The big banks want to do away with physical cash.
Why?
Because it represents a means of getting your money out of the system.
In its efforts to prop up the Too Big To Fail banks, the Fed has made keeping your money in a bank a low value proposition.
To whit, for decades individuals kept their money in bank savings accounts for two reasons:
1) Safety.
2) Returns.
By not implementing any real reforms to the banking industry, nor jailing anyone who committed the fraud that caused the 2008 Crisis, the Fed has irreparably damaged #1.
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When bartering is being done,(cash for worked performed), paying by cash will often save you 25%. For instance, a brick mason may do work for a dentist in exchange for dental care. It's no difference than politicians accepting PAC money for political favors. It's called trading no different than the stock market. Having work done in your home? Get a price and then get a cash price. You would be surprised your savings.
ReplyDeletethe government wants to do away with cash so they can kill the underground economy. imagine the amount of economic activity that is currently under the table and thus untaxable. every yard sale every drug deal everything. The government will know and track and tax every penny you make or spend!
ReplyDelete5:03 Correct. Even when dealing with a local family owned establishment, offer cash and get at least a 3% discount. You see, it cost that retailer 3% to process a credit card. This is not illegal. In point of fact, you are depriving the feds from giving tax money as foreign aid to Country's who are trying to kill us.
ReplyDeleteDoing away with cash will kill the drug trade!
ReplyDeleteSafety is compromised and returns are zero,so why bank? I store cash.
ReplyDelete