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Showing posts with label cash. Show all posts
Showing posts with label cash. Show all posts

Wednesday, March 1, 2017

World's largest retailer Walmart pushing customers towards eliminating use of cash in their stores

As governments around the world mull over, or actually start to implement the elimination of physical cash, the world's largest retailer Walmart is now jumping onto this bandwagon.

In a new initiative announced on Feb. 28, the retail giant updated their mobile app with a new feature meant to entice customers to perform their pharmaceutical and money changing activities online, with the carrot incentive of no longer having to wait in line to fill out their documentation or to pay for these services.

Image result for walmart cashless
Walmart yesterday launched a new initiative in its drive towards zero-cash at its stores. 
The world's largest retailer has added a new feature to its mobile app, which would allow its pharmacy and money services customers to beat long queues, The Street reported.
Whether it was about refilling a prescription or wiring money, all tasks could be done without paperwork and checking prescriptions before stepping into the store, the report said. 
Walmart said while customers would still need to visit the store to pick up prescriptions and verify payments made through money services, express lanes would be set up to cut waiting times to as little as 40 seconds as against six to 11 minutes at present.
The app and express lanes would be introduced at 1,200 locations in March,  and extended to 4,700 US stores by the fall. - Domain B
In 2016 Walmart introduced an app called Walmart Pay in which customers would no longer need to use physical cash, or even receive a physical receipt when checking out as they would pay and document their purchases completely on their smartphones.

While cashless retail shopping is not widespread in the U.S. at this time, a growing number of countries in Europe are nearly 100% cashless, with many of their own retailers no longer even accepting physical cash as payment for items or services.

Sunday, February 26, 2017

Could millennial snowflakes be the catalyst to keep the U.S. from eliminating cash?

If there is one thing to be said about millennials it is that they are very emotional about their activism.  And all one has to do is look over the past couple of years at their push for 'safe spaces' on campuses, rabid protests over a myriad of different topics, and the rejection of many status quo policies that have been at the core of America's government over the past 20 years.

So with central banks, sovereign leaders, and elitist academics all pushing hard for the elimination of physical cash in the world's monetary systems, an interesting irony is coming to the surface where today's millennials could be the catalyst for protecting the economy from going 100% into a digital system.

Image result for psychology of cash
If millennials are supposed to be the first generation going mostly cashless, they are making the move halfheartedly.
Millennials still rely on cash — 80 percent of millennials carry greenbacks. And 42 percent still write checks, according to the Accel + Qualtrics Millennial Study 2017.
And that could be a good thing, as some advisors say a cash diet is the best way to pare down debt. 
The study corroborates other recent findings that technology is not overturning conventional ways to pay for things, even as millennials flock to mobile payment apps like Apple Pay and Venmo. 
Sophia Bera, a millennial who founded Gen Y Planning and is a member of the CNBC Digital Financial Advisor Council, said most of her friends carry some cash, but she rarely sees them using it as the first option to pay for things. It's mostly cash for emergency situations, or cash for tips.  
"When I use Venmo it feels like magical money," Bera said. "You forget that it is money, like any money, and that is bad." 
The financial advisor highly recommends cash to people trying to get out of credit card debt or for sticking to a budget. "A weekly cash amount is good," Bera said. "Take out $200 every Friday and when it is gone it is gone. ... It's a lot harder to drop six twenties on a dress than swiping a card. People don't buy flatscreen TVs with $20 bills."
Bera said switching to cash, even for just a few months, can help people reign in spending, and is especially helpful for those trying to get out of debt. - CNBC
Psychology has always played a huge role in how people see and respect money.  And all one has to do is look at a casino, which exchanges your currency for casino tokens (chips) because they know that gamblers are more than willing to spend these tokens in greater quantities than if they were playing a table game using real money.

Additionally, people became inured to accumulating high levels of debt when all they had to do is pay a paltry minimum amount which they could afford despite the fact they were actually increasing their debt levels through the interest compounding on that debt.

For a generation of Americans who suddenly had a wakeup call from the massive amounts of student loan debt they accumulated, recognizing the power of money by desiring to use cash instead of credit is a life-changing paradigm.  And even with America's youth being much more attuned towards using technology for nearly everything in today's society, their lagging in the transition to a cashless digital society because they realize that spending cash over credit is extremely beneficial to keeping oneself out of debt, could be a serious factor in hindering the establishment's agenda towards making all of finance one without physical money.

Friday, February 24, 2017

Is South Africa looking to become the next BRICS nation to go cashless?

Over the past four months we have seen India begin the difficult process of weaning her people off of physical cash, as Prime Minister Modi has officially called for the implementation of a digital monetary system.  Then earlier this week we began to hear word that Russia was investigating the taxing of individuals who chose to use cash in transactions and other commerce.

Now on Feb. 24 we can add South Africa to the growing list of BRICS nations who might be setting the stage for eliminating physical cash in their economies and creating a completely digital monetary system.

Image result for africans want digital currency
Globally, cash, as a means of transaction, has been on the decline for decades.
First World countries are leading the transition. 
In emerging market countries, such as China, South Africa and India, for example, more than 90% of payments are still cash based. 
We have also seen how quickly, thanks to our almost complete mobile penetration, blockchain technology, such as Bitcoin has taken off in South Africa across all strata of our economy. 
These are signs that South Africa’s transition to a cashless environment could happen very quickly indeed. - Biz Community
Unlike the forced banning of cash which we have seen in India, and may soon see in Russia, the move towards digital money in South Africa may instead come from a voluntary push as citizens trust less and less in the nation's primary sovereign currency.

Friday, January 27, 2017

European Commission proposing ban on using cash for payments following push at Davos for cashless society

This year's Davos World Economic Forum saw lots of economists and central bankers discussing ways in which they could con the public into giving up their cash, and bringing about a completely digital cashless society.  And the conference was a also carryover to the numerous experiments conducted in several countries last year in which they tried to remove certain bill denominations from their monetary systems.

