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  1. Link to Post #61
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    Default Re: War on cash

    The "stronger US Dollar" is another critical component of this global economic collapse.

    For the world's debt is substantially denominated in US Dollars, or other closely integrated currencies such as the Euro. That's a key part of what it means to be "the world's reserve currency". That debt is heading toward default, because the supply of US Dollars is shrinking. Oil exporting nations earn fewer dollars due to the low price of oil. International traders and exporting nations earn fewer dollars due to declining world trade.

    The bastard banksters get you addicted to easy money, to monetary heroin, and then they squeeze the supply, forcing desperation and collapse.

    That's what bastard banksters do.

    As weaker financial assets, such as other national or regional currencies, such as the dollar denominated debt of (other than the US) nations, such as the balance sheets of major Western banks, such as assets now ending major bubbles (real estate, stocks, US Treasuries, college degrees in the US), and such as, this week, cash in India's rupee, ... as these weaker financial assets collapse or are confiscated, the rush is to the core asset, which in the world monetary system post World War II is the US Dollar.

    As one side of this Titanic world monetary system sinks, the rush is to the other side of the ship. As the higher stories of the Tower of Babylonian Money collapse, the rush is the ground floor, the US Dollar.

    The Dollar will rise, and rise, and rise some more ... until poof, it's gone, replaced within the US by colorful Treasury Dollars, and replaced on the global scale by whatever.

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  3. Link to Post #62
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    Default Re: War on cash

    This Is Where I Get Off - Jeff Thomas (sprottmoney.com)

    November 25, 2016

    We began writing on the War on Cash some time ago, when it was still just a theoretical ploy that we believed banks and governments were likely to employ as their economic adventurism continued to unravel.

    But, in the last year, several countries have, as a part of the War on Cash, begun removing larger bank notes from circulation in order to force people to perform all economic transactions through the banking system, assuring that the banks would gain total control over the movement of money.

    Of course, the banks could not admit their true goal to the public. They instead used the governments to claim that the measure was being undertaken to restrict crime (money laundering, drug deals, black marketing, terrorism, etc.)

    Recently, without any fanfare, ATM’s in Mexico have ceased issuing the 500 peso note US$24). The largest note is now the 200 peso note (US$10).

    At about the same time, Citibank in Australia declared that it will no longer accept coins or banknotes.

    India has joined those countries that have done away with larger notes. They did so quite suddenly and the effects are already being felt by the Indian people. The elimination of the 500 rupee and 1000 rupee notes has, of course, not limited the level of spending in India, but it has caused a sudden demand for considerably more smaller notes through which to accomplish the same transactions.

    A problem with the removal surfaced immediately when people using ATM’s were withdrawing far more notes than ever before in order to have enough cash to function normally. The ATM’s were quickly being emptied of the smaller denominations. The people of India cried foul, as 86% of all money in circulation had vanished from the system overnight. The limit for withdrawal per day is 2500 rupees (US$37) – which for some is sufficient to pay for daily expenses, but is most certainly not sufficient to carry on a business or facilitate larger transactions.

    Although deliveries of notes to the ATM’s has increased, the banks simply cannot make up for the sudden loss of 86% of the nation’s money. Not only can the delivery trucks not meet the demand, the machines cannot store the volume of notes needed.

    The result has been a partial breakdown of commerce. With millions of people beginning each day with insufficient funds to function, one bi-product of the money shortage is that over 9.3 million trucks have simply been abandoned by their drivers. (Nearly two thirds of all freight in India moves by road.)

    In January of 2016, we published an article that made reference to the turning point of World War Two on the western front. Although the German war machine was collapsing, a major last-ditch effort was made at the Battle of the Bulge to reverse the tide of the war. German tanks raced to the battle and might well have made the Germans the victors, but they ran out of gasoline along the way .

    The crews, understanding that the game was well and truly over, simply left the tanks and began to walk back to Germany. The great significance of this event is that, no matter how much bluster a political or military leadership presents, and no matter how obediently the soldiers respond to such posturing, once it’s clear that the game is up, the pretense amongst the soldiers evaporates.

    The same is true in commerce. When those who make the decisions in banking and government try to game the system one time too many, dysfunction sets in and the “soldiers” – the countless minor participants in the system – simply walk away.

    The lesson to be learned here is that, in all countries where a War on Cash is being destructively waged, the end will not be a positive one. The people of each country will increasingly become unable to function normally, as in Greece, where there have been riots due to the banking squeeze. Banks and governments have colluded to tie up wealth in order to have their hands on as much of it as possible, as they grow nearer to economic collapse. As the situation drags on, their intent is becoming ever-more transparent to those who have to suffer the difficulties caused by the squeeze.

    But, as difficult as it may be to accept, these are “the good old days”. The direst events to come have not yet begun to surface.

    As I’ve mentioned in past articles, the problem reaches its nadir when trucks that move the country’s food come to a halt. As long as sufficient food remains available to us, we treat it as just another commodity. But unlike clothing, hardware, vehicles, etc., when our source of food is cut off, even for a very short period, we become frightfully aware that its level of importance is far beyond that of any other commodity.

    It’s been said that the average person abandons his moral inhibitions after three days without food. After this time, an otherwise morally responsible man is literally prepared to kill his neighbour for a loaf of bread.

    To date, none of the countries that have declared a War on Cash has yet experienced a food panic. It would not be surprising if India becomes the first, as their trucking problem has them on the edge already.

