THE STORY THE NEW YORK TIMES MISSED: Your Bank Spies On You For The Government and Flags Account Holders For I.R.S. Seizures, Warn Financial Expert Authors of New Book

THE STORY THE NEW YORK TIMES MISSED: Your Bank Spies On You For The Government and Flags Account Holders For I.R.S. Seizures, Warn Financial Expert Authors of New Book

(Idea Factory Press, Phoenix, AZ) - Many were shocked on October 25 to read the New York Times investigation “Law Lets I.R.S. Seize Accounts on Suspicion, No Crime Required,” using a law that lets government confiscate the bank accounts of those who deposit or withdraw even relatively small amounts of cash.

This is enough under today's law for the Internal Revenue Service to expropriate someone's bank account, based merely on their using cash as criminals might do, even if no actual crime has been committed.

Those who have read one or more of the five books Craig R. Smith and Lowell Ponte have written, including their new book DON'T BANK ON IT! The Unsafe World of 21st Century Banking, were not surprised by this.  

They understand that the bank you trust is required to act, in effect, as a spy on your finances for the government and to report any “unusual” activity on your part to the I.R.S. as potential evidence that could justify a government seizure of your account.

In their 2012 book The Great Debasement: The 100-Year Dying of the Dollar and How to Get America's Money Back (pages 218-221), for example, Craig and Lowell wrote this about government's plan to create a “cashless” society of total surveillance and control in which anyone using old-fashioned money carries the “Stigma of Cash”:

    A 2011 study by Edgar Feige of the University of Wisconsin-Madison and Richard Cebula of Jacksonville University in Florida concluded that between 18 and 19 percent of total reportable income in the United States is effectively off the books, hidden from the government.

    This income – from drugs, prostitution, private gambling, home repairs, and a thousand other things paid in cash – could, Feige and Cebula estimate, have harvested half a trillion dollars in tax revenue for the government.

    Cash makes it easy for criminals to thrive in an economic underworld of untraceable illicit transactions. A cashless society, say advocates, would drag this underworld out of the shadows and into disinfecting sunlight. In a cashless society, they say, crime would not pay as well as it does today.

    Civil libertarians, however, are troubled that cashless crusaders now seem to be demonizing cash.

    “We’re trying to use industrial age money to support commerce in a post-industrial age. It just doesn’t work,” David Birch, a director of Consult Hyperion, a firm that specializes in electronic payments, told Slate Magazine.

    “Sooner or later,” Birch continued, “the tectonic plates shift and then, very quickly, you’ll find yourself in this new environment where if you ask somebody to pay you in cash, you’ll just assume that they’re a prostitute or a Somali pirate.”

    “Do you see what is happening?” libertarian journalist Lew Rockwell wrote in April 2012. “Simply using cash is enough to get you branded as a potential criminal these days.”

    The Federal Government now tightly limits how much cash citizens are allowed to carry through border checkpoints into or out of the United States. When you withdraw or deposit $10,000 in cash, your bank reportedly is to notify the government of this transaction, thereby marking you for potential surveillance.

    Merely doing transactions with $100 bills, the standard currency of illicit drug dealers, can attract government attention. The law has authorized the asset forfeiture of objects carrying detectable traces of cocaine, however small, which reportedly is the case with as much as 90 percent of U.S. currency notes in circulation. This law has been used to confiscate currency on those grounds.

    In Italy, large cash transactions have been banned. In December 2011 Prime Minister Mario Monti proposed prohibiting all cash transactions above $1,300, only a bit more than the average American family’s weekly income.

Their analysis of where this is leading then continues for another dozen pages.

Smith and Ponte's newest book DON'T BANK ON IT!, like their previous books, again looks over the horizon of what the mainstream news media are telling you today to reveal little-noticed dangers to your bank accounts tomorrow.

The government's coming “cashless society,” they write, will make every transaction you make “hackable, trackable and taxable.”

They show you coming dangers of bank confiscations, including the implications of the Obama Administration's “Operation Choke Point,” which already uses banks to destroy those it ideologically disapproves without giving its unwitting targets a day in court or right to defend themselves, as the I.R.S. is now doing via civil asset forfeiture.

They also reveal cynical government plans to confiscate American retirement accounts to “protect” you; the coming “global wealth tax” that, like a thief in the night, will suddenly expropriate the savings of nearly every American; various other ways that banks, including your accounts in them, will be – or already are being – looted and nationalized by spendaholic politicians; and much, much more. (See, e.g., pages 156-159, 218-219.)  

DON'T BANK ON IT! warns:

    "You need to be aware that banks are now required to report any withdrawal of $10,000 or more to the government – and not only banks but also many other kinds of companies are expected to report “unusual” or “suspicious” financial activity by any customer to the feds."

    "Simply withdrawing your own money in cash might therefore flag you for potential government surveillance. How do you think Thomas Jefferson or George Washington would respond to this?"

Of most importance, Smith and Ponte show how people can protect their hard-earned money now in bank accounts from what is coming.

Read the New York Times article to learn what is happening today - and how those with bank deposits naively thought their relatively small cash transactions made them safe from government account seizures.  

Then read DON'T BANK ON IT! to learn now, before it is too late, how you can protect yourself from even more sinister government plans to confiscate your bank accounts tomorrow.

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For a media copy of Don’t Bank On It! or to schedule an interview with Craig R. Smith or Lowell Ponte, contact: Bronwin Barilla at 800-950-2428 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

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