Yet despite the clear backlash of populist movements in the United States and in Europe, the European Commission on Jan. 27 has decided to pointedly ignore them and is proposing a program in which to restrict, and eventually eliminate the use of cash in all commerce and monetary transactions.


One Step Closer to a Cash Ban in Europe
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... 
The Commission published on 2 February 2016 a Communication to the Council and the Parliament on an Action Plan to further step up the fight against the financing of terrorism (COM (2016) 50). The Action Plan builds on existing EU rules to adapt to new threats and aims at updating EU policies in line with international standards. In the context of the Commission's action to extent the scope of the Regulation on the controls of cash entering or leaving the Community, reference is made to the appropriateness to explore the relevance of potential upper limits to cash payments.The Action Plan states that "Payments in cash are widely used in the financing of terrorist activities… In this context, the relevance of potential upper limits to cash payments could also be explored. Several Member States have in place prohibitions for cash payments above a specific threshold." 
Cash has the important feature of offering anonymity to transactions. Such anonymity may be desired for legitimate reason (e.g. protection of privacy). But, such anonymity can also be misused for money laundering and terrorist financing purposes. The possibility to conduct large cash payments facilitates money laundering and terrorist financing activities because of the difficulty to control cash payment transactions. 
Potential restrictions to cash payments would be a mean to fight criminal activities entailing large payment transactions in cash by organised criminal networks. Restricting large payments in cash, in addition to cash declarations and other AML obligations, would hamper the operation of terrorist networks, and other criminal activities, i.e. have a preventive effect. It would also facilitate further investigations to track financial transactions in the course of terrorist activities. Effective investigations are hindered as cash payments transactions are anonymous. Thus restrictions on cash payments would facilitate investigations. However, as cash transactions are moved to the financial system, it is essential that financial institutions have adequate controls and procedures in place that enable them to know the person with whom they are dealing. Adequate due diligence on new and existing customers is a key part of these controls in, line with the AMLD. 
Terrorists use cash to sustain their illegal activities, not only for illegal transactions (e.g. the acquisition of explosives) but also for payments which are in appearance legal (e.g. transactions for accommodation or transport). While a restriction on payments in cash would certainly be ignored for transactions that are in any case already illegal, the restriction could create a significant hindrance to the conduct of transactions that are ancillary to terrorist activities. - Zerohedge
The fact of the matter is that the banks, rather than individuals, are the ones aiding and abetting money laundering for terrorist and criminal activities.  In fact, it has been surmised that money laundering for the drug trade was the only thing that saved many U.S. and European banks before the Fed and government bailouts of 2008.

The banning of cash, or restricting its use by the public for normal monetary transactions, has nothing to do with illegal activity, or in the funding of terrorism.  And instead it is a desperate attempt by the elite to protect themselves from a coming liquidity and financial crisis.  Because like the growing censorship that is proliferating social media sites, and the ongoing war to try to ban gun ownership in the U.S. and Europe, the ability to hold and use one's money as they see fit is one of the most important liberties a person has.

Got gold?  You might want to as governments will not stop in trying to steal your wealth held in cash.

Sunday, January 1, 2017

India's next step in war on cash is confiscation of physical assets like gold, silver, and real estate

In December India's Prime Minister implemented a new program to both eliminate high currency denominations, and to go after consumers who use cash outside their banking system.  This of course led to financial turmoil in a nation that conducts 98% of of its transactions in cash, and where less than 36% of the population has a bank account.

In response to the banning of certain denominations of currency, many Indians rushed into exchanging their cash for physical assets such as gold, jewelry, and even silver, and according to India's Finance Minister on Dec. 30, this is the next thing the government will go after now that physical Rupees have been limited in their economy.

As the government takes stock of the black money post demonetisation, its mulling the next step now. The focus is set to be on tracking down 'black wealth' or the illegal money pumped in real estate, gold and silver. 
Minister of State for Finance Santosh Gangwar while speaking to India Today disclosed that noose will tighten around tax evasion routes in physical assets. 
"We are doing crackdown on banks as we are getting information. Black money has a face, people can pump it in real estate, buy gold or silver. We will be stopping it," Gangwar said. 
Already, the government has amended the benami property act to detect the money laundering the real estate. Benami Transaction (Prohitibion) Amendment Act 2016 that came into effect on November 1. It aims at checking illegal money parked by tax evaders in property that is registered under multiple owners. 
"When PM was campaigning for Lok Sabha he had black money on the agenda, that's what he has delivered now and we will take it further," the minister added. 
Currently PAN card is required for selling gold, silver and jewellery over Rs 2 lakh. Since demonetisation, I-T sleuths have been keeping a hawk eye vigil at jewellers and bullion traders to track fake 'gold sale' for routing denotified currency. - India Today
The Indian government labels 'black wealth' as any asset or transaction that is done outside the banking system, and outside the government's ability to track and tax the exchange.

India won't be the only country in the coming days to usher in severe capital controls that restrict the ownership of cash and gold, or allow individuals to transact outside the nation's financial system, as just last week the EU began construction of new restrictions regarding the purchase of assets like gold from outside the Eurozone.

As the world rushes headlong into new currency, debt, and insolvency crises, governments will continue to crack down on the people's ability to choose whether they want to function in their collapsing systems.  And with so many options available now such as Bitcoin, Paypal, Goldmoney, Karatbars, etc... to both store your wealth and transact outside of banks, the coming year may see an even greater acceleration of capital controls by government's as they strive to protect their own dying platforms at the expense of the people and their money.

Tuesday, December 27, 2016

Europe now joins the war on gold as they propose confiscation from anyone entering the EU who 'might' be a terrorist

First it was India, who began the war on cash and gold by using the spurious reasons of trying to halt black market transactions.  Then they were followed next by China, who has put in place laws to limit the taking out of gold from the mainland to protect against capital flight.

Now the European Union is getting into the mix as they are proposing new laws which would allow for the confiscation of both cash and gold from anyone entering into the EU whom they deem to be a 'terrorist'.