    However, it’s ironic that the War on Cash problem is most pronounced in what was called “the free world” only two generations ago. Many of those countries that we’ve come to regard as being both prosperous and “safe” are becoming less so with great rapidity.

    Small wonder, then, that an increasing number of people are exiting these once-choice jurisdictions and seeking those that are not similarly in economic decline. Although we cannot predict how far the elimination of cash will spread, the further you are from the epicentre of the problem, the greater your chances of coming out with your skin on.

    The trick, of course, is to say, “This is where I get off,” well before (as we are beginning to see in India) the driver himself has abandoned the bus.

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  5. Link to Post #63
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    Default Re: War on cash

    Quote Posted by TrumanCash (here)
    The lesson to be learned here is that, in all countries where a War on Cash is being destructively waged, the end will not be a positive one. The people of each country will increasingly become unable to function normally
    ... as intended
    Quote Posted by TrumanCash (here)
    As I’ve mentioned in past articles, the problem reaches its nadir when trucks that move the country’s food come to a halt.
    ... as anticipated, and intended.

    ===

    Would Parker Brothers, the makes of the board game Monopoly, be concerned that there was a risk of a "board run" ... a panic buying of Monopoly games and extra Monopoly cash?
    Heck no ... they'd print it until the cows came home, and start anticipating their over sized year end bonuses.

    ===

    Old fashioned bank runs, over a century or more ago, when money was gold and silver, meant the bank risked the loss of its "capital", disenfranchised.

    In India, something like this is apparently still somewhat the case, where it seems that rupee paper notes and physical gold fuel the domestic economy.

    But the fundamental goal, in each case, has been and will be not necessarily the preservation of retail bank outlets, or to limit bank runs.

    The fundamental goal will be to crash the economy, to stop the trucks that move a country's food to market.

    Banks, cash, ... are all tools, means used to accomplish that goal.

    Whatever would enable a people, in a particular country, to continue to have reliable access to food must be, and will be, and is being, removed, or tightly controlled so that it can be removed, when the time comes.

    In the US, that's primarily credit cards, debit cards, and "food stamps", which currently uses a debit-like card to pay for food, under the Supplemental Nutrition Assistance Program (SNAP), as administered by JP Morgan, that "offers nutrition assistance to millions of eligible, low-income individuals and families".

    In the US, "bank runs" would not put banks at much risk, but "excessive" cash withdrawals could enable the wealthier half of the nation (that actually has money deposited in bank accounts) to continue to purchase food, and could enable some food production, distribution, storage and sales to continue.

    So, in the US, to stop the food, it means stopping credit cards, debit cards, SNAP cards, and the banking transfers and credit used by larger food stores and distributors to fund daily operations, and it means throttling cash withdrawals from bank accounts.
    Thus it shall be.
    As with the Holodomor (Ukraine famine in 1931-32), and as with the Irish Potato Famine of 1845–49 (which brought my Irish ancestors on my father's side to the US), one of the "best" ways to control a population is famine.

    The Four Horsemen of the Apocalypse are Pestilence, War, Famine, and Death.

    Access to food will be controlled, and at the appointed time, harshly limited. In "advanced" nations, including India, this is being done, or will be done, by limiting access to the cash, credit, banking, and government handouts that fund food distribution.

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  7. Link to Post #64
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    Default Re: War on cash

    Quote Posted by Paul (here)
    So, in the US, to stop the food, it means stopping credit cards, debit cards, SNAP cards, and the banking transfers and credit used by larger food stores and distributors to fund daily operations, and it means throttling cash withdrawals from bank accounts.
    Thus it shall be.
    One way to stop banking transfers, transactions and withdrawals would be using a "cyber-attack" on banking, as explained by Jim Rickards in his (*) interview with Albert Lu starting at 8:13. That would also setup the enforcement of greater global Internet security regulations, which, as always in such cases, is the public face of a monopolization of some means of power by the most powerful. Laws and regulations are for the "little people"; they don't apply to the uber-elite.

    ===

    (*) P.S. -- sorry -- I realize now that's an old interview, from late March of 2016, though the possibility of a cyber-attack as part of a banking shutdown remains, so far as I can see. Here's an earlier posting of this interview: Jim Rickards: Central Banks Will Send Gold to $10,000 or Higher.
    Last edited by Paul; 26th November 2016 at 13:34.

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    Default Re: War on cash

    .
    In his article The War on Cash – One Giant Leap Forward For Government, Martin Armstrong (certainly one of the sharpest knives in the financial drawer) made a point about the War on Cash that had not occurred to me before.

    A key property of cash is that it allows instant transfer of money from someone (person or business) who banks at Bank A, to someone else who banks at Bank B. Almost all the other ways we have of doing this presently, such as credit and debit cards, checks, wire transfers, automated clearing house (ACH) transfers, ... typically involve at least an overnight delay to complete the inter-bank transfer.

    The few exceptions that I know of, offhand, such as PayPal, and the artful use of Amazon gift cards, involve various restrictions and limitations in their use, and so are not general purpose replacements for cash.

    So to replace cash (and thus to be able to tax such transactions), some sort of instant settlement that works across financial institutions, under the immediate electronic, network connected, control of two individual persons or businesses, is required.

    Martin Armstrong is writing in this article about SEPA Credit Transfer Scheme that the European Payments Council is developing, that supports instant transfers between accounts at two different banks, on individual request.

    However ... cryptocurrency technology springs to my mind as another means to this end, if it is developed to handle the much higher volume of transactions required for such an application as the wide spread replacement of cash.
    Last edited by Paul; 5th December 2016 at 06:21.

