How else they gonna fuel those other, protected interest rates?
Posted on 02/10/2016 10:14:30 PM PST by abigkahuna
One of the most surprising comments this year came from a closed session on fintech where I sat next to someone in policy circles who argued that we should move quickly to a cashless economy so that we could introduce negative rates well below 1% – as they were concerned that Larry Summers' secular stagnation was indeed playing out and we would be stuck with negative rates for a decade in Europe. They felt below (1.5)% depositors would start to hoard notes, leading to yet further complexities for monetary policy.
(Excerpt) Read more at zerohedge.com ...
Cashless, negative interest rates = Taxation
People at the lower end of the economic spectrum should not have any problem opening a bank account unless they have a repeated history of being overdrawn, bouncing checks, writing fraudulent checks or cannot provide proper identity credentials because there are here illegally.
I found this WashingtonCompost article about some guy making 100k per year who couldn't open a bank account.
Why a guy making $100,000 a year can't get a bank account
It made it sound as if the evil banks and ChexSystems; the reporting company that bank's use to check for fraud and credit worthiness, were blacklisting Zikomo Fields for no good reason.
Fields is exactly the kind of customer banks say they want, a high earner ripe for a car loan, mortgage and all sorts of investments. But he is also among many people whom banks ignore -- because his name appears in a little-known database that tracks financial transgressions, ChexSystems.
Four years ago, Fields worked contract assignments that from time to time left him in between jobs. He said those stints of unemployment caused him to overdraw his account at U.S. Bank as he scrambled to pay bills.
"I literally had no other option but to let the account be overdrawn until I was employed again," Fields said.
He eventually wound up with a negative $1,200 balance, half of which was in overdraft fees he couldn't afford.
After five months of being in default on the account, Fields landed a job and repaid U.S. Bank. Yet it was not enough to erase the blemish on his file.
So he decided to write checks and purposely overdraft his bank account to pay his bills - in other words pay bills with money he did not have, and now it's all the banks' and ChexSystems' fault for declining to let him open up another one? Boo Hoo!
FWIW, the company I currently work for as the payroll manger, a manufacturer, just as the company Fields eventually landed a job with, makes payroll direct deposit a "condition of employment", in other words - agree to have their payroll paid via direct deposit.
We do this, not because we want to weed out employees with poor credit history (and FWIW - while we do pre-employment background checks on past employment verification, criminal background checks and for some positions, education and DMV checks - we do not do credit checks, but we also use E-Verify) but we do this because payroll direct deposit is much cheaper and more secure for us and for the employee. No hassles of handing out paper checks, the postage costs of mailing paper checks, the costs of replacing lost checks, escheating uncashed checks, the employee having their mailed payroll check stolen from their mailbox or lost in the mail, etc. We even stopped mailing direct deposit vouchers as all employees have access to their pay statements via our payroll self-service portal - at work, at home via their home computer and via a smart phone app should they choose to sign up for one.
I my five years with this company, I've never had even one employee not having or not able to open a bank account.
I would also add that the "unbanked" who receive "paper payroll checks" have to use check cashing services that charge substantial fees to cash payroll checks. So a lot of companies now, including one I worked at my previous job went with paying people without bank accounts via "pay cards".
I am not advocating for a "cashless society" per se, but people who cannot open bank accounts often cannot do so for good reasons, but not because they are on the lower end of the economic spectrum.
I will also say that I became unemployed in 2009 and was unemployed for a year and a half and I went through a bankruptcy in 2011. My bank account at its very lowest only had about $20 in it but was never overdrawn because I wrote bad checks against a negative balance, however M&T Bank closed my account and assessed me bank "fees" that cause an overdraw of about $20. I paid that off once I got back to work but I also had no problem opening a bank account, at first at a Credit Union through work at another bank.
Aww, you get teh zot.
Bump.
Hey I am neither one of these two fellows fans but this crap has happened long before these two guys had control or even THOUGHT they had control. There are larger forces in action here than these two guys.
A cashless devalued negative interest rate is part of the NWO scenarios. Moving people into complexes where they are cared for and fed by the "all being" higher power (and it ain't God Almighty) on Earth.
Your savings vanish and there is NOTHING liquid. You have NOTHING and own NOTHING. You want apocalyptic? You got it in my book because I ain't living like that.
How else they gonna fuel those other, protected interest rates?
I'm glad you're not prideful.
Exactly. All you see in front of you vanishes.
Hey Boss, did you know this about yourself? I know I fit in this slot but you?????
We already deserve it anyways.
Every year seems to ramp up the “end of days” rhetoric even more. 2016 has already been a portentous year with regards to what is going on over in the Middle East with Russia, Turkey and NATO facing off.
It's the difference between getting 7 or 8 podcast downloads every month, don'tcha know...very important stuff...
Cruz/s dad has a goofy and weird history. He claims he was ordained by some random church, went to a Bible college that doesn/t exist, and is a Pastor who doesn’t actually have a church.
The elder Cruz preaches to Dominionist audiences and tells the congregation that Rev 5:10 teaches that Christians are divided into Kings and Priests,.....the kings go out and conquer the financial world and bring the money back to the priests (the pastors in contemporary terms).
Thank you!
Put your funds into tangible precious metals.
Steel, lead, copper first.
Then gold and silver when you can’t fit any more guns and ammo in your house, barn, shed, bunker etc.
So let me get this straight, everyone on this thread that is anti-Cruz would vote for Hillary if Donald Trump say dropped dead tomorrow because Cruz is a nutty Elmer Gantry type? That’s good to know. Too smart by half.
Any move to bring about a cashless society in the US will result in CW 2. There are many in the hinterlands whose only means of trade is cash.
We protest by using cash every chance we get. We quit using AtM and debit cards and keep minimal money in the bank. If you use cash every where you go, you force businesses to use cash (the cashier has to make change).
Too all:
My apologies for my obnoxious comments on this thread.
I just get excited sometimes when I see Western Christian civilization losing on every front.
I'll work on it.
They don’t pay taxes and need to will be a selling point for making illegals legal to get them on the grid with social security numbers, voter cards, driver’s licenses, Obamamedicaid cards and the ever famous EBT cards. Gonna build a wall, deport them and bring them back LEGALLY. LISTEN TO WHAT TRUMP IS SAYING, HE AIN’T LYING.
There is a reason that ole saying is important, “Be careful what you wish for because you just might get it.”
That is working out real well for the poor militia guys out in Oregon. When they finally have enough goons to come for all of us they will. But right now they wanna sell us all the guns they can.
My husband has a saying “when they wanna trade my dollars for gold that tells me they think my dollars are worth more than their gold otherwise they wouldn’t want my dollars so bad.”
No the question should be...
Did God tell Cruz he would be president in 2016 ???
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