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The Death Of Cash? All Over The World Governments Are Banning Large Cash Transactions

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Are we witnessing the slow but certain death of cash in this generation?  Is a truly cashless society on the horizon?  Legislation currently pending in the Mexican legislature would ban a vast array of large cash transactions, but the truth is that Mexico is far from alone in trying to restrict cash. All over the world, governments are either placing stringent reporting requirements on large cash transactions or they are banning them altogether. We are being told that such measures are needed to battle illegal drug traffic, to catch tax evaders and to fight the war on terror. But are we rapidly getting to the point where we will have no financial privacy left whatsoever? Should we just accept that we have entered a time when the government will watch, track and trace all financial transactions? Is it inevitable that at some point in the near future ALL transactions will go through the banking system in one form or another (check, credit card, debit card, etc.)?

The truth is that we now live at a time when people who use large amounts of cash are looked upon with suspicion. In fact, authorities in many countries are taught that anyone involved in a large expenditure of cash is trying to hide something and is probably a criminal.

And yes, a lot of criminals do use cash, but millions upon millions of normal, law-abiding citizens simply prefer to use cash as well.  Should we take the freedom to use cash away from the rest of us just because a small minority abuses it?

Unfortunately, the freedom to use cash is being slowly stripped away from us in an increasingly large number of countries.

In fact, as countries like Mexico “tighten the noose” around big-ticket cash purchases, our freedom to use cash is going to erode rather rapidly.

The following is a summary of some of the very tight restrictions being placed on large cash transactions around the globe right now….


In Mexico, a bill before the legislature would completely ban the purchase of real estate in cash.  In addition, the new law would ban anyone from spending more than MXN 100,000 (about $7,700) in cash on vehicles, boats, airplanes and luxury goods.

$7,700 is not a very high limit, and this legislation has some real teeth to it.  Anyone violating this law would face up to 15 years in prison.


In Europe, some of the “austerity packages” being introduced in various European nations include very severe restrictions on the use of cash.

In Greece, all cash transactions above 1,500 euros are being banned starting next year.  The following is a comment by Greek Finance Minister George Papaconstantinou at a press conference discussing the new austerity measures as reported by Reuters….

“From 1. Jan. 2011, every transaction above 1,500 euros between natural persons and businesses, or between businesses, will not be considered legal if it is done in cash. Transactions will have to be done through debit or credit cards”


Even Italy has gotten into the act.  As part of Italy’s new “austerity measures”, all cash transactions over 5,000 euros will be banned.  It is said this is being done to crack down on tax evasion, but even if this is being done to take down the mafia this is still quite severe.

The United States

The U.S. government has not banned any large cash transactions, and hopefully it will not do so any time soon, but it sure has burdened large cash transactions with some heavy-duty reporting requirements.

For example, your bank is required to file a currency transaction report with the government for every deposit, withdrawal or exchange over $10,000 in cash.

Not only that, but if a bank “knows, suspects, or has reason to suspect” that a transaction involving at least $5,000 is “suspicious”, then another report must be filled out.   This second type of report is known as a suspicious activity report, and it is also filed with the government.

But the reporting does not stop there.  As Jeff Schnepper explained in an article for MSN Money, if you are in business and you receive over $10,000 in cash in a single transaction you must report it to the IRS or you will go to prison…..

If you’re in a business and receive more than $10,000 in cash from a single transaction, or from related transactions within a 12-month period, you have to file Form 8300 and report the buyer to the IRS. Don’t file, and you go to jail.

The IRS isnt kidding. I had a client who was a dealer in Corvette sports cars. He told me he didnt have time to file the forms. I told him several times to file. He thought he knew better. He went to jail. So did his children who were involved in the business.

This is very, very serious.

Just because someone forgets to file a certain form with the IRS, that person can go do serious jail time?


According to Schnepper, quite a few Americans have already received very substantial sentences for this kind of thing….

In fiscal 2004, the Internal Revenue Service initiated 1,789 criminal investigations. There were 1,304 indictments and 687 convictions — and an 89.1% incarceration rate. The average sentence: 63 months.

In fiscal 2005, the IRS started 4,269 investigations, winning 2,406 indictments and 2,151 convictions and an 83% incarceration rate. Average sentence: 42 months.

The reality is that governments around the world are getting very, very sensitive about large amounts of cash and they are not messing around.

They don’t want all of us running around with big piles of cash.  They want our money in the banks where they can track it, trace it and keep a close eye on it.

On the one hand, it is a good thing to catch criminals and terrorists, but on the other hand how much privacy and freedom are we willing to lose just so that we can feel a little safer?

And as cash becomes criminalized, are all of us going to be forced into the banking system whether we like it or not?  If we cannot pay for things in cash, what other choices are we going to have?

