The War on Cash Heats Up
It seems that we are entering into a period where Governments, Central Banks and Mega Corporations are exerting more and more control over markets and individuals. According to an article on ZeroHedge, Chase the largest bank in the US, has imposed new restrictions on cash by:
- Restricting the use of cash in selected markets;
- Banning cash payments for credit cards, mortgages, and auto loans; and
- Disallowing the storage of "any cash or coins" in safe deposit boxes.
(*Source; ZeroHedge 2015 April 23rd)
With negative interest rates sweeping the globe it is more beneficial for some large depositors to keep cash in a vault rather than in a bank account where they have to pay a fee to the bank. In an article on ZeroHedge it was reported that the Swiss National Bank does not like to see the hoarding of cash to circumvent negative rates.The article states:
“The National Bank has therefore recommended to the banks to approach withdrawal demands in a restrictive manner.” (Source: ZeroHedge 2015 April 25th)
So in other words if your a large depositor good luck trying to withdrawal your money out of the bank.
Consider the Following Developments
- Italy made cash transactions over €1,000 illegal;
- Switzerland has proposed banning cash payments in excess of 100,000 francs
- Russia banned cash transactions over $10,000;
- Spain banned cash transactions over €2,500;
- Mexico made cash payments of more than 200,000 pesos illegal;
- Uruguay banned cash transactions over $5,000; and
- France made cash transactions over €1,000 illegal, down from the previous limit of €3,000.
(Source: International Man- The War on Cash: Transparently Totalitarian)
People should have a choice whether or not they want to use cash. After all currency is legal tender. Paper money is now under assault from banks.
Why this is a Good Development for Gold and Silver
Technology advances has made life more convenient in recent years, however, technology will never be able to re-define real money. Digital money may eventually have a place in the global financial system, but it will never measure up to physical Gold and Silver.
Gold and Silver are one of the only true forms of real wealth left. It’s history as money dates back thousands of years. Paper money and digital money can be useful for day to day transactions, but they may not provide much use as long term savings.
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