Posted on 09/17/2016 8:51:54 PM PDT by Tolerance Sucks Rocks
Actually, i think it’s time to phase out Harvard Economists.
To claim $100 bills are only used by drug dealers fails to reason why cash is preferable to other forms of payment.
The kingpins will have the money laundered into smaller denominations or cover businesses in order to make their finances legitimate. If larger bills are identified with crime, then the criminals will operate in smaller currencies.
Obama is a product of Harvard. I think I see a trend manifesting the quality of a Harvard education sucks pond water.
I sort of have the opposite view.
I am currently in Vietnam, here all cash transactions are done with paper money. All of it.
I think this is a good system, as well. Just what works, in a particular place, I think.
Why would they want to get rid of the 20? Isn’t Harriet Tubman replacing Jackson? Wouldn’t that be racist? ;)
That's for sure. A few years ago, the only two times I gave someone my card, I got a call a few days later that my card was being used by 'others.' One time it was in Paris but I was in the US.
How would 0bama get pallets full of cash to pay Iran?
Talk about dirty money...
It's great when it works, which is 99.99% of the time. But neither a computer crash, or a court order should leave you destitute, which would be occurrences in a truly cashless society.
I’d rather phase out pennies.
IF you think that ‘social networks’ know too much about people—wait until the government lays out a list of EVERY purchase you have made without using cash.
The electronic cash usage is too intrusive. No one needs to know what I buy to eat or anything else.
WHEN the power grid is attacked in this country-—how are you going to use your debit card for everything???
How about the banks should act as banks and not as snitches for the federales? How about your banking business is your business, your banker’s business and absolutely no one else’s business?
Drug War closed that option decades ago =>
The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the
Currency and Foreign Transactions Reporting Act) requires financial
institutions in the United States to assist U.S. government agencies
to detect and prevent money laundering.
Specifically, the act requires financial institutions to keep records
of cash purchases of negotiable instruments, and file reports of cash
purchases of these negotiable instruments of more than $10,000 (daily
aggregate amount), and to report suspicious activity that might
signify money laundering, tax evasion, or other criminal activities.
http://en.wikipedia.org/wiki/Bank_Secrecy_Act
Cue a photo of a trillion dollar note from some African hellhole.
Without large denomination bills it would require huge wallets to carry the necessary cash for even small cash purchases. The problem will grow worse when inflation makes the dollar have even less purchasing power. With digital purchase the government can easily track what we buy and have even more control over our lives.
The Bank Secrecy Act of 1970, as you describe it, is one more useless nosy, busybody, unnecessary law that ought to be repealed. In fact, it would be a good rule for Congress to live by to require 10 laws to be repealed for each new one enacted and to prohibit "Christmas Tree" bills altogether.
I went back to Cash after my Debit Card failed a few times..
My wallet is empty, too!
Of course, I blame that on my wife...
When I was there there were no 2,000 yen notes. I thought there were 50,000 and 100,000 but I could be wrong.
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