The truth is that the more you think about this issue, the more disturbing it becomes. 

So what do you think about all of this?  Feel free to leave a comment below.

  • Once our government outlaws large cash sales the next step is to implant a chip with your DNA sequence on the top of your hand. Wave your hand through the scanner at Wal-Mart and at the same time look into the camera for a facial recognition and iris scan. Already Congress passed a law that says if you buy or sell gold over the amount of $600 you must fill out a form and report it. So now that leaves out gold to barter with. Monsanto is controlling all the seeds so you won’t be able to grow your own garden (bill S.510). Our economic hardtimes is speeding up the process of a cashless society. We have a short time left.

    Also the illuminatti are testing us right now to see if anyone can protest or get violently upset. They are building the mosque near ground zero to see just what pissed off Americans can really do. From what I see …not much. Also to test how upset black folks can get, the Illuminatti of Fox News sent patsie Glen Beck to a Martin Luther King ralley where he changed the subject of the whole ralley, watering it down and getting people like Al Sharpton wicked mad. But mostly the American sheeple won’t do much of anything, just watching Idol, being amazed that Paris Hilton got busted in Vegas with crack, and watching annoying Progressive insurance commercials every 5 minutes.

  • jim

    the local bank turns you in at 3000 cash. You are missing the point. Visa and MC gets a cut of every card transaction. think of the money they will make. It will happen. they will buy off congress and get it passed and make hundreds of billions of dollars. mark my word

  • Lennie Pike

    What percentage of the American People agree with these reporting requirements? 5%? How can they exist?

  • alice

    How do we know that we won’t go to prison for expressing more than one opinion a week, 3 per month? Who knows criminals have opinions and share information too! If they can limit opinions, people won’t talk about drugs either! Is there a backlash to oppression? Isn’t the world moving too quickly towards Communism? Is this The One World Government coming? I’m glad I’ll be dead soon, I’m too old to get used to the oppression! There’s up and down, east and west, north and south, good and bad, male and female, light and darkness, Unless we find another world “2 worlds” to pin each other against, there can never have a ONE WORLD GOVERNMENT!

  • GoneWithTheWind

    Not exactly. For most people who buy groceries, gasoline, cigarettes, etc. They will continue to be able to use cash. For most common people it will NOT be a cashless society.

  • Concerned Reader

    Once this cashless society begins, the elites, mostly through banks, will have all the power and control they need over you by taking control of your money. This is similar to what is currently going on with food, but once the elites gain control over your ability to buy and spend, they will be able to use your money as a carrot on stick to get you to do their bidding.

    The onlt problem I see with something like this is that if every one has a debit card, what happens when the power goes out or the machines malfunction? Everyone will not be able to spend money. Some kind of invincible system would have to be implemented to make the elite’s plan work.

  • arthur goodwin

    The most frightening aspect of an all-electronic payment society is that government “oversight” of such a system could easily mutate into government “control”, with government ability to, say, “disappear” assets of those that challenge its authority, priorities, etc. in any way.


    If the banks will not charge me local wire fees and/or I will not be paying more for a credit card transaction then, yes, I will not use huge amount of cash. I don’t mind using credit cards, since I pay them off every month anyway, I just don’t like to handle cash because it is just so darn filthy. The government can have all their filth back as far as I’m concerned.

  • John Walters

    Mexico can’t keep the peace within its own borders, and its government thinks that people will report cash transactions? They are dreaming.

    Governments are complicated, expensive, and often ineffective. Governments are not coherent enough to track everyone. Such systems will collapse, much like Warsaw Pact Communism collapsed.

  • Joe the clerk

    This has been going on for a long time. This is credit card companies lobbying in government Mastercard and visa are making big bucks Credit cards charge the stores every time we make a transaction for 3 percent of the transaction. The stores pass this extra cost onto us in the form of higher purchase cost.
    For the ease of carrying a plastic card instead of bundles of cash, we have paid price in the long term with higher costs for goods, more identity theft, and now increased government oversight of even our basic purchases. We have sold our future for a free lunch today.
    The credit card companies know everything about what you spend your money on already, then add this to the google database that stores all the searches for what interests us and throw in some scanning programs that sift our email…. Any decent extrapolator program can profile every person with great accuracy.

  • The Rise of the Underground Economy and How to Function in It.

