International Man: Australia has proposed a law that provides a $25,000 fine and two years in jail for those who make cash transactions of $10,000 or more. If passed, the Currency (Restrictions on the Use of Cash) Bill could be implemented in 2020.
Do you see this legislation as Orwellian?
Jeff Thomas: Oh, yes, very much so. The claim by the Australian government’s Black Economy Taskforce is that the law will help stamp out tax evasion, money laundering and other crimes.
What we’ll be seeing is a plethora of laws popping up in all the countries that were a part of the post-war prosperity boom – the US, Canada, Japan, Australia, Europe and others. All those jurisdictions dove headlong into the debt pit that the US created after 1971. All of them are now facing an economic crisis as a result.
Consequently, all of them will be creating capital controls. My belief is that each will host several of these laws, and the others will all adopt them. Each law will be justified as protection against money laundering, terrorism, tax evasion, a rising black market or a combination of those scare tactic focal points. As such, the populace of each country will welcome them, not understanding that the real purpose is to have the banks determine how much you’re allowed to spend.
By having each country put forth a portion of the laws, then having all the others copy them, they’ll hope to make the laws appear to be less draconian. After all, how bad could they be, if all these countries support them?
Many of these laws will be based on the assumption that cash will be eliminated and all transactions must be undertaken by the banks. Banks will also be authorised to examine what you’re spending the money on. At first the oversight would relate to large expenditures, but later, it would be smaller expenditures, that, together, make up larger amounts. The outcome would be that all outlays would be suspect and could be refused by the bank. Those depositors who had a history of transactions having been in question would find that all transactions would be monitored in future (as though they weren’t already).
International Man: How can people combat the laws that are coming?
Jeff Thomas: Anyone who lives in any of the countries that are most seriously at risk still has time, prior to the passage of the laws, to liquidate his holdings in those countries. Then he may move the proceeds to a jurisdiction that’s likely to be safer.
If you own a home, sell it now and rent it back from the new owners. That way, you get to remain in the house you like, but the value of your house would have been taken out of the country. That gives you a nest egg elsewhere, in addition to making it easier to walk away from the house after things begin unravelling.
In a crisis, your true net worth consists of the amount of wealth that you have already succeeded in expatriating. So, you liquidate all assets and get the proceeds safely out. If things don’t go so badly, the money can always be repatriated, but if things do go badly, you will have kept your family from becoming casualties.
International Man: Is a cashless society the only way for governments and central banks to continue to wield their power through debt-based paper currency?
Jeff Thomas: No, there’s a host of means which they can employ. In my belief, they’ll use the “shotgun” method – coming at people with a variety of approaches at the same time. That would make it more likely that when people seek loopholes in the system, those loopholes will already be closed and people resign themselves to their fate.
In normal times, they’d be likely to drag the process out in order to be less obvious, but they’re running out of time. The house of cards hasn’t collapsed, but it’s shaking and they’ll want to entrap your wealth as much as possible as quickly as possible.
International Man: The trend toward eliminating cash completely is accelerating. In a cashless society, every transaction can be tracked and centrally controlled.
What does this mean for privacy and freedom?
Jeff Thomas: It means three things. First, it means that they can keep tabs on all your transactions. Your financial privacy is gone.
Second, it means that in future, transactions can be refused if they’re “questionable.” Maybe your trip to Panama has been deemed unjustified by the powers that be. Or your transfer to a bank in Singapore has been deemed “invalid.” In this way, they’ll be able to not only monitor your transactions, but limit your monetary freedom. Those who repeatedly operate outside of the accepted norm may well go onto watch lists, where they increasingly must seek permission to make transactions.
At first, this won’t be as simple as an “allowed/refused” programme. It will be more polite. You’ll receive a notice that says, “For policy reasons, we have been unable to complete this transaction. Please provide additional documentation as to the purpose of the transaction for our records.” They’ll bury you in requests for documentation. You’ll accept the idea that you must provide them with information, and very soon, you’ll become accustomed to pleading with your bank to use your own money as you see fit.
Third, because they have a record of all your transactions, your government can change the method of taxation from an annual voluntary tax payment to a direct debit. I believe that they would soon announce that they’ll be performing direct debits quarterly or even monthly “for your benefit.” Their claim will be that they’re relieving you of the hardship of the annual big hit and replacing it with a series of smaller ones.