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    Default Re: War on cash

    Greece Unleashes 'Soft' Cash Ban ZEROHEDGE

    The spread of global cash bans continues with Greece unveiling their so-called 'soft' approach by which taxpayers will only be granted tax-allowances or deductions when payments are made via credit or debit cards. As KeepTalkingGreeece reports, the new guidelines refer to employees, pensioners, farmers, and also the unemployed.

    Accepted expenditure will be:
    • purchases for food and supermarket products, electronic and electric devices, household equipment, footwear, clothing, fuel, furniture, cigarettes, drinks
    • Restaurants, cafeterias,bars and hotels
    • Services like by hairdressers and beauty parlors, gyms and dance schools, car repair, plumbers, electricians, painters, carpenters, lawyers and accountants.
    • For doctors and pharmacy the same practice will be valid as in last year. The tax office will accept the expenditure only if payments are made per credit card or bank transfer.
    • Expenditure for utility bills, landlines and mobile phones, heating, rent, loan repayments that in fact swallow the largest amount of monthly expenditure for private households will not be accepted. Also not accepted is expenditure for toll and transport tickets.

    In its “wisdom” the Greek Finance Ministry has determined the amount the taxpayers will have to pay with electronic money in order to be able to get the tax allowance:

    10% for annual income up to €10,000
    15% for annual income €10,001-€30,000
    20% for annual income over €30,001

    The famous Greek wisdom in times of austerity, bailout agreements and economic crisis remains the same also in 2017 and as neoliberal as possible since 2010: crack the low and medium incomes, let the rich fly free

    income €7,000: expenditure per plastic money must be €700
    income €10,000: expenditure per plastic money must be €1,000
    income €30,000: expenditure per plastic money must be €4,500
    income €60,000 expenditure per plastic money must be €12,000

    Should a taxpayer not be able to spend the necessary percentage of the annual income according to the guidelines, the punishment will be a penalty of 22% imposed on the missing difference.

    I heard on television that couples will have to spend separately – but better check with your accountant. The average taxpayer in Greece needs an accountant anyway, someone who will follow the revenue-expedience balance month by month for the sake of the tax office.

    In the bizarre Greek world we live in, households will be obliged to spend money even if they do not want to. As the large part of monthly need coverage (utilities etc) is not accepted by the tax office, households who do not manage to reach the necessary percentage through supermarket percentages will have to go and spend like crazy in retail, dance schools and gyms and other goods and service providers.

    Exempted from the compulsory usage of credit/debit cards are seniors over 70 years old, residents of remote areas and people with disability over 80%. I suppose they will have to continue the collection of paper receipts.

    KTG understands that with these new system, taxpayers will not need to collect the stupid receipts from cash register, where the amount had faded away when they were supposed to be brought to the tax office in a huge plastic bag.

    The cap for cash transactions falls from 1,500 until 31.12.2016 down to 500 euro. In simple words: any purchase of good and service over 500 euro will need to be done via plastic money.
    Last edited by Paul; 4th January 2017 at 03:10. Reason: tweak formatting

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    Default Re: War on cash

    Quote Posted by TrumanCash (here)
    Greece Unleashes 'Soft' Cash Ban ZEROHEDGE

    The spread of global cash bans continues with Greece unveiling their so-called 'soft' approach by which taxpayers will only be granted tax-allowances or deductions when payments are made via credit or debit cards. As KeepTalkingGreeece reports, the new guidelines refer to employees, pensioners, farmers, and also the unemployed.
    This sort of mass scale micro-management is disgusting.

    I see that this applies on a couple of levels.

    On one level, such intrusive policy enables mass scale monitoring and manipulation. By that I mean watching and controlling, on a large scale, whole people. I don't mean custom, hands-on, individual surveillance or control of single individuals, but bulk
    surveillance and control.

    On another level, such intrusive mechanisms enable, whenever they want, surveillance and control on an individual level.

    In other words, if I lived in, or should I say, as I increasingly live in, such an Orwellian society, I would not expect anyone to actually be paying conscious attention to what I did, except when I happened to get on their radar. But when I did get on their radar, it would be difficult and risky to try to hide anything that they might consider to be of significance from them, in any way.

    The mass manipulation, increasingly elaborate, would always be there however.


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  15. Link to Post #68
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    Default Re: War on cash

    Davos Elites Call For a Ban on Physical Cash... in the US.

    Roughly two weeks ago, when writing about the cash ban in India, I stated:

    If you think the Elites aren’t watching this unfold with sheer delight you’re mistaken. Globally a war on cash has been declared. And India has now proved that it can be done with little consequence. The fact it INCREASE tax hauls (something every Government on the planet wants) is just icing on the cake.

    http://www.zerohedge.com/news/2017-0...ow-closer-ever

    Fast forward to this week at the Davos Economic Forum in Davos Switzerland, and Nobel Prize winning economist Joseph Stiglitz all but said the exact same thing.

    Indian Prime Minister Narendra Modi has already removed 86% of his country's currency from circulation in an attempt to curb tax evasion, tackle corruption and shut down the shadow economy.

    Should the US follow suit?

    Joseph Stiglitz, Nobel Prize-winning economist, thinks so. Phasing out currency and moving towards a digital economy would, over the long term, have “benefits that outweigh the cost,” the Columbia University professor said on day one of the World Economic Forum's Annual Meeting in Davos…

    “I believe very strongly that countries like the United States could and should move to a digital currency,” he said, “so that you would have the ability to trace this kind of corruption. There are important issues of privacy, cyber-security, but it would certainly have big advantages.”

    https://www.weforum.org/agenda/2017/...eate-economist

    Again… the War on Cash is not slowing down. India effectively removed 86% of the physical cash in circulation and no one was forced to resign.