  • The IRS is going to look like a pussy cat compared to the newly formed Bureau of Consumer Financial Protection (BCFP). It was created within the Economic Reform Bill that just got passed. Title 10 of that Bill describes this agency; and believe me, it isn’t pretty. Once we’re all forced into the banking system, we come face to face with a brand new Bankster Bully. It’s bedded down with the Federal Reserve but will function independent of present regulations. Not even Congress or any other agency will have veto power over the BCFP. And, hear this, the BCFP is given authority to monitor consumer financial patters and “gather information and activities of persons operating in consumer financial markets” all with a bloated budget paid for by us taxpayers. So we’ll be financing yet another agency to register every penny any one of us deposits into a bank. Those transaction will be linked to our current addresses via the 2010 census and the BCFP is free to share this carefully collected data with any person, company or institution they wish. Don’t you feel protected now? We really need to organize a barter system or a People’s Money System asap so we can free ourselves of both the Federal Reserve and this new nightmare bureau they just created. The only way we’re going to be free of the banksters is to unhinge from the entire system; but that requires becoming completely self sustainable, off the grid, out of the banks and independent of the Big Agri food chain. In this kind of system, Food would become a bargaining tool serving as a kind of edible money. And I’m right back to the best way to grow your own food, which you can check out on my website at

  • ZeroCool

    This is a bankster act. You know, when you get your money out of a bank and do not deposit your money in another bank, the money market is loosing 10 times more money than you have been redrawn originally. The banks (or government – what the heck is the difference?) are trying to force you to put your money on bank accounts just to create more money. And, of course like described above: The government wants to see what your wealth status is. In the eyes of the government, all people are criminal. This is no other view than our view on the government, right? But we do not have any chance to change it, while the government in fact has the power.

  • the

    Unless you find the beast’s monetary system appealing, you should be preparing for a, local scale, barter and trade type system. Get some rural land, even if only a small plot, with a solid water source and wood for fuel. Meet your neighbors, learn who is trustworthy and talk with them. Learn to garden/farm; own, even a small amount of gold, more silver and lots of lead. Pray to God for wisdom, protection and providence and most importantly for His will be done in your life. It may fall upon you to educate/protect an entire village/town from the globalists.

  • Joey

    This is one way that they’ll make precious metals limited in value. Everyone needs to watch “The Secrets of Oz”. The money powers aren’t going go down without a fight.

  • kerry

    Lets start a huge barter network. Lets do it!! People seem to be so afraid of bartering, I have been bartering for karate lessons for a year now & it works flawlessly. Who’s in it??

  • Something Wicked This Way Comes

    Government, as it attempts to gobble up every dollar in sight, hates the black market. The ability of people to engage in free enterprise without the government stealing a cut.

    In Obamacare, every transaction of 600.00 or more has to be reported on a 1099. They slipped this into the bill. There are also plans to begin taxing any employer provided health care as income. So if you get 5k worth of health insurance- plan on paying taxes on it soon.

    The net net of those two things alone is a dramatic tax increase on the working class.

  • Owen K.

    Countries like Mexico cannot even enforce laws against drug cartels. Who carries lots of cash? Drug dealers and Cartels. It all gets down to which countries have the necessary institutions to enforce such restrictions. However, the U.S. does have enforcement mechanisms. Now, the U.S. is already imposing what is technically referred to as soft tyranny, so I believe there is a real danger that this will happen in the U.S. As to Italy and other EU countries, they are fighting for their very economic survival. So, who knows if they can adopt and enforce such measures or not. Obviously, these measures are being supported by the International Banking Cartel. Don’t know who they are? Read the book, “The Creature From Jeykll Island.”

  • Anna

    I think my elderly mom and her friends will not like this one bit. All they use is cash and they are noticing their paper checks aren’t being accepted in many locations now. Mom always felt a credit card was an invitation to trouble so she never had one. She has ZERO debt as well. She even purchased her car with cash.
    Debit cards are a mystery to her, and ATMs scare her. This is common of the elderly.

  • Rocketman

    Just one more example of the governments of the world leading their people right off the end of a cliff.

  • Peter

    “He also forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name. This calls for wisdom. If anyone has insight, let him calculate the number of the beast, for it is man’s number. His number is 666” (Rev. 13:16-18).

  • daniel Brooker

    The Criminals will find away around the large cash limitations and the opportunistic governments know this and are exploiting it as an excuse to gain more control and power over its citizens.

  • Bill Moss

    Our liberties are not being lost all at once. Just little by little. We should worship liberty and freedom.

  • Bill Moss

    We have not lost our liberties all at once. The government is taking away our liberties and freedom little-by-little. We should worship liberty and freedom.

  • Wow!! Talk about BIG brother, this is really a worry. I may have to move to Argentina or somewhere where you are still free!


