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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Amy J who wrote (17406)2/16/2004 5:15:01 AM
From: Elroy JetsonRead Replies (1) of 306849
 
All information contained in the banking system are available to those who run it - the Fed. The Fed is little interested in your bank account. They are interested in statistics - average size, median size and distribution of bank accounts.

The Treasury has imposed their own rules on the banking system. Reporting of cash transactions over $10k, reporting of bank accounts by U.S. citizens in other countries not within their network. Governments are very suspicious of cash. Why would a person purchase a home with cash? The person is immediately suspect to a government which wishes to control everything.

Each society has it's own sense of propriety. Citizens of Switzerland find it entirely normal to pay for gasoline only with Five Frank coins at coin-operated gas pumps. People go to the Post Office to pay their bills with cash. Cheques are extremely suspect and Visa cards are a suspicious custom of foreigners.

On the other hand Australian's pay for most things, either on-line or in person, with EFTPOS (Debit Cards) which do not incur the same fees as do cheques or credit cards. You can buy a candy bar eith EFTPOS or a house.

(a $0.10 tax on each cheque and banks which charge $1.00 per cheque for low balance accounts)
(credit card holders pay annual fees, plus usage fees as merchant account fees are limited by law)
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