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Must Read: Hidden in Bailout Bill

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posted on Oct, 3 2008 @ 01:50 PM
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Must Read: Hidden in Bailout Bill


www.tickerforum.org

So there it is, banks no longer have to keep even a small amount of peoples bank accounts available as cash. They don’t have to fail, they can just say they are out of cash today. Your money is still there, FDIC does not kick in, but they just stop giving out money.
(visit the link for the full news article)




posted on Oct, 3 2008 @ 01:50 PM
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Banks are no longer required to keep cash on hand for deposits made - please read the info in the link above! It looks like a lot to digest but the OP does a great job walking the reader through the bill.

And yes, folks. This passed today. I'm not going to comment any further - I just hope as many people as possible read this

(thanks ATS and tickerforum)

www.tickerforum.org
(visit the link for the full news article)



posted on Oct, 3 2008 @ 02:23 PM
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OK, so if this is the case, does that mean you could effectively have a personal check rejected even though you have plenty in the account to cover the transaction and then be stuck with fees from whoever you wrote said check to?



posted on Oct, 3 2008 @ 02:39 PM
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reply to post by burdman30ott6
 


It doesn't quite work like that. When you write a check that "money" isn't always actual money. It is backed by the number of dollars that the computer and balance sheets say are in your account.

Banks don't have all of the money that depositors have put in because they have lent most of it out PLUS the leverage ration they are permitted (usually 9 times whatever real liquidity they have). This all works fine until EVERYONE withdraws their money only to find out there is not enough to cover it.



posted on Oct, 3 2008 @ 02:45 PM
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Do you guys have debit all over America yet? In Canada its completely nation wide, and almost nobody carries cash anymore (at least nobody with a steady job). The most common form of payment I see is completely electronic. Straight from the vendor to the bank, no cash involved.

I see this section of the bill as the excuse now to implement electronic currency in America.



posted on Oct, 3 2008 @ 03:00 PM
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Look where this OP got the information: He acknowledges this on page 2 of the source post.

www.dailypaul.com/node/66109

He's probably one of the few legislators that understood the bill. It is just downright irresponsible to agree to something you don't understand. Everyone who voted "yes" should pat themselves on the back when the manure hits the fan. Gee, were going to hear their lame excuses all over the place. Sheeple legislators who let their buddies including both presidential candidates convince them to vote for this bill.

[edit on 10/3/2008 by sad_eyed_lady]



posted on Oct, 3 2008 @ 03:02 PM
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Another move to the New World Order cashless society.
A MAJOR step was taken today by those that really run things.
Be afraid. Be very afraid.



posted on Oct, 3 2008 @ 03:06 PM
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So I don't have to crosspost, here are my thoughts on the sneaky 0 reserve move from Monday.

Hyperinflation, here we come!



posted on Oct, 3 2008 @ 03:07 PM
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Starred and flagged. Word is spreading like wildfire and I doubt the cash machines will have anything left by sunday.....



posted on Oct, 3 2008 @ 03:12 PM
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Originally posted by FlyersFan
Another move to the New World Order cashless society.
A MAJOR step was taken today by those that really run things.
Be afraid. Be very afraid.



This just hit the nail on the head. They are moving to a cashless society and the only thing missing is the 666 stamped on our foreheads!



posted on Oct, 3 2008 @ 07:33 PM
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Makes sense to me....

Cash is something that requires equipment and labor to print...is very expensive to stay ahead of counterfeiters so those costs have to be factored in as well as the absence of accountability.

The government doesn't know how much money I have stashed under my bed.

So with electronic currency, comes complete transparency and accountability...a record generated for every purchase made etc etc...

Which will make cash (the paper) somewhat of a comodity to be used for bargaining.

Until they make cash non transferable.



posted on Oct, 3 2008 @ 07:35 PM
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Just because they're no longer required to does not mean they won't. Do they, and you, really expect people to pay for items under $1 with a debit or credit card? Don't forget, time is money, and in my experience it takes a lot longer to swipe my debit card, type my in pin number, and get a receipt, than to hand the cashier a $1 bill and be on my way.

Besides, what would drug dealers do?


Honestly, I think there would be guaranteed riots if banks suddenly stopped carrying cash. This may the beginning of a move to eliminate cash, but it's not going to happen suddenly out of the blue

[edit on 3-10-2008 by Marius Blackwood]



posted on Oct, 3 2008 @ 07:59 PM
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Originally posted by Marius Blackwood
Just because they're no longer required to does not mean they won't. Do they, and you, really expect people to pay for items under $1 with a debit or credit card? Don't forget, time is money, and in my experience it takes a lot longer to swipe my debit card, type my pin, sign whatever I have to sign if needed, and get a receipt, than to hand the cashier a $1 bill and be on my way.



The current financial industry propaganda certainly would want you to believe otherwise.





"Life takes faster money"

Those may be the scariest words of out generation.....




[edit on 3-10-2008 by DisabledVet]



posted on Oct, 3 2008 @ 08:04 PM
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I need to get myself one of those Visa Checkcards
. I had completely forgot about those commercials.

Still, people accept change much easier if it's gradual. This may be the beginning of the end of hard cash, but it's certainly not the begging AND the end. In my opinion at least.



posted on Oct, 3 2008 @ 08:09 PM
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- "Hi, I'd like to see the money I deposited"
"I'm... sorry?"
- "I'd like to see it. Feel it between my fingers"
"I'm sorry, but that is not posible, sir"
- "Not posible? But I put the money into this bank... in cash...?"
"Don't worry, sir. The money is safe here with us."
- "Well, good. Then you must be able to show me it?"
"I'm sorry, sir. You're just going to have to trust us."

0's and 1's... is that not tangible enough for you? How do you think this computer works.

It's kinda a curious how everything around us is being digitized. Turn something so tangible into something so abstract.
We no longer need to see it to believe. We just need to have it repeated enough times till it sticks.



posted on Oct, 3 2008 @ 08:34 PM
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Believe the screens. The screens are real. The screens know who you are and what you like. Trust the screens...love the screens...remember Saturday morning cartoons they were so funny so much fun. The screens are fun!



posted on Oct, 3 2008 @ 08:35 PM
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This is the welcoming party for RFID Cards

Welcome to slavery sorta

on a more optimistic note. It is a good idea that they do this. It keeps them from giving money they dont have and keeps inflation down etc. Who knows the end result.



posted on Oct, 3 2008 @ 10:34 PM
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For the last few years, I have been using a pre-paid credit card from Western Union whenever I need to make a computer purchase. I get my paycheck, cash it, then maybe put a little on the card if I need to order something online. This way they don't end up screwing with my money and I still have most of my money safe with me or in my house. I dont have any limits on how much I have to keep in it, and I think I can put as minimum as $5-$15 when I put it on there.

One downside though, is traveling. A lot of hotels you need a major credit card for a deposit, you also need a major credit card when renting a car.



posted on Oct, 3 2008 @ 10:47 PM
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Originally posted by secretstash They are moving to a cashless society and the only thing missing is the 666 stamped on our foreheads!


Gee, a friend of mine helped develop the debit system, working for Bank of Montreal. Guess I'd better let her know she's an agent of Satan.



posted on Oct, 3 2008 @ 11:08 PM
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I don't quite get where all the paranoia is coming from. Banks already keep a very low percentage of deposits as cash.

If you want to re-assure yourself with physical cash, then you'd be assuming a piece of paper holds value. And that is just the point here; money is nothing more than a belief that some value is stored in it, in particular when you are dealing with fiat money. Whether you have faith in a piece of paper or some numbers in a computer, I really don't see the difference.




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