Posted on 03/05/2016 12:44:49 PM PST by marktwain
They won't call it 'negative interest', but 'transaction fees' or some such. "Negative Interest" would cause riots and runs on the bank.
Now missing from the FRN, which is a promissory note from a bank, not lawful money.
Patriots need work with their state lawmakers to either get rid of FDR’s unconstitutional paper money, or amend the Constitution to make paper money constitutional.
Article I, Section 10, Clause 1: No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts [emphasis added]; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
This is a good first step. I believe that it should also be accompanied by a return of gold and silver as one means of paying in legal tender. The denominations of the various pieces will need to be changed from the present amount stamped on them, of course, but it is just the passage of a simple law away from being a reality. We could make not only a one ounce silver eagle but a 1/2 ounce silver eagle as well, neither of which could possibly be confused with the other coins in circulation due to their significantly larger size. They could have a denomination of $100 and $50, respectively. Gold would be minted in 1/10, 1/4, 1/2 and 1 ounce sizes (as they are now), with the denominations being $400, $1,000, $2,000 and $4,000. This will send the message that the United States is serious about the soundness of its currency. It will also give the Treasury some profit on the minting and metal costs and, at the same time, give us a little time to wring inflation from our system, so that these coins will not be removed from circulation due to having more value as metal than money. Most importantly, it would send an additional signal that the government was not interested in interfering with the private affairs of the citizenry. That attitude is sorely lacking at all levels of government, and has been for at least a generation.
I would say two generations.
Yup. Have Cruze push for a Gold backed $500!
What’choo need big bills for vato?
$1,000 bill: George Washington
$500 bill: James Madison
$100 bill: Benjamin Franklin
$50 bill: John Jay
$20 bill: John Adams
$10 bill: Alexander Hamilton
$5 bill: Thomas Jefferson
$2 coin: Abraham Lincoln
$1 coin: Jefferson Davis
Get rid of the Federal Reserve. 1000 other economic and social problems will then begin to right themselves. Money is the intermediary in, and measure of, nearly all social interactions. A fake, controlled or corrupted money leads to a fake and corrupted society.
Exactly why the elites want to get rid of all cash.
Brilliant and fantastic idea!
The control freaks will go bonkerz.
I suspect Donald Trump Ted Cruz and/or staffers read FR. If they do not, they should.
Negative interest does not make sense from a business perspective, unless I want to drain a bank of every last piece of hard currency when people pull out. I would think that to a large segment of depositors, I can find a variety of ways to keep my cash safe and more readily available if *earning* interest is no longer available as an incentive.
And if we have any reason to believe “negative interest” on deposit accounts will become common, now might be a good time to start converting some cash into precious metals.
And yet they are happening:
"...This is partly due to banks’ “reluctance to pass negative rates through to retail depositors,” with the exception of Switzerland, where some lenders actually increased mortgage rates to mitigate some of the costs incurred at the central bank..."
Ahhh, I see. That they (so far) are not fully passing it on to depositors is telling. Once they do that, there's the trigger for the stampede.
Then again, there's the old saying, "Those who do not understand interest, pay interest. Those who do understand interest, earn interest." I'll bet they are hoping their depositors are mostly the former.
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