The Phaserl


The War on Cash Escalates

from Money Metals Exchange:

The Federal Reserve bank and its owners, the largest banks on Wall Street, want badly to be able to charge you interest for the privilege of depositing your funds. The problem is getting you to stand for it.

Depositors already complain vigorously about zero percent returns on checking and savings accounts. If they must start actually paying the bank to hold funds on deposit, many will opt to simply withdraw the cash and stuff it under their mattress or into a safe deposit box. That simply won’t do.

The Goal Is to Force You to Deposit Cash and Charge You Interest
Bankers in the U.S. can learn something from the Swiss. The Swiss National Bank recently implemented negative interest rates without first solving the “problem” of how to prevent cash from fleeing the banks. Predictably, depositors started doing some math.

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3 comments to The War on Cash Escalates

  • Ed_B

    “The Goal Is to Force You to Deposit Cash and Charge You Interest”

    Yeah? Well, stuff them. They are really big on something for nothing as long as they are the ones who end up getting something for nothing. There is very little reason to keep any money in a local bank these days, let alone one of the NYC monster banks. Charging us interest on money that we deposit and that they then loan out or gamble with on Wall Street is a non-starter, IMO. It was more than bad enough when these bastards cut interest rates to zip, utterly destroying the small urge to save that many Americans used to have but no longer do. I’d rather keep extra money in food and other consumable items necessary for a decent life that somehow manage to cost a lot more these days in spite of inflation being below 2%… or, so they say.

    Cash is good for paying bills but not so good for saving. I recommend that everyone have a couple of months worth of cash hidden away outside the banking (milking?) system in case of emergencies, such as bank holidays and bail-ins. Other than that, convert your soft paper money into hard gold and silver money… and then hide that outside the banking system. “If they can’t find it, they can’t steal it” should become the motto of all Americans of moderate means… because we all know that when the SHTF, they WILL steal everything that is not hidden from them. How do we know this? Because they always do!

  • pvtskulker

    Not to mention, there’s no transaction fees associated with a cash purchase.

  • Jerry

    Going to their actual site and reading the article I find once again an erroneous statement about the change in the JPMorgan Chase safe deposit box agreement. The article states “No Cash or Bullion Allowed in Safe Deposit Boxes”. This is not completely true. The updated safe deposit box rental agreement from JPMorgan Chase says that the renter agrees not to store any cash or coins other than those found to have a collectible value. There is nothing stated about not being able to store precious metals in the safe deposit box. JPMorgan Chase says cash and coins. Precious metals, in general, are still OK. My bank and many other banks have had this restriction on cash being in a safe deposit box years ago. Not really a big deal.

    Many fear mongers are getting their facts wrong as usual.

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