My bank account's got robbed by European Commission. Over 700k is lost.

[bam91]

That is just horrible. Best of luck op.

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[boltactionz]

Eventually they are going to outright abolish cash. Make everything electronic and traceable by TPTB.

Sweden is poised to become the first cashless country:

http://www.bloomberg.com/news/2013-04-10/era-of-paper-money-dies-out-in-sweden-as-virtual-cash-takes-over.html

They don't know that bitcoin will be the new "cash"

I bet that when Sweden becomes totally "cashless" Bitcoin will become very popular there. It is an illusion that you can get rid of the black market by making paper money obsolete.

You definitely got THAT right!

There was word some time ago that some drug dealers in some parts of the USA had started taking Tide as payment for drugs.  (Yes, Tide the LAUNDRY DETERGENT!).  And some drug addicts have been stealing it in somewhat large and even small quantities in order to pay said drug dealers.  It's gotten so bad until many of the pharmacies that sell it have had to remove the detergent from the shelves and place it under lock and key to prevent it from being stolen.

Why does this work for the dealers?  

In their environment, Tide is a very popular product.  It's not on anybody's "anti-list" like large sums of US or other currency, and it's easy to move by either selling for cash to working single moms or by just trading the cash for something else.  Plus, depending on the drugs in question, they can just get the single moms to bring them certain medicines that are used as an ingredient in making crystal meth that has purchase restrictions instead of cash.  By having a large pool of people purchasing their ingredient that is restricted for trading for the detergent, they kill two birds with one stone while avoiding the whole "what to do with the cash" scenario.  Most of the people who would steal the Tide from a drug dealer are probably known to the drug dealers already, plus the bottles are big/heavy enough that getting away with a high value of it is kind of hard due to its size and weight.

When I first heard about it I couldn't help but laugh.  But maybe they're onto something . . . and maybe we all need to start looking into popular things that can be traded really easily.  Perhaps it's time to start stocking up on popular but expensive wines and liquors not to consume but to be used as a form of payment.

People keep coming up with more and more interesting and amusing methods of money laundering, but this thing with the detergent takes the cake, LOL.

But there's also a downside to Bitcoin taking over when Sweden becomes "cashless".

TPTB can say that Bitcoin is not used for anything except avoiding taxes or tracking and then ban it, claiming it's only used for illegal dealings.

[molecular]

There was word some time ago that some drug dealers in some parts of the USA had started taking Tide as payment for drugs.  (Yes, Tide the LAUNDRY DETERGENT!).  And some drug addicts have been stealing it in somewhat large and even small quantities in order to pay said drug dealers.  It's gotten so bad until many of the pharmacies that sell it have had to remove the detergent from the shelves and place it under lock and key to prevent it from being stolen.

Why does this work for the dealers?  

In their environment, Tide is a very popular product.  It's not on anybody's "anti-list" like large sums of US or other currency, and it's easy to move by either selling for cash to working single moms or by just trading the cash for something else.  Plus, depending on the drugs in question, they can just get the single moms to bring them certain medicines that are used as an ingredient in making crystal meth that has purchase restrictions instead of cash.  By having a large pool of people purchasing their ingredient that is restricted for trading for the detergent, they kill two birds with one stone while avoiding the whole "what to do with the cash" scenario.  Most of the people who would steal the Tide from a drug dealer are probably known to the drug dealers already, plus the bottles are big/heavy enough that getting away with a high value of it is kind of hard due to its size and weight.

finally an explanation that makes sense! Thank you, I've been trying to figure that one out with no satisfaction so far.

When I first heard about it I couldn't help but laugh.  But maybe they're onto something . . . and maybe we all need to start looking into popular things that can be traded really easily.  Perhaps it's time to start stocking up on popular but expensive wines and liquors not to consume but to be used as a form of payment.

Cigarettes are a classic. One criterion for something to be used as money in such a way is that it's in wide everyday use. It also has to be divisible and hard enough to produce. Cigarettes are a good fit and known to be used frequently as money, for example in jails or taxis.

So actually one of the first things one should do in preparation of some sort of monetary armageddon is to quit smoking. Damn!

