New Stimulus
Program Surrenders Your Savings to the Banks, by Damon Geller
We’ve had two epic
market collapses in the last 15 years. In response, the Fed desperately
tried to prop up the markets by severely cutting interest rates. Cutting
rates to zero badly devalued the U.S. currency, sent us spiraling into record
debt, and killed savers by lowering the savings rate to zero. But with
the global economy still on terribly shaky ground and interest rates already at
zero, do the gov’t & banks have any ammo left? Shockingly, yes.
Central banks already
have plans to impose negative interest rates – in other words, you get taxed on
your savings! And in order to prevent you and me from storing our money
in cash and avoiding the savings tax, the gov’t & banks advance toward the
real end game: abolish cash altogether and force us all into the digital
world controlled by the gov’t & banks. Luckily, there’s still one way
to escape the tyranny.
Step 1: Tax Your Savings. When economic conditions worsen, world banks react by reducing
interest rates in order to stimulate the economy. But there comes a point
when those central banks run out of room to cut, because interest rates are
already at zero. So the answer for world banks is to impose negative
interest rates. This means that instead of getting interest on your
savings, you actually PAY BANKS to keep your savings on deposit. In other
words, you pay tax on your savings. So you actually LOSE MONEY every day
you keep your money in the bank.
So, what would any
reasonable person do when the bank steals their savings every single day?
Pull their money out of the bank, of course! Physical paper money
provides the check against negative interest rates, because if the bank takes
your savings, you can simply withdraw your funds and hoard cash.
Furthermore, when you inevitably lose faith in the banking system, physical
paper money allows you to pull your savings out of the bank before the bank
collapses.
Step 2: Abolish Cash. But if you think pulling money out of the bank
is going to be so easy, think again. Willem Buiter, the Global Chief
Economist for Citi, has now come up with an answer to prevent you from pulling
your money out of the bank: abolish cash entirely! You read that
right. The Global Chief Economist from one of the largest banking
institutions in the world is now telling the gov’t & banks to abolish the
use and private storage of YOUR cash. And guess what? The gov’t
& banks are following orders.
The Banks Declare War on Your Cash. Government & banks around the world are
taking swift action to abolish the use and storage of cash:
·
JPMorgan Chase
recently informed customers that the bank will no longer allow cash to be
stored in safety deposit boxes.
·
Chase instituted a new
policy which “restricts borrowers from using cash to make payments on credit
cards, mortgages, equity lines, and auto loans.”
·
The Justice Department
has ordered bank employees to consider calling the police on customers who
withdraw $5,000 dollars or more.
·
HSBC is now
interrogating its account holders in the UK on how they earn and spend their
money as well as restricting cash withdrawals for customers.
·
Banks in the U.S. are
making it harder for customers to withdraw and deposit cash, with Chase
imposing new capital controls that mandate identification for cash deposits and
ban cash being deposited into another person’s account.
·
Chase banned
international wire transfers while restricting cash activity for business
customers (both deposits and withdrawals).
·
The French government
announced it will restrict French citizens from making cash payments over
€1,000 euros.
The Gov’t Seizes Your Cash. As the U.S. spirals toward insolvency due to
massive over-spending and Fed money-printing, the U.S. government is pulling
out all the stops to gain access to your money – no matter where it is across
the globe.
First, the government
started seizing citizen bank accounts with no due process.
Then, the IRS
threatened foreign nations and financial institutions across the globe to turn
over your private data and financial accounts, with the threat of financial
warfare if they don’t comply.
And now, the
Department of Justice and local police have started seizing cash from innocent
citizens. That’s right, the executive branch of government has been
aggressively taking citizens cash without due process of law.
So in short, your
ability to take your savings out of banks and storing it in cash is coming to
an end. And even if you do take possession of your savings in cash, how
secure do you feel when the government comes knocking on your door asking about
your stockpile of cash?
If our government is
going to these lengths to track down your money and even confiscate citizen
savings without due process, isn’t it much easier to track and control digital
accounts than cash? Yes. So how does the government remedy this
challenge? Join the banks in a war against cash.
Convert Your Savings into Gold &
Silver. Do you want to remain
vulnerable to the whims of government & banks, or do you want to fully
protect your savings & retirement? To get true protection, there’s one
asset class that sits outside the system, is completely private, and cannot be
tracked and controlled by the government or banks: physical gold & silver.
Physical gold &
silver have been the world’s greatest wealth protectors for over 5,000 years,
shielding citizens from government & banking collapse during the worst
crises in history. And physical gold & silver cannot be instantly seized
with the stroke of a keyboard. So invest in gold & silver now, before you
have nothing left to protect.
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Comments
I prefer
can goods I can shoot at intruders with a trebuchet’ and a hydroponic food producing
facility in the basement. I would like to keep chickens to harvest the eggs,
but the City of Dunwoody would certainly object and fine me thousands of
dollars.
Norb
Leahy, Dunwoody GA Tea Party Leader
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