    Put simply, India signaled to the global elites that you can implement a near complete ban on physical cash, and there are no real consequences as far as political aspirations.

    We believe that the Elites will be pushing for this policy to hit the US. If you think this is impossible consider that Stiglitz openly called for the US to ban cash in the article above.

    Indeed, we've uncovered a secret document outlining how the Fed plans to ban physical cash and incinerate savings in the coming months.

    More....

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    Default Re: War on cash

    India – On a Downward Spiral

    This is just an excerpt from the whole article:


    Modi issued 70 official notices announcing changes to his original demonetization plan. Ultimately, people were required to deposit all the banned banknotes in their possession at a bank branch office by 30th December. By this date about 97% of the banned currency had in fact been deposited. The banned banknotes were used openly until the very last day. These notes were funneled to the banks using the most effective channels.

    Interestingly, over the last five weeks before the deadline, it was possible in parts of India to sell the banned banknotes at a premium. The reason was that many companies belatedly realized that while they had force-fed the banned notes to their workers and suppliers in earlier days, legally they should not have done so.

    If they had a cash balance in their balance sheet on 31st October 2016, they were supposed to deposit the banned banknotes in a bank pursuant to the law on the currency ban. This meant that if one had bags full of banned currency, one could suddenly sell them at a premium – which made an utter mockery of the entire demonetization exercise. Ironically, Modi expected that many of these notes would never make it back to the banks.

    Who were the people who failed to deposit their banknotes? For one thing, the Indian government made no provision to enable those holding banned notes outside of India to deposit them. Tens of millions of people of Indian origin who kept some Indian cash for their future visits to India, were unable to deposit their banknotes.

    Many tribal people and people who simply didn’t get the information on demonetization, or those who were too sick, old or disabled, and/or could not afford to stand in queues, failed to deposit their cash as well. While only 3% of the total amount of banned notes was affected in the end, it was all that millions of desperately poor Indians had.

    With most of the currency deposited, the demonetization exercise ultimately was an utter failure. The corrupt and rich lost nothing. But it created havoc with the lives of hundreds of millions, it killed more than 150 people in queues alone, and destroyed the economy to boot. As you continue reading this and watch the videos, pay attention to the wretched poor and look at their faces. [URL="Modi issued 70 official notices announcing changes to his original demonetization plan. Ultimately, people were required to deposit all the banned banknotes in their possession at a bank branch office by 30th December. By this date about 97% of the banned currency had in fact been deposited. The banned banknotes were used openly until the very last day. These notes were funneled to the banks using the most effective channels. Interestingly, over the last five weeks before the deadline, it was possible in parts of India to sell the banned banknotes at a premium. The reason was that many companies belatedly realized that while they had force-fed the banned notes to their workers and suppliers in earlier days, legally they should not have done so. If they had a cash balance in their balance sheet on 31st October 2016, they were supposed to deposit the banned banknotes in a bank pursuant to the law on the currency ban. This meant that if one had bags full of banned currency, one could suddenly sell them at a premium – which made an utter mockery of the entire demonetization exercise. Ironically, Modi expected that many of these notes would never make it back to the banks. Who were the people who failed to deposit their banknotes? For one thing, the Indian government made no provision to enable those holding banned notes outside of India to deposit them. Tens of millions of people of Indian origin who kept some Indian cash for their future visits to India, were unable to deposit their banknotes. Many tribal people and people who simply didn’t get the information on demonetization, or those who were too sick, old or disabled, and/or could not afford to stand in queues, failed to deposit their cash as well. While only 3% of the total amount of banned notes was affected in the end, it was all that millions of desperately poor Indians had. With most of the currency deposited, the demonetization exercise ultimately was an utter failure. The corrupt and rich lost nothing. But it created havoc with the lives of hundreds of millions, it killed more than 150 people in queues alone, and destroyed the economy to boot. As you continue reading this and watch the videos, pay attention to the wretched poor and look at their faces." [URL="Modi issued 70 official notices announcing changes to his original demonetization plan. Ultimately, people were required to deposit all the banned banknotes in their possession at a bank branch office by 30th December. By this date about 97% of the banned currency had in fact been deposited. The banned banknotes were used openly until the very last day. These notes were funneled to the banks using the most effective channels. Interestingly, over the last five weeks before the deadline, it was possible in parts of India to sell the banned banknotes at a premium. The reason was that many companies belatedly realized that while they had force-fed the banned notes to their workers and suppliers in earlier days, legally they should not have done so. If they had a cash balance in their balance sheet on 31st October 2016, they were supposed to deposit the banned banknotes in a bank pursuant to the law on the currency ban. This meant that if one had bags full of banned currency, one could suddenly sell them at a premium – which made an utter mockery of the entire demonetization exercise. Ironically, Modi expected that many of these notes would never make it back to the banks. Who were the people who failed to deposit their banknotes? For one thing, the Indian government made no provision to enable those holding banned notes outside of India to deposit them. Tens of millions of people of Indian origin who kept some Indian cash for their future visits to India, were unable to deposit their banknotes. Many tribal people and people who simply didn’t get the information on demonetization, or those who were too sick, old or disabled, and/or could not afford to stand in queues, failed to deposit their cash as well. While only 3% of the total amount of banned notes was affected in the end, it was all that millions of desperately poor Indians had. With most of the currency deposited, the demonetization exercise ultimately was an utter failure. The corrupt and rich lost nothing. But it created havoc with the lives of hundreds of millions, it killed more than 150 people in queues alone, and destroyed the economy to boot. As you continue reading this and watch the videos, pay attention to the wretched poor and look at their faces."
    Last edited by TrumanCash; 24th January 2017 at 03:31.