  • Gloomin’ and Doomin’

    It simply won’t work for a number of reasons: E.G.: 1.) Jailing “everyone” costs a lot of money, resources and manpower- FEMA camps remain to be seen and/or subsidized properly. 2.) There went the foundation for moral and financial support when you confine the movements of the rich that support your regime. 3.) We aren’t close enough to a cashless society to make this big of a jump in any way, shape or form. Such a cashless/hyper-regulated economic system will drive whole global industries to dust. 4.) People are at a point where they hate banks/banking more than anything else in recent memory- and they’re all of a sudden going to fall in line and follow the orders of militant banksters? Doubt it. There are a lot of other reasons as well but too numerous to mention in one comment. Please feel free to shoot this all down.
    I concur with much of what you say but the more these incompetent fascist types tighten their grip the more they create larger and larger underground movements – and enemies – as in black markets (many transactions will simply disappear from the “radar”. It happened in soviet Russia, it can happen here as well.) The US government isn’t prepared to go the distance with tens of millions of people who simply won’t play ball with the latest totalitarian, unconstitutional, jack-booted charter of the Clinton/Bush/Obama/etc. regime. Ask Fanny/Freddy how well this worked in the real estate world- they just got “jingle-keyed” into oblivion and have become financial black holes. If the military/police gets too abusive (like right about now) it’s going to get ugly for both sides- see: civil war/revolution which could happen at any time.
    As a sociologist I’m aware of the building factors that describe quickly rising tensions and revolutionary responses. The VIX isn’t the only indication of societal fear reaching the boiling point. I’m not saying you’re wrong I’m just wondering what potential capacity the present dictatorship has to enforce all of this for the long haul.
    I still keep thinking of a quote from Ben Franklin though that goes roughly like this: “Those who would sacrifice essential liberties for the sake of promised security deserve neither liberty nor security.” It may be that the average American has fallen into this trap but I doubt if, as per usual, they will consent to the total control of a “sudden” hegemonic overthrow of all economic freedoms.
    But perhaps we are all frogs on a hotplate slowly coming to a boil without jumping out of the water pot. In such a case I hope you are wrong about this continuing to global levels.
    Best not to panic though. This financial system is going to come crashing down soon. If not, we’ve got a LOT of “conforming” to do. And even gold and silver won’t help any of us at that point.
    Gloomin’ and Doomin’

  • Steven

    Hey, lets make a new law to capture criminals. Gee, do you really think criminals care about such a new law?? They will ignore it just like every other law they already ignore. Laws are only there to control those that obey them. I think it’s about time we rise up, seeing as how nearly everything we do is illegal now…

    “The only power any government has is the power to crack down on criminals. Well, when there aren’t enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws.” -Ayn Rand

  • AND the banks & credit card companies lick their lips in anticipation as EVERYONE is FORCED to pay their transaction fees…

    Does this seem a bit like what happened in 1913… when a bunch of very influential bankers convinced a bunch of hapless politicians that the creation of the Federal Reserve was necessary to protect everyone’s financial safety & well-being?

  • George

    ***Debit transaction failed due to high cholesterol flag. Your attempt to purchase 2 chocolate donuts is being reported to the National Health System and your doctor. A health advocate will arrive promptly. Please accompany him/her to ..>>>>> ***

  • fathom

    its easy really…. once the real currency devaluation gets going in earnest (hyperinflation), all they have to do or not do as such, is not print any higher value bills than the 100. instant cashless society. what do you think?

  • alice

    That will the day when the religions of the world will unite under one God, and overthrow Satan!

  • alice

    Maybe hackers will invade the accounts of the oppressors and freeze, steal, erase, delete whole government’s accounts, transferred wealth to other unfriendly governments. Then large cash transactions will start making sense again!

  • donald

    People,don’t buy into any of the fears!Yes you know “the osma 911 fear card,The nuke fear card,the money fear card,the irs prison fear card,the housing fear card! Notice the two common words here FEAR and CARD! I wonder what it is that the powers that be FEAR??? HUM? Could it be that you really find out who and what you are really? Could it be that you are really “All there is” Wake up that immense power in each one of us and shine you light being!!!

  • jeaned

    Hmmm. 3% Treasury Bill Interest. 3% of each credit card transaction, 3.00 fee for every 100$ cash withdrawal.

    If people cannot be conned into taking on debt as they have been in the past, then this way the government can, through the banks, take money directly from people. Since the government isn’t prosecuting the people who fraudulently pushed loans on many people, then they probably wouldn’t prosecute people stealing directly from a person’s bank account either.

  • Not so Mad Max

    Countries are strapped for cash the three examples all have major issues involving cash. Greece has a major tax evasion problem it doesn’t help that for years the Greek government has been pretty lax with tax collection. Whatever you may think of the IMF the Greeks need boatloads of money to keep the IMF, the ECB, and Bond Wolfs from the door so they need to have a pretty good idea what people are doing with their money. Spiegel on line has a really great article on what the Greeks are facing.

