Friday, November 27, 2020

Tag: How Governments Can Kill Cash

How Governments Can Kill Cash

by Jim Rickards, DailyReckoning:
The global elites are using negative interest rates to do the same thing as inflation — make your money disappear. One way to avoid negative interest rates is to go to physical cash. In order to prevent that option, the elites have launched a war on cash.

The war on cash has two main thrusts. The first is to make it difficult to obtain cash in the first place. U.S. banks will report anyone taking more than $3,000 in cash as engaging in a “suspicious activity” using Treasury Form SAR (Suspicious Activity Report).

The second thrust is to eliminate large-denomination banknotes. The U.S. got rid of its $500 note in 1969, and the $100 note has lost 85{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of its purchasing power since then. With a little more inflation, the $100 bill will be reduced to chump change.