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    Default Re: War on cash

    Proposal for an EU initiative on restrictions on payments in cash 23/01/2017

    ZeroHedge: Having discontinued its production of EUR500 banknotes, it appears Europe is charging towards the utopian dream of a cashless society. Just days after Davos' elites discussed why the world needs to "get rid of currency," the European Commission has introduced a proposal enforcing "restrictions on payments in cash."

    With Rogoff, Stiglitz, Summers et al. all calling for the end of cash - because only terrorists and drug-dealers need cash (nothing at all to do with totalitarian control over a nation's wealth) - we are not surprised that this proposal from the European Commission (sanctuary of statism) would appear...

    Excerpt from the EC proposal:

    While being allowed to pay in cash does not constitute a fundamental right, the objective of the initiative, which is to prevent the anonymity that cash payments allow, might be viewed as an infringement of the right to privacy enshrined in Article 7 of the EU Charter of Fundamental Rights. However, as complemented by article 52 of the Charter, limitations may be made subject to the principle of proportionality if they are necessary and genuinely meet objectives of general interest recognised by the Union or the need to protect the rights and freedoms of others. The objectives of potential restrictions to cash payments could fit such description. It should also be observed that national restrictions to cash payments were never successfully challenged based on an infringement to fundamental rights.
    Last edited by TrumanCash; 27th January 2017 at 16:41.

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    Default Re: War on cash

    Great breakdown on the India moves to cashless society and Tokyo's proposed "cashless" olympics

    Hard times create strong men, Strong men create good times, Good times create weak men, Weak men create hard times.
    Where are you?

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    Default Re: War on cash

    Utah Bill Would Set Stage For State Gold and Silver Depository, Further Encourage Use of Metals as Money

    SALT LAKE CITY, Utah (Feb. 1, 2017) – A bill introduced in the Utah legislature would build on the state’s Legal Tender Act, creating a foundation for further action to encourage the use of gold and silver as money, and take another step toward breaking the Federal Reserve’s monopoly on money.

    Rep. Ken Ivory (R-West Jordan) introduced House Bill 224 (HB224) on Jan. 27. The legislation would add several provisions to state law designed to encourage the use of gold and silver as legal tender. Passage would set the stage for expansion of gold repositories in the state and authorize further study on several sound money policies.

    Specifically, HB224 would authorize the investment of public funds in specie legal tender held in a commercial specie repository. Under existing code, “specie legal tender” means gold or silver coin and bullion. “Commercial specie repository” means an institution that holds or receives deposits of specie legal tender that is located within the state. Practically speaking, passage would give the state the option to hold funds in gold and silver instead of Federal Reserve notes.

    The legislation would also direct the State Money Management Council to make rules governing quality criteria for a commercial specie repository, in consultation with the state auditor.



    A “GOLD BANK” FOR UTAH

    Gov. Greg Abbot signed legislation creating a Texas gold bullion and precious metal depository in June of 2015. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies and even other countries to to store gold and other precious metals, the Texas law also creates a mechanism to facilitate the everyday use of gold and silver in business transactions. In short, a person will be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money.

    Ivory said “secure public transaction is the ultimate goal” in Utah as well.

    In fact, the United Precious Metals Association (UPMA) already offers publicly available accounts denominated in gold and silver dollars in Utah. According to the UPMA, in the past year it has grown 700 percent in assets under management and made up 2 percent of the market for U.S gold and silver coins.

    “Despite a couple of zerohedge articles, most people remain unaware of Utah’s gold bank,” UPMA head of sales and marketing Jeremy Cordon said. “We are a few years ahead of Texas.”

    According to Cordon, passage of HB224 would give UPMA and similar repositories a special recognition by the state, and that would likely expand the market for their services. The state of Utah will also be able to hold legal tender gold and silver in such repositories under the proposed law.

    HB224 would also authorize Federal Fund Commission “to study and assess the taxpayer reporting requirements for specie legal tender income and the remittance of taxes on specie legal tender income; the collection of severance taxes in specie legal tender for taxes assessed under Section 59-5-202 on gold and silver production; and (viii) the issuance of bonds denominated and payable in specie legal tender for the purpose of retiring existing government debt.”

    LEGAL TENDER

    In 2011, Utah became the first state in over 80 years to pass a law making gold and silver coin legal tender. The following year, the legislature followed up, approving a bill clarifing several tax measures and more importantly, expanding the definition of specie to include gold and silver coin approved by the state.

    Passage of HB224 would take the next step forward and further open the door for the use of gold and silver in everyday transactions in the state.

    In a speech to the UPMA announcing the legislation, Ivory emphasized the connection between sound money and liberty. He told the story of a woman who tried to pay her bill at Walmart with gold coins. The cashier told her she needed “real money.” When the lady went to the bank, the teller gave her face value for the 14 Double Eagle coins – $280. The value of the gold itself was over $20,000.

    “Think about where we are when we don’t understand the value. The nature of our property, the nature of our liberty embodied and represented in money that has a fixed standard.”

    IMPACT ON FEDERAL RESERVE

    The United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” States have simply ignored this constitutional provision for years. It’s impossible for states to return to a constitutional sound money system when it taxes gold and silver as a commodity.