You’ll then see a series of debits on your bank statements that are intentionally confusing. You won’t be able to figure out their method for determining the debit amounts, although it will, over time, become apparent that they’re taking more and more.
International Man: What happens once negative interest rates are incurred on deposits?
Jeff Thomas: Well, once you have no choice but to entrust all your transactions to your bank, negative interest rates will be implemented. After that, they’ll rise, again and again. My guess is that you’ll see rates on your bank statement such as 2.371% one month, followed by 2.592% the following month. It will seem very technical and you’ll come to think of it as being like the stock market, going up and down each month “as necessary.” But it will be a scam. It will quite simply be the theft of your money on deposit.
International Man: What should people be doing to combat this trend?
Jeff Thomas: Well, first off, I’d expect that this will begin in the US, EU, Canada, etc., and then spread outward. There are those jurisdictions like Switzerland, the Channel Islands, etc., that are more geared to providing favourable services to their clients than the large powers do. They’ll hold out at first, but once the majority of the world is on board with this scam, they’ll jump on board also. After all, it’s a license to skin you each month. What bank is going to pass that opportunity up? So, in the end, it will go global.
International Man: Do you see any hope for either derailing this system or opting out of it?
Jeff Thomas: As long as the current economic system remains as it is, no. The only escape is to either get out of cash, or move to a country that’s likely to continue to use cash. And the best that will do will be to buy you a bit more time.
Ultimately, this will succeed up until the day comes when there’s a collapse in the system itself.
Some people will try to escape through the use of cryptos. But if cryptos become the one and only loophole, we can be sure that they will be either taken over or outlawed. There’s zero chance that the powers that be will allow for this massive wealth grab to be thwarted by those who deal in cryptos.
I should mention that, at this point, I don’t have any particular vision in mind as to how this might be done, but the Achilles heel of cryptos is that they are exchanged for goods and services at some point. It will be at that point that a red flag is raised and the trader is exposed and prosecuted for “economic terrorism,” or whatever trumped-up term is created at the time.
Cryptos just may be the greatest economic invention of the twenty-first century, and that’s just why they can’t be allowed to go mainstream. All on their own, they can defeat the banks’ most profitable money-maker and that can’t be allowed to happen.
Editor’s Note: Governments around the world have put their money printing on overdrive.
Unfortunately, there’s little any individual can practically do to change the course of these trends in motion.
The best you can and should do is to stay informed so that you can protect yourself in the best way possible, and even profit from the situation.
That’s exactly why New York Times best-selling author Doug Casey just released an urgent new video Doug Casey’s Top 3 Secrets to Survive and Thrive During a Dollar Crisis. It explains what’s to come and exactly what you should do to protect yourself. Click here to watch it now.
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we’re all terrorists now.
Perhaps by fiat. If we as American citizens let it happen then we get what we deserve. I have done absolutely nothing to deserve that labeling.
Lois Lerner and her buds at the IRS are way ahead of the curve; this from a section of the tax code that has greased the skids for stuff like asset forfeiture.
https://www.irs.gov/pub/irs-pdf/f8300.pdf
what’s the difference between the kgb & the irs ?
the unfree russians eradicated the kgb & the free americans expanded the irs .
Tampa.
Off topic. Did you see that Francis Marion was back yesterday? I told him you had been asking. He said he was real busy but would try to get back on soon.
damn right he’s back,he kicked my rear yesterday over on the “pence orders women …”
thread– tell him we’re no longer concerned & we hope he eats rotten african oysters–
This is why I’m an anarchist. You can’t trust gov’t; any gov’t.
These asshats pass law after law that they have no moral right to pass. There’s no end to their stupid laws.
What they want is absolute access to your funds to do with as THEY please. Start visiting subversive sites like TBP and they’ll cut you off from the banking system to let you swing in the wind when there’s no cash to fall back on. Start talking about the Constitution at a council meeting and they’ll fine you as a subversive neo-nazi terrorist sympathizer and just pull a few thousand out of your account – easy peasy.
This is why we need to get rid of gov’t before it gets rid of us.
“need to get rid of gov’t”
can’t. if you get rid of federal/state/local governments, they’ll be replaced by gangs governments.
You are dead wrong. If we get rid the protection that gangs currently receive by the ‘law’ and law enforcement, we’d be organizing hunting parties to kill off the shit knows as MS-13 and their ilk.
It is the fear of retribution the cops and gov’t in general represents that keep decent people from cleaning up the filth in the society.
