Americans Abandoning Banking System

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The Prism Daily: Tue, Sep18, 2012
Americans dropping out of the banking system? This can’t make the government too happy. The government would be happiest if Americans used electronic means of payment for 100% of all transactions, from car dealerships to gumball machines. That way the IRS could simply calculate everyone’s ‘fair share’ and send them a bill. “Dear Taxpayer, Don’t bother filing a 1040. Here’s what you owe.”

With increasing numbers of Americans dropping out of the banking system, you can bet dollars to donuts that many of these folks are dropping ‘under the radar’ too as they take their money ‘off the table’. Expect the so-called ‘underground economy’ (where consenting adults agree on fair prices absent regulation) to continue to balloon from here. From the Washington Post we read:

More Americans Opting Out Of Banking System
“In the aftermath of one of the worst recessions in history, more Americans have limited or no interaction with banks, instead relying on check cashers and payday lenders to manage their finances… 28.3 percent, either had one or no bank account… a quarter of households have used at least one type of alternative financial service, such as a tax refund anticipation loan or money order… Some households, 7.5 percent, said they simply did not trust or feel comfortable dealing with banks… A growing number of consumers without bank accounts are turning to prepaid cards, with nearly 18 percent of households, up from 12 percent in 2009, reporting the use of such products.”

At this rate, combined with the increasing demise of the dollar, we’ll all soon be exchanging bottle caps in payment. Or maybe bottles of Tide laundry detergent?

We would suggest, Dear Reader, that you get your dollars growing while you can. There is no way we can think of to get our automated wealth augmentation software to trade laundry detergent, not without blowing some serious bubbles. And we wouldn’t want to give Mr. Bernanke the competition.

For more information on Prism Solutions’ fine wealth augmentation services, request your FREE, no-obligation consultation today. Prism stands ready to help you achieve your wealth development goals and answer your toughest questions.

And May All Your Investments Be Profitable…

David Taylor and Gordon Philips, Directors
Prism Solutions, LLC

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