MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘War on Cash’

Lebanese focus fury on banks-Erie Times E-Edition Article

Posted by M. C. on January 23, 2020

People say they are being subjected to humiliation by the banks and their managers who ultimately have the power to decide who gets how much.

Forget keeping your cash in banks. Buy a good safe.

Defeat the war on cash and be prepared for when the next crunch hits.
http://erietimes.pa.newsmemory.com/?publink=2f4c39949

BEIRUT — Before picking up cash from a downtown bank in Lebanon’s capital, Mey Al Sayegh mentally braces herself for what would have been a routine trip before the country’s crippling cash crunch. For starters, it will be at least an hour’s wait in line before her turn comes. And if she’s lucky, she’ll be able to withdraw $300 — the weekly limit on dollar withdrawals imposed by banks to preserve liquidity — without having to bargain with the teller.

“I tell my family ‘I’m going to the bank, but I don’t know when I’ll return,’” said the communications manager. “It’s very unpleasant. You see people’s expression — worried, confused, they’re scared that they’re going to lose their deposits.”

For years, many Lebanese have lived beyond their means, supporting their outsized spending with loans and generous remittances from diaspora relatives scattered across the globe, including family members working in oil-rich Arab Gulf countries.

A severe financial crisis and unprecedented capital controls have put an end to this, uniting both rich and poor in anger against corrupt politicians who have brought the country to the brink of economic collapse, and a banking system they accuse of holding their deposits hostage.

In recent days, some protesters have taken out their ire on the banks, destroying ATMs, smashing bank windows and clashing with tellers behind the counter.

Dozens of protesters have held sit-ins at banks against the fiscal policies, forcing tellers on more than one occasion to give them more than the weekly limit. Demonstrators routinely gather in front of the country’s Central Bank, jeering and hurling expletives at its governor, Riad Salameh, who was once ranked among the world’s top central bank governors.

“You go to a bank, get a ticket, and there are at least 50-60 people in front of you,” said Mahmoud Sayida, a tour guide whose money is trapped with one of the country’s largest lenders. “It’s as though you are lining up for bread in the war days.”

The crisis in Lebanon, one of the most heavily indebted nations in the world, is rooted in decades of state corruption and bad management, and the tiny Mediterranean country’s economy had been in steady decline for years. The local currency, pegged to the dollar for more than two decades, has lost more than 50% of its value in recent weeks on the black market.

Fearing a crisis, depositors in the past year had been quietly withdrawing their money, changing it from the local currency to dollars, or funneling it to bank accounts abroad.

At the onset of nationwide protests that broke out in mid-October, banks closed their doors for 12 working days. When they reopened, they faced an unprecedented rush to withdraw dollars, resulting in the limits on withdrawals and foreign transfers.

But there was no legal basis for such actions, leaving it up to the banks to implement their own controls on a caseby- case basis. Meanwhile, ATM machines have mostly stopped dispensing dollars and daily limits on credit card use have been implemented. Many restaurants and shops, strapped for cash, are refusing card payments.

People say they are being subjected to humiliation by the banks and their managers who ultimately have the power to decide who gets how much.

People with children studying abroad need to offer proof before they are allowed to transfer their tuition money. Patients are required to produce paperwork proving they need money for surgery before they can withdraw cash from their accounts. To get credit card limits temporarily increased, customers are asked by some banks to produce a plane ticket and documentation proving a stay abroad longer than two weeks.

The measures are forcing families to limit expenditures and prioritize daily necessities. Simple activities, such as going to a cafe or a restaurant, are now considered luxuries, even for those with money or jobs. Sullen moods have overcome depositors and lenders alike, whose employees say they are afraid to show up at work because of fights breaking out inside banks and people cursing them every day.

In this Jan. 14 photo, anti-government protesters smash a bank widows, during ongoing protests against the Lebanese central bank’s governor and against the deepening financial crisis, at Hamra trade street, in Beirut, Lebanon. [HUSSEIN MALLA/ASSOCIATED PRESS FILE PHOTO]

Be seeing you

Posted in Uncategorized | Tagged: , , , | Leave a Comment »

Globalist-Endorsed War on Cash May Be China’s Next Terrifying Weapon | Mises Wire

Posted by M. C. on November 18, 2019

…the purpose of a War on Cash is not simply to strengthen a government’s grasp on the wealth of its citizens — but the move becomes a highly effective means of tracking any who find themselves in the crosshairs of the state.

https://mises.org/wire/globalist-endorsed-war-cash-may-be-chinas-next-terrifying-weapon?utm_source=Mises+Institute+Subscriptions&utm_campaign=f2b07b5612-EMAIL_CAMPAIGN_9_21_2018_9_59_COPY_01&utm_medium=email&utm_term=0_8b52b2e1c0-f2b07b5612-228343965

…The next arm weapon the CCP may plan to wield against its citizens is a War on Cash.

