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Old 04-24-2015, 11:06 PM   #21
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Maybe it's time to withdraw and store a stack of portable, oh-so-handy cash while it can still be done. With increasingly tight and interconnected
records of charge/debit transactions, I would not like to give up the freedom of buying things with cash. I've got nothing to hide--that's not the point.
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Old 04-24-2015, 11:53 PM   #22
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Maybe it's time to withdraw and store a stack of portable, oh-so-handy cash while it can still be done. With increasingly tight and interconnected
records of charge/debit transactions, I would not like to give up the freedom of buying things with cash. I've got nothing to hide--that's not the point.
I suspect the not keeping cash in a safe deposit box is a lot of sound and fury signifying nothing. The banks don't know what's in there, and wrapping it paper or a box pretty much negates their ever figuring out when you put it in or take it out. It's more an effort to control the sheeple than to absolutely forbid it. The actual abolition of cash is more if an issue, although pretty far fetched at this point. There's still time to consider your options, IMO.
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Old 04-25-2015, 07:41 AM   #23
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If it were as simple as it sounds, then savvy bankers would be taking the less obvious contrarian side of the issue. Instead, they are backing off with defensive tactics, hoping to stall the elephant in the room... fiat money.

If you've been watching the trading of ETF's the obvious should be clear. No longer is the world on an upward path of production and wealth, but it's into a period of consolidation to balance high expectation and wild optimism with the reality that we're dealing with today's dollars, but spending tomorrow's dollars.

One has but to look at emerging markets, to see that the bets placed on economies that are moving into the world economy... that these bets are now facing the true rate of expansion. that the bonds that were issued in expectation of high returns, have now reached junk bond status. Can anyone rationalize bond rates of 10% to 20%... with real growth? Look at Russia, Venezeula, Brazil, Ukaine and Columbia... and see the risk growth over the past several years. Then look at investment advisors... to see the recommendations. Instead of buy and hold, a frantic drive into the possibilities of ETF profits.

Follow up on that with where the value of the trading sits. The actual dollars, and not the marginal rates. Naturally, in the banks... and more specifically the central banks.

With profits being made on the basis of infinitesimal changes in relative currency valuations, the strength of a shaky structure inevitably rests with propping up the underlying structure. With true value resting anywhere but in the banks themselves, structural stability is endangered.

A simplistic view of the reasons for the possible or proposed changes to the free flow of actual currency. A possible time bomb in the financial structure of the US.

Ultra simple... Why do you suppose truckloads of dollar bills are not allowed transit between countries?

My take from reading the 2010 article in my last post. Excerpt:
Quote:
As far as we know the 'main users of currency' are not only shady criminal types. Certainly both governments and banking cartels everywhere would love nothing more than to implement this crypto-fascist proposal under the guise of 'hampering criminal activity'. In reality it would destroy all vestiges of financial privacy, by making every financial transaction traceable for the bureaucrats. In addition it would deprive citizens of an important right – the right to remove their savings from the banking system.

It would mean that in the event of a financial crisis like the one in 2008 that nearly crashed the system, people would no longer have the choice of withdrawing their money from the system. They would sink or swim with the banks. We would recommend saying 'thanks, but no thanks' to that idea, even though it is quite clear that the government will bail out the big banks no matter what. The problem is that people relying on government promises to this effect have been left stranded with their savings utterly destroyed too many times in history to make such an approach even remotely acceptable. Just ask the citizens of Argentina, who were subjected to a grueling confiscatory deflation when push came to shove.
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Old 04-25-2015, 08:47 AM   #24
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Banks have hated dealing with cash for many years. It costs them money to keep it on hand and most bank branches built in the last decade have comparatively tiny vaults versus the branches of yore. Since our gubmint wishes to ever tighten the screws on the populace, it is very easy for the banks to go along with gubmint/regulator pressure and discourage customers from handling cash (after all, doing so helps minimize cash-related losses).


Outside of the banking system, it isn't clear that cash is trash. I still see a cash register at most every retail business I frequent. Lots of people prefer to receive cash over other forms of payment. Lots of people outside the US must prefer cash as well, because 5 years or so ago I was told by an executive of the NY Fed in charge of the operation that distributed the actual bills and coin that roughly 50% of all US currency is overseas. If anyone would know, I presume it would be him.


A modest stash of cash is something I have always thought would be a prudent preparation against messy circumstances (big power outage, storm, whatever), along with food, water, booze, ammunition, etc. Nothing new.
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Old 04-25-2015, 09:14 AM   #25
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I'll bite: you could try swiping it, but where?...

