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Old 02-15-2019, 08:47 AM
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Appreciate the responses folks, but it doesn't look like anyone bothered to click the links in the OP and understand the issue being highlighted. While it's true that financial institutions are putting the squeeze on cash, the folks at the Fed et al. know it's not realistic to completely abolish it. In order to implement negative interest rates effectively, they have come up with a more creative solution.

~~~

Oddly enough, Ken Rogoff, proponent of a cashless society, published a bit for the World Gold Council wherein he recommends using gold to hedge finances in a cashless society:

https://news.goldcore.com/us/gold-bl...ex-imf-rogoff/
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Old 02-15-2019, 09:24 AM
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Originally Posted by pmbug View Post
Appreciate the responses folks, but it doesn't look like anyone bothered to click the links in the OP and understand the issue being highlighted. ...
I did not click your links because you did not post a synopsis with them. Nor did you post what you felt about it all. My posts was simply along with what others were posting about.

So what is you wish to discuss about the subject of a cashless world? You fer it or agin it?
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Old 02-15-2019, 09:55 AM
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I did not click your links because you did not post a synopsis with them.
It is my understanding that the current forum rules prohibit quoting copyrighted material. The issue is a bit difficult to summarize. The links I posted did a fairly good job of describing the issue (unemcumbered interest rate policy at the zero bound) and making it accessible.

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Nor did you post what you felt about it all.
[strike]Deserves[/strike] Feelings got nothing to do with it. It's a horrific idea. It would cause a large demand for hard assets though, so it would benefit goldbugs in the short term I think.
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Old 02-15-2019, 10:03 AM
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Originally Posted by fistfulladirt View Post
Currently a couple grand each month. Then again, I dumped the banks years ago, probably never use one again. No forms to sign ever, maybe a SARS report but who cares.
i didnt have to sign forms...the bank filled one out...how do i know...the bank manager was there and instructed the tellers to do so. and i was making a deposit of 1200.00 dollars to pay my mortgage with.
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Old 02-15-2019, 10:13 AM
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It is my understanding that the current forum rules prohibit quoting copyrighted material. The issue is a bit difficult to summarize. The links I posted did a fairly good job of describing the issue (unemcumbered interest rate policy at the zero bound) and making it accessible.



[strike]Deserves[/strike] Feelings got nothing to do with it. It's a horrific idea. It would cause a large demand for hard assets though, so it would benefit goldbugs in the short term I think.
Forum rules do not prohibit quoting a small portion for the purpose of discussion, must give attribution to the source. To quote the entire amount would be in violation however. At least that is my understanding and practice. Copyright laws allow for this to be done.

Otherwise you just have people dropping links and running.
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Old 02-15-2019, 10:48 AM
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I Feelings got nothing to do with it. It's a horrific idea. It would cause a large demand for hard assets though, so it would benefit goldbugs in the short term I think.
How a cashless world effects the value of PM's is a interesting thought. I suspect it would destroy any connection that PM's have with being money. I doubt it would benefit the goldbugs in a positive way.

Physical representations of money may just be a thing of the past. About as useful as Green Stamps.
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Old 02-15-2019, 01:27 PM
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Originally Posted by MattB4 View Post
How a cashless world effects the value of PM's is a interesting thought. I suspect it would destroy any connection that PM's have with being money. I doubt it would benefit the goldbugs in a positive way.

Physical representations of money may just be a thing of the past. About as useful as Green Stamps.
Bitcoin or similar cyber money will be the beneficiary. The free market will probably move that way to conduct transactions. It will be interesting to see if governments then move to ban non-government cyber money. Something will emerge as money in the free/black markets.

There may be a move to gold prior to any formal announcement to outlaw cash as it will be seen as a precursor to wealth confiscation. Even stronger reason to be holding some PMs in your own reserves. (Under your lock and key. Not someone else's.)
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Old 02-17-2019, 03:34 AM
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Originally Posted by aramchek View Post
Another, larger-scale war on cash is being conducted by the corporate Big Boxes and Amazon. They're all expanding self-checkout technologies, which don't accept cash or render change. Not only do they save money by making the customer check out his own purchases, but they can then track your purchase habits.

Worse, there's a whole host of technologies from cameras being monitored by who-knows-who to Big Brother facial recognition. A local Walmart didn't have enough cashiers, and the ones they had were slow as molasses, so I went to self-checkout. I wanted to be efficient, grab several items at once, scan each, pass to my other hand, then drop several into the bag at once. But it somehow knew I wasn't dropping them in one-by-one and complained. There was no scale that I could see on the bagging side of the machine. So I presume some sweatshop worker in China or India is watching us.

These are Big Boxes after all.

Insult to injury, the machine tells us to have a nice day.
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Yes. Our local Walmart and our local Lowes now have the self-checkout machines that don't handle cash. They also have some self-checkout machines that do allow you to use cash. There's no telling how long it will be before they get rid of those.
I try not to use self-checkouts because they help put people out of work.

And because it's a big PITA when trying to apply military and/or old fart discount

And because I am not an employee... no one is paying me to check out... and what happens if I accidentally break the scanner or contract a repetitive motion injury? Besides, the cashier is much better at scanning, etc. than I am
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Old 02-18-2019, 07:53 AM
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Originally Posted by MattB4 View Post
How a cashless world effects the value of PM's is a interesting thought. I suspect it would destroy any connection that PM's have with being money. I doubt it would benefit the goldbugs in a positive way.
