Harvard economist Ken Rogoff explains how getting rid of big bank notes could reduce criminality.
tinyurl.com/ja3vfwt
(BBC web site)
How much is under your bed ? :-)
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500 Euro notes are being phased out because they are often used for money laundering.
The same should be done with similarly sized US Dollar notes.
The disadvantage of reducing the value of the larger notes is that it reduces demand and weakens the value of the currency (yes there is that much dirty money).
Beware calls to eradicate money and use cards or electronic transfers only.
What if you have your bank account closed, what if you want to buy something without anyone else knowing etc. etc.
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In popular fiction the crooks always insist on payment in low-denomination notes because higher value ones are too suspicious, easily traced, and hard to dispose of.
When I once went into the bank and asked for three £50 notes because I thought they would make interesting Christmas presents for the children I was told they hadn't got any.
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I was offered one last week to buy a cup of coffee. The till only has a £60 float.
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Coarse banknotes, as Flann O'Brien called them, are decently low in volume, but are a worry nevertheless because they are worth so much, and so easy to lose.
But their possession alone confers a sort of sacredness on you.
I once passed though an African land frontier with my pockets bulging with highly illegal currency, bought from money changers between the two frontiers in the no-man's-land provided for the purpose.
Customs waved me contemptuously through, but stopped an African just behind me in the queue and robbed him of a hundred shillings, worth about a fiver to me but all the poor geezer possessed, say a hundred quid in context.
I was too slow to be able to do anything for the guy although I did have the impulse. But these things are there and then they're gone. Those customs thieves pocketed the geezer's fiver and had to leave my filthy lucre alone. Had a good few experiences like that.
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Nabbing criminals and throwing them in jail will also reduce crime.
Crime is increasing because police doesn't bother catching thieves and crooks anymore and our laws are too generous in protecting criminals' rights (while forgetting victims' rights).
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Still relying on the Mail as you window on the world Movi?
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>> Still relying on the Mail as you window on the world Movi?
>>
Oh dear..
for 2014/5,the Government reported.
"For around half (49%) of offences recorded in 2014/15, no suspect had been identified and
the case was closed.
o Within offence groups this ranged from 1% of drug offences to 70% of theft offences.
Around 12% of violent and sexual offences had been closed with no suspect
identified. "
tinyurl.com/gm9p8fc page #8
"Around one-third (33%) of sexual offences had evidential difficulties outcomes, the offence
category with the highest proportion experiencing evidential difficulties. However, sexual
offences also had a higher proportion of crimes (37%) from the year that remained under
investigation. "
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I can't quite see where tour links and quotes mention "not bothering" Perhaps you could point it out?
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If nothing else it does tend to suggest that the DM has an excellent grasp and understanding of its audience.
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>> If nothing else it does tend to suggest that the DM has an excellent grasp
>> and understanding of its audience.
Yes Prime Minister......
www.youtube.com/watch?v=DGscoaUWW2M
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Excellento Brompers. Big Ti** indeed. 0:-)
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My local Natwest cash machine often gives out £50 notes. Only place I've ever seen them given out.
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That's generous of them. I have to use my bankers card to get any out of Barclays cash point ;)
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>> My local Natwest cash machine often gives out £50 notes. Only place I've ever seen
>> them given out.
>>
Yes, I sometimes wonder how these supposedly targeted money launderers and drug dealers manage to get hold of such large quantities of currency.
Easy enough I understand to make a few million by some some devious means on the markets, but how do you get hold of so much hard cash in order to launder it?
I suspect that the real criminals have no problems and are unaffected by these irksome regulations, whose real purpose is to manipulate and control ordinary law-abiding citizens.
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> I suspect that the real criminals have no problems and are unaffected by these irksome
>> regulations, whose real purpose is to manipulate and control ordinary law-abiding citizens.
>>
I don't doubt the former but not sure about the latter, are there so many people who want say £250000 in cash?
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>> > but not sure about the latter, are there so many
>> people who want say £250000 in cash?
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No, but they often apply the tiresome money-laundering rules to much smaller amounts that do impinge on ordinary people.
Moving savings from one institution to another, via one's bank, they annoyingly query the source of a modest £25,000. Drawing £5,000 in cash for a car auction or a private seller, they are inclined to be suspicious.
You can have been a faithful and reliable bank customer fro 50 years, known in the branch, yet still will suddenly demand to verify identity and produce sheaves of documents. "Just obeying the rules".
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My bank limits daily transactions to £10 000.
As with a lot of things, the law abiding are the most effected, criminals hardly need pause for breath.
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>>My bank limits daily transactions to £10 000.
You need to change your Bank then. The limit of £10,000 should only apply to unplanned cash withdrawals.
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You need to change your Bank then
If that was a common activity, yes, but I have other ways of moving large sums. Plus, existing bank does do e-banking very well.
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Moving savings from one institution to another, via one's bank, they annoyingly query the source
>> of a modest £25,000. Drawing £5,000 in cash for a car auction or a private
>> seller, they are inclined to be suspicious
can't say I've had problems moving sums between banks, i thought it was pretty easy. Can't speak of cash needed to buy cars, i always pay by card or cheque.
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Daughter and boyfriend recently got a house together, his first.
His parents had been holding some savings of his, I think less than £10k, and paid it to him a few days before exchange or completion, I can't recall which.
He had to jump through some hoops to provide proof of the source of the money, that he owned it and that it was legally obtained, and it did jeopardise the date of whatever the event was as the solicitor could not go ahead till he had that proof.
Last edited by: smokie on Thu 29 Sep 16 at 11:03
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Getting rid of big bank notes could reduce crime - zippy