    State actions like Utah’s Constitutional Tender Act, and the creation of a bullion depository in Texas take steps toward that constitutional requirement, ignored for decades in every state and sets the stage to undermine the monopoly of the Federal Reserve by introducing competition into the monetary system.

    By making gold and silver available for regular, daily transactions by the general public, the state depositories create the potential for wide-reaching effect. Professor William Greene is an expert on constitutional tender and said in a paper for the Mises Institute that when people in multiple states actually start using gold and silver instead of Federal Reserve notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.

    “Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a ‘reverse Gresham’s Law’ effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes).

    “As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions.”

    Once things get to that point, Federal Reserve notes would become largely unwanted and irrelevant for ordinary people. Nullifying the Fed on a state by state level is what will get us there.

    NEXT

    HB224 was referred to the House Rules Committee, where it must pass by a majority vote before being referred to a standing committee for further consideration.

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    Default Re: War on cash

    Arizona Committee Passes Bill To Support Sound Money

    By Mike Maharrey

    An Arizona bill that would eliminate state capital gains taxes on gold and silver specie, and encourage its use as currency, passed an important House committee today. Final approval of the legislation would help undermine the Federal Reserve’s monopoly on money.

    Rep. Mark Finchem (R-Tucson) introduced House Bill 2014 (HB2014) on Jan. 9. The legislation would eliminate state capital gains taxes on income “derived from the exchange of one kind of legal tender for another kind of legal tender.” The bill defines legal tender as “a medium of exchange, including specie, that is authorized by the United States Constitution or Congress for the payment of debts, public charges, taxes and dues.” “Specie” means coins having precious metal content.

    In effect, passage of the bill would “legalize the Constitution” by treating gold and silver specie as money.

    HB2014 passed the House Ways and Means Committee by a 5-0 vote, with four members abstaining.

    Under current Arizona law, gold and silver are subject to capital gains tax when exchanged for Federal Reserve notes, or when used in barter transactions. If the purchasing power of the Federal Reserve note has decreased due to inflation, the metals’ nominal dollar value generally rises and that triggers a “gain.” In most cases, of course, the capital gain is purely fictional. But these “gains” are still taxed — thus unfairly punishing people using precious metals as money.

    A STEP FORWARD

    Passage of HB2014 would allow Arizonans to deduct the amount of any net capital gain derived from the exchange of one kind of legal tender for another kind of legal tender or specie (gold and silver coins) from their gross income on their state income tax. In other words, individuals buying gold or silver bullion, or utilizing gold and silver in a transaction, would no longer be subject to state taxes on the exchange.

    Passage into law would mark an important step towards currency competition. If sound money gains a foothold in the marketplace against Federal Reserve notes, the people would be able to choose the time-tested stability of gold and silver over the central bank’s rapidly-depreciating paper currency. The freedom of choice expanded by HB2014 would allow Arizona residents to secure the purchasing power of their money.

    “This isn’t going to end the fed’s monetary monopoly overnight, but it sets the foundation and opens the door for more market activity by the people,” Tenth Amendment Center executive director Michael Boldin said. “This is an important part of the overall strategy, and activists in Arizona should continue working to get both bills passed.”
    BACKGROUND INFORMATION

    Currently, all debts and taxes in Arizona must be paid with either Federal Reserve Notes (dollars), authorized as legal tender by Congress, or with coins issued by the U.S. Treasury — very few of which have gold or silver in them.

    But the United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.”

    The Arizona bills take a step towards that constitutional requirement, ignored for decades in every state. Such a tactic would undermine the monopoly or the Federal Reserve by introducing competition into the monetary system.

    Professor William Greene is an expert on constitutional tender and said when people in multiple states actually start using gold and silver instead of Federal Reserve Notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.

    Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes). As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions.

    Once things get to that point, Federal Reserve notes would become largely unwanted and irrelevant for ordinary people. Nullifying the Fed on a state by state level is what will get us there.

    UP NEXT

    HB2014 now moves to the House Rules Committee where it must pass by a majority vote before moving forward in the legislative process.
    Last edited by TrumanCash; 5th February 2017 at 22:20.

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    Default Re: War on cash

    Indian Economy Collapses As 'Demonetization' Crushes Small Business

    Quote The Sales Managers Index (SMI) is one of the earliest monthly indicators of Indian economic activity. February's data shows the catastrophic after-effects of the December demonetization policy which was intended to crack down on corruption and 'black money'.

    The February Headline SMI has fallen to an index level of 60.2 in unadjusted terms, the lowest level in over 3 years.

    Managers are reporting a big drop in monthly sales for both the consumer and industrial sectors, with small to medium size businesses that predominantly deal with cash transactions, being hardest hit....

    Overall, February SMI data suggests an erratic situation for Indian businesses as they meet market challenges with considerably lower levels of confidence, slower monthly sales and higher prices caused by the currency situation.
    Complete article on ZeroHedge

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    Default Re: War on cash

    The Tyranny Of A Cashless Society Coming?

    by Capt. William E. Simpson February 23, 2017

    Quote Like many people, I am a careful person when it comes to digital commerce, yet nonetheless I had two of my credit cards hacked (twice in the last four years) — one time by a supposedly reliable online retail company, another time when I rented a trailer. And both times, it required an incredible amount of time, police reports, phone calls, etc., just to get back to square one and get my money back.

    But my experience was not unusual. Nearly 18 million Americans suffered from some form of identity theft in 2014 alone.

    Digital commerce and credit cards are very problematic and are not the panacea that companies and the government want the public to believe.


