Apr 27, 2015
John wrote this week about the war on cash. As usual FSN is ahead of the curve. We wrote last March about Operation Dirty Money, the US Government's ongoing effort to eliminate currency from circulation. Now in the era of negative interest rates, this effort has become a war. JP Morgan Chase amended their safe deposit box rental agreement to forbid storage of currency and non-collectible coins, in other words bullion from their customers' safe deposit boxes. A Swiss bank just refused a pension fund's request to convert its bank account into cold cash. What's next, debit cards for all? We'll soon know when the Powers That Be make that decision for us. Of course it's all for our own good.