- News: Obama outlawing bullets. Reclassification & Internet
- News: IRS emails found criminal probe started. Paid 122K in bonus
- News: Clinton’s email. I want you to have the same ability
- Redoubt: Local nursery
- Thinking on making your retreat a business
Fasten your seat belt, read it all:
..One of the big reasons why I had to move into the “Van Down by the River” was because I simply COULD NOT FUNCTION using cash. When I was foreclosed upon because I could not provide the bank with a tax return (because I have declared a tax strike), I began investigating possible rental scenarios in preparing to move. Kids, you CANNOT rent an apartment “above the table”, pay the utilities on said apartment, insure a vehicle and scores of other necessary expenses in the former U.S. using cash today. Between IRS liens and mortgage foreclosures, my credit score is destroyed, which also disqualifies above-board rental. If you think that cash controls and the move to outlaw the use of cash is crazy talk, just stop and think about all of the myriad ways that IT IS ALREADY IMPOSSIBLE to pay with cash. We’re already 75% of the way there...
Breaking up is hard to do, especially when it is with a tracking service like a financial institution. Sometimes you can make a clean break and other times you have to remain “just friends”.
The US government actually has a name for people who have no bank accounts – they call these folks “the unbanked”. The FDIC defines the unbanked as “those without an account at a bank or other financial institution and are considered to be outside the mainstream for one reason or another.” Another term is “the underbanked” – “people or businesses that have poor access to mainstream financial services normally offered by retail banks. The underbanked can be characterized by a strong reliance on non-traditional forms of finance and micro-finance often associated with disadvantaged and the poor, such as check cashers, loan sharks and pawnbrokers.” Continue reading
GE Note: You think we very behind this here in the US? Think again.
Capital Controls Hit Spain: Government Laws Prohibit Cash Transactions Over €2,500; Minimum Fine of €10,000 for Failure to Report Foreign Accounts
If Spain is seeking further instability, a new law on financial transactions is sure to do just that. Via Google Translate, Spain passes a law limiting cash payments to 2,500 euros.
- Minimum fine of €10,000 for taxpayers who do not report their foreign accounts.\
- Fine of €5,000 for each additional account
- Cash transactions greater than €2,500 prohibited
- Cash transaction restrictions apply to individuals and businesses
The US requires reporting of foreign accounts as well, supposedly for the same reason, preventing tax fraud.
In Spain however, consumers and businesses are already very nervous (and rightfully so), of a Spain exit from the euro with a return to the Spanish peseta accompanied by an immediate devaluation.
In that context, these controls are only going to make consumers and businesses even more nervous, if not outright suspicious about what is going on.
While nearly half of Americans don’t have enough money saved to cover emergencies, one-quarter don’t have any money saved, according to Bankrate.com’s Financial Security Index survey.The general rule of thumb is to have enough cash saved to cover at least six months of expenses.However, only 25 percent of Americans have saved that amount and 17 percent have three to five months’ expenses saved, while 28 percent have no emergency savings and 21 percent have less than three months’ expenses saved. Continue reading
… They think the path of a full-blown crisis would start in Greece, quickly move to the rest of Europe and then hit the U.S. Stocks and oil would plunge, the euro would sink against the U.S. dollar, and big banks would suffer losses on complex trades…
- ACT I. What would Greece’s exit look like? In the worst case, it starts off messy.
- ACT II. Here’s where things get scary.
- ACT III. A full-blown crisis would cross the Atlantic through the dense web of contracts, loans and other financial transactions that tie European banks to those in the U.S., experts say...via News from The Associated Press