Image result for gold confiscation
The European Commission is proposing a tightening of controls over cash and precious metals transfers from outside the EU under the guise of shutting down one route for funding of militant attacks on the continent, following the Berlin Christmas attack. 
China has already begun de facto gold import restrictions, and as Jayant Bhandari detailed previously, India is experiencing a continuation of new social engineering notifications, each sabotaging wealth-creation, confiscating people’s wealth, and tyrannizing those who refuse to be a part of the herd, in the process destroying the very backbone of the economy and civilization. There are clear signs that in a very convoluted way, possession of gold for investment purposes will be made illegal. Expect capital controls to follow. 
These new proposals are part of an EU "action plan against terrorist financing" unveiled after the bombings and shootings in Paris in November 2015.
Under the new proposals, customs officials in European Union states can step up checks on cash and prepaid payment cards sent by post or in freight shipments. 
Authorities will also be able to seize cash or precious metals carried by suspect individuals entering the EU. 
People carrying more than 10,000 euros (8,413.56 pounds) in cash already have to declare this at customs when entering the EU. The new rules would allow authorities to seize money below that threshold "where there are suspicions of criminal activity," the EU executive commission said in a note. 
The plan complements Commission proposals after the Paris attacks to tighten controls on virtual currencies such as bitcoin, and prepaid cards, which French authorities said were used to fund the bombings. 
EU states backed these proposals on Tuesday. Under the deal, which still needs European Parliament approval, holders of prepaid cards would have to show some form of identity when they make payments of 150 euros or more. 
But it gets better... 
The Commission is also proposing common rules for the 28 EU countries on freezing "terrorists' financial resources" and on confiscating assets even from those thought to be connected to criminals. - Zerohedge
The real reasons behind the sudden shift from the EU to restrict money coming into the Eurozone with either cash or gold is because they want to ween people off of using physical money, and/or protecting themselves by keeping their wealth outside the banking system.  Because all one has to do is look at recent history where European banks are not only taking part in helping to launder money for the drug cartels and terrorists, but the government's themselves know about these activities and do nothing to stop it.

Friday, December 9, 2016

Why gold and Bitcoin are freedom: EU's new plans to eliminate cash are not about convenience, but about control and tax confiscation

As countries as diverse as India, Sweden, Denmark, and Spain begin to work towards the banning of physical cash and instituting a completely digital monetary system, one entity is seeking to trump them all by formulating a program that would not only eliminate cash and atm machines, but would entirely change banking as we know if for all of Europe.

And if their goals are reached, it could become the new standard across the Eurozone as early as late 2017.

Image result for europe seeks cashless society
The European Payments Council (EPC), a subdivision of the European Central Bank, are taking steps in their quest to fully eliminate all cash. The reason is not to lift the burden off retailers or to make transactions more convenient but in reality to raise desperately needed taxes. 
Highly respected ‘ArmstrongEconomics‘ reports that the EPC are going full steam ahead to enable immediate payment systems throughout not just the Eurozone but the entire European Union. The Single European Payments Area (SEPA) has been devised with the ultimate goal of eliminating ATM cash machines and force everyone to use their mobile phones or plastic cards, the project starting as early as November 2017. 
In the absence of confirmed information on this point, it is likely that tourists and business people will be forced to pre-pay Euro’s onto an App if they come from a country outside the eurozone, currently made up of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 
The final goal of the EU Commission is best described in their own words: “The Single Euro Payments Area (or “SEPA” for short) is where more than 500 million citizens, over 20 million businesses and European public authorities can make and receive payments in euro. SEPA also means better banking services for all: transparent pricing, valuable guarantees ensuring that your payments are received promptly and in full, and banks assuming responsibility if something goes wrong with your payment.” 
This year, meetings and conferences called “Towards a cashless society” were started to get the information transfer across to the infrastructure, supported very heavily by the banks. 
It looks as though the initial battleground for banning cash will be … Greece. - Global Research
Perhaps it is not a coincidence now that earlier this week European Central Bank head Mario Draghi announced that their QE program would be extended until December of 2017, just one month after the EPC hopes to have Europe completely in a cashless society.

The majority of people in the West already function in an environment without cash as online banking, and the use of debt or credit cards, outweighs the number of transactions taking place using physical currency.  However, underlying this trust is the fact that for now, if someone desired to take out their wealth stored in a bank they could do do and have it distributed to them in physical cash notes.

All along the war on cash that has emerged in 2016 has never been about stopping drug cartels, black markets, or the myriad of other excuses those in power have used to justify the banning of physical money.  No, the real reasons stem from the fact that nearly all monetary systems in the West run on a leveraged system where there are upwards of 100 times more money created in digital form than there is actual cash available, and any strong run on the banks could collapse the entire financial system.

Additionally, eight years of failed central bank policies have driven the Western monetary system to the brink of another collapse, and it is forcing these institutions as well as governments to seek never before heard of measures such as negative interest rates, and beyond 100% debt to GDP.

The truth of the matter is that the desire to institute a cashless society is not for the benefit of the 7 billion members who inhabit planet earth, but for the .001% of the 1% who want to use a cashless society to have utter control over money, and everyone's use of it.  And it is why the need to store your wealth in some other vehicle than cash or in a bank is vital, and this means an alternative form of wealth protection such as gold, silver, and bitcoin which banks, nor governments, can readily steal.

Monday, November 28, 2016

Newest banker scheme: tax on withdrawing money from your bank accounts

Despite the fact that taxpayers bailed out banks in the U.S. and around the world following the 2008 financial crisis, the 'masters of the monetary universe' did little to show appreciation for the people that saved them from bankruptcy due to their own greed and corruption.  And even with the ability now to borrow money from central bank discount windows at or near zero percent interest, a large number of banks chose to impose new fees on their customers under the guise of re-capitalization.

