LMAO! Well, since you put it like that and you being a banker and all, I guess we shouldn’t be concerned.I'm still okay with it. Cash is archaic and can go away tomorrow for all I care.
Not to mention the power to turn off your money. Period. It’s one thing to be able to freeze someone’s bank account like they did to so many folks in Canada recently, but to be able to completely control whether a person can buy or sell, pay a bill or receive any sort of payment…or not. That’s a lot of power. That’s a lot of control.A cashless digital currency makes every power hungry politician salivate in extasy. Once we are there they have total control and will track everything we do. There will be no more buying your buddies gun without them knowing. That money given to you as a present from someone, paying TAXES on that. Here little Jonny, a couple of thousand for College....be sure to fill out the IRS form.
Interesting. Tinfoil hat?
They can most certainly be used for that but, you'll be turned in to the authorities shortly after by neighbors, in some cases family members for being a terrorist.So, how many of you guys are planning to use freedom seeds as currency when things go to SHTF?
I have no problem with cashless myself. I use a CC or my debit card. One of my CCs pay me back 2% on purchases so i try to put everything on it I can on it. I pay off the balance monthly, never pay interest or fees. Car insurance twice a year, annual homeowners insure premium, all high dollar purchases, monthly Spectrum bill, my phone bill. All earn me 2% into my Roth IRA paid monthly. I have not paid CC interest or a fee in 25 years min. Ditto my bank, zero monthly fees.
Paper currency is nasty, never gets washed, transferred via hands. Ditto coins. When I have used currency like at a fast food drive up during the pandemic, I tell em to keep the coins. Minimize hand to hand transfer/germs. I keep a cash currency stash in my center console, < $60. Small denomination bills, paper change back mostly.
I keep a $1000 in twenties in my safe just in case I need it. I used to keep more but no need today, everybody accepts a CC.
I spoke to a man who claimed a teller refused to help him until he took his cap off, so the cameras could see his face. She didn't say anything about the .45 on his hip.I recently sold my 450 bushmaster rifle and ammo, dude paid me in all twenties. Ditto for the guy who purchased my 300 BO pistol. Because they get cash from the ATM. All was deposited @ my bank collectively. First time I ever walked into a bank with a mask on...........but no note
I don't trust the banks the way I used to. I have been banking with a local bank here in town for about a decade. Their headquarters was across town. They recently merged with a bank in headquartered in Memphis. I wasn't happy about that, but I was giving them a chance. The merge was complete for about a week, when that bank was bought out by a bank in Canada.Judging by the responses in this thread, cash will be done soon. Sad... Sounds like quite a few here are working credit cards the right way, but also trusting banks to keep their savings safe and accessible. Don't trust the banks, just look who works in them...
Your concern is justifiable. Laws are different in Canada. A Canadian bank is not bound by US law. I do my banking with two different local credit unions. It’s been working for me for about 30 years.I don't trust the banks the way I used to. I have been banking with a local bank here in town for about a decade. Their headquarters was across town. They recently merged with a bank in headquartered in Memphis. I wasn't happy about that, but I was giving them a chance. The merge was complete for about a week, when that bank was bought out by a bank in Canada.
The Canadian bank froze the accounts of trucking protesters. My money is my business, and the Canadian Prime Minster needs to stay out of the equation. I'm switching to a local bank again with headquarters in the next parish. I'll also be closing my investment account with TD Ameritrade as soon as I decide where I want to transfer them to. Any recommendations?
How much longer do you believe the US dollar will hold the World Reserve Currency status that we’ve enjoyed for most of our lives?There are some huge differences in banking between Canada and the USA. Most Canadians bank at one of five major banks—RBC, TD, Scotiabank, BMO, and CIBC. A much higher percentage of Americans bank with smaller banks, which I believe number in the four-thousand-and-something range. There are indeed some large American banks, but the system is still a lot more spread out here.
This is good and bad ... but anyone that believes that the government can't swoop in and lock your accounts is dreaming. There are several mechanisms that the government can—and will—use.
Even if we turn into a "cashless" society (which I don't believe will happen in our lifetimes), there will still be lots of things used as barter currency. Gold, silver, and diamonds are a few examples. The government can try to outlaw this all they want, but a government agency can hardly stop a person from handing someone an ounce of silver.
Mike
I can't imagine much longer seeing as we are currently 31 trillion in debt.How much longer do you believe the US dollar will hold the World Reserve Currency status that we’ve enjoyed for most of our lives?
I can't imagine much longer seeing as we are currently 31 trillion in debt.