...
When holding "money" is earning you a negative return - ie. by holding money, whether cash in hand or electrons in a digital ledger (ie. a bank account), you lose money over time - hard assets will become more useful as stores of wealth. As far as hard assets go, precious metals are fairly liquid and of course durable, so I think they would benefit.
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Old 02-18-2019, 07:56 AM
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Forum rules do not prohibit quoting a small portion for the purpose of discussion, ...
Not so sure about that:

https://www.survivalistboards.com/sh...ad.php?t=30353
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Old 02-18-2019, 08:09 AM
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A argument could be made about whether "Fair use" was in play or material on any particular site link was open for public use.

Anything I write to the Web I freely give to the Public domain without need to have my permission to use, copy or make tea cosies out of.

One thing for sure though is your opinion about a link's content is not prohibited.
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Old 02-18-2019, 08:55 PM
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In relation to this, banknotes and coins make up less than 3 pct of money supply.
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Old 02-20-2019, 11:25 AM
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Those self checkouts are handy for one thing though. All that coinage you save then turn into the bank and they charge you a percentage? Yeah, just stand there for a couple minutes feeding the checkout machine pennies like I do.
I keep waiting for one to alarm that it's full.

I'm a cash guy, won't participate in there cashless transaction scheme, and I have zero credit cards.
Finger to the man everyday day.
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Old 08-08-2019, 10:33 AM
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* bump *

The Economist published a real turd of an article a few days ago:

https://www.economist.com/leaders/20...ashless-future
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Old 08-08-2019, 10:42 AM
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I had my account frozen for alleged money laundering
Cash withdrawals
Bank manager called and fixed it
Used to be that cashier's checks had no time limit/expiration date
I used to keep cashier's checks and cash
Now cash only
Will never ever do business with Wells Fargo again
Dishonest crooks in my opinion
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Old 08-08-2019, 12:39 PM
BravoLimaDelta BravoLimaDelta is offline
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Originally Posted by xstuntman View Post
Those self checkouts are handy for one thing though. All that coinage you save then turn into the bank and they charge you a percentage? Yeah, just stand there for a couple minutes feeding the checkout machine pennies like I do.
I keep waiting for one to alarm that it's full.

I'm a cash guy, won't participate in there cashless transaction scheme, and I have zero credit cards.
Finger to the man everyday day.

When we travel, I carry cash in $100 bills. When I need to break one, We go to Walmart and we each get a bottle of water and we each feed a $100 bill into the self checkout. Instant change.
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Old 08-08-2019, 01:16 PM
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Originally Posted by MyPrepperLife View Post
The US has been headed toward phase-out of cash for awhile now.

Has anybody here (in the US) attempted to withdraw a few thousand dollars of YOUR OWN MONEY, in cash, from your bank? I have. You're required to fill out a form. The language on the form states that your transaction might be reported to the federal government. The bank tellers whisper among themselves, consult with their supervisor, and give you funny looks.

It used to be that you only had to go through all this if you were DEPOSITING $10,000 or more in cash. This requirement dates back to federal legislation passed in the 1970s. That legislation was an attempt to get a handle on money laundering by drug traffickers.

Then, the rules changed such that you had to deal with this crap for both WITHDRAWALS and deposits if the transaction amount was $10,000 or more.

Now you get the third degree if you withdraw or deposit even a few thousand dollars in cash.
a few thousand? ha! i tried paying a 34.95 credit card bill and i had to give the teller my drivers license to be logged in with my transaction all because i gave her 35.00 in cash
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Old 08-08-2019, 01:18 PM
francessanne francessanne is offline
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Originally Posted by Bogie View Post
Just because you didn't have to complete a form doesn't necessarily mean your bank didn't complete a SAR's (Suspicious Activity Report) form. The threshold has been updated and is $5,000 so you were under the limit. However a banking institution can submit a form for amounts less than $5,000 if the transaction is atypical for the account. Additionally, banks can set their own internal policies regarding reports as long as they meet the FDIC minimums.

Hope this clarifies a bit!

-Your friendly neighborhood loan officer
yup, me to...they call it a SAR form right in front of you when the manager instructs the teller to do so...i made a 1000.00 deposit to pay my mortgage and i was flagged
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Old 08-08-2019, 02:19 PM
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Originally Posted by Old fart View Post
I try not to use self-checkouts because they help put people out of work.

And because it's a big PITA when trying to apply military and/or old fart discount
I'm 68. Where are you getting old fart discounts? If it's at Walmart or Lowe's or another place where I shop, I'd like to know about it so I can take advantage of it.

The only senior-citizen discounts I know about in my area are at a family-owned supermarket and a few gas stations.
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Old 08-08-2019, 06:39 PM
Mule Skinner Mule Skinner is offline
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Originally Posted by MyPrepperLife View Post
I'm 68. Where are you getting old fart discounts? If it's at Walmart or Lowe's or another place where I shop, I'd like to know about it so I can take advantage of it.

The only senior-citizen discounts I know about in my area are at a family-owned supermarket and a few gas stations.
Mt Rushmore parking.
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