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Deposit Cash, Get Arrested

Deposit Cash, Get Arrested!  

Banking has evolved more in the last few years than in the last few decades. The main reason is technology closely followed by regulation.

The famous statement that “Cash is King” is no more!

Banks, due to regulation and to limit their own risk, have been working with government to limit our usage of cash. A good example is your ATM account. Most people are limited to no more than $500 to $1,000 in withdrawals per day. Even though you may have more and need more, you cannot get more - and it’s your money!

When I call my bank asking about this policy, the answer bank officials gave me is “But sir, this is for your own protection”. When they say this, you may rest assured that it is for the banks protection. They do not care about you! If your ATM account gets hit, the bank MUST cover your loss. By limiting the withdrawal, banks limit their own potential loss. (Oh, so that’s why!)

Governments are making their Central Banks print money at an ever-increasing rate. At the same time they are quietly decreasing your ability to use cash. The reasons for using less cash is to reduce money-laundering, drug money, terrorist financing, illegal weapons, black markets, and more. It is true that a criminal's best friend is cash! These are not the main reasons they do this. Although this will have some minor impact on crime - how do you justify the amount of money being printed?

The reasons are to make the law-abiding population leave spending trails that can be monitored anytime and are centrally controlled. They do this to keep purchasing power in the country, tax collection, approved spending, hard currency rules and control how much you can spend. The governments will authorize banks to automatically deduct your tax burden quarterly from your account. The rationale is that it will be faster, easier, formless, safer, cheaper and no worries about one large payment at years end. Sounds like a big benefit for the common man and woman.

The trend toward eliminating cash is moving quickly. We are welcoming the convenience that this brings. But - this comes with a price. If society is cashless - then all transactions can be tracked. What does this mean for privacy and freedom?

To this point, an interesting development has been announced. Australia has a law proposed that will make it a crime to do cash transactions of $10,000 and over. If passed, the Currency Bill (Restrictions on the Use of Cash) could be implemented in 2020. This brings with it a $25,000 fine and two years in jail. A stiff penalty for those convicted of using their own cash!

The Australian governments Black Economy Taskforce claims that this law will help eliminate tax evasion, money laundering, terrorist financing and other crimes. This is the first step towards controlling the law-abiding population. If this passes, we will see similar laws passed in other countries. All these proposed laws will be aimed at creating capital controls on your money.

If a country like Australia passes such a law, other countries will look to adopt similar laws. The justification will always be to protect you from crimes like money laundering, terrorism, and other scare tactics. Blinded by the possibilities, the people of each country will welcome these laws. They will not understand that the banks, and by default the government, can control your spending. With many countries enacting such laws, and others copying them, it will appear normal. How bad can it be if other countries support this? Trust me - this will be bad!

These laws assume that cash will be eliminated. Transactions will all be done through the banks. Banks will examine your spend. They will start by examining your large spending and gradually move to smaller expenditures. The bank can then suspect and refuse your spending. People with a history of questionable transactions would be monitored and placed on watch lists. Sounds pretty scary to me!

A threat to these laws and intentional planning is cryptos. Cryptos are becoming an option for purchasing goods and services. Cryptos have become the greatest invention of the twenty-first century. When they go mainstream, Cryptos are potentially a huge threat. They have the potential to kill the banks money making ability and ruin the plans of governments. They cannot let this happen to their traditional economy. I see a time coming where the crypto trader can be exposed and prosecuted for "economic terrorism". This term that will soon be upon us.

One thing to remember is since the crisis of 2008, all countries including the US have been printing money hand over fist. This new money has been going into the stock and bond markets, as well as real estate markets. Interest rates are at their all-time lows. There is $17 trillion worth of bonds having negative rates - you would think this impossible! This is due to mortgage, car, student, credit card, government, and corporate debt. Even the US dollar is a form of debt. The dollar has been the number one US export for a few generations. Yes, interest rates are low - but when interest rates go up much of this debt will be unsustainable and defaulted upon.

The 2013 Cyprus bank crisis proved that money in your bank account is not yours. Instead of the Cyprus government bailing-out the banks, customer accounts were used to "bailed-in" the banks. The global debt-heavy economies are a potential for future bank failures. The Cyprus bail in method could be followed by other governments to solve banking failures. Your funds are at risk. The safety of the bank is an illusion. Central banks are the world’s engine for inflation. They indirectly assist governments in taking peoples money. They do this by printing more money than needed. This allows governments to spend what they don’t have.

The major asset of the world’s central banks is US dollars. Central bankers understand that the dollar is a US government unsecured asset. The dollar has this position because most things are priced in dollars. Countries like Russia, China, and Iran don't want dollars clearing through New York. They want to avoid dollars and don’t trust each other’s currencies. The Russians and Chinese are trying to replace dollars with gold. Soon other governments and central banks will follow.

Because of this, I see the world going back to gold. Six billion ounces of gold are now mined. The new supply is growing less than 1.5% per year. The gold price will continue to go up in value. The movement toward gold has started gain attention. Gold is the "go-to" asset in an unstable world. The buildup of fear will drive up the prices of gold and other commodities. During 2020 we will likely see gold prices break to new heights.

Banking and money should be left to the market and not be a tool of the government. Gold and crypto will be the new measures of financial freedom. Cash is Jailtime!

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Comments: (1)

Melvin Haskins
Melvin Haskins - Haston International Limited - 11 March, 2020, 08:50Be the first to give this comment the thumbs up 0 likes

Large cash payments are, more often than not, a method of either laundering illegal money or tax evasion. The UK government quietly implemented the Australian rule 20 years ago, whereby they approached estate agents, car dealerships and other outlets where large payments are made, and asked them to report any transaction of more than 10,000 pounds in cash. When I say asked, they threatened them with tax investigations if they did not. I am at a loss to understand why anyone would take the risk of walking around with large sums of money, risking being robbed. The banks and the government have enough other problems than to worry about what each and every adult is spending there money on. They are interested in terrorist finance, drug fimance and large scale theft. Bog Brother is not looking over every individual shoulder - only those with large cash payments with a dubious history.

Chris Principe

Chris Principe

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Solidus Global, Inc.

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