If, for a moment, IMAGINE this happening…
We’ve had two epic market collapses in the last 15 years. In response, the Fed desperately tried to prop up the markets by severely cutting interest rates. Cutting rates to zero badly devalued the U.S. currency, sent us spiraling into record debt, and killed savers by lowering the savings rate to zero. A move that cut off one’s hands to spite one’s arms. But with the global economy still on terribly shaky ground and interest rates already at zero, do the government and banks have any ammo left? Shockingly, yes.
Please consider the following events. Central banks already have plans to impose negative interest rates – in other words, you get taxed on your savings! And in order to prevent you and me from storing our money in cash and avoiding the savings tax, the government and banks advance toward the real end game: abolish cash altogether and force us all into the digital world controlled by the government and banks. Luckily, there’s still one way to escape the tyranny.
But if you think pulling money out of the bank is going to be so easy, think again.
Willem Buiter, the Global Chief Economist for Citi, has now come up with an answer to prevent you from pulling your money out of the bank: abolish cash entirely! You read that right. The Global Chief Economist from one of the largest banking institutions in the world is now telling the government and banks to abolish the use and private storage of your cash. And guess what? The government and banks are following orders.
Government and banks around the world are taking swift action to abolish the use and storage of cash:
• JPMorgan Chase recently informed customers that the bank will no longer allow cash to be stored in safety deposit boxes.
• Chase instituted a new policy which “restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans.”
• The Justice Department has ordered bank employees to consider calling the police on customers who withdraw $5,000 dollars or more.
• HSBC is now interrogating its account holders in the UK on how they earn and spend their money as well as restricting cash withdrawals for customers.
• Banks in the U.S. are making it harder for customers to withdraw and deposit cash, with Chase imposing new capital controls that mandate identification for cash deposits and ban cash being deposited into another person’s account.
• Chase banned international wire transfers while restricting cash activity for business customers (both deposits and withdrawals).
• The French government announced it will restrict French citizens from making cash payments over €1,000 Euros.
As the U.S. spirals toward insolvency due to massive over-spending and Fed money- printing, the U.S. government is pulling out all the stops to gain access to your money – no matter where it is across the globe.
First, the government started seizing citizen bank accounts with no due process.
And now, the Department of Justice and local police have started seizing cash from innocent citizens. That’s right, the executive branch of government has been aggressively taking citizens cash without due process of law.
If you have stayed up with the news and current events regarding the “financial times” of the world — especially since the Democrats (Barack Obama, et al.) — in their debates and other forms of communication look to further establish Entitlements for more – always more. Just thing this over and please realize how close we are to it happening. Thank you.