{"id":72080,"date":"2015-05-06T12:29:17","date_gmt":"2015-05-06T16:29:17","guid":{"rendered":"http:\/\/countingpips.com\/?p=72080"},"modified":"2015-05-06T12:29:17","modified_gmt":"2015-05-06T16:29:17","slug":"video-do-they-really-want-to-outlaw-cash","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/05\/video-do-they-really-want-to-outlaw-cash\/","title":{"rendered":"(Video) Do They Really Want to Outlaw Cash?"},"content":{"rendered":"<div id=\"inves-1453579837\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">May 6, 2015<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><h3 style=\"margin-top: 0px;\"><span style=\"font-size: small;\">Some bankers want to charge you for your deposits <\/span><\/h3>\n<h3 style=\"margin-top: 0px;\"><span style=\"font-size: small;\">By Elliott Wave International<\/span><\/h3>\n<p>Editor&#8217;s note: You&#8217;ll find the text version of the story below the video.<\/p>\n<p><!--Control language='c#' AutoEventWireup='true'--><\/p>\n<div style=\"width: 620px;\">\n<p><!--FEATURED VIDEO--><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/z5cEZ2IqKEg?modestbranding=1&amp;rel=0&amp;showinfo=0\" width=\"620\" height=\"380\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><!--\/\/FEATURED VIDEO--><!--CTA--><\/p>\n<div style=\"font-size: 15px; font-weight: bold; color: #ffffff; text-align: center; background-color: #000000; padding: 10px;\">Learn how to win the &#8220;War on Cash&#8221;<\/p>\n<p><a href=\"http:\/\/www.elliottwave.com\/r.asp?acn=9cp&amp;rcn=aa501&amp;dy=aa050515&amp;url=http:\/\/www.elliottwave.com\/club\/signup\/default.aspx?id=101094%26articleid=5527\"><span style=\"color: #06c;\">Follow this link to access your FREE REPORT \u00bb<\/span> <\/a><\/div>\n<p><!--\/\/CTA--><\/p>\n<\/div>\n<p>The U.S. economy slowed to a crawl in Q1: GDP (gross domestic product) came in at 0.2%.<\/p>\n<p>When the next full-blown economic downturn arrives, cash will be the ideal refuge.<\/p>\n<p>But savers and consumers face a startling prospect: Some people in high financial positions want to <b>impose a ban on cash.<\/b><\/p>\n<p>Why?<\/p>\n<p>They advocate negative interest rates as a way to stimulate the economy. But they know this scheme has a problem: Most depositors would in turn use cash to avoid such a charge on their deposits.<\/p><div id=\"inves-3907849442\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>A prominent economist has a solution: Simply eliminate cash.<\/p>\n<blockquote><p>&#8220;Cash&#8230; gives people an easy and effective way of avoiding negative nominal rates.&#8221;<\/p>\n<p>[Citigroup&#8217;s chief economist] suggests three ways to address this problem:<\/p>\n<ol>\n<li>Abolish currency.<\/li>\n<li>Tax currency.<\/li>\n<li>Remove the fixed exchange rate between currency and central bank reserves\/deposits.<\/li>\n<\/ol>\n<p>Yes, [the chief economist&#8217;s] solution to cash&#8217;s ability to allow people to avoid negative deposit rates is to abolish cash altogether.<\/p>\n<p align=\"right\">Bloomberg, April 10<\/p>\n<\/blockquote>\n<p>If interest rates fall too far, even wealthy individuals and institutions may turn to cash.<\/p>\n<p>The April <i>Elliott Wave Theorist<\/i> offers this perspective:<\/p>\n<blockquote><p>People and institutions holding billions of dollars have been trapped into accepting a negative interest rate &#8212; meaning a guaranteed loss on their money &#8212; because gathering, storing and employing an equivalent value of cash notes would cost more than the amount lost to negative interest. But there is a limit to this reverse usury. A large enough disparity would make it attractive even for billionaires to store cash instead of lend it. What is that interest-rate limit? Minus 2%? Minus 5%? If the limit is reached, even wealthy entities will opt for cash. That is, if the men with the guns let them do it. &#8230;<\/p>\n<p>They want to ensure that you have no possible route of escape.<\/p>\n<p>How will they do it? By outlawing cash.<\/p><\/blockquote>\n<p>&#8220;The Death of Cash&#8221; was the title of an April 23 Bloomberg article:<\/p>\n<blockquote><p>Beginning on May 1, [JPMorgan Chase] said it will charge certain customers a &#8220;balance sheet utilization fee&#8221; of 1 percent a year on deposits in excess of the money they need for their operations &#8230;<\/p>\n<p>Pause for a second and marvel at how strange this is. Banks have always paid interest to depositors. We&#8217;ve entered a new era of surplus in which banks &#8212; some, anyway &#8212; are deigning to accept money only if customers are willing to pay for the privilege.<\/p><\/blockquote>\n<p>Further, for the first time in history, four central banks &#8212; the ECB, the Swiss National Bank, the Swedish Riksbank, and the Danish Nationalbank &#8212; all currently have negative policy rates.<\/p>\n<p>Yet the war on cash has only started. Now is the time to learn how to win.<\/p>\n<p>To that end, we&#8217;ve just put together a FREE report for you titled, <b><a href=\"http:\/\/www.elliottwave.com\/r.asp?acn=9cp&amp;rcn=aa501&amp;dy=aa050515&amp;url=http:\/\/www.elliottwave.com\/club\/signup\/default.aspx?id=101094%26articleid=5527\">&#8220;The War on Cash.&#8221;<\/a><\/b><\/p>\n<p><a href=\"http:\/\/www.elliottwave.com\/r.asp?acn=9cp&amp;rcn=aa501&amp;dy=aa050515&amp;url=http:\/\/www.elliottwave.com\/club\/signup\/default.aspx?id=101094%26articleid=5527\"><strong>Learn how to access this NEW report by following this link.<\/strong><\/a><\/p>\n<hr \/>\n<p style=\"padding-top: 10px; border-top: solid 1px #CCCCCC;\"><em>This article was syndicated by Elliott Wave International and was originally published under the headline <a href=\"http:\/\/www.elliottwave.com\/r.asp?acn=9cp&amp;rcn=aa501&amp;dy=aa050515&amp;url=http:\/\/www.elliottwave.com\/freeupdates\/archives\/2015\/05\/04\/Do-They-Really-Want-to-Outlaw-Cash.aspx\"><strong>(Video) Do They Really Want to Outlaw Cash?<\/strong><\/a>. EWI is the world&#8217;s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.<\/em><\/p>\n<p style=\"padding-top: 10px; border-top: solid 1px #CCCCCC;\">\n<p style=\"padding-top: 10px; border-top: solid 1px #CCCCCC;\">\n<p style=\"padding-top: 10px; border-top: solid 1px #CCCCCC;\">\n<p style=\"padding-top: 10px; border-top: solid 1px #CCCCCC;\">\n<p style=\"padding-top: 10px; border-top: solid 1px #CCCCCC;\">\n","protected":false},"excerpt":{"rendered":"<p>Some bankers want to charge you for your deposits By Elliott Wave International Editor&#8217;s note: You&#8217;ll find the text version of the story below the video. Learn how to win the &#8220;War on Cash&#8221; Follow this link to access your FREE REPORT \u00bb The U.S. economy slowed to a crawl in Q1: GDP (gross domestic [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-72080","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/72080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=72080"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/72080\/revisions"}],"predecessor-version":[{"id":72081,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/72080\/revisions\/72081"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=72080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=72080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=72080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}