JP Morgan Chase recently informed some of its customers that cash cannot be stored in their safety deposit boxes. A letter titled “Updated Safe Deposit Box Lease Agreement”, informed some clients “you agree not to store any cash or coins other than those found to have collectible value.”
Earlier this year J.P. Morgan started restricting the use of cash to make credit card payments, mortgages, equity lines, auto loans and safety deposit use.
James Rickards in “Death of Money”predicts a cashless society where everything is paid digitally. It is said that this October. A time when the major conversion will begin. Most major businesses will be set up to receive digital payments initiated by cell phones.
In theory, this gives the US government carte blanche to monitor all transactions you make in freeze any of your accounts.
We would hope this would lead to a Cyprus type situation of bailing in banks keep them stable.
Baja is becoming more beautiful by the day.