The “War on Cash” in 10 Spine-Chilling Quotes

[TexasTowelie]

The war on cash is escalating. As Mises’ Jo Salerno reports, the latest combatant to join the fray is JP Morgan Chase, the largest bank in the U.S., which recently enacted a policy restricting the use of cash in selected markets; bans cash payments for credit cards, mortgages, and auto loans; and disallows the storage of “any cash or coins” in safe deposit boxes. In other words, the war has moved on from one of words to actions.

Here are ten quotes that should chill the spine of any individual who cherishes his or her freedom and anonymity:

1. Kenneth Rogoff (from the intro to his paper The Costs and Benefits to Phasing Out Paper Currency):

Despite advances in transactions technologies, paper currency still constitutes a notable percentage of the money supply in most countries… Yet, it has important drawbacks. First, it can help facilitate activity in the underground (tax-evading) and illegal economy. Second, its existence creates the artifact of the zero bound on the nominal interest rate.

In other words, cash (not money) is the source of all evil and must be destroyed because governments can’t trace its every movement, and it represents a limiting factor on central banks’ ability to continue their insane negative-interest-rate experiment.

Read more: http://wolfstreet.com/2015/04/25/don-quijones-war-on-cash-quotes-to-cashless-society/

[NBachers]

1. Why is Chase always one of the most egregious pig offenders?

[TexasTowelie]

2. Because they want to set the standard and be an industry leader?

[MosheFeingold]

6. Because they've bought all the correct politicians n/t

[bemildred]

3. Right, iMoney. nt

[fasttense]

4. Now why would the uber rich NOT want you to have cash?

Well, electronic money is easier to spy on. So, that lets governments and corporations track your life.

But I really believe the reason is that if we had another crash, and the banks had all the money, then they get to keep your money. Much like in the 1929 crash where the banks stole everyone's money when they finally re-opened. Because you know, they need you to bail them out of their own mess.

But if you are hiding some cash under the bed, they can't get their grubby hands on it.

[tsites]

5. Banks don't like cash

Banks want to make money every time money changes hands. They can't do that with cash. Every time you buy something with a credit card or debit card, banks take around 5% up front, often more. This means they often take in more than states do in sales tax. This is also why they want to eliminate checks. And this is just what they take from the merchants who often have to pay additional fees to cover transaction with cards that have "cash back" programs or other user incentives. Card users then pay high interest rates on any balances they carry over.

Banks are not our friends and they provide little service of value. They are little more than leaches on the economy.

[Tace]

7. In Addition To Comments Above...

...that these fuckers are simply intermediaries and seek to make money on every transaction while adding no value... and want to track everyone's every action...

The thing that burns my ass is Bankers talking about reducing crime. The biggest crime in the history of the planet went down in 2008 and continues to this day and far into the future. They are criminals of the highest order.

Let's resist this nonsense.