Ironically, when companies impose a charge on individuals for a service it is known as a fee, but when a government does the same it is instead called a tax.  And that is exactly what India, Greece, and perhaps soon even the United States is, or is planning to do, for people who choose to withdrawal cash out of their bank accounts in the future rather than using digital constructs to perform commerce.

war-on-cash
Greek banks have proposed a series of measures to combat tax evasion, strengthen the electronic transactions and limit the use of cash in the economy, and as KeepTalkingGreece.com reports, one of the measures proposed is a special tax on cash withdrawals. 
Bankers reportedly stress that cash money can easily and largely be channeled in the black economy. Therefore, a tax on cash withdrawals will drastically reduce cash transactions and by extension the black economy. 
The bankers suggest that also credit and debit cards as wells as new technologies enabling cash-less transactions even for small amounts  and mobile phones can be used for the purchase of a transport ticket or a newspaper at the kiosk. 
The bankers proposal to the government also includes: 
-Mandatory use of cards or other electronic payment networks for every transaction with professions where there is strong evidence of tax evasion or where cash is mainly used [ like bakeries, kiosks, street vendors and chestnut sellers?]. 
-Mandatory use of cards or electronic networks for transactions above a certain amount [this measure is already in effect]. 
-Reforming the tax system by introducing a revenue-expenditure system. Households or professionals will only be taxed on the amount of income that is has not been spent. In this way, households and professionals will have a strong incentive to seek receipts for any expenditure in order to increase their expenditure and reduce the tax amount they will have to pay. 
-Obligation for all businesses and regardless of their size to pay electronically every salary and wage. (source: Kathimerini via Liberal.gr) - Zerohedge
Over in India, Prime Minister Modi has already implemented a 45% transaction tax on deposits that the government arbitrarily believes come from illegal or 'black market' commerce.  And these two countries (India and Greece) are not the only nations with plans to impose a tax on cash withdrawals as this has been in the works for a few years in the halls of the Fed and Congress.

Greece is the first country to push for a carry tax on physical cash. It won’t be the last. This policy has been floating around in Central Banking circles for years. The fact that it’s now being openly promoted only proves how desperate the elites are getting about the state of the financial system. 
Watch, the moment things turn south in the US in a big way, similar proposals will start cropping up here too.

Wednesday, November 16, 2016

As the world currencies start to crater, India mulling banning of gold imports along with eliminating cash

Earlier this year, some establishment economists, along with academics and central bankers, began throwing out the proposal of banning cash as a way to allow for the backdoor expansion of currencies in monetary policy.  This of course received a huge backlash by the citizenry of several countries, and in some cases led to a run on banks from those fearing theft through negative interest rates, or through the implementation of draconian capital controls.

Surprisingly, one of the countries that was least likely to show signs of a currency collapse until recently was that of India.  And as a strong emerging market nation who had just embarked on a massive Make in India campaign, their elimination last week of their two largest currency denominations stoked fears of their own government seeking a ban on cash, and has led millions to either take out their money from banking institutions, with much of the wealth going into gold.

But in a new article published on Nov. 16 at The Daily Bell, eliminating cash may be the first step towards absolute control over money as the Modi government is now mulling plans to stop gold from being imported into the country entirely.

Prime minister Narendra Modi recently decided to confiscate the cash of hundreds of millions of Indians, and now he may forbid Indians from importing gold. 
This would have an immediate effect on gold supplies as India, despite the affinity of citizens for gold and silver, has very little in the way of domestic mining. 
In part, this is because the government itself is consistently at war with Indian citizens over money and its control. This struggle has most recently manifested itself in India’s decision to remove, wholesale, large denomination bills from public circulation. 
The country [banned] 500 and 1000 rupee notes (worth about US$7 and $14 respectively) and the mooted import restriction [banning gold imports] could be a reaction to dealers swapping the notes for gold.IBJA national secretary Surendra Mehta told the Times of India its members should be ready.   “We hear from certain circles of this possibility, though nothing official is out yet,” he said. 
The larger issue here has to do with banning cash on a global level. It is typical of reporting in this modern era that few if any of the mainstream articles covering India’s most recent move seemingly mention this. 
Governments around the world are beginning to ban cash. Sweden is far advanced but Uruguay and now India are not far behind. Uruguay is soon to demand that employers cease to pay employees via cash and instead deposit paychecks directly in bank accounts. - Zerohedge
India is not the only nation looking hard at eliminating cash, or creating barriers for people to get their money out of banks and into something tangible that is outside the hands of government control.  And as the world rushes towards a currency or financial crisis worse than in 2008, the days are becoming numbered on you and an individual having a choice on what you can do with your own money.

Friday, October 14, 2016

Got gold? Today the new SEC rule goes into effect allowing the government to move your non-invested cash into Treasuries

Back in 2014 the SEC passed a rule that now goes into effect on Oct. 14 where investors and pension funds who do not have their money in a security can summarily have their cash reserves moved into U.S. Treasuries rather than money market funds.

While designating this mechanism to only be used during extreme 'adverse conditions', the fact that the global financial and banking systems are teetering on another 'Lehman Moment' means that the government could co-opt your money at any time, and is a backdoor way into moving your retirement and pension assets into Treasury debt instruments to help fund the government.