Incidentally, I just read this week (please don't ask where) that people who use cash instead of credit or debit cards tend pay less and have less debt. It interested me because I pay cash for everything.
I also like to use cash wherever I can, simply to not have my cc number floating around. But I never see the "cash discount" anymore. Seems like the incentive is to use cc to get "points" or "cash back", etc. Gas has been the same price for cash or credit for years now. Don't stores still have to pay a fee when a customer uses a credit card?
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Old 04-25-2015, 09:34 AM   #26
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Banks have hated dealing with cash for many years. It costs them money to keep it on hand and most bank branches built in the last decade have comparatively tiny vaults versus the branches of yore. Since our gubmint wishes to ever tighten the screws on the populace, it is very easy for the banks to go along with gubmint/regulator pressure and discourage customers from handling cash (after all, doing so helps minimize cash-related losses).


Outside of the banking system, it isn't clear that cash is trash. I still see a cash register at most every retail business I frequent. Lots of people prefer to receive cash over other forms of payment. Lots of people outside the US must prefer cash as well, because 5 years or so ago I was told by an executive of the NY Fed in charge of the operation that distributed the actual bills and coin that roughly 50% of all US currency is overseas. If anyone would know, I presume it would be him.


A modest stash of cash is something I have always thought would be a prudent preparation against messy circumstances (big power outage, storm, whatever), along with food, water, booze, ammunition, etc. Nothing new.
+1 on everything you said.

Best to keep that modest stash of cash ("hurricane cash" in my case) somewhere where burglars won't find it if they get inside and quickly toss all your stuff around looking for it. Definitely not in closets, cabinets, or drawers, because so often those are the first places they toss.

As I search for my dream house, a pantry for food storage would be a nice bonus, in my opinion. The house that I made that offer on last fall, but didn't get, had a nice big one with slide-out shelves. (wistful sigh)
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Old 04-25-2015, 09:34 AM   #27
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quote : financial institutions are positioning themselves to handle the fallout of the next economic crash at the expense of customers.

------------------------------------------------------------------

I'm sure the banks would love to get us all to pay off their debts for them. They still owe how much money in those "derivatives"? A couple $googol?
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Old 04-25-2015, 10:07 AM   #28
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I also like to use cash wherever I can, simply to not have my cc number floating around. But I never see the "cash discount" anymore. Seems like the incentive is to use cc to get "points" or "cash back", etc. Gas has been the same price for cash or credit for years now. Don't stores still have to pay a fee when a customer uses a credit card?
+1
I also wonder about anything that is in a bank box. If I was to buy the farm then how are important papers, jewelry, money, etc. accessed for settlement and inheritance?

Cheers!
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Old 04-25-2015, 10:18 AM   #29
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A modest stash of cash is something I have always thought would be a prudent preparation against messy circumstances (big power outage, storm, whatever), along with food, water, booze, ammunition, etc. Nothing new.
+1

Hurricane Wilma knocked out power for 2 weeks in South Florida, and then cash was king, as the few places open couldn't all take electronic payments.

I lived through the '94 banking collapse in Venezuela. About 1/3 of all funds on deposit across the entire banking system were unaccessable for at least 3 months, and at least half that amount was frozen for over a year. In that same period inflation was a bit over 60% and the currency lost half it's value. Cash back then got lots of very good deals.

It is good to have a bit of cash stashed away in a safe place. As for banks not wanting cash in safe deposit boxes, that's all it is.
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Old 04-25-2015, 11:05 AM   #30
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+1
I also wonder about anything that is in a bank box. If I was to buy the farm then how are important papers, jewelry, money, etc. accessed for settlement and inheritance?
As long as the will isn't in the box, there's no problem. The executor has to get certified (paperwork PITA), then they have access to any accounts, boxes, whatever. As long as the key is findable and there's something showing the existence of the box it really isn't a issue.
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Old 04-25-2015, 11:11 AM   #31
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+1

Hurricane Wilma knocked out power for 2 weeks in South Florida, and then cash was king, as the few places open couldn't all take electronic payments.



It is good to have a bit of cash stashed away in a safe place. As for banks not wanting cash in safe deposit boxes, that's all it is.
I suspect that after Wilma you could not get at a safe deposit box either as no power at the bank.
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Old 04-25-2015, 11:12 AM   #32
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+1
I also wonder about anything that is in a bank box. If I was to buy the farm then how are important papers, jewelry, money, etc. accessed for settlement and inheritance?
It can be difficult as (in my experience) the bank restricted access to the box when they knew one signatory had died. Awkward moment in my small-ish hometown when my mom died and I went to the bank to clean out the box to get what we needed before the S&L had been officially notified--some of the tellers knew what was up, but we just didn't say anything.

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Best to keep that modest stash of cash ("hurricane cash" in my case) somewhere where burglars won't find it if they get inside and quickly toss all your stuff around looking for it. Definitely not in closets, cabinets, or drawers, because so often those are the first places they toss.

