Posts tagged transactions
Most people think of a cashless society as something that is way off in the distant future. Unfortunately, that is simply not the case. The truth is that a cashless society is much closer than most people would ever dare to imagine. To a large degree, the transition to a cashless society is being done voluntarily. Today, only 7 percentof all transactions in the United States are done with cash, and most of those transactions involve very small amounts of money. Just think about it for a moment. Where do you still use cash these days? If you buy a burger or if you purchase something at a flea market you will still use cash, but for any mid-size or large transaction the vast majority of people out there will use another form of payment. Our financial system is dramatically changing, and cash is rapidly becoming a thing of the past. We live in a digital world, and national governments and big banks are both encouraging the move away from paper currency and coins. But what would a cashless society mean for our future? Are there any dangers to such a system?
Those are very important questions, but most of the time both sides of the issue are not presented in a balanced way in the mainstream media. Instead, most mainstream news articles tend to trash cash and talk about how wonderful digital currency is.
For example, a recent CBS News article declared that soon we may not need “that raggedy dollar bill” any longer and that the “greenback may soon be a goner”….
It’s what the wallet was invented for, to carry cash. After all, there was a time when we needed cash everywhere we went, from filling stations to pay phones. Even the tooth fairy dealt only in cash.
But money isn’t just physical anymore. It’s not only the pennies in your piggy bank, or that raggedy dollar bill.
Money is also digital – it’s zeros and ones stored in a computer, prompting some economists to predict the old-fashioned greenback may soon be a goner.
“There will be a time – I don’t know when, I can’t give you a date – when physical money is just going to cease to exist,” said economist Robert Reich.
So will we see a completely cashless society in the near future?
Of course not. It would be wildly unpopular for the governments of the world to force such a system upon us all at once.
Instead, the big banks and the governments of the industrialized world are doing all they can to get us to voluntarily transition to such a system. Once 98 or 99 percent of all transactions do not involve cash, eliminating the remaining 1 or 2 percent will only seem natural.
The big banks want a cashless society because it is much more profitable for them.
The big banks earn billions of dollars in fees from debit cards and they make absolutely enormous profits from credit cards.
By Steve Dibert
Sweetheart Mortgage Deals and Mortgage Assignments Don’t Add Up.
Bobbi Bowman and Zandy Dudiak, Patch.com
A search of land records for the $2 million Great Falls, VA, home of Republican presidential candidate and former Pennsylvania Senator Richard Santorum turns up a series of mortgages that at times equaled and exceeded the sales price of the property.
The industry guideline is usually mortgages should not exceed 75 percent of the appraised value of a property, according to mortgage experts. The assessed value of the Great Falls home, which is set by Fairfax County, has fallen since Santorum bought it in 2007.
Property values have fallen throughout the county—even in the wealthiest communities of McLean and Great Falls—because of the recession.
It’s a fascinating story to follow the real estate transactions of this presidential aspirant who is also a neighbor. All the transactions are found in the Fairfax County land records. We’re going to walk you through Santorum’s life as a Fairfax County homeowner.
In September 1995, as a newly elected senator from Pennsylvania, Santorum and his wife bought a house in Herndon, VA, for $292,000, according to the Fairfax County deed.
As a Congressman, Santorum had lived in Mt. Lebanon, but sold that house in 1995, the same year he bought the one in Herndon. He then bought a house in Penn Hills in 1997.
In November 1998, the couple took out a mortgage of $244,000 on the Herndon home, according to the mortgage filed in the Fairfax County courthouse.
In November 2001, the Santorums sold the home for $429,900. They moved to Leesburg in Loudoun County.
Usually mortgages are paid off when homes are sold. Not in this case. The Santorums paid off the mortgage in October 2003, according to county documents.
In 2006, Santorum ran for a third term in the U.S. Senate and lost, due in part to the controversy over whether he actually lived in Pennsylvania, and after he enrolled five of his children in an online cyber school paid for by the Penn Hills (PA) School District, despite the fact that all the children lived in Virginia.
The family returned to Fairfax County in August 2007. They bought a house with five acres in Great Falls with a high-ranking official of a major development and mortgage company.
Santorum formed the Creamcup Trust with James Sack, the secretary and general counsel of NVR, a major single-family developer and mortgage finance company in northern Virginia and 15 states. Creamcup Trust bought a house and five acres of land on Creamcup Lane in Great Falls for $2 milllion in August 2007, according to the deed.