Image result for government wants your retirement and pensions
The big day has finally arrived: starting today, as previewed repeatedly over the summer, the SEC's 2a-7 money fund reform adopted in 2014 officially require many prime money market mutual funds (those that invest in non-government issued assets such as short-term corporate and municipal debt) to float their net asset value. More importantly, these prime MMFs are allowed to delay client withdrawals under adverse market conditions. 
The rule aim to prevent the sort of chaos that hit the money market after Lehman Brothers Holdings Inc.’s 2008 bankruptcy, which helped spark the financial crisis. The goal is to give investors a way to monitor a fund’s health by tracking its fluctuating net asset value, and to contain the fallout that could be caused by many investors cashing out at once, the SEC wrote in the final rules. 
As as result, many Prime MMFs are and have been converting their assets to government funds, not buying CDs anymore and moving into Treasurys and agencies. As the chart below shows, nearly $1 trillion in assets have rotated out of prime money markets into government funds, as a result sending Libor rates through the roof, to the highest level since the financial crisis, with consequences that have yet to be determined. - Zerohedge
But this scheme gets even more diabolical as the new SEC rules also allow for the government to DELAY in giving you or your broker the cash funds moved into Treasuries, thus making it so you no longer have control over your own money.
Take the case of Simon Gore, treasurer of budget carrier Spirit Airlines, who has had a relatively simple job over the past several years when he took tens of millions of dollars of company cash and parked it in money-market funds. Gore told the WSJ he has moved money out of some funds and is considering his options for depositing the more than $1 billion of cash and investments on Spirit’s balance sheet. 
Gore had previously put almost all of Spirit’s cash in prime money-market funds. Now, he has shifted most of it to money funds that invest in debt issued by the federal government or agencies such as Fannie Mae and Freddie Mac, which aren’t affected by the new rules. He said the prospect of a floating net asset value - which also means client withdrawals can be delayed - caused him to think twice about prime funds. Besides facing the risk of losing money under the new rules, companies would have to record changes in the value of their cash, creating accounting headaches.
Ever since the 2008 financial crisis the government has been seeking ways to co-opt the nearly $17 trillion in individual retirement, pension, and mutual fund monies, and this, like Barack Obama's MyRA scheme, is just another backdoor way for them to do so.

How much longer can you trust your future to Wall Street or elected officials who have proven themselves to be some of the most fiscally irresponsible entities in history?

Sunday, August 28, 2016

Academics now vilifying cash after decades of downplaying gold

The stereotype that labels academics as little more than theorists cloistered in their ivory towers was on full display this last week when a Harvard economics Professor and P.H.D. suggested that it was time to ban all physical cash because it naturally leads people to evade taxes, incite human trafficking, and is the fundamental cause of many criminal activities.

Ironically as well, this faulty line of thinking has been the catalyst behind the vilification of gold for so many decades, and its label as little more than a 'pet rock'.

Six months since Larry Summers first suggested "it's time to kill the $100 bill," and three months after The ECB actually killed the €500 Note, another Harvard scholar is reinvigorating the war on cash. Amid claims that paper money fuels corruption, terrorism, tax evasion, and illegal immigration, Ken Rogoff (ironically of "It's Different This Time" infamy) says the US should get rid of the $100 bill(and $50s and $20s) proposing, in his words, "a 'less-cash' society, not a cashless one, at least for the foreseeable future." 
According to the esteemed ivory tower academic, paper currency lies at the heart of some of today’s most intractable public-finance and monetary problems. As Rogoff explains in The Wall Street Journal, getting rid of most of it - that is, moving to a society where cash is used less frequently and mainly for small transactions - could be a big help. 
Rogoff's begins by stating factoids as facts... 
There is little debate among law-enforcement agencies that paper currency, especially large notes such as the U.S. $100 bill, facilitates crime: racketeering, extortion, money laundering, drug and human trafficking, the corruption of public officials, not to mention terrorism. There are substitutes for cash—cryptocurrencies, uncut diamonds, gold coins, prepaid cards—but for many kinds of criminal transactions, cash is still king. It delivers absolute anonymity, portability, liquidity and near-universal acceptance. It is no accident that whenever there is a big-time drug bust, the authorities typically find wads of cash. 
Cash is also deeply implicated in tax evasion, which costs the federal government some $500 billion a year in revenue. According to the Internal Revenue Service, a lot of the action is concentrated in small cash-intensive businesses, where it is difficult to verify sales and the self-reporting of income. By contrast, businesses that take payments mostly by check, bank card or electronic transfer know that it is much easier for tax authorities to catch them dissembling. Though the data are much thinner for state and local governments, they too surely lose big-time from tax evasion, perhaps as much as $200 billion a year. 
Cash also lies at the core of the illegal immigration problem in the U.S. If American employers couldn’t so easily pay illegal workers off the books in cash, the lure of jobs would abate, and the flow of illegal immigrants would shrink drastically. Needless to say, phasing out most cash would be a far more humane and sensible way of discouraging illegal immigration than constructing a giant wall. - Zerohedge
What Professor Rogoff unfortunately tends to ignore in his diatribe to ban cash is that it is not the people, who's potential criminal activities involving money are little more than a drop in the bucket in our $57 trillion global economy, but the fact that the greatest monetary crimes are done without a single physical dollar being used.  It is the digital monetary system, run by banks, central bankers, and corrupt governments, that are the foundation for most of the criminal fraud that takes place in our financial system.

The ability to hold both cash and gold in your hands is as great a freedom as the right to own a gun.  And whenever you see a public official call for the banning of either, then the real reasons behind this are about control and dominion, or in the case of the Federal Reserve, to protect their own to the detriment of people like you and I who simply want to live under the auspices of real and sound money, and individual responsibility.

Sunday, August 14, 2016

India to start tracking cash purchases of gold by its citizens

India's central government is implementing a new policy to deter citizens from purchasing gold using cash.

Under the guise of stopping 'black market' gold purchasing, jewelers are now being required to document cash purchases of gold by anyone, and not to allow annual purchases using cash of over Rs 2 lakh, which is around $3000 U.S. dollars.

Every gold purchase+ made through cash will now have to be tracked by jewellers, irrespective of the bill size, as part of the central government's drive against black money. 
Jewellers are to keep track of the total cash purchase+ made by a customer's during the year, to check if it exceeds the threshold limit of Rs 2 lakh. What's more, the income tax department will keep a close tab on each jeweller to see if any such purchase is going unreported. 
According to current rules, a jewellery buyer will have to produce PAN card+ only when the purchase is over Rs 2 lakh+ . But PAN card is not mandatory for purchases below Rs 2 lakh. "This has led to scopes for a section of people who keep purchase below Rs 2 lakh to avoid any surveillance. Instead of buying gold in bulk, they go for repeated cash purchases and much of it gets unnoticed," said Priyabrata Pramanik, additional director (Income Tax, intelligence and criminal investigation). Such incidents of evading regulatory radar has prompted the central government to ask jewellers to be more proactive. - Times of India
India has been using capital controls such as these to put pressure on its people to deter gold buying in lieu of alternative consumer spending using the Rupee currency.  This of course has led to a massive black market smuggling operation to try to bring more gold into the country.