    Mexico, need anybody say anymore? I think Mexican enforcement of this law will be lax at best the drug cartels Gold or Lead policy seems to making great inroads in the Mexican Government. I think they did this a keep the Gringos in DC happy I doubt anybody is really serious about this.

    The USA? I know people who are quite close to me who have been the subject of more aggressive collection of money due to the Government from VA co pays, to state back taxes. Everybody from DC to your local county needs money and tanker loads of it. Controlling cash will do a few things one it makes it harder to take money out of the country in case you want to feather your Costa Rican bolthole.

    Please don’t tell me anybody is really surprised? The freedom implication aside if you allow Government to slip the leash this is what happens.

  • Bill

    Form 8300 reporting is for those in a “trade and business”. Look up “trade or business” in the code, then look deeper at a book called “Cracking the Code: The Fascinating Truth About Taxation in America” by Peter Hendrickson.

  • punkindoodle

    We’re accumulating cash very slowly, making small withdrawals ($200-$500), cashing every check, keeping just enough in the checking account to pay the monthly bills I do by mail. The trick is to keep your head down.

  • Andrew P

    They want an all electronic currency for another reason – it totally eliminates the zero bound. If there is no cash, the government can impose negative interest rates to force people to spend. They can also do politically manipulated incentives like making your points expire at the end of the month if you don’t spend them, sort of like a college food service does with meal plans. And making the money of political enemies vanish without a trace as though it never existed. So many fun things can be done by the rulers with a Mark Of the Beast Currency.

  • tom

    If we get that power grid and computer destroying solar storm the scientists are suggesting we will be an all cash soceity pronto.

  • Moonraker

    I pay with cash in places like K-Mart, and people look at me like I just landed from outer space.

  • Genewa S Livinai

    Hi once again thank you for this matter of concern to each meaning age ranging from the day you a born to the day you leave this planet earth.

    The question now raise, are we a commodity,to be counted and control by small group of greedy people, who have enough yet they still not satisfied what they have,and penetrating further everyday, to still from small people all over the world.

    Just because the own and control the money,manufacturing companies, gold minings, shipping companies and large shopping malls.

    Receiving millions a day and they are still not satisfied. Another way of stating: THEY HAVE PRINTED OVER 50 THRILLIONS OF FIAT PAPER MONEY, IF YOU MINUS 6.6 BILLION,WERE ARE THE BALANCE OF MONEY IS LOCKED??????????????????



  • Coloradoken

    We the people need to step up to this tyranny and stop it. Going cashless is a violation of our privacy rights per the Constitution. What does the Constitution say what money should be? Art. I Sec. 8 says Congress shall have the power to “Coin money…” and Art. I Sec. 10 states “No state shall make any thing but gold and silver coin in tender for payment of debts.” We will go cashless only if we let it happen. Let’s get rid of all Democrats and most Republicans this November. Finally, the Federal Reserve, a private consortium of banks, must be eliminated. Wake up America! We can do it!

  • I agree with what Jim said:

    the local bank turns you in at 3000 cash. You are missing the point. Visa and MC gets a cut of every card transaction. think of the money they will make. It will happen. they will buy off congress and get it passed and make hundreds of billions of dollars. mark my word

  • Genius post. I still can’t help but be entirely shocked that all of this has taken so long to come to fruition. If anyone thinks there wasn’t a great deal of planning and execution carried out behind our backs for the past decade and more, they are fools.

    This, and many other reasons, is why I’m buying Gold. Forget about currency or credit. Go old school~ Before the end of the world~

  • This article is exactly what I have talked about on my radio show for years.
    I will be covering this article today over at:

    I do not own a cell phone, and will not use a SmartPhone to buy & sell (until we get The Mark)

  • Shell

    The big picture is that this is just part of the cycle of money. As everything has a cycle so does money. We were all once traders and the world was more of a village. Im sick of money and would like to ask you all out there….when did you last swap some oranges for your skills or produce. I really love to live this if our governments corner us in such a manner I will welcome it…….Shell

  • Dano

    I routinely move LARGE amounts of money out of the country thru wire transfers, and have never gotten so much as a letter from the IRS or anyone else. BUT… I have routinely moved large amounts of cash to the IRS in tax payments in the past, and have routinely made large deposists and transfers between accounts at various institutions.

    I think the trip up comes when you do NOT routinely do this stuff, but do it one or two times and then the flags and bells start going off.

  • neverdie


    People are looking at you at K-mart for other reasons, not the cash transaction…..perhaps they know what you’ve been up to in Thailand.