As Joseph Salerno, among others, has noted for years now, a successful War on Cash would represent a new escalation in government’s long history of weaponizing currency against the population. Moving far beyond the clipping of coins as a means of stealth tax collection, the purpose of a War on Cash is not simply to strengthen a government’s grasp on the wealth of its citizens — but the move becomes a highly effective means of tracking any who find themselves in the crosshairs of the state.

These features make a cashless society attractive for any government — which explains why it has become an increasingly popular goal for politicians, bureaucrats, and central bankers in the West. This is precisely why we’ve seen the cause promoted from such influential economists as Kenneth Rogoff, former chief economist of the IMF, Marvin Goodfriend, an economics professor at Carnegie Mellon who was once nominated to the Fed by Donald Trump, as well as various economic ministers. The governments of Australia and Sweden have made a cashless society an explicit policy goal within their countries, while some central banks — such as the ECB — have begun phasing out higher denomination bills as an opening move in their own cashless campaigns.

Of course, the international perspective of the Swedish government is quite different than that of China’s — and understandably so. For all of Sweden’s issues, there are no comparisons to the CCP’s brutal child policies or its treatment of religious minorities. What should be understood, however, is that a successful move to a cashless society would give the Swedish government similar tools over its population as those the Communist Party seeks over its dominion. While the former may ground their policy aims in “combating drug trafficking” and “convenience,” the end result in both cases is a new terrifying weapon in the hands of the state.

Luckily, it’s easier for the government to desire a cashless society than it is to create it, and we’ve seen countries like Sweden rethink their approach. There is reason to think that China may be less apprehensive. Not only is the government more powerful, but it is also more desperate…

While much has been made of Chinese media giving Bitcoin a front-page treatment, the tight control the CCP has over its financial system makes actual use of private crypto extremely difficult. Instead, the stage is being set for moving the yuan to the blockchain. While some have sold this as some novel challenge against the dollar — even suggesting that the Bank of China could try to peg it to gold — this is, as Daniel Lacalle explained, a delusion.

This is not a trump card to be used against Uncle Sam, but a new tool of CCP oppression against is own people. As noted by Jason Burack, a market analyst that has been closely following Chinese economic news, “throughout history, governments have always hijacked technology and used it for nefarious purposes.”

At this point, the CCP successfully waging a War on Cash is mere speculation — though a recent move to allow tourists access to digital payment systems such as AliPay might help pave the way for that transition. It would be a policy change very much in character with the authoritarian regime in Beijing — and one that has long been sold as “benign” by the more “liberal” globalist elite.

Be seeing you

The Cashless Society and Its Grim Implications | Humans ...

 

 

Posted in Uncategorized | Tagged: , , , , , | Leave a Comment »

EconomicPolicyJournal.com: Citibank Expands the War On Cash

Posted by M. C. on November 7, 2018

Like the idea of a cashless society?

Like having the government, IRS, your insurance company, cops, monitor and make judgments made on you through your spending habits? Do you use plastic at the state wine and spirits store?

Like being forced to pay for a bank account because how else can you store digital “money”? That is the negative interest you may have heard about. You pay them for the privilege of holding your “money”.

Like having your funds shutoff with the flick of a switch if you do something that offends some faceless, flunky bureaucrat?

Cash is king. Don’t be one of the sheeple.

http://www.economicpolicyjournal.com/2018/11/citibank-expands-war-on-cash.html#more

Here is more evidence that the bankster operation, Citibank, is more in cahoots with government than providing service to its customers.

Read the rest of this entry »

Posted in Uncategorized | Tagged: , , | Leave a Comment »

Call Kurtis: Safe Boxes May Not Be Safe After All

Posted by M. C. on July 26, 2018

Banks are not your friend. Use a local bank, honesty is somewhat more likely.

Bank of America-One of the most crooked banks on the planet and most big banks are bent.

Entire boxes are missing! This is what you get for your tax supplied bank bailouts. It makes you wonder what else we don’t know about how banks handle your money.

NEVER use a bank box. The bank and most any government agency can have your access blocked at any time for any reason, including impending bank failure or a “terror” incident.  Many banks don’t allow cash in their boxes because of the war on cash. No firearms of course!

