Monday, September 19, 2016

Jim Rickards*: Gold Update
Transcript of interview discussion with Jim Rickards .. "The war on cash has three vectors. The first is that banks don’t want to give you the cash. Like I’ve said before, try going down to your bank and getting $10,000 or $20,000 in cash. First of all, you might not be able to get it. They might say; 'Come back in a few days, because we don’t have that much cash on hand.' .. Even if they do, for anything above $10,000, they will file a report with the Treasury called a Currency Transaction Report .. The second vector is more recent and more interesting. Merchants don’t want your cash. More and more vendors are saying, 'We don’t take cash.' You can go up to the counter, but you’d better get out your debit card, credit card, a gift card, your iPhone with Apple Pay or something because they’re not going to take your cash. Even if you can get the cash, which is hard, you may not be able to spend it .. The third vector – and our friend Ken Rogoff, a professor at Harvard, is the thought leader on this although others have said the same – is just to get rid of the $100 bill. He has a new book out on the subject of elimination of cash. It’s not quite a bestseller but is certainly selling very well. You can Google 'Rogoff' on Amazon to see his new book, which is basically a manifesto to get rid of cash." .. advises owning physical gold to get out of the system.
link here to the transcript

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