  • JG

    From here in Taiwan it’s clear that going cashless simply will never happen – everything here is 100% cash-on-the-barrel from food to doctors. The entire economic infrastructure would either collapse or revolt to switch to debit cards. Nobody really uses credit cards nor do the vast majority of businesses accept credit cards. The closest thing to a debit card is the mass transit cards which is completely anonymous and purchased with cash by 99.9% of the people using them.

    Frankly I love being in a cash-only society – it’s healthier economically and financially for every individual person and business because all transactions are cash-flow accrued.

    Even if the West was stupid enough to go this route (talk about delusional control freaks) it will only result in 1) collapse of legitimate markets through strangulation, and 2) rise of black markets where people create alternate currencies and/or exchange systems

  • Cannonfodder

    A few have mentioned accumulating cash as a way to circumvent this policy, however, if you use their paper, you are still very vulnerable.

    I have a friend of many years who was a young boy when the Second World War started. His family was Jewish and spent 6 years trying to evade the Nazis. At the end of the war, they were in Hungary and his father was doing whatever he could to provide for his family. He accumulated a significant amount of cash, storing it in old suitcases at their home in the hope that they could buy passage to emigrate to Canada even as hyperinflation ravaged his savings. Suddenly, after a bank holiday ended, the old currency was declared obsolete and there were strict limits on how much could be exchanged to the new one. They had to start all over. Their savings were eradicated first by hyperinflation, then by government default.

    Don’t put any trust in paper, particularly coloured paper ‘coupons’ issued by failing governments and banks. Consider the following: in 1971, your dollar was equal to 1/35 of an ounce of gold. Today it is slightly less than 1/1,200 of an ounce of gold. In essence, your paper dollar has lost 97% of its purchasing power in less than 40 years. And that is with massive intervention by major banks and governments to suppress the true market value.

  • Wolfeman

    No ones even mentioned that the government has also limited us by no longer printing FRNs in denominations higher than $100.00. So to carry a large sum of cash means bulk, hence easier to find and confiscate.

    Buying a new car with cash means literally carrying a large “wad” of cash around with you.

  • j. madi son

    Unc. sugar requires reportings maire mkt
    value of barter items
    Pub. transit bus oft uses debit card.

  • revolt

    I believe it was Alex Haley that I read in the 1980’s who spoke of the government limiting cash and then at some point requiring everyone to have a “number” to do any transaction from food to clothes etc. He believed that this number would someday be embedded in your skin, possibly in the form of a bar code, and be required for all transactions. This he believed would be the start of the mark of the beast.

  • Kreditanstalt

    Aim to wean yourself off the banking system entirely, little by little. Withdraw any salary the day you receive it, in cash. Gradually transform savings and investments into precious metals, cash, forex, corporate bonds or stock accounts if feasible. Rent a safety deposit box, private if possible, or buy a safe. Stahs it in your house or elsewhere on your property. All of this is important because your aim is to eventually have as large as possible a sum of cash away from the purview of government.

  • I have plotted the most recent data from the Bureau of Engraving and Printing. It shows the amount of cash printed has never come close to Y2K scare levels of 10 years ago. The plots are toward the end of my paper “The Bailout Debate of 1722” available at

  • Phil Camp

    Other reasons for discouraging cash are:
    a) Keeping the money in the bank allows the bank to have more reserves w/ which to make more loans.
    b) Discouraging withdrawals makes runs on banks less likely.
    c) Having the money in the bank makes it easier to seize.

  • One thing people often overlook is this. Whenever a credit card purchase is made, the merchant pays a number of fees to the credit card processor. Each purchase is assessed a 25c “item fee”,and a processing charge amounting to about 2% of the purchase. At the end of the day, when the merchant settles with the credit card processor, each terminal is also assessed a 25c per batch “batching fee”. On top of this, there is a monthly charge from the credit card processor of $6.50. My taxi company only runs a few thousand dollars of credit cards a month, and our fees end up being around $40 per month. Now imagine how much money these credit card processors will make if all transactions are done in cash. This is in essence giving private companies the ability to tax everyone.

  • Someone

    1. If you receive 3000 through western union, the transaction must be reported, so make sure you tell your counter-parties to send no more than 2000 at a time (between 2000 and 3000, the transaction is officially “ok”, but it is still watched never the less, although without the warrant to do so).

    2. What is this shpiel about “on one hand it is good to catch criminals”? The criminals are just issued this very law, how is it going to catch them back?

