Time to stop using your credit cards and go back to cash

[ALS]

When this becomes well known forget about anyone accepting Pay Pal. It will be Postal Money orders only. This is going to put a hurt to Ebay from what I can tell. I hardly ever use my Credit Cards except for buying things on line so it will not affect me. But I can see them building a data base comparing your credit card spending to your income on your Income Tax Return. There are going to be some hurting people that work under the table that are going to get busted big time for tax evasion.
What a great way to Red Flag a persons tax return when everything on the surface looks legit.
Dear Mam or Sir we noticed that 75% of your reported income is being used through your credit cards.
We want you to come down to the office and talk to us about your spending habits.
All this is going to do is what is beginning to happen with gas stations, businesses are going to stop taking credit cards period.

Democorp's Dodd Sneaks in Government Money Spy Plan

This is mind boggling - the headline from www.FreedomWorks.org that "Senate Housing Bill Requires eBay, Amazon, Google, and all Credit Card companies to Report Transactions to the Government". The sad details:

"Washington, DC - Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America’s small businesses. The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.

FreedomWorks Chairman Dick Armey commented: "This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America's small businesses are breathtaking."

"Privacy groups like the Center for Democracy and Technology and small business organizations like the NFIB sharply criticized this idea when it first appeared earlier this year. What is the federal government's purpose with this kind of detailed data? How will this database be secured, and who will have access? Many small proprietors use their Social Security number as their tax ID. How will their privacy be protected? What compliance costs will this impose on businesses? Why is Sen. Chris Dodd putting this provision in a housing bailout bill? The bill also includes the creation of a new national fingerprint registry for mortgage brokers.

"At a time when concerns about both identity theft and government spying are paramount, Congress wants to create a new honey pot of private data that includes Social Security numbers. This bill reduces privacy across America's payment processing systems and treats every American small business or eBay power seller like a criminal on parole by requiring an unprecedented level of reporting to the federal government. This outrageous idea is another reason to delay the housing bailout legislation so that Senators and the public at large have time to examine its full implications."

From the Senate Bill Summary:

Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. Use of an account number or other indicia associated with a payment card will be treated in the same manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations. The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011. This proposal is estimated to raise $9.802 billion over ten years.

FreedomWorks calls this what it is: "Broad, invasive provisions [that] touches every aspect of American commerce."

What's going on? An attack on small cash transactions is one way to read it. Wholesale government spying on private citizens and a presumption of guilt is another.

And why do you think this might be? Could it be Dodd is a puppet of the power-mongers and banking industry which needs digidollars to replace traditional cash and require submission to the mark-of-the-beast financial system?

Reports that aren't making MSM are that "Sen. Chris Dodd tied to Countrywide Mortgages" and "Dodd admits to VIP Loan Club". Dodd tops lender's contributions list. This last report reveals, for example, that in his career, Dodd's contributions from Citigroup have totaled more than $439-thousand. Not a bad gig, being a powerful senator, huh?

As the headlines distract with an Israeli dry run attack exercise, the battle for control of the nation's money is being waged by banksters dropping in digidollar laws while no one is looking. Or, so they hope...

Thanks to the cozy relationships at the top of the corporate world, "Major Networks Avoid Dem Senator's Countrywide Loan Scandals" reports NewsBusters. So, is this Dodd's payback to the PowersThatBe for keeping him around?

[PisnNapalm]

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