War On Cash

The DEA’s $4 Billion Warrantless Cash Grab

"Federal law enforcement officers are raking in hundreds of millions of dollars a year with little oversight or constitutional protections for property owners. Most of these types of seizures are never challenged. The I.G. found petitions were filed in only 20 percent of the DEA cash seizures it reviewed. Of those that were challenged, though, 40 percent saw money fully or partially returned to the owner, indicating that there may be a significant number of unfounded seizures going unchallenged." Continue reading →

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IRS deliberately targeted innocents for civil forfeiture program

"The Treasury Inspector General released a report this month that reveals that the IRS deliberately targeted people they knew were not engaged in structuring for millions of dollars' worth of seizures, such that 91% of seizures were made in error, taking money away from people engaged in lawful activity. These seizures were 'quick hits' that allowed IRS enforcers the rack up impressive resolution stats because the victims were happy to negotiate a settlement, as opposed to actual criminal acts. The result: for the IRS, depositing $10,000 or more was an inherently suspicious act; but so was depositing $10,000 or less." Continue reading →

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DEA Seized $3.2 Billion From People Since 2007 Without Charging Any Crime

"Common red flags for passengers are 'traveling to or from a known source city for drug trafficking, purchasing a ticket within 24 hours of travel, purchasing a ticket for a long flight with an immediate return, purchasing a one-way ticket, and traveling without checked luggage.' DEA agents then detain and question travelers with large amounts of cash, and, if they determine the money is linked to drug activity, seize it, even if there is no hard evidence that it is connected to illegal activity. As the Inspector General notes, these agents 'rely on their immediate, on-the-spot judgment.' The passenger is then released, bereft of money but otherwise free to go." Continue reading →

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IRS Seized $17 Million From Innocent Business Owners Using Asset Forfeiture

"The full scope of the cash seizures—and the overwhelming amount of cases involving innocent people—have not been revealed until now. The inspector general found money seized and forfeited by the IRS was legally obtained in 91 percent of a sample of 278 structuring investigations it reviewed occurring between fiscal years 2012 and 2014. Altogether, those funds totalled $17.1 million and involved 231 cases." Continue reading →

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How can anyone trust banks?

"What I’m about to tell you is a true story. And by the end of it, I hope it will be pretty clear that we’ve been programmed to put far, far too much trust in the banking system. As my story will show you, they act with a sanctimonious sense of self-entitlement… that it’s no longer YOUR money in the bank. It’s their money. And they’re going to do whatever they damn well please with it." Continue reading →

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India Bank Adviser Proposes Regular, ‘Surprise’ Cash Bans

If these academics have their way, government-backed paper money will further approach its intrinsic value - zero. They hope that this will drive cash-based savings into bank deposits, which generate fee revenue and a source of leverage for the banks while at the same time supplying governments with taxes and police oversight of citizens' financial lives. However, governments attempting to eliminate cash usage risk destroying trust in the 'coin of the realm', leading to cash-based savings being moved into assets such as real estate, precious metals, and cryptocurrencies instead of bank deposits. Continue reading →

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India’s Cash Ban Leaves At Least 47 Dead, So Far

"Eight days into demonetisation, the death toll has reached 47. These are confirmed deaths reported in the national media. The number of unreported deaths may be higher. While most deaths are of the elderly waiting in long bank queues, there are quite a few suicides, especially of housewives." Continue reading →

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Ban $100 bills to tackle crime: Ex-bank chief

"He argued that high-denomination notes in high-value currencies were little used other than for crime, with people in most parts of the world favoring cash for small payments and electronic alternatives like credit cards or Paypal for bigger ones. As such, Sands called for the elimination of the 500 euro note, £50 bill and 1,000 Swiss franc bill and the $100 note. Depending on the country, tax evasion robs the public sector of anywhere between 6 percent and 70 percent of what authorities reckon they should collect, Sands added. He said that global financial crime flows amounted to $2 trillion per year, with corruption accounting for another $1 trillion." Continue reading →

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