    You think that just because someone decided that no one should trade drugs, then no one should trade drugs? This is moral to you? What right does one (or many ones) have (or should have) to legislate activities of others? Drug traders are just about last good free people left. Everyone else is following the wrongful law. Everyone else is no different than those German soldiers who were executing Jews because it was the law. The existence of law does not make things right or moral. (We do not have the right to abridge any activity of others that does not harm us against our will, and therefore we do not have the right to delegate such power (because we do not possess it) to the criminals in DC. Therefore they don’t have the power to do what they are doing.)

    3. Cashless society will still be full of crime. (Do not forget who pays the criminals in government to keep drugs illegal). The criminal transactions will go through just as they did before, quite openly. Right now, three out of every ten electronic transactions are what the law describes as illegal. Why? Because one criminal can always buy another criminal. Only the transactions of criminals not associated (small, independent) with the cartel, will be squizzed.

    Right now a drug running gang intending to transact in bags of cash does not need to pay the bribe to a government official. With this law, they will be paying a bribe. The official in charge will get better pay, but tax receipts will not grow. This is the real reason, and the only reason for the law.

    Thus the end result will inevitably and absolutely be much more ruthless crime activity that is not afraid of any competition. There will be much more sanctioned crime, and less independent, small-guy crime.

    4. Finally, for everyone who rejoices of the government imposing some sort of “requirements” on people while having no right to do so, it is only just to end up being the ones harmed by the effects of such requirements.

    Don’t you cry about someone rolled over by a cartel, or the government, denied the use of his credit, or being a victim of identity theft, when that someone was applauding the injustice for as long as it was against someone else, restricting someone else’s freedom to protect himself from his own desires. He dug the grave, and fell into it.

  • Mike

    If we want to stop this government intrusion, we need to take all our money out of the banking system, pay off all debts and stop incurring any debts. If enough people do this the system with collapse like the world trade center collapsed, into its own footprint. Our system is debt based; eliminate debt and the system collapses!

  • Dave Newton

    The comment that Princess Leia in Star Wars made comes to mind: “The tighter you squeeze, the more that is going to ooze between your fingers.” Too many people are already in the underground economy. If they criminalize cash, another form of currency will take its place, such as gold or silver. The powers that be do not want this, as they cannot inflate these things.

  • aristidh

    i cant change the world i just live in it.
    no problem for me if come a world without cash. because this is to mouving forward. why? just think when the men invented the fire can you imagine the others who not loved it. or when the men invented the wheel can you imagine the others who dont aproved? the same is and for tooday.

  • Copy

    Phil Camp. “Other reasons for discouraging cash are:
    a) Keeping the money in the bank allows the bank to have more reserves w/ which to make more loans.”

    @Phil Camp,
    Phil, It’s easily understandably why you believe this to be true, However the truth is banks don’t use deposits for loans. The money the bank loans you is created by the loan itself. That is to say, it is your signature on the IOU which brings the money into existence. The promise to pay back (IOU, bank note etc) is legal tender within the industry.
    To clarify further. If you take out a $100,000 mortgage, the bank note you sign is deposited into an account and counted as real reserves. The borrower creates the money he borrows and using this example,thanks to fractional banking, he also creates roughly another 900,000 for the bank to lend to other customers…. at interest.

  • hardy perry moore

    u folks should b thinking along lines of 1 hog, six sows. 1 dozen chickens, some rabbits, gardening, storing non-hybrid seeds for future planting,harvesting and butchering supplies, and canning supplies; more difficult to tax,what u think? however, there are government programs from the war years to allow assessment of value in order to tax; so plant in the deep woods. some of this is tongue in cheek,but food for thought. a good book: the self-sufficient life and how to live it.

    • FDA Inspector #4593

      fda would like to have a word with you

  • jay

    Always remember, if we stand by and let them take our cash, for the good of the nation, of course, then by extention our guns will be next and there goes our freedom.

    Do not let this Camel get it’s nose under the tent!

  • The Constitution of the United States was drawn up in such a way as to protect us from this form of government tyranny. When we allowed the monied and political elite to impose a debt based currency administered by a central bank,rather than the gold and silver basis as mandated under the Constitution, we opened the door to the degradation of Liberty as was intended under the Constitution. We get what we deserve, for being STUPID!

  • Bob

    In cashless society, how would would precious metals be treaeed? When such is owned by an individual. Suppose a person sells $500,000 of precious metals to buy a house? What problems result?

  • Mike in CT

    If all transaction were electronic it would open the door for an easy “transaction tax”, it could replace sales and income taxes. I can see “just” a 2% tax on all deposits and payments. That would caputure every penny of commerce in the country. Not so good for those in illegal enterprises. I hate taxes and Gov’t but this idea might not be so bad (So long as the total net tax paymetns are not more than they are today for all the various taxes we pay.)

