war on cash

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2016 Year In Review

A Clockwork Orange
Thursday, December 22, 2016, 9:03 PM

Every year, friend-of-the-site David Collum writes a detailed "Year in Review" synopsis full of keen perspective and plenty of wit. This year's is no exception. As with past years, he has graciously selected PeakProsperity.com as the site where it will be published in full. It's quite longer than our usual posts, but worth the time to read in full. » Read more

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The War On Cash Intensifies

Negative interest rates. A ban on cash. Pick your poison.
Monday, September 21, 2015, 9:45 PM

The central planners are setting the stage for the next round of officially sanctioned theft and this time they mean to assure that you have no way(s) of escaping.

They’re coming for your cash. This is a risk that Charles Hughes Smith explored for us back in June in a very well-received analysis.

Once a fringe idea, this concept is now being openly discussed and debated at the highest levels publicly. Which means it is being hotly discussed behind closed doors, and likely has been for a long time. » Read more

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Off The Cuff: The Ghosts Of 2008 Have Returned To Haunt Us

Not only are the same risks still here, they're bigger
Thursday, July 9, 2015, 4:18 PM

In this week's Off The Cuff podcast, Chris and Nomi Prins discuss:

  • The Ghosts Of 2008
    • Are suddenly returning en masse to haunt us
  • Growing Central Bank Insecurity
    • Beginning to realize that they've cornered themselves
  • The War On Cash
    • Central planners continue to tighten restrictions
  • No Solutions For The Status Quo
    • A massive reset is the best we can hope for

Click to listen to a sample of this Off the Cuff Podcast or Enroll today to access the full audio and other premium content today. » Read more

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Off The Cuff: More On The War On Cash

Plus the growing threat of Greece & the bond markets
Thursday, June 18, 2015, 2:48 PM

In this week's Off the Cuff podcast, Chris and Charles Hugh Smith discuss:

  • The War On Cash
    • Why governments are so interested in a cashless society
  • Grexit
    • Why the EU power structure fears it
  • The Bond Bomb
    • This one will be for all the marbles
  • Too Many Risks
    • There's little gain to remaining long in this market

Click to listen to a sample of this Off the Cuff Podcast or Enroll today to access the full audio and other premium content today. » Read more

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The War On Cash: Officially Sanctioned Theft

How banks & the government are diminishing your savings
Friday, June 12, 2015, 12:07 PM

You’ve probably read that there is a “war on cash” being waged on various fronts around the world. What exactly does a “war on cash” mean?

It means governments are limiting the use of cash and a variety of official-mouthpiece economists are calling for the outright abolition of cash. Authorities are both restricting the amount of cash that can be withdrawn from banks, and limiting what can be purchased with cash.

These limits are broadly called capital controls. » Read more

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What To Do With Your Cash Savings

Options for reducing your risk
Friday, June 12, 2015, 12:06 PM

Executive Summary

  • Which power groups will determine how the war on cash is waged?
  • Is it better to hold cash in savings/checking accounts, or securities accounts?
  • What will likely happen with retirement accounts?
  • Ways to diversify your cash risk

If you have not yet read Part 1: The War on Cash: Officially Sanctioned Theft available free to all readers, please click here to read it first.

In Part 1, we reviewed the basic elements of the war on cash, and how it benefits banks and governments but not households that don’t already own productive assets.

In Part 2, we’ll review the downside of imposing capital controls and eliminating physical cash, and discuss strategies to protect our financial assets from bail-ins and negative interest rates/fees on cash.

What Will The Wealthy And Politically Powerful Tolerate?

One of the key dynamics in this discussion is: what will the wealthy and powerful tolerate? Any policy that inhibits or harms the wealthy and politically powerful is a non-starter, and so if we align our strategies accordingly, we are less likely to suffer any negative consequences.

The wealthy and politically powerful have little need for physical cash (President John F. Kennedy famously carried no cash), so eliminating cash will probably not generate any resistance in the financial elite.

But other forms of capital control, such as requiring retirement accounts to hold Treasury bonds and limiting transfers to other nations’ banks might... » Read more