Thursday, October 20, 2011

Cash is no longer king... at least in Louisiana

Money is an article based on confidence, and our government and Federal Reserve pull out all the stops to try to ensure to Americans, and the world that the dollar is still worth its value.  However, in the state of Louisiana, the actual dollar bill no longer a viable currency to be used in second hand transactions, and cash is no longer king.

House bill 195 basically says those who buy and sell second hand goods cannot use cash to make those transactions, and it flew so far under the radar most businesses don't even know about it.
 "We're gonna lose a lot of business," says Danny Guidry, who owns the Pioneer Trading Post in Lafayette. He deals in buying and selling unique second hand items.
 "We don't want this cash transaction to be taken away from us. It's an everyday transaction," Guidry explains.
 Guidry says, "I think everyone in this business once they find out about it. They're will definitely be a lot of uproar."
 The law states those who buy or sell second hand goods are prohibited from using cash. State representative Rickey Hardy co-authored the bill.
 Hardy says, "they give a check or a cashiers money order, or electronic one of those three mechanisms is used."
 Hardy says the bill is targeted at criminals who steal anything from copper to televisions, and sell them for a quick buck. Having a paper trail will make it easier for law enforcement.
 "It's a mechanism to be used so the police department has something to go on and have a lead," explains Hardy. –

The Daily Economist is going to make its own speculation on this new law.  As people begin to lose trust in banks and the solvency of the financial system, more and more people will be seeking purchases or barter without the government putting their hands into their business, for recording or taxation purposes.
The economic crisis wasn't created by the people, but by the banks and government agencies.  Now the government of Louisiana doesn't want to own up to who is responsible, and instead will implement draconian laws on the people of the state for simply spending the valid and recognized currency of the country.


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