The death of Cash? All over the world Governments are banning large cash transactions

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investorzzo's picture
investorzzo
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The death of Cash? All over the world Governments are banning large cash transactions

The truth is that we now live at a time when people who use large amounts of cash are looked upon with suspicion. In fact, authorities in many countries are taught that anyone involved in a large expenditure of cash is trying to hide something and is probably a criminal.

And yes, a lot of criminals do use cash, but millions upon millions of normal, law-abiding citizens simply prefer to use cash as well.  Should we take the freedom to use cash away from the rest of us just because a small minority abuses it?

Unfortunately, the freedom to use cash is being slowly stripped away from us in an increasingly large number of countries.

http://theeconomiccollapseblog.com/archives/the-death-of-cash-all-over-t...

LogansRun's picture
LogansRun
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Re: The death of Cash? All over the world Governments are ...

All part of the plan.  The world needs a wakeup call in the worst way.  Just think of the control the elite will have if they do away with cash!  As I said, it's all in the plan......but that's just CT.Embarassed

ao's picture
ao
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Re: The death of Cash? All over the world Governments are ...
LogansRun wrote:

All part of the plan.  The world needs a wakeup call in the worst way.  Just think of the control the elite will have if they do away with cash!  As I said, it's all in the plan......but that's just CT.Embarassed

The world's not going to wake up.  The apologists will rationalize how personal chipping can help with your medical records, find you if you're lost or hurt, etc. and those RFID chips in cash will help you keep better records for when it comes time to do your taxes and allow the government to stop those criminal cash transactions.  Don't you understand how all this will benefit us ... baaaahhhhh!

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Romans12.2
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Re: The death of Cash? All over the world Governments are ...

We live in a small town and have been cashing our paychecks for almost a year now.  Our bank treats us very suspiciously.  I have mentioned that we like to pay our bills with cash or money orders, but they do not like it.  If the check is over 3 or 4 thousand it's like a BIG deal every time.  "We will have to see what cash so and so has in there drawer"  "you will have to take all large bills..."  If it's over 8k they need a day advance notice.  They see us coming in and they exchange glances and whisper.

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yobob1
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Re: The death of Cash? All over the world Governments are ...
Romans12.2 wrote:

We live in a small town and have been cashing our paychecks for almost a year now.  Our bank treats us very suspiciously.  I have mentioned that we like to pay our bills with cash or money orders, but they do not like it.  If the check is over 3 or 4 thousand it's like a BIG deal every time.  "We will have to see what cash so and so has in there drawer"  "you will have to take all large bills..."  If it's over 8k they need a day advance notice.  They see us coming in and they exchange glances and whisper.

Banks have no cash to speak of.  Today a bank run would be over after the first depositor demanded his $20,000 in cash.  I pay two monthly expenses by check; pretty much everything else (fuel, food, clothes, etc.) is paid with cash other than the odd online credit card purchase.  My debit card might get used a few times a year.

The federal govt. considers money orders as "cash" for its suspicious activity list.  Your bank can also report your "suspicious activity" even if it doesn't trigger the mandatory reporting dollar levels.

More and more people are operating without checking accounts these days - mostly the banks, through fees, discourage the "hand to mouth" customers and many find its easier and probably cheaper to use one of the loan shark/ check cashing services.

Few people realize the paucity of cash available.  I do find that negotiating with a stack of greenbacks on the table will result in better terms.  Cash is king on Main Street regardless of anyone's personal views on the "dollar" or the comparative forex valuation.

Bengt Englund's picture
Bengt Englund
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Re: The death of Cash? All over the world Governments are ...

In Sweden you have to explain to the bank (by law) what you are going to use your money for, or where they come from. Or even back up the transaction with receipts, orders, offers etc. if they require. This is unbelivable...

Purpose of the transaction

If a customer wishes to make a deposit or
another transaction, the customer must answer questions and present valid
identification should a bank official request this. This applies for transactions
that are deemed to be unusual or that the bank does not understand the context of.
The bank official is then obligated to ask about the purpose of the transaction, the
origin of the money and what it is to be used for, etc.

Info in english: http://www.penningtvatt.se/main.php/0903%20penningtv%E4tt%20engelsk.pdf?...

 /Bengt

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Re: The death of Cash? All over the world Governments are ...

The ING in Belgium is slowly removing its counter service such that you can only use ATMs, there are no cheques here however, there are a kind of money transfer form that one can use.

There was up roar a few weeks ago when ING limited the cash withdrawals for OAPs/Seniors to €1000 per week unless prior arrangements are made for a different arrangement, the norm for all other customers is €2500 per week.  This was apparently done to "protect" OAPs/seniors from fraudsters given that they are the most vulnerable to this type of scam (banks hate completion!).  The uproar caused a rethink and the limits were amended to €2500 in keeping with other accounts. Of course the removal of the counter service was also sold as a security consideration for the customers and the employees.

This to me is designed to try and hold onto cash as they encourage people to pay by debit card "for their convenience" of course

People I speak to accept this as making sense and see no real isses, the €1000 issue being resolved!

Doug's picture
Doug
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Re: The death of Cash? All over the world Governments are ...

