S. 1241 DEMAND REPORT TO FED CASH YOU KEEP AT HOME AND WHY

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  • Bobo

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    This is a prime example of why everyone must scrutinize what the Fed is doing no matter what letter is next to their name. Take a look a this bill sponsored by Chuck Grassley R-IA demanding you report the money under your mattress to the fed and why you have it there. The worst part is making it easier for .gov to take what you have by
    "civil forfeiture" otherwise known as robbery. The line "the land of the free" is going to need to be dropped from the national anthem.
    Here is the link to the bill https://www.congress.gov/bill/115th...1/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5
    Texas SOT
     
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    ROGER4314

    Been Called "Flash" Since I Was A Kid!
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    I looked into the possibility of keeping a safe deposit box full of cash and found out some interesting things.

    It is illegal for us to remove currency from circulation. That includes your safe deposit box.

    The term "Bail In" is becoming more prevalent in World economy. If a bank gets in trouble financially, instead of a "Bail Out", they seize the accounts of their customers and you must get in line with all the other bank creditors to recover your funds and you may forfeit some of your funds to keep the bank afloat.

    From "The Balance"
    • "Bail-ins are situations where creditors agree to forgo their short-term claims and/or agree to a restructuring that reduces their holdings.
    • Bail-ins began as a public policy tool with Cyprus, which forced creditors and some depositors to forfeit some of their holdings to keep the banks alive.
    • Bail-ins are less politically taxing than bailouts, but could have a number of negative side-effects in the financial markets, including higher interest rates."
    Cashless society is the main objective. In a cashless society, your spending, travel and personal information are instantly available to the "Guberment." If you piss them off, they can lock up your accounts to punish the transgressor (you). This makes asset forfeiture a slam dunk!

    There's more but that lays out the general plan.

    Flash
     
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    AustinN4

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    Take a look a this bill sponsored by Chuck Grassley R-IA demanding you report the money under your mattress to the fed and why you have it there.

    You expect us to read thay whole bill to find the part(s) you are talking about.? Fat chance! How about referencing the section you are worried about.

    BTW, CTR's (currency transaction reports) have been fact of life for many decades.
     

    IXLR8

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    The gov has to know where everything of any value is, so that it my be taxed, seized, reappropriated, leaving the owner of anything of value penniless and dependent on gov handouts....
     

    Southpaw

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    You expect us to read thay whole bill to find the part(s) you are talking about.? Fat chance! How about referencing the section you are worried about.

    .

    This^^^^^^
    I went through it and couldn't find nothing mentioned. Albeit, It was a quick glance through the doc, so OP, I ask as well, if you can, please clue us in to where you are reading what you are stating.
     

    AustinN4

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    https://en.wikipedia.org/wiki/Currency_transaction_report

    History: When the first version of the CTR was introduced, the only way a suspicious transaction less than $10,000 was reported to the government was if a bank teller called law enforcement. This was primarily due to the financial industry's concern about the right to financial privacy. On October 26, 1986, with the passage of the Money Laundering Control Act, the right to financial privacy was no longer an issue. As part of the Act, Congress had stated that a financial institution could not be held liable for releasing suspicious transactional information to law enforcement. As a result, the next version of the CTR had a suspicious transaction check box at the top. This was in effect until April 1996 when the Suspicious Activity Report (SAR) was introduced.
     

    easy rider

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    Wouldn't that be like spying on us? The government wouldn't do that would they? Maybe someone should bring that to light.

    Heard Snowden is looking for a room mate.
     

    V-Tach

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    Probably nothing to worry about until they start a cash for snitch program......
     

    ZX9RCAM

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    Well, as this thread is about "cash" only, I don't know how anybody's name could be attached to it.
    I hear tell people hide stuff in public public places, couldn't be tied to anybody.
     

    TheDan

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    How would they possibly know how much cash an individual has, or where it is?
    Same as with guns.
    If you're found to be in possession of any unreported cash, then it would be assumed to be from illicit activity and seized under civil asset forfeiture.
    You have the burden of proving otherwise.
     

    ZX9RCAM

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    If you're found to be in possession of any unreported cash, then it would be assumed to be from illicit activity and seized under civil asset forfeiture.
    You have the burden of proving otherwise.

    How would one be found out?
    Are you referring to a large cash purchase, for example?
     

    AustinN4

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    If you're found to be in possession of any unreported cash, then it would be assumed to be from illicit activity and seized under civil asset forfeiture. You have the burden of proving otherwise.
    Define unreported cash. Where reported and how?
     
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