APRIL 20, 2015Joseph T. Salerno The war against cash has, up to now, been waged almost exclusively by national governments and official international organizations, although there are exceptions. Now the war has acquired a powerful new ally in Chase, the largest bank in the U.S. and a subsidiary of JP Morgan Chase and Co., according to Forbes, the world's third largest public company. Of course , it is hardly surprising that a crony capitalist fractional-reserve bank, which received $25 billion in bailout loans from the U.S. Treasury, should want to curry favor with its regulators and political masters and, in the process, ensure its own stability by helping to stamp out the use of cash. For the very existence of cash places the power over fractional-reserve banks squarely in the hands of their depositors who may withdraw their cash in any amount and at any time, bringing even the mightiest bank to its knees literally overnight (e.g., Washington Mutual).
What is a surprise is how little notice the rollout of Chase's new policy has received. As of March, Chase began restricting the use of cash in selected markets, including Greater Cleveland. The new policy restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans. Chase even goes as far as to prohibit the storage of cash in its safe deposit boxes . In a letter to its customers dated April 1, 2015 pertaining to its "Updated Safe Deposit Box Lease Agreement," one of the highlighted items reads: "You agree not to store any cash or coins other than those found to have a collectible value." Whether or not this pertains to gold and silver coins with no numismatic value is not explained.
As one observer commented:
This policy is unusual but, since Chase is the nation's largest bank, I wouldn't be surprised if we start seeing more of this in this era of sensitivity about funding terrorists and other illegal causes. Bet on it.
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
So, does Chase want me to pay my credit card bill with Fritos instead of cash?
they want to track WHERE your $ came from....you must use a credit/debit card....that is why everyone will be duped into thinking fair share.....much like waitstaff....they will get ripped off of by having to accept tips via debit/credit.....
$1.00 under the table is worth A LOT more than $1.00 above the table......
CASH IS THE ONLY THING THAT ALLOWS PEOPLE TO ADVANCE WITHOUT HAVING TO CARRY A DEAD BODY(GOVERNMENT) ON THEIR BACKS.
it will also be able to be used by the IRS to track your 'fair share' of paying your health insurance vs. health subsidies....again being all about the cliche' bumper sticker talking points of 'fair share' and 'affordable'......
hahahahahahahahahahaha
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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