As we’ve noted previously, the War on Cash is accelerating.
In recent months:
1) The SEC and other regulators have implemented legislation allowing Money Market Funds to lock in your cash for up to 10 days during the next financial crisis (meaning you cannot get your money out).
2) The FDIC has implemented legislation permitting it to seize “systemically important” banks and convert their deposits into equity (the dreaded “bail in” used in Cyprus in 2013).