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“Reverse ATM”

Posted June 17, 2024

Matt Insley

By Matt Insley

“Reverse ATM”

We’ve got some reader mail to get to today. Topics include a “dam” update, silver and inflation. Let’s get into it… 

Scorched earth tactics are not uncommon when nations have a foreign invader on their soil,” writes Pete K. “The Dutch, upon rare occasions, have opened floodgates and breached their own dikes to paralyze invaders. 

“Yet I share your implied suspicions about Zelensky,” he says. “The talk is mainly about Russia's borders, but we should wonder about Zelensky's boundaries.” 

Jack H. says: “Chris Campbell, thanks for the info on the near future of silver.

“I have invested a bit (60–65 silver eagles) over the past couple of years, as well as about $2,500 in gold. I want to put more into the metals…maybe $5,000. Should I put it all in silver at this point?”

More on Jack’s question Wednesday. Be sure to circle back… 

Finally, Roberta H. says: “I came of age in 1970, and wasn’t paying much attention to the stock market or inflation. But by the time the 1980s came around, I had enough money in the bank to notice. 

“CDs at the local bank were paying 10%! My $40,000 was growing by $400 a month! 

“I’m sure there was grief at the gas station and at the grocery store, but I’ve always been frugal and I was happy with the high interest rates. I didn’t have a mortgage, no car payment — so it was all beneficial to me. 

“I’ve found the decades of partial percentages on CDs to be much harder than inflation ever was.”

For another spin on the war on savers — and cash! — read on… 

Send your opinions to, feedback@newsyoucanacton.com

Your Rundown for Monday, June 17, 2024...

The 11th Inning for Cash

On Friday evening, I joined twenty-plus Paradigm colleagues from in and around Baltimore — plus macro expert Jim Rickards — for an evening of baseball at Camden Yards. 

The matchup that evening: the Baltimore Orioles versus the Philadelphia Phillies, two top-tier teams from the competing American and National Leagues. 

The game had everything — a real nail-biter. It was tied at 3–3 around the 10th inning when heavy rain rolled in, delaying the game for almost an hour.

By the time play resumed, the O’s had slipped a gear. The Phillies won 5–3 in the 11th inning, much to Jim’s delight as a native New Jerseyan and longtime “Phanatic.” 

(Not to rub it in, but the O’s did come back to win the next two games of the series on Saturday and Sunday. Just sayin’.) 

One thing you should never bring to an O’s game? 

Cash!

All transactions now are completed via card or Apple pay. 

You can also preload your MLB app on your smartphone with cash to spend at the stadium. 

But vendors have admitted to me that the app is hit-or-miss — a lesson I learned the hard way at Camden Yards in early May. 

Your cash is no good at Yankee Stadium either… 

The Wall Street Journal is out with a report detailing how the stadium even possesses a “reverse ATM.” 

Just as it sounds, customers input cash, and the kiosk spits out a debit card (for a $3.50 fee) that can be used at the stadium. 

That’s nuts!

“Reverse ATMs like those at Yankee Stadium are now common at cashless venues and restaurants across the country as a way to cater to those who prefer paying in cash. 

“People who want to pay their parking tickets, tolls, taxes or phone bills in cash, meanwhile, often learn that government agencies and businesses have outsourced that option to companies that usually charge a fee.

“Paying with cash used to be a way to get a discount. These days it can often cost an extra $1 to $6 — the sort of transaction fees once limited to swiping a credit card or using an out-of-network ATM.”

WSJ concludes: “All that can amount to a penalty on the people who prefer paying cash.” 

It’s a phenomenon Paradigm Press — and especially Jim Rickards — have been warning about for over a decade: the relentless war on cash. 

And it’s a theme we’ll continue to track down. Stay tuned… 

Market Rundown for Monday, June 17, 2024

The S&P 500 is down 0.10% to 5,425.

Oil is up 0.75% to $79.04 for a barrel of WTI. 

Gold is down 0.35% to $2,340.30 per ounce. 

And Bitcoin is down 1.75% to $65,350. 

Send your comments and questions to, feedback@newsyoucanacton.com

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