If there were no gov’t goons to protect the gang members, they’d all be dead in a month. I’d fly back to the states to help in the effort.
“be organizing hunting parties”
I doubt it. most individualists value their own lives above all else and wait for someone else to do the dirty work, justifying their lack of social cohesion with “you can’t fix stupid” and “cain’t work with those losers, they don’t know their ass from a hole in the ground” and “don’t make no nevermind to me what them other folks over yonder put up with”. nah, the gangs will out-organize and out-maneuver and out-gun the self-actuated individuals.
unless by “their ilk” you mean, well, just pretty much everybody that isn’t you and yours, and you just clear the landscape. which is exactly what some are planning.
and besides, some of those gangs are comprised of people who are just like you and who have already formed in order to survive, not by hoarding goods, but by taking yours. very efficient of them – they have no baggage, they can focus strictly on weapons and training, and they can infiltrate all of your groups (should they form) and scout out all your weaknesses ahead of time.
enjoy.
Please explain to me how our overseers in dc are different than a gang. They pass draconian statutes to protect themselves and control us. They illegally tax the crap out of us at every level. They send out thugs from the alphabet soup agencies to intimidate us if we are slow to respond to their mandates. We had a workable form of governance that has been put in the drawer. Now we have socialism and chaos in its place. If we are destined to start over then lets start with gelding the attorney’s and bankers. The politician is already ball less.
“Please explain to me how our overseers in dc are different than a gang”
1) they’re not overseers.
2) theoretically they’re under citizen control, and there are “self-evident truths” and mechanisms for you (pl) to exercise that control. (whether you (pl) exercise that control is beside the point)
3) they follow rules and are under supervision and are readily identifiable.
4) the live in the same society you do.
“Now we have socialism and chaos in its place”
not yet we don’t. this can be turned around – by citizens, not by self-actuated individuals who withdraw.
Shoot them, and the gangs! Fuck them, put a rope round their fucking scrawny fucking necks, and hoist them up a flag pole!
“Shoot them, and the gangs!”
well there’s this little problem of them having guns too … “right to keep and bear arms” and all that.
If you want to own guns, buy them now.
Put some guns and ammo aside for old time sake.
Don’t have much more room left for more guns and ammo. Let’s get down to rocking and rolling. Might as well die for principles which few millenials seem to have but might have to learn in “re-education camps” if we win.
John
I have to agree with you. I am old but, I might just as well die with my finger on the trigger. I though I would die tired from old age. I am beginning to think I will die tired of watching this country go down the toilet. Lets get this crap done. Getting tired of playing defense all the time.
once you have nothing, you have nothing to lose. akin to tossing lit matches into a dry forest, eventually…. a wind will arise ….
Interesting article but no real solution. The author mentions that the U.S., Canada, Australia. New Zealand, etc. are all on board with this. At 68 years old I’m too old to learn a new language and culture.
sure? looks kinda nice.
FUCK CASH ->
It’s trap money for |Terrorists-n-Democrats.
Cancel all the physical $100 bills ever sent overseas and all those shrink wrapped pallets sent to shady countries.
Pallets of $100 bills have left the USA for over 50 years and believe me, they kept track of as much of it as possible.
Recall all those bills and burn them.
BOOM!
America prospers.
The gov’t. refuses to publish accurate figures on the number of $100 bills actually in existence for the obvious reason that so many of those bills reside off shore and are difficult to track because they often are used clandestinely. Fed Reserve data for 2018 suggests $134 billion of the $100’s “in circulation”, though that figure is often derided for significant error on the downside. Who believes the government anyway?
Fun fact: a pallet of $100 bills as prepared by the NY Fed-ready for overseas shipment- contains 640,000 of AOC’s “Benjamins”, or a cool $64 million. If Mike were to get off his box and convert all his wealth to $100 bills, how many pallets would he have? (Side question: how many pallets would he give to honest charities?).
https://www.federalreserve.gov/paymentsystems/coin_currcircvolume.htm
Oh ok, you can’t do anything except lose. Hide until there is nowhere to hide.
Or you could form armies take over military bases and equipment and use b-1’s to nuke their asses, M-1s to level the banks, and wolf packs to burn their houses down -of course that won’t work because the pussies ‘don’t want any problems’.
Criminals make it their business to cause you problems. When are you going to make it your business to end the criminals?