There once was a time when cash was the undisputed king. Merchants preferred cash payments over credit, and there were often incentives for paying with paper. I recall receiving lower gas prices when paying with cash, for example. It is increasingly common to see “no cash accepted” signs at establishments as the world moves toward […]
QUESTION: Marty: In reading your blog about No Small Amount is Too Small, is it safe to say that the future of gift cards will be non-existent? Or will gift cards be the run-around? NO ANSWER: There seems to be a loophole right now with the gift cards. When I tried to buy an American […]
COMMENT: You may already know this but in case you don’t: this is a prime example of the ‘war on cash’.: Yesterday I walked into my sisters bank (Santander) in the local town in England, a quite affluent town not somewhere deprived. I handed over and politely asked to deposit a mere £200 (that’s two […]
In Australia, they want to make it a criminal act with a penalty of 2 years in prison for purchasing anything with more than $10,000 in cash. Australia is really going off the deep end. They are desperately trying to eliminate all cash and are forcing people to have only bank accounts so they can […]
UBS will charge a 2 franc fee for withdrawing cash at the bank counter beginning in July, be it a withdrawal in CHF from a UBS private account or from a UBS current account. Thus, UBS stands (at least for now) pretty much alone. A survey of various institutions revealed that hardly any banks charge […]
QUESTION: Hi Mr Armstrong, Thank you for continuous education. I hope to get your view on cashless societies. There are worries that nations will move to cashless transactions in the near future. Do you think this will actually happen? My guess is it will be a failure and there will be “black” markets where transactions in […]
Canada has been selling off most of its remaining gold reserves to the general public. They have been selling gold coins and reaping better prices than dumping 400-ounce bars to bankers. The figures from the Bank of Canada and Finance Department show that the country held 77 ounces at the end of February. They sold over […]
Columbia University Economist Joseph Stiglitz says that the United States should phase out currency and move towards a digital economy. All of these people advocating such policies are ignorant of the real world and advocate total government control. Stiglitz told the World Economic Forum that there are “benefits that outweigh the cost.” He hailed India for […]
As of January 1, 2017, you can no longer buy anything at Sotheby’s without proving who you are. I have bought many things from Sotheby’s over the past 30 years. Since January 1, all sales now require a photo ID even if you are paying by check or bank wire. In other words, they want to know […]
QUESTION: Mr. Armstrong; What Modi has done here in India is far worse than what the press reports. I read your piece that this is part of a larger plan discussed at the G20 meetings. Is there any historical precedent for such actions that would provide some guidance for the future? R ANSWER: Since ancient times, […]
