Cash in today’s world may be just unbacked fiat paper, but it offers anonymity, and, weirdly, while it doesn’t pay interest, it also doesn’t require paying negative interest. Holding cash allows the holder a small refuge from the moronic Keynesian war being waged on savers (see “Anti-Value: Europe’s Rape of Savers,” SLL, 3/6/15). Reason enough, it what passes for thinking among Keynesian witch doctors, to get rid of it. From Patar Tenebrarum, acting-man.com:
Banks Increasingly Refuse Cash Withdrawals – Switzerland Joins the Fun
The war on cash is proliferating globally. It appears that the private members of the world’s banking cartels are increasingly joining the fun, even if it means trampling on the rights of their customers.
Yesterday we came across an article at Zerohedge, in which Dr. Salerno of the Mises Institute notes that JP Morgan Chase has apparently joined the “war on cash”, by “restricting the use of cash in selected markets, restricting borrowers from making cash payments on credit cards, mortgages, equity lines and auto loans, as well as prohibiting storage of cash in safe deposit boxes”.
This reminded us immediately that we have just come across another small article in the local European press (courtesy of Dan Popescu), in which a Swiss pension fund manager discusses his plight with the SNB’s bizarre negative interest rate policy. In Switzerland this policy has long ago led to negative deposit rates at the commercial banks as well. The difference to other jurisdictions is however that negative interest rates have become so pronounced, that it is by now worth it to simply withdraw one’s cash and put it into an insured vault.
Having realized this, said pension fund manager, after calculating that he would save at least 25,000 CHF per year on every CHF 10 m. deposit by putting the cash into a vault, told his bank that he was about to make a rather big withdrawal very soon. After all, as a pension fund manager he has a fiduciary duty to his clients, and if he can save money based on a technicality, he has to do it.
To continue reading: The “War on Cash” Migrates to Switzerland
See also The “War on Cash” in 10 Spine-Chilling Quotes,” SLL, 4/26/15
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