"In the most ironic story of the day, the company that makes the paper that Swiss banknotes are printed on was just bailed out by the money-printing, stock-purchasing, plunge-protecting, savior-of-global equities...Swiss National Bank."
"Marvin Goodfriend thinks there should be a robust negative interest rate placed on cash. For example, if there was a -10% interest rate on cash, your $10 bill would actually be worth only $9. It is basically a penalty for using cash. The excuse is that this will stabilize the economy by keeping more capital in the banks. It means banks, and by extension, the Federal Reserve, have more control over your money. The gold standard, Goodfriend argues, was also an encumbrance on monetary policy, 'destabilizing' prices."
"He only got a $25 ticket for improperly wearing his seat belt and a warning for 'lane use.' But Wyoming law enforcement officers found and eventually seized the $91,800 in cash, as it was hidden in a speaker cabinet — by getting Parhamovich, under what he claims was duress, to sign away his interest in the money through a waiver. He has since tried to get his money back. But state law enforcement officials have rejected his pleas. Responding to a request for records related to Parhamovich’s case, state officials said they consider the cash 'abandoned.' The state has even moved to forfeiture the money without notifying Parhamovich of the relevant court hearing until after it happened."
"As decades have passed since the fall of the Soviet Union, romanticism is deep-sixing the bitter facts of the lives people in communist regimes were forced to live. But any economic system that forces lions to go vegan should never be forgiven."
"Venezuelans living with hyper-inflation and a scarcity of cash for buying daily goods will soon have the country's largest paper bill circulating in recent history. The country's president announced Wednesday that the new 100,000- bolivar note will hit the streets this week. It will be worth less than $2.50 in U.S. currency in black market dealings. In a nationally broadcast appearance, President Nicolas Maduro held up the new paper bill, while also unveiling a 30 percent boost to the minimum wage. The new denomination is stop-gap measure in an economic plan by Maduro's government aimed at doing away with the need for paper money."
"After the gas station went under, and Kwon’s wife died amid the stress of it all, after he moved from his neighborhood in shame and the Internal Revenue Service changed its policy so no other small business would get steamrolled this way — the agency won’t give Kwon his money back. That’s $59,117.47 the IRS is holding on to. As recently as August — the last time Kwon, now 73, asked for his money back — the IRS said no. He’s heartbroken that the country he loves is treating him this way."
"Raghuram Rajan left the central bank last September after unnerving political leaders with his outspoken nature. Several months later, Modi blindsided the nation by scrapping 86 percent of currency in circulation, saying the move was essential to unearth unaccounted wealth and fight graft. Since then, speculation has raged over who thought up the policy, with the debate getting more divisive last week as a slew of data showed demonetization contributed to a growth slump without meeting its targets."
"Indians have deposited nearly all the currency bills voided by Prime Minister Narendra Modi, denting the central bank’s profit and dealing a blow to his drive to unearth unaccounted wealth. The cash ban prompted the central bank to print new currency, reducing its profit and cutting annual dividend payout to the government by half."
"The police took more than half of the state’s median yearly income from someone because a dog sat next to their car. If you think this is a horrific injustice, you should feel relieved to know the overwhelming majority of Americans agree with you. Civil asset forfeiture is the formal name for this form of state sanctioned theft." Continue reading →
"Have too much cash? You’d better tell the government. If not, they’re authorizing themselves in this bill to seize not just the money you didn’t report, but ALL of your assets and bank accounts. They even go so far as to specifically name 'safety deposit boxes' among the various assets that they can seize if you don’t fill out the form." Continue reading →