{"id":1180779,"date":"2020-04-27T16:30:18","date_gmt":"2020-04-27T21:30:18","guid":{"rendered":"https:\/\/dailyreckoning.com\/?p=109293"},"modified":"2020-04-27T16:30:18","modified_gmt":"2020-04-27T21:30:18","slug":"war-on-cash-kicking-into-overdrive","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1180779","title":{"rendered":"War on Cash Kicking Into Overdrive"},"content":{"rendered":"

This post War on Cash Kicking Into Overdrive<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n

In the depths of the 2008\u201309 financial crisis, Obama\u2019s first chief of staff, Rahm Emanuel, remarked that one should never let a good crisis go to waste. You probably recall him saying that.<\/p>\n

He was referring to the fact that crises may be temporary but hidden agendas are permanent.<\/p>\n

The global elites and deep state actors always have a laundry list of programs and regulations they can\u2019t wait to put into practice. They know that most of these are deeply unpopular and they could never get away with putting them into practice during ordinary times.<\/p>\n

Yet when a crisis hits, citizens are desperate for fast action and quick solutions. The elites bring forward their rescue packages but then use these as Trojan horses to sneak their wish list inside.<\/p>\n

The War on Cash Is Decades Old<\/b><\/h2>\n

The USA Patriot Act that passed after 9\/11 is a good example. Some counterterrorist measures were needed, of course. But the Treasury had a long-standing wish list involving reporting cash transactions and limiting citizens\u2019 ability to get cash.<\/p>\n

They plugged that wish list into the Patriot Act and we\u2019ve been living with the results ever since, even though 9\/11 is long in the past.<\/p>\n

Obviously, the effort to eliminate cash is hardly new. It has been going on for many years and in many forms.<\/p>\n

The U.S. discontinued the use of large-denomination bills in the late 1960s. Until 1969, $500, $1,000, $5,000 and even $10,000 bills were issued, even though they were printed decades earlier.<\/p>\n

Today the largest bill is a $100 bill, but it has lost 80% of its purchasing power since 1968, so it\u2019s really just a $20 bill from those days. Europe has ended the 500-euro note and today the largest note in euros is 200 euros.<\/p>\n

Ignore the Official Reasons<\/b><\/h2>\n

Harvard professor Ken Rogoff has a book called The Curse of Cash<\/i>, which calls for the complete elimination of cash. Many Bitcoin groupies say the same thing. Central banks and the IMF are all working on new digital currencies today.<\/p>\n

The reasons for this are said to include attacks on tax evasion, terrorism and criminal activity. There\u2019s some truth to these claims. Cash is anonymous, so it can\u2019t be tracked.<\/p>\n

But the real reason is because the elimination of cash would allow elites to impose negative interest rates, account freezes and confiscation.<\/p>\n

They can\u2019t do that as long as you can go to your bank and withdraw your cash. That\u2019s the key.<\/p>\n

In other words, it\u2019s much easier for them to control your money if they first herd you into a digital cattle pen. That\u2019s their true objective and all the other reasons are just a smokescreen.<\/p>\n

And now, predictably, the latest attack on cash comes courtesy of the COVID-19 pandemic.<\/p>\n

Crisis Meets Opportunity<\/b><\/h2>\n

This crisis is even larger and scarier than the 2008 crisis, which gives elites even more opportunity to ram their agendas through without serious opposition. They don\u2019t intend to let it go to waste.<\/p>\n

Sure enough, government agents and tech vendors are now claiming that cash is \u201cdangerous\u201d because it could contain traces of the coronavirus.<\/p>\n

While that\u2019s not impossible, it\u2019s highly unlikely and no more likely than getting the virus from 100 other sources including package deliveries and shopping carts.<\/p>\n

Should we ban cardboard boxes and shopping carts too?<\/p>\n

If you\u2019re really concerned about getting coronavirus from cash, it\u2019s simple to wear sanitary gloves during any transactions (I do). Then put the cash to one side. The virus cannot live more than 10 hours or so on an inorganic surface. After a while, your cash is safe.<\/p>\n

But if you get scared into giving up cash because of COVID-19, then don\u2019t complain when you find that your financial freedom is also gone when the world moves to 100% digital money.<\/p>\n

Because that\u2019s the endgame here.<\/p>\n

How to Protect Your Wealth<\/b><\/h2>\n

The time to protect yourself is now. The best way is to keep a portion of your wealth outside of the banking system.<\/p>\n

I strongly recommend that you own physical gold (and silver). I recommend you allocate 10% of your investable assets to gold. If you really wanted to be aggressive, maybe 20%. But no more.<\/p>\n

Just make sure you don\u2019t store it in a bank, because it would be subject to confiscation. That defeats the whole purpose of having this sort of protection in the first place.<\/p>\n

One Small Positive<\/b><\/h2>\n

As bad as the COVID-19 crisis is, and it is that bad, there\u2019s one small positive to come out of it: It\u2019s finally snapped investors out of their complacency regarding gold.<\/p>\n

I recommended gold at $1,100 per ounce, $1,200 per ounce, $1,300 per ounce, $1,400 per ounce, $1,500 per ounce and so on… you get the picture.<\/p>\n

But few people cared. They just yawned. Now that gold is $1,750 per ounce (up 75% since 2015), everyone wants gold!<\/p>\n

There\u2019s only one problem. You may not be able to get any.<\/p>\n

That\u2019s also something I predicted. I said years ago that when you most want your gold, you won\u2019t be able to get it because everyone will want it at the same time and the dealers will be back-ordered and the mints and refiners will shut down.<\/p>\n

Now it appears that\u2019s exactly what\u2019s happening.<\/p>\n

The U.S. Mint at West Point is closing. That mint produces 1-ounce American Gold Eagle coins, so this will add to the shortage of Gold Eagles. The Royal Canadian Mint also closed for coin production temporarily a few weeks ago.<\/p>\n

Gold refiners in Switzerland are either closed or are operating on reduced hours. Gold logistics firms like Brink\u2019s are also cutting back hours and reducing distribution of gold bullion.<\/p>\n

You Still Have a Chance<\/b><\/h2>\n

It\u2019s still possible to find some gold bars or coins from dealers who have inventory, but delays are long and commissions are high. The scarcity factor will only get worse as gold prices continue their rally in this third great bull market in history that began in 2015.<\/p>\n

Gold is difficult to get now but not impossible. If you don\u2019t have yours yet, don\u2019t wait any longer.<\/p>\n

If you have to pay a bit of a premium for physical gold over the officially listed gold price, don\u2019t worry about that. It means nothing in the long run.<\/p>\n

I see gold going to at least $10,000 an ounce ultimately, so paying a little more right now is not an issue. It\u2019s just an indication of the skyrocketing demand for physical gold right now.<\/p>\n

When the next panic hits, and it will hit, there won\u2019t be any gold available at any price.<\/p>\n

Regards,<\/p>\n

Jim Rickards
\nfor The Daily Reckoning<\/i><\/p>\n

The post War on Cash Kicking Into Overdrive<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

This post War on Cash Kicking Into Overdrive<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n

Elites don’t intend to let this crisis go to waste… “And now, predictably, the latest attack on cash comes courtesy of the COVID-19 pandemic”…<\/p>\n

The post War on Cash Kicking Into Overdrive<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[3884,3724,366,465,4074,719,463],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1180779"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1180779"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1180779\/revisions"}],"predecessor-version":[{"id":1180780,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1180779\/revisions\/1180780"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1180779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1180779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1180779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}