I don't know if this is common or not, but our local supermarket clerks mark every $20 bill with a black magic marker.  This is apparently done to discern counterfeit bills from frn's.

Doug

ao's picture
ao
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Re: The death of Cash? All over the world Governments are ...
Romans12.2 wrote:

We live in a small town and have been cashing our paychecks for almost a year now.  Our bank treats us very suspiciously.  I have mentioned that we like to pay our bills with cash or money orders, but they do not like it.  If the check is over 3 or 4 thousand it's like a BIG deal every time.  "We will have to see what cash so and so has in there drawer"  "you will have to take all large bills..."  If it's over 8k they need a day advance notice.  They see us coming in and they exchange glances and whisper.

Romans 12:2,

My experiences have been very similar.  You're viewed suspiciously when you deal in larger amounts of cash.  The brainwashing by TPTB has been successful.

And yobob1 is absolutely correct.  My bank couldn't cover cashing a $10K check several years ago and sent me to their main branch instead.  Now there is a waiting period for cashing larger checks.  

I try to do all my transactions in cash now but I also realize that this option will be progressively closed down until it's like Revelation 13:17.  Prophecy aside, just look at the trends.  What is the benefit of allowing cash transactions versus not allowing them for TPTB?  The answer is obvious.  We will be cajoled and/or coerced into becoming a cashless society, like it or not.  There will be no choice in the matter. 

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nickbert
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Re: The death of Cash? All over the world Governments are ...

My credit union doesn't hassle me about my cash withdrawals (typically under $5000) and I've made these larger cash withdrawals enough at my local branch that they should be used to it.  Every so often though, I catch a quick expression or pause that tells me they're giving extra thought on the transaction.  But I haven't received any comments other than a couple tellers asking if I was going on a trip or doing something big over the weekend.  I wouldn't be surprised though if I've had some Suspicious Activity Reports filed on one or more of my transactions.

A good link on Suspicious Activity Reports:

http://www.invergyforex.org/avoiding-suspicious-activity-reports-in-money-dealings

Now as for a move to cashless, it seems to me that while there are a lot of authorities who would really like that, the coming about of a new financial crisis (which would inevitably involve the banks) and the fear and paranoia this causes will drive more people TOWARDS cash transactions, in the US and elsewhere.  The Panic of '08 sure moved me in that direction (though admittedly I'd already been partial to using cash).  If TPTB manage to successfully postpone or mitigate the effects of all oncoming banking crises in the mid-term, then perhaps the push to cashless can gain traction with the people.  But I consider that rather unlikely as the cooperation between central banks around the world is already showing signs of strain.  So in the short to mid-term I think the series of scares and periodic crises will drive the average consumer in the direction of cash, and as it stands now the government won't be able to influence that much.  The biggest possibility I see for a successful or partially successful transition to a cashless society is if we see a truly large and fast-acting financial disaster with associated major societal disruptions... if the fear levels are sufficiently high, then a push to cashless is possible.  Many will choose the familiar evil (incompetent and/or corrupt gov't) over the unknown (continuing financial panics coming from all directions) once they've been truly scared, and if the old financial system is already in tatters then it's much easier to get people to buy into the idea.  Personally I think TPTB would prefer a slower, more orderly transition to cashless society, but if it so happened that the financial crisis slipped out of their control I would bet they have such a contingency plan B ready to go.  "Never let a crisis go to waste", right? 

Dang I'm getting paranoid.  But if I were in their shoes with the goal of CONTROL in mind, that's what I would doSurprised

- Nickbert

John99's picture
John99
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Re: The death of Cash? All over the world Governments are ...

My sister got quizzed by the bank why she was withdrawing $4,000 in cash and what was it being used for?

Also, two friends flying out of Toronto recently were asked to produce their wallets for inspection of how much money they were taking out of the country (they were dressed in blue jeans and sandals!)

We have to get our cash out of the banking system while we still can. The writing is on the wall. Gold and silver coins....

Ken C's picture
Ken C
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Re: The death of Cash? All over the world Governments are ...

So far my Credit Union has not asked why I wanted to make cash withdrawals but if they ever did my response would be:

"Why do you care? It is my money and I want it."

Ken

 

SteveW's picture
SteveW
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Re: The death of Cash? All over the world Governments are ...

I've never been questioned at my credit union in Canada removing sub 10K amounts which require reporting to our government snoops. I did have an issue getting US $4,000 (in large bills) since that particular branch had a limited amount but I was able to order it for the next day.

I would probably politely treat questions as an intrusion on my privacy with responses such as "I beg your pardon", "Is there a problem?"

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soulsurfersteph
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Re: The death of Cash? All over the world Governments are ...

I must admit I like the convenience of debit cards, but I hate that everything I buy with them is recorded somewhere.

I take solace that at my level of spending nobody will really give a crap. :-)

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Jager06
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Re: The death of Cash? All over the world Governments are ...

I have had to make special arrangements to cash larger checks. I trty to keep my check cashing limited to one of the banks that I use. I keep the credit union for atm withdrawals only, and soon to be trading cash for California IOU's.

 

 

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