Dear Subscribers, I wanted to share a valuable experience with you that occurred to me yesterday at a prominent bank that has ‘America’ in it’s name. I went to make a deposit into a subcontractors account to pay for labor. As I normally do, I went to into the bank to pay him from my debit card via cash advance. I do not have an account with the said bank. I have all of his correspondence and filled out the deposit slip, and was informed that the transaction would not be accepted.
The teller informed with me that the banks new policy was that debit cards from a third party bank could no longer be used for cash advances and deposited into a third party account because of money laundering concerns, which is actually currency laundering as we all know money is gold and silver. But I didn’t feel the need to digress and share that with the teller.
Before I exited the bank there was an ATM inside which was visible to the teller, and I withdrew the funds and returned to the teller. She would/could not accept cash from their own ATM! ! ! Keep in mind I did not request any information from his account as I have deposited to this person previously.
Question, if I was laundering currency, wouldn’t it be best for law enforcement to have both accounts on record for the transaction? I want to be responsible in my remarks and state I don’t believe the system is going to crash tomorrow and the currency will collapse and that we all need to run to the hills. What I am stating, however, is if a national bank is denying cash transactions then regional and local banks will follow. Which leads to a bigger concern that we are all too familiar with and that is there is something unstable with our currency. This a rather extreme action for banks to take by not accepting cash. Although I have no definitive proof, it has been my speculation that the Federal Reserve wants you digital and cashless.
When not if, we have systemic failures, think of a state of emergency when a hurricane hits a region, those that are digital dependent risk not being able to transact for gas, food, and medicine because the consumers’ dependency on being able to transact digitally. Conversely, consumers aren’t alone, businesses as well don’t have the financial wherewithal to transact in fiat currency for their daily transactions.
My solution is owning precious metals and having currency outside the bank. I love the virtues of being analog! In doing so, I am independent, not dependent. But you must be wise in your allocation. Realizing that businesses are becoming cash deficient you should have currency in denominations of 1 or less meaning coinage. You’ll have to forgive me for not saying 1 dollar because a dollar is 371.25 grains of silver per the 1792 Coinage Act and has never been repealed. So denominations equal to or less than 1. Therefore, you won’t risk not being able to receive change back on your transaction.
I would advocate the same discipline to you Precious Metals Portfolio and go divisible. I procure 1 ounce government minted coins. Why? Divisibility affords me opportunities to transact. Not to mention, I travel around the world and customs forms have to recognize the denomination of my government minted coins versus the spot price when entering their country, versus a round must be declared equal to the spot price. Remember, Precious Metals serve as the ultimate financial insurance as they are not financial derivatives, but rather are payment in full!
Although no currency is backed by gold, currency is a derivative of money, all you need to do is ask why do the Central Banks of first world nations hold gold? Alternatively, what do third world central banks not have? I have always found it interesting that in the U.S. our Mint produces Gold, Silver, Platinum, and now Palladium, and the die has a denomination on it, yet they won’t allow them to circulate in the banks. Because the Federal Reserve through the U.S. Mint understands the valuation discrepancy and difference between currency and money. Click Here to find out what happened when I called the Federal Reserve and the Bureau of Engraving and Printing when I inquired why the word money was not printed on our currency!
Call to Action: Be responsible and independent. Act while you don’t have competition and make it easy on yourself. Pay yourself first! Make it a habit to allocate 10% of what you earn towards savings and your saving should be 90% Precious Metals and outside of the banking system. Strongly consider opening an account at one of our offshore depositories or safe deposit accounts. Get some cash and keep it divisible. If you have further inquires you may reach me at Maurice@milesfranklin.com or 919.274.5680. Wishing you a prosperous 2018!