do. No one should be fooled that the U.S. Government during this era wanted the Black Population to have equal rights, the majority of our government was racist and hated Blacks. Our government is run by the most powerful think-tank minds that still operate on the same mentality to this very day.

    We want rights, we want rights..... ok, ok, we will give you rights and they passed the 1964 Civil Rights Act. Guess what ? This was just to shut them up while our own government decided to punish everyone, black and white, jewish or christian..etc. Right after the 1964 Act was passed the people who really run the country ordered the U.S. Treasury department to stop minting coins in Silver in the U.S. Currency. As we know our government lies and they can give any reason why they do things and is not true. They can say all they want why they decided not to mint coin currency with Silver all they want but is it really the truth ? These same type of Bait & Switch tactics are still used today in politics and the even working for the most powerful corporations in their work environment....just punish everyone

    I was never a Gold or Silver bug and I don't really consider myself to be fully one but the truth is since the beginning of human history - GOLD has always been the #1 form of money and will always will remain the true king. Cash is not King, it's Gold. Kings and royalty never used paper money. It's all about the Gold and Gems. Every Monetary System through human history and evolution has come and past while Gold will always be here forever. Don't believe any of the lies... Audit the Fed, Where is the Gold in Fort Knox... it's just a bunch of hoopla and earth will never run out of Gold. Natural Earthquakes Create Natural Gold and can go on and on.

    It's 2018 now and the War on Cash is going on. Personally I never keep Cash on me and the last 20+ years I just use my Debit Car or Credit Card. I don't even own any physical Gold or Silver either except for some Jewelry, but nothing major. There is a lot of Doom And Gloom websites and personalities claiming to be professionals but it's all Speculation and none of these people are Oracles. If we had a true Oracle at our disposal, we would not even need a money system at all.

    What exactly is Cash ? I need someone to paint my fence, do I pay them in Cash ? Maybe if I find the right person I can give them an Ounce of Weed and a good meal and they would be happy to paint my fence without any Cash at all. The Dollar can be anything and whatever it's current form is can be anything in the future. Our Government is very good at sprinkling magic fairy dust and making the impossible - possible. A Crash is going to happen ? People can say all they want and if any crash happens your bank account will be FDIC insured for the X amount of Money promised.

    Bitcoin is new Materialistic method being introduced. The Roller-coaster ride leading to nowhere has taken off a great speeds and no one knows where the heck this is going, but this device really is but looks cool and curiosity killed the cat; sure why not, lets get on. No matter how you slice it and dice it, Bitcoin, Blockchain, Crypto / Encryption anything is all based on Binary Code and can be hacked and will never be safe. Anything electronic can be hacked, it's a completely flawed system of design that can never be safe. Safe Electronic Vehicles or any kind of money system electronic will never be safe and can be hacked.

    There are lot of people who believe the Dark Web is Safe or this Qanon guy is really posting anonymously. This is a total joke. The CIA knows who this Qanon person is and can shut him down and can track exactly where his location is every time Qanon posts. If anything thinks they are going to lead a life of Cowboys and Indians being hackers and live like Gods on the Electrical Grid that is controlled by the CIA, they are sadly mistaken.
    Last edited by ZoSo925; 18th February 2018 at 12:14.

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    Default Re: War on cash

    Something else popped into my mind. The magic Fairy dust is hilarious but true

    The Black Swan Events come and go causing destruction while the magic Fairy dust fixes things for the time being. (This can be Vise~Versa or any Mixed) A quote I've been using a while is a Unicorn can fart Blueberry Muffins and that is a perfect excuse why the market can be up or down on any given day.

    FDIC is like a Psudo Shadow Government. If the dollar crashes, our government can easily flip on a light switch and money in FDIC accounts is still there and good, whether it's on a Gold standard or anything.

    FDIC is not part of the Federal Reserve and a totally separate Corporation.




    Edit: Wow, my mind is completely melted. After reading about Engineering Woo and the fact Blacks Swans exist and all around everywhere this is beyond anyone's conception and will melt your mind.

    FDIC is a Chess Piece that has never been used. FDIC in itself is a Black Swan ... Break The Glass Plan and still a whole range of Black Swans will spawn off that as well.

    We need a gosh darn Oracle , but that still requires Engineering Woo and Black Swans
    Last edited by ZoSo925; 19th February 2018 at 11:59.

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    Default Re: War on cash

    Retailers Rejecting Customers' Cash As More Ban Paper Money

    https://www.zerohedge.com/news/2018-...ng-paper-money

    I have been observing that more people are paying with plastic instead of cash. Only a small minority of people pay with cash at the grocery check stand even though paying with cash is faster than paying with plastic.

    Paying with a credit/debit card is not more "convenient"--It is less convenient and takes longer than paying with cash.

    I've seen many instances when someone will buy a couple candy bars with their plastic card which always takes longer than just whipping out a five-dollar bill (or whatever) to pay for it. Even when the checker has to count out change, paying with cash is faster.

    Then there is the rather frequent situation where the card does not go through which further holds up the line. I have to laugh when this occurrence takes several minutes only to stand patiently in line while the customer finally gives up and pulls out cash to pay for the purchase! I find this to be very funny.

    I always have cash at the ready and often carry enough coins in my pocket to pay the exact amount so the checker does not have to count out change, thus keeping the customer line moving faster. Unfortunately, nearly everyone else slows down the line by paying with an electronic transaction.

    So far I have not seen any business refusing cash in the area in which I live--thankfully.

    The solution is to pay in cash whenever possible. If we don't use it, we lose it. The alternative is a cashless world and that will be the final nail in the coffin of enslavement to the globalist banksters.
    Last edited by TrumanCash; 30th December 2018 at 17:13.

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    Default Re: War on cash

    Quote Posted by TrumanCash (here)
    ... funny...
    I know what you mean, but it ain't, at all.

    It literally hurts me to see that stupidity, every time.

    "Convenience"? It's a VOTE. They don't realize it.

    I vote daily, too. I pay CASH, whereever and whenever possible.
    Last edited by meeradas; 31st December 2018 at 12:47. Reason: literally

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