Author: Joseph T. Salerno

The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.  (Lord Acton) As reported on Zero Hedge over the weekend, a Swiss pension fund manager calculated that he could save his clients a substantial amount of money by withdrawing cash from his fund’s bank account, which was yielding a negative interest return, and depositing the cash in an insured vault.  Exercising his fiduciary responsibility, he notified his bank of an impending large withdrawal of CHF.  The bank rebuffed the fund manager’s request, informing him: We are … Continue reading →

With the passage of House Bill 195 into law, the State of Louisiana has banned the use of cash in all transactions involving secondhand goods.  State representative Ricky Hardy, a co-author of the bill, claims that the bill targets criminals who traffic in stolen goods.  According to Hardy, “It’s a mechanism to be used so the police department has something to go on and have a lead.” The bill prohibits cash transactions by “secondhand dealers,” defined to include garage sales, flea markets, resellers of specialty items, and even non-profit resellers like Goodwill.  Curiously, it specifically exempts pawnbrokers from the ban. … Continue reading →

It was just a matter of time before Western governments used the trumped up “War on Terror” as an excuse to drastically ratchet up the very real war on the use of cash and personal privacy that they are waging against their own citizens   Taking advantage of public anxiety in the wake of the attacks on Charlie Hebdo and a Jewish supermarket, France has taken the first step.  It seems the terrorists involved partially financed these attacks by cash, as well as by consumer loans and the sale of counterfeit goods. What a shockeroo!  The terrorists used CASH to … Continue reading →