Month: November 2016

As we keep warning, India is not the “last stop” in the global financial elites’ war on cash.

Indeed, as ZeroHedge noted earlier today, officials are proposing a tax on cash withdrawals in Greece. They’re also proposing only permitting digital cash or cards for various transactions.

The claim behind this policy is that it would stop cash being used in the black market. This is similar to other claims that implementing a carry tax on physical cash or banning it altogether would stop money laundering or other illicit activities.

The REAL reason that ANYONE is even considering a cash ban or carry tax is because cash withdrawals represent a massive risk for insolvent financial institutions such as those in Greece.

When you deposit your capital in a bank, it is recorded as a liability on the bank’s balance sheet. Yes, your money is a liability for the bank.

Why?

Because at any point you could request your money back.

Technically, the bank should maintain certain liquidity and capital requirements to insure this would never be a problem. But if the bank has been making loans to anyone with a pulse for years as European banks did during the housing bubble, and if those same loans are technically now worthless, and if the authorities have been doing everything in their power to hide this fact, including implementing bail-ins, confiscating wealth, and even engaging in wealth taxes…

…then your decision to take your cash out of the bank might be the proverbial “straw that breaks the camel’s back.”

Enter the calls for a cash ban or carry tax on physical cash.

You see, if cash remains in electronic form, a banking system can simply shuffle it around without “losing capital.” Yes, the money technically leaves one bank and goes to another, but given that it does so in electronic form, the banks can BS their way through this via their Central Bank.

However, if someone takes their money out of a Greek bank in actual physical cash, first off the bank has to come up with the actual money and secondly that capital leaves the Greek banking system.

If the bank is already close to insolvent, this presents a huge problem.

Greece is the first country to push for a carry tax on physical cash. It won’t be the last. This policy has been floating around in Central Banking circles for years. The fact that it’s now being openly promoted only proves how desperate the elites are getting about the state of the financial system.

Watch, the moment things turn south in the US in a big way, similar proposals will start cropping up here too.

Indeed, we’ve uncovered a secret document outlining how the Fed plans to incinerate savings in the coming months.

We detail this paper and outline three investment strategies you can implement

right now to protect your capital from the Fed’s sinister plan in our Special Report

Survive the Fed’s War on Cash.

We are making 1,000 copies available for FREE the general public.

To pick up yours, swing by….

http://www.phoenixcapitalmarketing.com/cash.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

 

The Trump Presidency has distracted from the next major move to be implemented by Financial Elite.

That move is a cash ban.

Cash, particularly physical cash (as in bills and coins) is a huge problem for insolvent banks.

Indeed, it is the ONLY problem they have yet to address.

If you’re a large bank and you’re overleveraged due to excessive assets to capital ratios (particularly assets that are at risk of losing value or default) there are three key issues you need to control.

1. You need to be able to value your assets however you please.
2. You need access to liquidity without lowering you asset to capital ratios.
3. You need to be able to stop bank runs or capital flights.

The Central Banks have already fixed #1 and #2 by suspending “mark to market” accounting standards and implementing QE, respectively. And thanks to rehypothecation, banks can sell assets to Central Banks via QE and still use those same assets as collateral on their derivatives trades.

That leaves #3: capital flights.

At the end of the day, no matter how many tricks the Financial Elites employ via accounting gimmicks and QE programs, depositors can still choose to take their money out of the banks and transfer it to physical cash.

Hence the call for cash bans, particularly of large bills.

The Elites claim that they want to do away with $100 bills (or greater denominations) to stop money laundering or other illicit practices.

The reality is that banning large bills makes it much more difficult for depositors to move their money into cash. Taking out $20,000 or more in deposits when it’s broken down into $100 bills isn’t too difficult.

Taking out $20,000 in $20 bills or smaller denominations IS.

In effect, a cash ban is an attempt to stop bank runs. The process is starting with large denominations, but it will be spreading to even small bills. The process is already underway in France, India, Spain, Uruguay, even Australia have begun implementing or preparing to implement similar schemes.

This is just the start. In the coming months the Fed will be announcing similar plans for a cash ban in the US.

Indeed, we’ve uncovered a secret document outlining how the Fed plans to incinerate savings.

We detail this paper and outline three investment strategies you can implement

right now to protect your capital from the Fed’s sinister plan in our Special Report

Survive the Fed’s War on Cash.

We are making 1,000 copies available for FREE the general public.

To pick up yours, swing by….

http://www.phoenixcapitalmarketing.com/cash.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

 

 

 

Everyone is exciting because stocks are roaring higher this morning.

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