Bank Of Ireland Bans “Small” Cash Withdrawals At Branches

As central planners the world over grapple with the effective “lower bound” that’s imposed by the existence of physical banknotes, there’s been no shortage of calls for a ban on cash.

Put simply, if you eliminate physical currency, you also eliminate the idea of a floor for depo rates.

After all, if people can’t withdraw paper money and stash it under the mattress, then interest rates can be as negative as the government wants them to be in order to “encourage” consumption. If, for instance, you’re being charged 10% for saving your money, then by God you will probably spend that money rather than see the bank collect a double-digit fee just for holding on to your paycheck.

http://www.zerohedge.com/news/2015-11-05/bank-ireland-bans-small-cash-withdrawals-branches

BANK OF IRELAND BANS “SMALL” CASH WITHDRAWALS AT BRANCHES

 Put simply, if you eliminate physical currency, you also eliminate the idea of a floor for depo rates.

After all, if people can’t withdraw paper money and stash it under the mattress, then interest rates can be as negative as the government wants them to be in order to “encourage” consumption. If, for instance, you’re being charged 10% for saving your money, then by God you will probably spend that money rather than see the bank collect a double-digit fee just for holding on to your paycheck.

In the absence of physical cash, there’s no way for depositors to avoid that rather unpalatable outcome unless the public starts buying hard assets like commodities with their debit cards. If you think that sounds far-fetched, just consider the fact that everyone from Citi’s Willem Buiter to economist Ken Rogoff to the German Council Of Economic Experts’ Peter Bofinger have now floated the idea.

http://www.infowars.com/bank-of-ireland-bans-small-cash-withdrawals-at-branches/

The US is worried that American cash is flowing to ISIS and Iran from the Fed

The US Federal Reserve is worried that American currency is falling into the hands of ISIS militants and sanctioned regimes,according to The Wall Street Journal.

http://www.businessinsider.com/us-cash-isis-iran-fed-2015-11

THE US IS WORRIED THAT AMERICAN CASH IS FLOWING TO ISIS AND IRAN FROM THE FED

 Cash shipments to Iraq have dramatically increased in recent years despite a sluggish Iraqi economy, and officials are concerned that some of the exchange houses that buy this currency are funneling dollars to groups like ISIS, also known as the Islamic State, and sanctioned governments like Iran.

Emily Glazer, Nour Malas, and Jon Hilsenrath described in The Journal how the cash flow works.

“Foreign central banks hold dollars and can call on the Fed for currency distribution,” they wrote. “The new $100 notes are flown to Baghdad after leaving a Fed facility in East Rutherford, N.J. In Baghdad, the bills are moved to the Iraqi central bank, where they are sold in daily auctions in which Iraqi financial firms request dollars that they pay for largely using dinars, the country’s currency.”

http://www.infowars.com/the-us-is-worried-that-american-cash-is-flowing-to-isis-and-iran-from-the-fed/

Report Shows Michigan Police Seized Over 23 Million In Property and Cash Last Year

 Last month, as the Michigan Senate debated a host of reforms to the state’s civil asset forfeiture laws, the Michigan State Police released its Asset Forfeiture Report, the annual publication required by state law that details Michigan’s drug-related forfeiture activities.

The report aggregates data from 629 local police departments, sheriff’s departments, and multijurisdictional task forces, plus the Michigan State Police. Civil forfeiture is a policy that enables law enforcement authorities to seize property or currency if they suspect it is involved in, or is the result of, a crime.

http://dailysignal.com/2015/10/16/report-shows-michigan-police-seized-over-23-million-in-property-and-cash-last-year/

REPORT SHOWS MICHIGAN POLICE SEIZED OVER 23 MILLION IN PROPERTY AND CASH LAST YEAR

The report aggregates data from 629 local police departments, sheriff’s departments, and multijurisdictional task forces, plus the Michigan State Police. Civil forfeiture is a policy that enables law enforcement authorities to seize property or currency if they suspect it is involved in, or is the result of, a crime.

Americans Have Few Protections in Civil Proceedings

Since forfeiture proceedings are civil, not criminal, property owners are afforded few due process protections. With no presumption of innocence or right to an attorney, innocent property owners fighting the seizure of their homes and life savings face a legal landscape skewed against them in nearly every way possible.

http://www.infowars.com/report-shows-michigan-police-seized-over-23-million-in-property-and-cash-last-year/

Big Banks to America’s Firms: We Don’t Want Your Cash

U.S. banks are going to new lengths to ward off a surprising threat to their financial health: big cash deposits.

http://www.wsj.com/articles/big-banks-to-americas-companies-we-dont-want-your-cash-1445161083

China limits overseas cash withdrawals for its citizens

http://money.cnn.com/2015/09/30/news/china-overseas-atm-cash-limits/

CHINA LIMITS OVERSEAS CASH WITHDRAWALS FOR ITS CITIZENS

 The Chinese government is clamping down on the amount of cash its citizens can withdraw from ATMs overseas, its latest attempt to stop money flooding out of the country.

The restrictions apply to holders of UnionPay bank cards issued in mainland China. For the remainder of 2015, withdrawals will be limited to 50,000 yuan ($7,868). Starting in 2016, an annual limit of 100,000 yuan ($15,737) will apply.

UnionPay customers are also bound by an existing daily withdrawal limit of 10,000 yuan per card.

http://www.infowars.com/china-limits-overseas-cash-withdrawals-for-its-citizens/

FINANCIAL TIMES CALLS FOR ABOLISHING CASH

 The article echoes an argument made by Kenneth Rogoff, former chief economist of the International Monetary Fund, who has called for high denomination banks notes such as the €100 and €500 notes to be phased out of existence.

As we previously reported, Rogoff attended a meeting in London earlier this year where he met representatives from the Federal Reserve, the ECB as well as participants from the Swiss and Danish central banks. The issue of banning cash was at the forefront of the agenda.

Last year, Rogoff also called for “abolishing physical currency” in order to stop “tax evasion and illegal activity” as well as preventing people from withdrawing money when interest rates are close to zero.

The agenda to ban cash was also discussed at this year’s secretive Bilderberg Group meeting, which wasattended by the Financial Times’ chief economics commentator Martin Wolf.

Former Bank of England economist Jim Leaviss penned an article for the London Telegraph earlier this year in which he said a cashless society would only be achieved by “forcing everyone to spend only by electronic means from an account held at a government-run bank,” which would be, “monitored, or even directly controlled by the government.”

In the UK, banks are treating the withdrawal of cash in amounts as low as £5,000 as a suspicious activity, while in France, citizens will be banned from making cash payments over €1,000 euros from Tuesday onwards. The withdrawal and deposit of cash over the amount of €1,000 euros will also be subject to ID verification.

http://www.infowars.com/financial-times-calls-for-abolishing-cash/