    Looking to a future in which governments abolish cash in useful denominations, it follows that they will then focus on eliminating personal and commercial commerce through the use of compact high-value commodities such as gold and silver, a natural progression if $100 bills are taken out of circulation in the United States.

    People today who are living in the legacy of the Barack Obama economy already need a fistful of $20 bills just to buy a week’s supply of groceries. And it’s easy to spend $400 a week on fresh groceries for two people, especially if you buy premium products and organic.

    If we consider the increasing trend where banks, institutions and big retailers are regularly hacked, combined with identity theft, digital commerce and credit cards aren’t all they’re cracked up to be, and in reality are posing an ever-increasing level of liability on all levels through their use.

    The relatively few people who may ultimately control all of the digital wealth of Americans will virtually have control of all the people in a cashless society. This results in a definite loss of freedom and liberty.

    There are many, many other ways for law enforcement to hammer criminals and curtail their enterprises, if that is truly the goal. But any method that inhibits or erodes the freedoms of Americans in any way, including limiting or infringing upon person-to-person commerce and personal privacy in any manner, is to be shunned and runs counter to the intents and spirit of our beloved U.S. Constitution.

    Digital currency transactions in lieu of cash would allow virtually 100 percent tracking of all Americans, including law-abiding citizens and all that we do.

    We have already learned over the past eight years of the Obama-led government that governments don’t necessarily work for or even represent the will of the people. So how can anyone justify giving the government this much power over Americans? There is no such justification.

    The vast majority of Americans are not criminals, and therefore any action by government that affects or targets the vast majority of people in order to deal with a small factional percentage of criminals in the population is manifestly unfair. Politicians simply need to do the jobs they are being paid to do, and come up with anti-criminal tactics that strictly focus upon the bad actors, not the majority of law-abiding Americans.

    If the minds behind a cashless society are allowed to have their way, America would become little more a monumental ant farm, where the elitist class studies Americans to a much greater extent than ever before — how we move around and what we do, use, eat, watch and listen to — and then uses this deeply insightful personal information, potentially to plot how to control everyone. Things like if we’re allowed to be born (abortions already control this to some extent), how long we get to live, and what we are allowed to do in between. Orwellian, yes, but possible nonetheless.

    Brazil played around in past decades on many occasions with reissuing, devaluing and recalling currency to limit amounts in circulation. And the Marxists paid close attention to that exercise.

    However, India’s currency games are more immediate and could have a sinister effect, since it is already a socialist state and we know how fond socialists and communists are of controlling all aspects of their populations.

    Here’s a video that should be alarming.

    Is India executing a plan similar to what may soon be in the works for Americans?

    I have to say, it’s looking like living in the countryside on a piece of land that provides sustainable sustenance and a firewall from a population that may recoil and strike out in anger sometime soon is the only viable path to surviving past what may be an ugly and austere future. Anyone who cares to look at the news these days will see riots, murders and unrest all around inside the United States, a result of numerous factors.

    Even as much as many Americans admire and respect President Donald Trump, the Marxist-socialist momentum that has already metastasized in America might be too much for him and his team to overcome. Our new president definitely needs our continued strong support more than ever.

    Smile and pray for the best, but adequately prepare for the worst.
    Last edited by TrumanCash; 3rd March 2017 at 15:31.

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    Default Re: War on cash

    Quote Arizona Challenges the Fed’s Money Monopoly
    Written by Ron Paul

    Sunday March 5, 2017

    History shows that, if individuals have the freedom to choose what to use as money, they will likely opt for gold or silver.

    Of course, modern politicians and their Keynesian enablers despise the gold or silver standard. This is because linking a currency to a precious metal limits the ability of central banks to finance the growth of the welfare-warfare state via the inflation tax. This forces politicians to finance big government much more with direct means of taxation.

    Despite the hostility toward gold from modern politicians, gold played a role in US monetary policy for sixty years after the creation of the Federal Reserve. Then, in 1971, as concerns over the US government’s increasing deficits led many foreign governments to convert their holdings of US dollars to gold, President Nixon closed the gold window, creating America’s first purely fiat currency.

    America’s 46-year experiment in fiat currency has gone exactly as followers of the Austrian school predicted: a continuing decline in the dollar’s purchasing power accompanied by a decline in the standard of living of middle- and working-class Americans, a series of Federal Reserve-created booms followed by increasingly severe busts, and an explosive growth in government spending. Federal Reserve policies are also behind much of the increase in income inequality.

    Since the 2008 Fed-created economic meltdown, more Americans have become aware of the Federal Reserve's responsibility for America's economic problems. This growing anti-Fed sentiment is one of the key factors behind the liberty movement’s growth and represents the most serious challenge to the Fed's legitimacy in its history. This movement has made “Audit the Fed” into a major national issue that is now closer than ever to being signed into law.

    Audit the Fed is not the only focus of the growing anti-Fed movement. For example, this Wednesday the Arizona Senate Finance and Rules Committees will consider legislation (HB 2014) officially defining gold, silver, and other precious metals as legal tender. The bill also exempts transactions in precious metals from state capital gains taxes, thus ensuring that people are not punished by the taxman for rejecting Federal Reserve notes in favor of gold or silver. Since inflation increases the value of precious metals, these taxes give the government one more way to profit from the Federal Reserve’s currency debasement.

    HB 2014 is a very important and timely piece of legislation. The Federal Reserve’s failure to reignite the economy with record-low interest rates since the last crash is a sign that we may soon see the dollar’s collapse. It is therefore imperative that the law protect people’s right to use alternatives to what may soon be virtually worthless Federal Reserve notes.