  • Ted Rice

    The government is continually moving towards the point of being able to monitor where everyone is and what they are doing at all times. Of course, the information overload would be enormous and the actual monitoring will be done by computers looking for anomalies, unless the authorities have some other reason to suspect you.
    Clever criminals will figure out how to work just under the limits of triggering an alert.
    Those who try to avoid the banking system will find out their pay has to be directly deposited and they can’t get cash in exchange for it. Hoarded cash will be made worthless by recalling the currency.
    Using an alternative such as gold or silver will probably also be made illegal, though some underground activity will probably go on, particularly in the drug trade.
    Barter will be the only viable alternative, but that is so cumbersome that it will be limited. You have to find out who has something you want and if they want what you have in exchange. Using the internet or even phone system to do so will trigger an alert with the government.

  • Jim

    If the coming solar flare of 2012 smokes every computer in the world,i will believe there is a God.

  • As a small business remodeling contractor, I suppose this makes me have to report down payments, Progress payments and even the final as they happen. IDK if I’m ready for all that extra paperwork.

  • The Grey One

    Every merchant must remember that beginning 1/1/2011 the IRS will require all credit card processors to report all client merchant’s credit card transactions to be reported to the IRS with a 1099 to be sent to the merchants at the end of the year. Everything has got to match or the IRS will confiscate 25% of the merchant’s gross proceeds as means of taxing the transactions. Our morons in Washington did not understand that merchants are taxed on their net not the gross.

    Our legislative morons, when they passed the Obama Care, set up a series of 1099’s that must be reported to the IRS and issued by small and most other businesses that have annual transactions with their customers that are $600 or more.

    The noose of the Government continues to tighten around the neck of Personal Freedom while the Administration thinks that tax credits for small businesses will solve the unemployment problem. Folks, our problems are just beginning.

  • Although I am not religious in any way this article reminds me of a Bible scripture in Revelation ‘ And no man be he great or small was able to buy, sell or trade without the mark of the beast’.

  • David Booth

    Perhaps forgotten……from 1975 to 1979 a communist crazy man named Pol Pot took absolute power and control over Cambodia. He had studied communist doctrine in France and was determined, for the good of his country, to brutally and drastically enforce every communist concept he could think of.

    In just 10 days he forced the capitol city of Phenom Penn to totally evacuate (people were needed to increase rice production 3-fold.) Ladies had their babies along the side of the road, there were no shelters or latrine facilites at the rice paddy sites, people would work till they fell over and died and if anyone complained they were executed with a sharp blow to the lower back of the head (bullets were just too expensive).

    Interestingly, all money was confiscated and outlawed. He had noted bribery and corruption as a big problem….money was the medium of that corruption….so he just totally elliminted money.

    I havn’t begun to touch on the brutalities the Cambodian people suffered…but when he and his thugs were finally driven deep into the mountain jungle, over 1.7 million Cambodians had died from either starvation or murder. That was about 1/5th of the population.

    Mass confusion reigned for years. Private property records had been destroyed, families scattered, there was no medium of exchange and the all important intellectual class from which come doctors, educators, etc…had been executed. There were no schools, nobody knew who owned what or where they should live or what they should do.

    So, going back to our discussion on money…in the middle of all this was the total confiscation of money in any form.

    What do you think?

  • Great article.

    You only left out one very important piece in the “United States” section: Louisiana can no longer use cash in second hand transactions. Just make sure they accept Visa when you go to a garage sale.

    RON PAUL 2012

  • john

    cashed out IRA account that had been in bannk for some 30 years .Am i requitred toeport this cash I own?Some $165000.

    • tom satery

      If a ROTH–no. IF a conventional(non-taxed)–yes, the IRS want their blood.

  • tom satery

    Social Security will stop mailing checks i/i/2013 & will only do direct deposits. They say it is to save money. Or, is it to track YOUR money thru bank transactions? Or,that Oblama wants to tax ALL bank transactions at 1%. That is really 1 in 1 out or 2%—so much for NO TAX INCREASES— IT did promise that before last election. Have you heard of Exect. Order? Oblama has. He’s written a bunch of them. The on on bank transactions was one of them. Another tax & a way to track.

  • tom satery

    As a PS to my above comment. If you can find a copy of ” How to pepare for the coming crash”, please read it as a favor to yourself. I read it in the early ’70s. It has been out of print for 40 years (was a $3.95 paperback when I found it). The writer mentioned that there was five true monies in the world–cash was not one of them. Even tho the book was published 45 year ago the info contained is good for today.

  • This is great news for “The Death Of Cash? All Over The World Governments Are Banning Large Cash Transactions” On the one hand, it is a good thing to catch criminals and terrorists,
    but on the other hand how much privacy and freedom are we willing to
    lose just so that we can feel a little safer

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