{"id":7564,"date":"2015-04-25T07:11:18","date_gmt":"2015-04-25T12:11:18","guid":{"rendered":"http:\/\/olduvai.ca\/?p=7564"},"modified":"2015-04-25T07:11:18","modified_gmt":"2015-04-25T12:11:18","slug":"the-war-on-cash-migrates-to-switzerland","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=7564","title":{"rendered":"The \u201cWar on Cash\u201d Migrates to Switzerland"},"content":{"rendered":"<h3 class=\"art-postheader\"><a title=\"Permanent Link to The \u201cWar on Cash\u201d Migrates to Switzerland\" href=\"http:\/\/www.acting-man.com\/?p=37037\" rel=\"bookmark\">The \u201cWar on Cash\u201d Migrates to Switzerland<\/a><\/h3>\n<p><strong>Banks Increasingly Refuse Cash Withdrawals \u2013 Switzerland Joins the Fun<\/strong><\/p>\n<p>The war on cash is proliferating globally. It appears that the private members of the world\u2019s banking cartels are increasingly joining the fun, even if it means trampling on the rights of their customers.<\/p>\n<p>Yesterday we came across an\u00a0<a href=\"http:\/\/www.zerohedge.com\/news\/2015-04-23\/largest-bank-america-joins-war-cash\">article at Zerohedge<\/a>, in which Dr. Salerno of the Mises Institute notes that JP Morgan Chase has apparently joined the \u201cwar on cash\u201d, by \u201c<em>restricting the use of cash in selected markets, restricting borrowers from making cash payments on credit cards, mortgages, equity lines and auto loans, as well as prohibiting storage of cash in safe deposit boxes<\/em>\u201d.<\/p>\n<p>This reminded us immediately that we have just come across\u00a0<a href=\"http:\/\/www.srf.ch\/news\/wirtschaft\/negativzins-bank-verweigert-pensionskasse-bargeld-auszahlung\">another small article in the local European press<\/a>(courtesy of Dan Popescu), in which a Swiss pension fund manager discusses his plight with the SNB\u2019s bizarre negative interest rate policy. In Switzerland this policy has long ago led to negative deposit rates at the commercial banks as well. The difference to other jurisdictions is however that negative interest rates have become so pronounced, that it is\u00a0<em>by now worth it to simply withdraw one\u2019s cash and put it into an insured vault<\/em>.<\/p>\n<p>Having realized this, said pension fund manager, after calculating that he would save at least 25,000 CHF per year on ever CHF 10 m. deposit by putting the cash into a vault, told his bank that he was about to make a rather big withdrawal very soon. After all, as a pension fund manager he has a fiduciary duty to his clients, and if he can save money based on a technicality, he has to do it.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<div><\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The \u201cWar on Cash\u201d Migrates to Switzerland Banks Increasingly Refuse Cash Withdrawals \u2013 Switzerland Joins the Fun The war on cash is proliferating globally. It appears that the private members of the world\u2019s banking cartels are increasingly joining the fun, even if it means trampling on the rights of their customers. Yesterday we came across [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[1035,951,1154,948,775,4927],"class_list":["post-7564","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-cash","tag-currency","tag-interest-rate-policy","tag-jp-morgan-chase","tag-switzerland","tag-war-on-cash"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7564"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7564\/revisions"}],"predecessor-version":[{"id":7565,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7564\/revisions\/7565"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}