[Behemot]

Many years ago some guys smuggled 1 million USD in CPUs http://www.theinquirer.net/inquirer/news/1038857/cpu-memory-smugglers-nabbed-due-to-unexpected-fog

You can use pretty much "anything" what has some value as a form of cash…

[molecular]

Many years ago some guys smuggled 1 million USD in CPUs http://www.theinquirer.net/inquirer/news/1038857/cpu-memory-smugglers-nabbed-due-to-unexpected-fog

You can use pretty much "anything" what has some value as a form of cash…

This is a little different: If you just want to make 1 pre-planned transfer of value between physical locations you can use almost anything. However if you want something to carry around you can use as money in the sense that almost everyone will accept it, it's easy enough to carry around and divisble enough to be able to pay any sensible price with it, CPUs probably wont qualify. They're also not adequate for storing wealth over time.

[Carlton Banks]

Eventually they are going to outright abolish cash. Make everything electronic and traceable by TPTB.

Sweden is poised to become the first cashless country:

http://www.bloomberg.com/news/2013-04-10/era-of-paper-money-dies-out-in-sweden-as-virtual-cash-takes-over.html

They don't know that bitcoin will be the new "cash"

I bet that when Sweden becomes totally "cashless" Bitcoin will become very popular there. It is an illusion that you can get rid of the black market by making paper money obsolete.

You definitely got THAT right!

There was word some time ago that some drug dealers in some parts of the USA had started taking Tide as payment for drugs.  (Yes, Tide the LAUNDRY DETERGENT!).  And some drug addicts have been stealing it in somewhat large and even small quantities in order to pay said drug dealers.  It's gotten so bad until many of the pharmacies that sell it have had to remove the detergent from the shelves and place it under lock and key to prevent it from being stolen.

Why does this work for the dealers?  

[...]

Another point: police busts might yield some drugs, but it's much easier to deny dealing when there's no cash on the premises. And before the police figured it out, even suspiciously large amounts of detergent wouldn't have figured. So certain drug dealers would come home from getting bail to find their "money" still there!

[Lohoris]

In Belgium cash payments above 3000 euro's are already forbidden.

In Spain is worse, you can pay only up to 2,500€

In Italy the limit is 1000€, do I win something?

(hint: you can't pay with cash, but obviously you can use credit cards, checks, etc.)

PS: the 300€ limit was just a half-assed proposal, it didn't even get voted AFAIK.

[cr1776]

Three more bail-in stories where countries are adopting the Cyprus/EU/Canada style bail-ins (and probably US style if it came to it):

Monte Paschi "Bails In" Bondholders, Halts $650 Million In Coupon Payments:
http://www.zerohedge.com/news/2013-09-23/it-begins-monte-paschi-bails-bondholders-halts-650-million-coupon-payments


Iceland Borrows European "Template" - Removes Large Deposit Guarantees:
http://www.zerohedge.com/print/479265

NZ: National planning Cyprus-style solution - Greens
http://www.voxy.co.nz/politics/national-planning-cyprus-style-solution-greens/5/150410

[bernard75]

In Belgium cash payments above 3000 euro's are already forbidden.

In Spain is worse, you can pay only up to 2,500€

In Italy the limit is 1000€, do I win something?

(hint: you can't pay with cash, but obviously you can use credit cards, checks, etc.)

PS: the 300€ limit was just a half-assed proposal, it didn't even get voted AFAIK.

I dont live in Italy so my informations may be inaccurate, but i believe the unbelievable 50€ was "half-assed":

[boltactionz]

There was word some time ago that some drug dealers in some parts of the USA had started taking Tide as payment for drugs.  (Yes, Tide the LAUNDRY DETERGENT!).  And some drug addicts have been stealing it in somewhat large and even small quantities in order to pay said drug dealers.  It's gotten so bad until many of the pharmacies that sell it have had to remove the detergent from the shelves and place it under lock and key to prevent it from being stolen.

Why does this work for the dealers?  

In their environment, Tide is a very popular product.  It's not on anybody's "anti-list" like large sums of US or other currency, and it's easy to move by either selling for cash to working single moms or by just trading the cash for something else.  Plus, depending on the drugs in question, they can just get the single moms to bring them certain medicines that are used as an ingredient in making crystal meth that has purchase restrictions instead of cash.  By having a large pool of people purchasing their ingredient that is restricted for trading for the detergent, they kill two birds with one stone while avoiding the whole "what to do with the cash" scenario.  Most of the people who would steal the Tide from a drug dealer are probably known to the drug dealers already, plus the bottles are big/heavy enough that getting away with a high value of it is kind of hard due to its size and weight.

finally an explanation that makes sense! Thank you, I've been trying to figure that one out with no satisfaction so far.

