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A Simple Plan to Screw Big Banking. Use Cash.

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Here's a simple plan that will bring Big Banking to its feet: Use Cash.

For decades Big Greed has been selling us the idea that markets are just perfecto! Don't regulate them. Don't even bother chasing down fraud. "The Market" (Angelic Voices: Ahhhhh!) is so beautifully simple even scams cannot long survive.

Let's take the "Wisdom of The Market" stick it up Big Banking's rectum, twist, turn and otherwise shove vigorously and often.

Face it, the cavalry is not coming to the rescue if your name is not Goldman Sachs.

Government of the people, by the people, and for the people is temporarily out-of-order, like a soda machine that is taking dollar bills from customer after customer but relinquishes not one quenching 12 oz. can.

No legislation or regulations are in the offing to cap the rising tide of usury interest rates, curb punishing banking fees on debit cards or curtail demonic payday loans.

Here's the bill of fare:

Credit Card Interest: 30%
Merchant Credit Card Fees: 3.5 - 5%
Merchant Credit Card Receivables Loan: 36 -- 97%
Payday Loans: 100 -- 500%
Debit Card Overdraft Fees,
Over limit Fees, Late Payment Fees, etc:
Interest Equivalent to 12% - 300% and otherwise unlimited

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Throw stones -- millions of them. Every plastic transaction denied is a slice in the skin of Big Banking.

As a buyer: Use Cash. It's going to save you money verses paying with credit card or making a mistake with a debit card.

As a merchant: Discount 5% for Cash. It's going to save you money in reduced merchant charges and days waiting for credit card receivables. It's also an advantage against the Big Box stores and Big Food restaurants.

Think about it. Who would you rather have that 3.5% you give to Big Plastic on every credit or debit card transaction: Your customer or Big Banking? Isn't that worth the extra 1.5% in the discount?

But it gets better. It's guerilla warfare. It's a simple insurgency. Avoid the banking system to bring it to its knees. Use Cash.

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How low-tech is this? How unstoppable? How inconvenient? Yes. But worth it!

Put it on bumper stickers. Make it your email signature. Pass the word in whispers to everyone who works for a living. Write it in magic marker on T-shirts. Design a flag and boldly embroider. Print up window signs. Post it on every blog you visit. Tweet it from the highest mountain. Two simple words: Use Cash.

Will they fight back? Of course they will. They will end Absolutely Free* Checking that is costing us all billions. They may lower their rates and switch up the penalty fee structure. They might even lobby for the end of printed dollars. That's how we'll know it's working!

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Chaz Valenza is writer and small business owner in New Jersey. He earned his MBA from New York University's Stern School of Business. His current feature film project is "Single Point Failure" an insider's account of how the Reagan Administration (more...)

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The Economic Crisis and What Must be Done By Rich... by MARGARET BASET on Saturday, Nov 28, 2009 at 2:29:13 AM
Margaret,Mr. Cook and I work together. I agree wit... by Chaz Valenza on Saturday, Nov 28, 2009 at 10:33:15 AM
I closed my bank account several years ago and onl... by Stanimal on Saturday, Nov 28, 2009 at 7:23:24 AM
I think you've got it!... by John Sanchez Jr. on Saturday, Nov 28, 2009 at 8:47:19 AM
Thanks. Let's do this. Spread the word.... by Chaz Valenza on Saturday, Nov 28, 2009 at 10:46:08 AM
We already nickel and dime big banking to death by... by Hoss Hoss on Saturday, Nov 28, 2009 at 9:33:39 AM
OK Hoss, stop being a defeatist. We're starting a ... by Chaz Valenza on Saturday, Nov 28, 2009 at 10:39:40 AM
I'm sorry, but it's not defeatism pointing out the... by Hoss Hoss on Saturday, Nov 28, 2009 at 1:51:13 PM
Thanks for a great article.... by Matt Stouler on Saturday, Nov 28, 2009 at 9:57:29 AM
Bartering can also be a "zero cost" transaction an... by Jack Flanders on Saturday, Nov 28, 2009 at 10:31:46 AM
I agree and I have several person to person and bu... by Chaz Valenza on Saturday, Nov 28, 2009 at 10:44:42 AM
Addendum: I was going to add a graphic, like the o... by Chaz Valenza on Saturday, Nov 28, 2009 at 11:08:39 AM
This is from a private email I received and the au... by Chaz Valenza on Saturday, Nov 28, 2009 at 11:38:02 AM
After 2 or 3 times with credit card disasters, my... by Bob Gormley on Saturday, Nov 28, 2009 at 12:03:40 PM
After 2 or 3 times with credit card disasters, my... by Bob Gormley on Saturday, Nov 28, 2009 at 12:04:11 PM
We are so conditioned and manipulated by the Big B... by Chaz Valenza on Saturday, Nov 28, 2009 at 12:40:17 PM
however as most here have indicated, Americans hav... by Ernest on Sunday, Nov 29, 2009 at 12:52:27 AM
Now, stop using plastic and send a message to the ... by Chaz Valenza on Sunday, Nov 29, 2009 at 5:11:13 AM
Spoken like a true outsider who does not understan... by Jack Flanders on Monday, Nov 30, 2009 at 7:34:32 AM
where are we to get the money from?... by David Chester on Sunday, Nov 29, 2009 at 4:44:43 AM
I'm not advocating spending or shopping. All I'm s... by Chaz Valenza on Sunday, Nov 29, 2009 at 5:08:49 AM
Good stuff Chaz! It's a great tactic. It won't des... by dick overfield on Sunday, Nov 29, 2009 at 9:47:09 AM
merchants give the bank an average of 3.5% on ever... by Chaz Valenza on Sunday, Nov 29, 2009 at 10:19:10 PM