Gold is the enemy to fiat currencies and the current global financial system which has allowed governments to expand monetary supplies far beyond fiscally responsible levels.  And the biggest fear to central banks today is that people will suddenly awaken to their schemes of quantitative easing and negative interest rates, and decide to rush headlong into the metal causing a financial collapse that would not only destroy most global currencies, but also bring down governments that rely upon infinite money printing to protect their establishment, and keep themselves in power.

Thursday, July 14, 2016

Even insurance companies are buying gold to protect their capital as bonds become negative

Insurance companies use the monies they acquire from policy holders to grow their capital to support needed claims, as well as expand their business.  For publicly traded insurance companies this is vitally necessary to help them comply with their fiduciary responsibility to shareholders, as well as to earn enough profits to give out dividends or be able to lower premiums for their customers.

A major investment tool that insurance companies have used for years to grow their capital has been the bond markets.  But with these markets residing in an environment of both zero and negative interest rates over the past decade, many are faced with having to find a new form of asset or security to ensure their capital is protected, and that some modicum of growth is created.

So in light of this, some insurers and re-insurers are turning to gold to supplement their investing.

How do you know when the world’s economic, financial and monetary systems are in trouble? 
Answer: When re-insurance companies, whose sole purpose is to insure other insurance companies, start to panic into gold and begin hoarding cash it’s probably a reliable signal that things aren’t going as well as our central bankers’ best laid plans imply. 
That’s exactly what’s happening right now: 
A real paradigm shift is taking place in the markets…  Even one of the world’s second largest re-insurers is now buying physical gold… They’re even adding physical cash… This is the insurance industry’s insurance company… They are the risk experts and they now are buying physical gold bullion and storing physical cash… The importance of this move is possibly the most significant flow of capital that you will see in your lifetime… - SHTF Plan
Insurance is a $1.2 trillion industry, and that does not include re-insurers or other complimentary businesses that function within this environment.  And if a critical mass of them decide to turn to gold to hedge against the loss of interest they formerly got from purchasing bonds, the gold markets would dry up in a flash, and the price would skyrocket far beyond all-time highs.

Wednesday, March 2, 2016

New survey shows that as more countries go to negative rates, people will take their money out into cash or gold

Now that the negative interest rate genie is out of the bottle, the one thing banks and governments are watching with extreme focus is what people will do in response to the fact that the money they have in accounts will be worth less, or taken in fees due to the lowered rates.

And we may already have the answer to this as a new survey taken in several different countries shows that on average 80% of the people will take their money out of the banks if negative rates are implemented, leaving them to hold wealth in cash or in another store of wealth like gold.
In an attempt to fill this gap, ING commissioned IPSOS to survey around 13,000 consumers across Europe and - for comparison purposes - in the US and Australia to ask them how they have responded to low interest rates and how they might react to negative interest rates (ING 2016). 
The survey then asked how they might react if rates went negative. Although there is room to doubt if all respondents might actually react as they say if this became a reality, the strength of feeling revealed by the survey is striking. Only 23% of the total sample said that they would do nothing in response (see Figure 3). This compares with 69% of the sample who said that they have not changed the way that they save in response to low interest rates so far. 
The survey suggests that crossing the zero bound is a major psychological shock to consumers. The negative reaction to the possibility of negative interest rates is an interesting application of the behavioural economics concept of ‘loss regret’. Feelings evoked by seeing interest rates cut from, say, zero to -0.5% are stronger than those from 1% to 0.5%. The difference is that the former is perceived as an outright loss, while the latter merely as a smaller gain. 
There are also political and cultural dimension. Many will see negative rates as an unfair ‘tax’ on small savers, particularly in cultures that celebrate saving as a virtue. In this respect, a significant minority of 11% would save more (Figure 3).  Nearly 80% of savers would respond to negative interest rates.

 

Sunday, November 22, 2015

Adviser to several U.S. administrations unveils the plan to eliminate cash in commerce

Throughout history, there have been some men and women who have superseded political parties and functioned in the role as an adviser to multiple administrations.  And one in particular is now laying out the case as to why the U.S. and Europe are formulating plans to try to eliminate cash, and bring about a fully controlled digital system.
Whether it is gold or the current forms of fiat currency, the right to hold physical money and legal tender is a very important component of having freedom and liberty in a society.  For it is only by physical ownership that one can determine how one’s own wealth is spent and saved, and to give up that power is to give permission to others to determine for you how that money is used.
The whole purpose behind the theoretical and practical elimination of money is to give private corporations, aka… central banks, the power to force or curtail spending, to coerce everyone into having a privately held bank account, and to use monetary policies that protect the rich by determining who and where your money can be spent contrary to your desires.

Read more on this article here...

Monday, November 16, 2015

Got Karatbars? Gold buying increasing following Paris terror attack and other ongoing crises

The world is changing, and in just a short period of months global security has been shattered politically, militarily, and economically.  And after a weekend that saw terrorism hit the West in a most spectacular and horrific way, security appears in short supply everywhere you look.