When I first heard about it I couldn't help but laugh.  But maybe they're onto something . . . and maybe we all need to start looking into popular things that can be traded really easily.  Perhaps it's time to start stocking up on popular but expensive wines and liquors not to consume but to be used as a form of payment.

Cigarettes are a classic. One criterion for something to be used as money in such a way is that it's in wide everyday use. It also has to be divisible and hard enough to produce. Cigarettes are a good fit and known to be used frequently as money, for example in jails or taxis.

So actually one of the first things one should do in preparation of some sort of monetary armageddon is to quit smoking. Damn!

Might I suggest Jack Daniels and a few other choice liquors to go along with your cigarettes?  Nothing too rare, but maybe you might want to consider a few different levels of the liquor . . .

Cigarettes are much better when it comes to traveling, though, because if something happens and you have to evacuate it's pretty easy to grab a backpack or duffel bag filled with cartons of smokes.  Also, if you're in the US (or near a US military base overseas) it might be wise to strike up a friendship with someone in the US military, especially if that someone doesn't smoke.  Because they might go shopping for you on base and bring you back a few cartons . . . at a much better price than what you can get yourself.  I don't smoke, but I certainly didn't mind going shopping for a friend every now and then back when I was in the military.

And come to think of it, the liquor is probably still be cheaper on base too.

[boltactionz]

Three more bail-in stories where countries are adopting the Cyprus/EU/Canada style bail-ins (and probably US style if it came to it):

Monte Paschi "Bails In" Bondholders, Halts $650 Million In Coupon Payments:
http://www.zerohedge.com/news/2013-09-23/it-begins-monte-paschi-bails-bondholders-halts-650-million-coupon-payments


Iceland Borrows European "Template" - Removes Large Deposit Guarantees:
http://www.zerohedge.com/print/479265

NZ: National planning Cyprus-style solution - Greens
http://www.voxy.co.nz/politics/national-planning-cyprus-style-solution-greens/5/150410

FDIC has recently announced that deposits in foreign branches of US banks are not insured, that they are not eligible for insurance.  I'm betting that somebody somewhere was likely depositing in those foreign branches thinking that they were covered by FDIC when they are not.

When I first heard it I got the impression they were prepping for something, perhaps prepping to step aside and leave somebody swinging in the wind the way the stock market officials and that insurance plan stepped aside in the wake of Jon Corzine's damage.

[bernard75]

Slovenia is ready to go. They just announced that they might need a Cyprus style bailout.

[molecular]

Slovenia is ready to go. They just announced that they might need a Cyprus style bailout.

This type of theft is commonly called a "bail-in".

[crocko]

That a real epic drag man.

+1

[bernard75]

This type of theft is commonly called a "bail-in".

Theft was the word i was looking for.

[ElectricMucus]

Here is another one:

Masterstroke.

[wachtwoord]

Here is another one:

Masterstroke.

Theft.

[tinus42]

Cigarettes are much better when it comes to traveling, though, because if something happens and you have to evacuate it's pretty easy to grab a backpack or duffel bag filled with cartons of smokes.  Also, if you're in the US (or near a US military base overseas) it might be wise to strike up a friendship with someone in the US military, especially if that someone doesn't smoke.  Because they might go shopping for you on base and bring you back a few cartons . . . at a much better price than what you can get yourself.  I don't smoke, but I certainly didn't mind going shopping for a friend every now and then back when I was in the military.

And come to think of it, the liquor is probably still be cheaper on base too.

A friend of mine used to be soldier in the Royal Netherlands Army and he made a nice side income buying cartons of ciggies and booze at the NATO shop and reselling it to some other people on the outside.

[BobbyJo]

You cant eat smokes!!

[bernard75]

Even though this is way off topic just look what has happened in WW2 and all the subsequent wars the land of the free has started.
Smokes became the de facto currency, harder than the local currencies and even the mighty USD.