Limit/eliminate keeping any kind of savings and checking in a bank for the same reasons.

Buy a good fire proof safe and learn how to hide it well.

Call Kurtis: Safe Boxes May Not Be Safe After All

By Kurtis Ming

ORANGEVALE (CBS13) – A woman says her bank let her safe deposit box vanish. And she’s not the only one.

Susan Nomi says when she went to open her Bank of America safe deposit box of 16 years, the entire box was gone…

She says Bank of America can’t explain where her valuables went. Read the rest of this entry »

Posted in Uncategorized | Tagged: , , | Leave a Comment »

EconomicPolicyJournal.com: CLAIM Major German Bank Just Refused To Hand Over Client’s Physical Gold

Posted by M. C. on July 8, 2018

You don’t suppose they don’t have enough gold to cover deposits? Afraid of a run? Or just getting us used to being controlled?

I suspect this all part of the war on cash…along with not actually having the goods.

http://www.economicpolicyjournal.com/2018/07/claim-major-german-bank-just-refused-to.html
London whistleblower Andre Maguire told King World News that one of the largest banks in Germany just refused to return a client’s gold the bank was supposedly storing for the client.
Andrew Maguire: “Eric, over the last few months we have been observing Swiss and German banks enforcing cash and gold withdrawal limits for clients. Currently, Swiss banks are capping client cash withdrawals to between 100,000 – 200,000 euros.

Read the rest of this entry »

Posted in Uncategorized | Tagged: , , | Leave a Comment »

Australia Bans Cash Payments over $10,000 AUD

Posted by M. C. on May 22, 2018

My but that is a big credit card! The better to track you with my dear!

The war on cash.

http://truthinmedia.com/australia-bans-cash-payments/

By

TIMP Staff

…Dash Force News talked about Australia’s cash ban plan with Naomi Brockwell, the famous cryptocurrency commentator who happens to hail from Australia. When she first heard of the ban, she was initially taken aback, but not completely surprised.

“The cash ban seems shockingly Orwellian, but not entirely unexpected. The government purports to be protecting us from malicious actors, but the result will be just more government overreach where our actions are further tracked and controlled. The government is forcing us to use the existing financial system whether we want to or not: a system that has failed over and over to protect our privacy.” Read the rest of this entry »

Posted in Uncategorized | Tagged: , , | Leave a Comment »

Silicon Valley Joins War on Cash – LewRockwell

Posted by M. C. on February 28, 2018

  • Savers could no longer have the individual freedom to store wealth “outside” of the system.
  • Eliminating cash makes negative interest rates (NIRP) a feasible option for policymakers.
  • A cashless society also means all savers would be “on the hook” for bank bail-in scenarios.

https://www.lewrockwell.com/2018/02/tyler-durden/silicon-valley-joins-war-on-cash-tim-cook-seeks-elimination-of-money

Apple CEO Tim Cook has one big hope for the future – that he lives to see the end of money.

Speaking at a meeting for Apple shareholders in Cupertino, California earlier this month, Cook made it clear that he is firmly on the side of the war-on-cash establishment.

“Because why would you have this stuff! Why go through all the expense of printing this stuff and then some people steal it, and you’ve got to worry about counterfeits and all these things,” he continued.

As Apple’s CEO talked about the downsides of cash, BI reported that he became more animated, revealing his real passion about the topic… Read the rest of this entry »

Posted in Uncategorized | Tagged: , , | Leave a Comment »

An Escalating War on Cash

Posted by M. C. on February 26, 2016

https://www.lewrockwell.com/2016/02/no_author/escalating-war-cash/

An Escalating War on Cash

On February 16th, The Washington Post printed the article, “It’s time to kill the $100 bill.” This came on the heels of a CNNMoney item, the day before, entitled “Death of the 500 euro bill getting closer.” The former cited a recent Harvard Kennedy School working paper, No. 52 by Senior Fellow Peter Sands, concluding that the abolition of high denomination notes would help deter “tax evasion, financial crime, terrorist finance, and corruption.” In recent days, former Treasury Secretary Larry Summers, ECB President Mario Draghi, and even the editorial board of the New York Times came out in support of the elimination of large currency notes. Apart from the question as to why these calls are being raised now with such frequency, the larger issue is whether these moves are actually needed or if they merely a subterfuge for more complex economic manipulations by central banks to extend control over private wealth. Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , , , , , | Leave a Comment »