    Passage of HB 2014 would also send a message to Congress and the Trump administration that the anti-Fed movement is growing in influence. Thus, passage of this bill will not just strengthen movements in other states to pass similar legislation; it will also help build support for the Audit the Fed bill and legislation repealing federal legal tender laws.

    This Wednesday I will be in Arizona to help rally support for HB 2014, speaking on behalf of the bill before the Arizona Senate Finance Committee at 9:00 a.m. I will also be speaking at a rally at noon at the Arizona state capitol. I hope every supporter of sound money in the Phoenix area joins me to show their support for ending the Fed’s money monopoly.

    Copyright © 2017 by RonPaul Institute. Permission to reprint in whole or in part is gladly granted, provided full credit and a live link are given.
    Please donate to the Ron Paul Institute
    I find it very ironic that states have to resort to passing a law "officially defining gold, silver, and other precious metals as legal tender" when it's already mandated in the Supreme Law of the Land, the US Constitution. And even more ironic, it's written in the federal legal tender statutes (of course, they don't reconcile how one silver dollar equals about twenty paper dollars, yet they each are defined as a "dollar". Go figger.
    Last edited by TrumanCash; 6th March 2017 at 22:44.

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    Default Re: War on cash

    Dang - this war on cash just got a bit more serious: India Outlawing Cash Altogether in 75 Cities:

    ==========
    The Prime Minister Narendra Modi announced on Friday the 14th, that 75 cities will be designated cashless/less-cash townships, with an overwhelming 56 of them being in Gujarat. Modi is determined to bring India into the 21st century. He is being cheered behind the curtain and every government is keenly watching the results. The townships were actually selected on the basis of a recommendation by none other than Price Waterhouse Coopers (PWC) furthering the G20 agenda to stamp out tax evasion worldwide.
    ==========

    The above article in turn sources this article in Press Trust of India (PTI) - Modi launches 75 cashless townships across 12 states:

    ==========
    Nagpur, Apr 14 (PTI) Prime Minister Narendra Modi today launched 75 cashless/less-cash townships, with an overwhelming 56 of them being in Gujarat.

    The towns span across 12 states contributing to around 1.5 lakh cashless transactions per day and around 5.5 crore transactions a year.

    Some of the prominent townships include those of state- owned Oil and Natural Gas Corp (ONGC), NTPC, SAIL and BHEL, as also those of cooperative firms like IFFCO and KRIBHCO.

    Townships of private firms Reliance Industries, Adani, Essar and Welspun as also paramilitary forces BSF and CRPF also figure in the list.

    Essar in a statement said two of its townships in Gujarat at Hazira (near Surat) and Vadinar (near Jamnagar) were today recognised as among townships pan-India that are less cash townships.

    "The initiative was launched by NITI (National Institution for Transforming India) Aayog that declared Essar townships as 'Cashless Role Model Township, which inspires other corporates to follow," the statement said.

    The townships were selected on the basis of a third-party assessment by Price Waterhouse Coopers (PWC).

    To qualify as a less-cash townships, the conditions included the township must have completed deployment of a payment acceptance infrastructure, and all the families residing there would have to covered under training programmes. Also, more than 80 per cent of the total number of transactions must have been done through digital modes of payments during the review period.

    "Of the two Essar townships, the Hazira township, also known as Nand Niketan, is India's first private sector township to go cashless with the help of The Mobile Wallet (TMW), a Mumbai-based financial technology company," the statement said.
    ==========
    Last edited by Paul; 17th April 2017 at 22:11.

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    Default Re: War on cash

    "Follow the money" just took another turn. If they are not going to use cash, who's technology interests are filling the gap?
    .................................................. my first language is TYPO..............................................

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    Default Re: War on cash

    Quote Posted by Paul (here)
    Dang - this war on cash just got a bit more serious: India Outlawing Cash Altogether in 75 Cities:
    And there's more ... cash is becoming harder to get in a northern region of India. From an article in the Times of India - ATMs run out of cash in north coastal AP:

    ==========
    VISAKHAPATNAM: Five months have passed since the demonetisation drive, but the people of Srikakulam, Vizianagaram and Visakhapatnam continue to face shortage of cash in banks and ATMs.

    Sources said more than 90 per cent of the ATMs in the region do not have cash while in the plains and Agency areas running dry.


    "The last date for paying my daughter's tuition fees at Visakha Valley School was April 10, but I could not pay due to unavailability of cash. Moreover, the school does not have any online payment system," said a worried P Srinivasa Rao.


    Speaking to TOI, State Bank of India (SBI) deputy general manager Ajoy Kumar Pandit said the customers are losing confidence in them due to the crisis. "Nearly 70 per cent of our 648 ATMs in the three districts are out of cash. The rest will also become dry in the next few days as we do not have cash to refill the machines. We are helpless from our side," he said.


    A banking source said the RBI has diverted most of the cash to north India due to the recent elections. This has affected the southern parts of the country. "The government's intention is to encourage smart payment systems, but the infrastructure is not up to the mark," the source said.


    Many ATMs have not been upgraded with the new software required for handling the new Rs 500 and Rs 2,000 denominations, the source added.
    ==========

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    Default Re: War on cash

    Quote Posted by Paul (here)
    The "stronger US Dollar" is another critical component of this global economic collapse.

    Is trump playing 7d Backgammon??
    Hard times create strong men, Strong men create good times, Good times create weak men, Weak men create hard times.
    Where are you?

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