Citi Economist Says It Might Be Time to Abolish Cash [Link Only]

Bloomberg [Link Only] ^ | April 16, 2015 | Lorcan Roche Kelly

[MrB]

Of the prophecies about the Tribulation,
I have talked with a lot of people who have this
mindset of avoiding or resisting trends that are
setting the stage for that time.

These prophecies were not written as a warning,
a “beware of this and try to keep it from happening”,

but as a source of hope -
“when you see these things come to pass, your redemption is nigh”.

[TIElniff]

Question: If they do away with cash currency, does that also do away with “legal tender”? A credit or debit card payment is not “legal tender” as is a printed federal reserve note, I think. If anyone knows for sure, please inform us.

[poobear]

Praise be to God! As a young adult I thought this would come to pass much later. Again, Praise be to God!

[MrB]

The funny thing is, currency (ie, cash), is a concept.
It is simply a trusted conveyance of value,
and doesn’t have to be issued from the gov’t.

If my individual reputation was such that everyone knew I’d be good for the value of a voucher with my signature on it,
that slip of paper could be used as cash for multiple transactions
that didn’t even involve me.

[Leep]

Gold and Silver will have no value. The government will confiscated it. Actually, you will have 1 year to turm whatever gold and silver you have and be credited in your account.
After one year if you are caught with a “controlled substance” belonging to the US Government. Your likely serve a year in prison and your property will seized.

You will comply. As an Example see: Obama Care or Call it “a tax”

[dfwgator]

[winner3000]

(Gold and Silver will have no value. The government will confiscated it.)

After the last time that Government did this and then devalued the dollar (essentially making gold even more precious), I doubt people would be stupid enough to comply. I’m not sure which state passed a law forcing people to register their guns, and very few people complied.

At the end of the day gold and silver are the most convenient store of value. If you don’t trust your currency will not crash, you could buy paintings, real estate, etc. Once you buy real estate you are at the mercy of the government who can increase property taxes at any time, and you don’t even have to be selling the real estate to have to pay the tax! Paintings and other stuff like that are difficult to transfer or send out of the country without a trace (if needed), and you have to pay taxes on gains whenever you sell them. Is it any wonder that the government hates that people have gold?

[Leep]

I would say depends what leads up to the government confiscation.
A war or some other “crisis”,,, economic collapse.
Sure there will be those who escape to another country. Much like they did in the 20-40s Germany. Other may barter with it.

Otherwise, would anyone 20 years ago, except a raving leftist nut pie, imagine the government would actually get away with charging the citizens for a product?

A LOT of people said not possible or never gonna happen. Even while it was happening i thought it wasn’t going to happen.
Then everyone got right in line and signed up for it.

Next, if another leftist gets in, Carbon Tax.
You say not possible? Never gonna happen?

[winner3000]

You’re preaching to the choir. I wouldn’t put any fascistic act past a leftist administration, if they think they can get away with it (and with the leftist media with them and a supine GOP, they feel they can get away with just about anything).

My point is that even though the government may declare gold illegal, doesn’t mean that everyone will comply. As long as the market for it is still available worldwide, it will be difficult for the government to truly make it worthless, even temporarily. And unlike a painting or a house, gold is much easier to transport out of the country if the need arises. Worst case scenario, it is very easy for most people to hide all your wealth by burying or hiding one gold brick somewhere.