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What I find hysterical is all these transactions are more or less handled by automated computers and the banks are whining that the cost of processing them won't be worth their time.
PRESIDENT'S PRIVATE SECTOR SURVEY ON COST CONTROL
[The first twelve, m/l, pages]
A REPORT TO THE PRESIDENT
With two-thirds of everyone's personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the Federal debt and by Federal Government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their Government.... www.uhuh.com...
Credit Card Payments to be Reported to the IRS Beginning 2011
Banks and other payment settlement services will need to report gross annual receipts for each merchant. The income reporting will apply to "any transaction in which a payment card is accepted as payment" (new Internal Revenue Code section 6050W(c)(2)).
...Olson says there is cause for concern about identity theft with the new 1099s, given the fact tens of millions of taxpayers will need to give out personal Social Security numbers or taxpayer identification numbers [TINs] to complete 1099 forms. “There could be identity theft concerns, especially if TINs essentially become public through routine printing on receipts,” TAO Olson says. slumz.boxden.com...
Don't believe banks create the money they lend? Neither did the jury in a landmark Minnesota case, until they heard the evidence. First National Bank of Montgomery vs. Daly (1969)... Daly, an attorney representing himself, argued that the bank had put up no real money for his loan...Drexler hadn't given much credence to the theory of the defense, until Mr. Morgan, the bank's president, took the stand. To everyone's surprise, Morgan admitted that the bank routinely created money "out of thin air" for its loans, and that this was standard banking practice. "It sounds like fraud to me," intoned Presiding Justice Martin Mahoney amid nods from the jurors. In his court memorandum, Justice Mahoney stated... www.webofdebt.com...
In 1976 A typical American CEO earned 36 times as much as the average worker. By 2008 the average CEO pay increased to 369 times that of the average worker. timelines.ws...
.... New money does not appear magically in equal percentages in all people's bank accounts or under their mattresses. Money spreads unevenly, and this process has varying effects on individuals, depending on whether they receive early or late access to the new money
It is these losses of the groups that are the last to be reached [the labor class] by the variation in the value of money which ultimately constitute the source of the profits made by the mine owners [or bankers issuing fiat credit] and the groups most closely connected with them.
This indicates a fundamental aspect of Mises's monetary theory that is rarely mentioned: the expansion or contraction of money is a zero-sum game.... changes in the money supply inescapably have the characteristic features of a zero-sum game. Some individuals are made better off by an increase in the money supply; others are made worse off. The existing money is an example of a "fixed pie of social value." Adding to the money supply does not add to its value.
Mises on Money: www.lewrockwell.com...
The concept of "death of money" refers to a fundamental change in the nature of business transactions based on a complex, electronically managed system of valuations used for stocks, bonds, insurance policies, and other financial contracts that go beyond the simple, historic notion of money representing physical gold reserves. The Death of Money is a book (1994) where Joel Kurtzman reported that the digitization, or virtualization, of capital was causing a disconnect from reality that threatened financial anarchy.
Originally posted by thegoods724
I dont see why they would decline purchases over 50 dollars, just use a credit card and get rewards points. The only people it will effect are the businesses you buy things from who could get away with it costing the business less to use debit. No one should be using debit theres no point, unless you do so to not make the banks richer.
If this happens I'll just move to cash....
....Innocent owners who are never charged with a crime still must prove their innocence in complex proceedings, where many cases are lost before even coming to trial. Most forfeiture cases are never contested, in part because contesting the proceedings can cost more than the value of what's been confiscated. "The average vehicle siezed is worth about $4,000," states FEAR president Brenda Grantland, Esq. "To defend a case, especially when you're out of state, they've pretty much made it cost prohibitive."
Under civil asset forfeiture laws, the simple possession of cash, with no drugs or other contraband, can be considered evidence of criminal activity.
Originally posted by Whereweheaded
Now I dont have documented proof for you fellow readers, but I do have a summarized story that occurred to me.
* Went to gun store in Nv.
* Bought 2k rounds of 7.63x 39 for my AK-47
* bought 2k rounds for my 9mm
* bought a 75 rd drum for the AK
* Tactical Vest was purchased as well
* along with extra high capacity mags
Originally posted by thegoods724
No one should be using debit theres no point, unless you do so to not make the banks richer.
Originally posted by Fractured.Facade
Damn, if this happens people will actually start carrying cash again.
Lets hope the fed has enough new bills printed and ready.
Originally posted by ProtoplasmicTraveler
The article might be better titled “The Empire Strikes Back” as your not so local and not so friendly neighborhood bankers decide to start getting ‘even’ for all the fees that they once charged being eliminated or reduced by the government.
It used to be that Banks could hardly cross state lines, let alone the Mississippi, and they pretty much had to make their money through being fortunate enough to wisely invest their depositor’s money and realizing a profit on that.
However since deregulation began back in the 80’s they went on a fee binge that netted them billions of dollars a year in profits for basically doing nothing at all except the services that they once provided when there was true competition in the industry to lure customers and depositors.
Now with just a few Mega Banks dominating the U.S. landscape they have become as predatory and dictatorial as any other Monopoly and it looks like they are going to flex their collective muscles over reductions in the bank interchange fees collected from merchants on debit card transactions.
It appears they are banking (no pun intended) on the threat of capping Debit Card Transaction Limits to frighten lawmakers into repealing some of the new laws, or customers into accepting new fees for using Debit Cards.
The only things more broken and dysfunctional than the American Government are the big corporations.
Where and when and how do we ever get sanity and control of our lives back?
Bluff or promise?
(visit the link for the full news article)
Originally posted by snowspirit
Up here, withdrawal from a ATM is $1000 per day, depending on the bank, and purchase with a debit card is unlimited because as long as the funds are in the bank, the card will go through.