Ever since Y2K, the attack in New York on 9/11, and the 2008 banking collapse, the need for crisis preparation has never been greater in the minds of people around the world.  And despite the changes implemented by governments in their attempts to protect citizens from terrorists in their own backyards, and from a banking system that very nearly collapsed just seven years ago, responsibility and security always rests with the true First Responders, and that happens to be us.
The price of gold might be falling, but private individuals are buying record amounts of the precious metal, and as fears grow about the outlook for the global economy the long term attraction of gold remains. 
The strength of the US dollar and the threat from rising interest rates have made it a tough year for gold. The yellow metal was down 9pc last week to reach a five-year low at $1,083, and that marks a 43pc fall from the all-time high of $1,900 reached in 2011. 
However, the fundamentals, characteristics and attractions of gold are undiminished because we remain in times of extreme intervention by governments around the world, and for thousands of years gold has been the best insurance during times of uncertainty. 
This theory was proven in the latest report from the World Gold Council that showed bar and coin demand increase by 33pc during the third quarter to 295.7 tonnes, led by a 70pc year-on-year increase in Chinese investment. UK demand for owning physical bars and coins jumped 67pc to 2.5 tonnes. - The Guardian

This weekend alone saw three game changing events that will create a new paradigm for not only individual nations, but for the world in general.  The terror attacks on Paris are sure to galvanize the West into engaging in a full blown conflict to take out ISIS and re-arrange the Middle East while at the same time the head of the IMF called for China's currency to be brought into the SDR basket of currencies.  And all this occurred at a time when both Japan and Europe entered into a new recession, and where the entire European Union is at a crossroads because of the refugee crisis.

Prudent prepping calls for having enough resources on hand to last through any crisis or event for between 3, 7, 30, 60, or 120 days, and to be prepared for any contingency that may occur from natural disasters, war, or something financial.  And when it comes to financial preparedness, you must have three parameters checked off to be fully prepared.

1.  Cash on hand, and out of the banking system.
2.  Gold and silver on hand in case the currency collapses, or the banks and ATM's close down.
3.  Wealth stored offshore in case a government decides to confiscate your wealth, as was done in 1933 via Executive Order, and in 2010 under the Dodd-Frank banking reform bill.

And what is the best way to achieve two of these three necessities?

With a company called Karatbars.




Buying gold through Karatbars is one of the easiest things on the net.  In fact, the business model of Karatbars is to sell gold in affordable quantities, such as 1, 2.5, and 5 gram increments, and allow customers to get into the metal without having to shell out $1200+ for a single ounce coin.

And as added perks to signing up with Karatbars, as a customer or affiliate, Karatbars is working on a new e-wallet system that functions just like an offshore bank account, and is outside the authority of the banking system.  From there, you can take your fiat currency in any denomination... dollars, euros, yen, etc... and purchase physical gold which can either be delivered directly to you, or stored for free at one of Karatbar's vaults.

Additionally, any gold that you buy can easily be sold back to Karatbars, or any metals dealer, and if with Karatbars it is then exchanged for currency that is uploaded to you through a pre-loaded debit Mastercard which is connected directly to your e-wallet.  And as we know, MasterCard is recognized in nearly every country around the world, and usable in any currency that accepts it.

But perhaps the best feature with Karatbars is their affiliate program, where you can earn money off commissions from getting others to sign up and become a customer or affiliate.  Not only do you receive commissions from their purchasing of physical gold, but you also earn commissions from anyone who buys a commission package, with that money going directly into your debit MasterCard when you have enough units to cycle.

Imagine the ability to earn the money in which to buy your gold savings simply by purchasing a commission affiliate package one time, and then getting others to sign up and do the same thing.

How many businesses or entrepreneurs can build an infinite business with spending less than $400 of their own money?  And there is never a mandatory requirement to buy beyond what you desire, on your own schedule.  And there is nothing to lose, because you're using money (paper dollars) to buy gold (physical money) and in the end you don't lose a thing.


The global financial system, along with dozens of respected economists, are telling us that now is the time for the end of our current form of money, and the beginning of the transition into a new monetary system that is expected to be backed by gold.  And with banks, governments, and even Harvard professors mandating that central banks have no choice but to eliminate cash from usage by the people to stave off collapse, will you wait until it is too late to make a decision on how you will protect your wealth, and be able to function within the coming new monetary system?

To learn more about Karatbars, you can contact the individual who sent you this article, and click on their referral link to open a free account and begin buying, or building your own gold savings or business with the company of the future.

Thursday, October 8, 2015

Increase in bank ATM fees is just another way to wean Americans off cash

Despite the fact that since 2008, where banks have had almost unlimited access to ‘free money’ through the Federal Reserve’s discount window, their balance sheets have been short liquid capital since most of this borrowing has been used to build a network of paper assets and derivatives.  And because of policies that now see very little cash being kept on hand in local bank branches to support customer needs, commercial banks have returned to instituting massive numbers of customer fees that were once removed a decade ago during a time when banks were in fierce competition to signup new depositors.
And one fee in particular, and which has a greater agenda than just providing extra income to financial institutions, is the increasing of ATM fees for non-bank customers.

Read more on this article here...

Monday, September 7, 2015

Paper based financial system losing its sole primary foundation… confidence

When America removed its currency from the gold standard back in 1971, the dollar become backed by a single concept… the full faith and credit of the United States.  And with the entire fiat paper financial system tied to this singular foundation of confidence by the people, and in the government, all that was necessary for the greatest empire in history to fail was for the world to lose confidence in that belief.
And now 44 years later, faith in not only the dollar but also in the United States is cracking, and accelerating towards a meltdown that will soon end dollar hegemony within the global financial system.  And because of this, the elite are left with few options available them to be able to hold onto their confiscated power.  And perhaps the most ironic and convoluted of their schemes is to accelerate the end of that confidence and eliminate the dollar in physical form all together.

Monday, August 31, 2015

Bankster economist who called for an end to cash now calls for global QE4

It is incredibly funny when you realize that most market projections are determined by banks and economists who have a monetary interest in the outcome of their own analysis.  From the forecasting of quarterly earnings for individual stocks, to telling the Federal Reserve how they should perform monetary policy, the casino known as Wall Street is simply a segregated environment where 1%ers vie with other 1%ers to manipulate outcomes based on their own for or against betting patterns.
Thus it should come as no surprise that the once again fail Chief Economist from Citigroup is ratcheting up his rhetoric, and where at a meeting for the Council on Foreign Relations he suggested it is time for central banks around the world to rev up the helicopter and start a new round of Quantitative Easing to stave off the coming economic crash.