As I search for my dream house, a pantry for food storage would be a nice bonus, in my opinion. The house that I made that offer on last fall, but didn't get, had a nice big one with slide-out shelves. (wistful sigh)
It's a tough call. This is how big wads of cash wind up at the dump every year when heirs throw out Grandma's old coffee cans, clean out the freezer, etc.
A well-hidden small safe seems like a good belt-and-suspenders approach.
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Old 04-25-2015, 11:37 AM   #33
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It's a tough call. This is how big wads of cash wind up at the dump every year when heirs throw out Grandma's old coffee cans, clean out the freezer, etc.
A well-hidden small safe seems like a good belt-and-suspenders approach.
Yeah, I haven't really figured out the ideal place to keep it. I am keeping it someplace else that is probably not as good an option as a safe, but it's a little bit better than drawers, cabinets, and closets. Not much.

The reason I mention it is that when the burglars tossed my house last year, they focused on closet shelves, cabinets, and drawers, every single one of which was tossed and the contents strewn about on the floor. Police said they were searching for cash, guns, or illegal drugs and were in and out in just a minute or two. I guess they picked the wrong house because they found none of that in my closets, drawers, or cabinets.
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Old 04-25-2015, 11:41 AM   #34
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It's a tough call. This is how big wads of cash wind up at the dump every year when heirs throw out Grandma's old coffee cans, clean out the freezer, etc.
A well-hidden small safe seems like a good belt-and-suspenders approach.
+1
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Old 04-25-2015, 12:02 PM   #35
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Banks have hated dealing with cash for many years. It costs them money to keep it on hand and most bank branches built in the last decade have comparatively tiny vaults versus the branches of yore. Since our gubmint wishes to ever tighten the screws on the populace, it is very easy for the banks to go along with gubmint/regulator pressure and discourage customers from handling cash (after all, doing so helps minimize cash-related losses).


Outside of the banking system, it isn't clear that cash is trash. I still see a cash register at most every retail business I frequent. Lots of people prefer to receive cash over other forms of payment. Lots of people outside the US must prefer cash as well, because 5 years or so ago I was told by an executive of the NY Fed in charge of the operation that distributed the actual bills and coin that roughly 50% of all US currency is overseas. If anyone would know, I presume it would be him.


A modest stash of cash is something I have always thought would be a prudent preparation against messy circumstances (big power outage, storm, whatever), along with food, water, booze, ammunition, etc. Nothing new.

Banks may not like cash, but the Tellers certainly hate coins....You should see the look on their faces when I bring in a big plant pot fill of coins every few years and have them deposit it into my account.


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Old 04-25-2015, 12:08 PM   #36
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Banks may not like cash, but the Tellers certainly hate coins....You should see the look on their faces when I bring in a big plant pot fill of coins every few years and have them deposit it into my account.
One of our banks has a coin sorter/counter in the lobby, similar to the ones in the grocery stores but without the 9-10% vig. All I do is haul my coins in, feed them to the machine, take the slip to the teller, and get my cash. DD and SIL just counted their big jar of coins and came up with $225. I told them to bring it with them on their next visit and we'd go to the bank. I bet DGD would consider it fun to put all the money in.
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Old 04-25-2015, 12:29 PM   #37
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One of our banks has a coin sorter/counter in the lobby, similar to the ones in the grocery stores but without the 9-10% vig. All I do is haul my coins in, feed them to the machine, take the slip to the teller, and get my cash. DD and SIL just counted their big jar of coins and came up with $225. I told them to bring it with them on their next visit and we'd go to the bank. I bet DGD would consider it fun to put all the money in.

That would be convenient. I cant believe all the people who use those grocery store ones. I wish I could have made a career out of that.... You give me a $1.10 in coins and I will give you a dollar bill in return.


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Old 04-25-2015, 01:36 PM   #38
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quote : financial institutions are positioning themselves to handle the fallout of the next economic crash at the expense of customers.

------------------------------------------------------------------

I'm sure the banks would love to get us all to pay off their debts for them. They still owe how much money in those "derivatives"? A couple $googol?
Umm... yeah, my take.
I think of it as keeping the "cushion" in the "cloud". Look at the Washington side of a dollar bill... to the left of his head.

The paper money we trade every day, pales into insignificance compared to the global exhange of value in world banks. Weakening of any one of these produces stress in the relative value. As value changes negatively so does pressure increase on associated banks. Thus the concern for liquidity... and thus the suspicions about "cash".
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Old 04-25-2015, 05:52 PM   #39
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That would be convenient. I cant believe all the people who use those grocery store ones. I wish I could have made a career out of that.... You give me a $1.10 in coins and I will give you a dollar bill in return.
I think the one at WallyWorld gives you a store credit without taking vig.
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