Our (Not So) Safe Deposit Boxes--Will Texans Ride to the Rescue?

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Our (Not So) Safe Deposit Boxes--Will Texans Ride to the Rescue?

 

JUNE 2, 2015 Joseph T. Salerno

 

As I reported recently, banks are beginning to collaborate in the campaign by governments to stamp out the use of cash among the public. Chase, for example, rolled out a new program in several markets in March that restricts borrowers from using cash for making payments on credit cards, equity lines, mortgages and auto loans. Even more troubling is Chases' revised policy governing the use of its safe deposit boxes. In a letter dated April 1, Chase informed its customers of the new policy, which included the following provision: "You agree not to store any cash or coins other than those found to have a collectible value."

 

Jeff Thomas provides a provocative and worrisome speculative narrative on this development over at International Man. According to Thomas, if and when the War on Cash finally succeeds in channeling all transactions through the banking system,