By Bloomberg – Re-Blogged From Newsmax
Big Oil’s big payday has finally arrived. The question now is how to spend the extra cash.
Investors will be reading the third-quarter tea leaves to discern whether executives plan to boost dividends and buybacks, hike spending on shiny new mega projects, or perhaps even do both.
What they do know is that fresh sources of oil and gas are needed over coming decades to meet the world’s insatiable demand for energy. Spending too much would defy the new-found commitment to financial discipline, while spending too little could choke new supplies and raise crude prices. Higher prices, in turn, may brighten the appeal of green technologies that would hasten the industry’s demise.
On November 8, 2016, Indian Prime Minister Narendra Modi dropped a bombshell. In a televised address at 8:00 pm, he declared that after midnight—four hours later—banknotes with face values of INR500 (US$7.50) and INR1,000 (US$15) would no longer be legal tender.
These bills comprised 86% of the monetary value of currency in circulation, so to say that panic ensued would be an understatement. The market stayed open all night as people rushed to buy gold, Rolex watches, and anything else they could get their hands on to use up their cash.
During the next two weeks, gold traded for as much as US$3,000 per ounce, a premium of almost 100% to the international price. Foreign currencies traded at similar premiums.
Soon, Indian tax authorities descended on the gold market, confiscating security camera recordings to identify any transaction that might have bypassed taxation. They were raiding people’s houses with abandon.
By Andy Sutton – Re-Blogged From http://www.Silver-Phoenix500.com
Many decades ago you could walk into almost any bank with a bundle of cash and exchange it for a predetermined amount of gold and/or silver. Cash was used because of its portability, light weight, and the confidence of the citizenry that it was as good as gold. I’m sure you already know where this is going. Fast forward to present day and look around you at the plight of cash. It is now redeemable for nothing, is essentially worth nothing, has zero intrinsic value, and despite ludicrous measures, is rather easily counterfeited. So the question I’m going to pose is this: Why oh why would banks, the USGovt, and the global establishment want to outlaw and abolish something that is already a proxy for slavery and servitude? The dollar (and all paper currency for that matter) has already fulfilled its predestined purpose. A dollar buys a nickel’s worth – quite literally – and still people will break their backs, sacrifice their families, and even take the life of another all in the pursuit of pieces of paper. Why is the establishment so against cash?
By Graham Summers – Re-Blogged From http://www.Gold-Eagle.com
More and more analysts are beginning to take note of the “War on Cash.” However, they’re missing the fact that the actual template for what’s coming to the US first appeared in Europe back in 2012.
Back in March of 2012, when the EU Crisis first began to spin out of control, then Prime Minister of France Nicolas Sarkozy openly called for the renegotiation of the Schengen Treaty: the treaty that established the 26-nation EU as a “borderless” entity in which individuals could move from one country to another with little difficulty and which also made trade among EU members easier.
Re-Blogged From Gold Silver Worlds
I am often asked what we would do if, for example, the US comes out with a confiscation order. My reply is: We would do nothing whatsoever! Why? Quite simply, because no one in Switzerland has the political power to execute such an order! Even if Swiss politicians would support such a confiscation order, the Swiss people would likely have the final vote. I am confident that any such confiscation order wouldn’t have any chance to reach a majority in Switzerland, especially when it concerns assets held outside the banking system such as physical precious metals. Even in the unlikely case that it would be accepted, the vote would take at least twelve months, thereby giving the persons affected enough time to move their assets. In my view, this is the main advantage of a direct democracy, it assures that the people and not the politicians in power have sovereignty. The federalist structure of Switzerland additionally guarantees that political power is reduced to a minimum. “Confederation Helvetica” might be the old name for Switzerland, but it is just as valid today as it was in the past.
By Jeff Thomas – Re-Blogged From http://www.Silver-Phoenix500.com
Recently, France decided to crack down on those people who make cash payments and withdrawals and who hold small bank accounts. The reason given was, not surprisingly, to “fight terrorism,” the handy catchall justification for any new restriction governments wish to impose on their citizens. French Finance Minister Michel Sapin stated at the time, “[T]errorism feeds on fraud, money laundering, and petty trafficking.”
And so, in future, people in France will not be allowed to make cash payments exceeding €1,000 (down from €3,000). Additionally, cash deposits and withdrawals totaling more than €10,000 per month will be reported to Tracfin—an anti-fraud and money laundering agency.
By Clint Siegner – Re-Blogged From http://www.MoneyMetalsExchange.com
Cash was king. These days, it is more of a headache than it is royalty.
When it comes to larger purchases, the advantages once conferred by carrying a wad of green stuff in your wallet are all but gone. Justice Department officials in the U.S. (and officials elsewhere) are ratcheting up their decades-long war on cash. To hear them tell it, cash is mostly useful for terrorists and low-down criminals. Your use of any significant amount of cash can now make you guilty in the eyes of the law until you prove the transaction was legitimate.