Monday, August 10, 2015

Got Karatbars? Economist Marc Faber shows why you need to have gold stored offshore

As we prepare for the months of September and October, which in the normal market cycle are periods of extreme economic and financial swings, the message from most of the alternative economists remains the same.

Have money (cash) outside the banking system, have a modicum of physical gold and/or silver in hand, and following the passage of Dodd-Frank, the G20 January resolution, and the bank holiday just experienced in Greece, have most of your wealth stored offshore, and in assets not tied to any particular currency or country.

But for those who are either trying to get started on their accumulation of physical metals, or are using the lowered spot price to add to their stacks, the supply situation is getting extremely dire.  In fact from a personal anecdote, when I recently took someone to my local coin shop to buy some silver we ended up taking their entire supply of generic rounds, which was only about 100 to begin with.

And even beyond a local standpoint, shortages are growing nationwide, and across the globe.  In fact, just over the weekend the Royal Canadian Mint out of Canada defaulted on a delivery of silver bars, which is a huge story and a massive signal that demand is at or near all-time highs, and the manipulation of prices for silver and gold has been too much, and has opened the door for investors and savers worldwide to grab any and all metals they can.

Yet with all localized or sovereign bullion metals there is also a cost, and a fear that these coins could be confiscated, nationalized, or even taxed to the point they no longer provide the necessary protections that gold and silver are against currency devaluations.  And while it would be much harder for governments to try to pull off what several of them did in the 1930's when nations in Europe and the U.S. called for a turn in of privately held gold bullion, hedging one's bets is not only prudent in troubling times, but a necessity.

And that hedge at this point in time is to have much of your wealth out of the banking system, and away from any potential confiscation or nationalization by a government that created a monetary crisis through their own speculation, debt creation, and out of control spending.  But above all, available if necessary to be accessed and used as well.

In fact, this thesis is one that is shared right now by well known economist Marc Faber, who speculated on Aug. 7 in an interview that while governments and the mainstream media have been downplaying gold and silver for several years because it reflects the true value of their worthless paper currencies, these same governments when the next crisis comes will attempt to vilify owners of gold and silver as being the 'greedy people' who created the crisis because of their hoarding of the metals, and by them leaving the playing field of paper currencies.



What about gold? Being in a correction mode for a couple of years already, it recently has broken down some more.

I really don’t know, all I know is that I own gold and it doesn’t worry me that it went down because as I mentioned to you I have this diversification, the bonds in US dollars and the cash in US dollars has been a good investment essentially over the last twelve months. Then I own equities and I own properties in Asia that have been reasonably good investments so the fact that gold is going down doesn’t worry me and I buy every month a little bit but I think on this weakness I will increase the position substantially because I had maybe say 25% in gold but because equities and properties went up, the dollar went up and gold went down, the allocation to gold is no longer 25% but maybe only 10 or 15%.

So then I have to stock it up again. But I would say an individual should definitely own some physical gold.

The bigger question is where should he store it? because I think if we think it through, the failure of monetary policies will not be admitted by the professors that are at central banks, they will then go and blame someone else for it and then an easy target would be to blame it on people that own physical gold because they can argue, well these are the ones that do take money out of circulation and then the velocity of money goes down, we have to take it away from them.

That has happened in 1933 in the US. With our brilliant governments in Europe that follow US policies and with the ECB talking every day to the Federal Reserve, they would do the same in Europe, take the gold away from people. - Marcopolis

So, taking into consideration the three protective layers (cash in hand, metals in hand, and wealth offshore stored in metals outside the banking and sovereign system), what is the best solution to accomplish two of these three things?

The answer to this lies in a company called Karatbars.





Buying gold through Karatbars is one of the easiest things on the net.  In fact, the business model of Karatbars is to sell gold in affordable quantities, such as 1, 2.5, and 5 gram increments, and allow customers to get into the metal without having to shell out $1200+ for a single ounce coin.

And as added perks to signing up with Karatbars, as a customer or affiliate, you can have the power to move your money into a free e-wallet that functions just like an offshore bank account, and is outside the authority of the banking system.  From there, you can take your fiat currency in any denomination... dollars, euros, yen, etc... and purchase physical gold which can either be delivered directly to you, or stored for free at one of Karatbar's vaults.

Additionally, any gold that you buy can easily be sold back to Karatbars, or any metals dealer, and if with Karatbars it is then exchanged for currency that is uploaded to you through a pre-loaded debit Mastercard which is connected directly to your e-wallet.  And as we know, MasterCard is recognized in nearly every country around the world, and usable in any currency that accepts it.

But perhaps the best feature with Karatbars is their affiliate program, where you can earn money off commissions from getting others to sign up and become a customer or affiliate.  Not only do you receive commissions from their purchasing of physical gold, but you also earn commissions from anyone who buys a commission package, with that money going directly into your debit MasterCard when you have enough units to cycle.

Imagine the ability to earn the money in which to buy your gold savings simply by purchasing a commission affiliate package one time, and then getting others to sign up and do the same thing.

How many businesses or entrepreneurs can build an infinite business with spending less than $400 of their own money?  And there is never a mandatory requirement to buy beyond what you desire, on your own schedule.  And there is nothing to lose, because you're using money (paper dollars) to buy gold (physical money) and in the end you don't lose a thing.



The global financial system, along with dozens of respected economists, are telling us that now is the time for the end of our current form of money, and the beginning of the transition into a new monetary system that is expected to be backed by gold.  And with banks, governments, and even Harvard professors mandating that central banks have no choice but to eliminate cash from usage by the people to stave off collapse, will you wait until it is too late to make a decision on how you will protect your wealth, and be able to function within the coming new monetary system?

To learn more about Karatbars, you can contact the individual who sent you this article, and click on their referral link to open a free account and begin buying, or building your own gold savings or business with the company of the future.