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ArticulationJunkies.com • View topic - The War on Cash is coming to an economy near you

The War on Cash is coming to an economy near you

Politics and religion.

Moderator: JasonNC

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PostPosted: Thu Nov 19, 2015 1:37 am
Last edited by Dorm on Thu Nov 19, 2015 1:41 am, edited 1 time in total.
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PostPosted: Thu Nov 19, 2015 1:39 am
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PostPosted: Thu Nov 19, 2015 1:47 am
Sweden first country to go cashless?
http://www.zerohedge.com/news/2015-11-1 ... -come-true

The Swedes were the first in Europe to issue paper currency. They may be the first to eliminate it too.

According to Credit Suisse, 80% of all purchases in Sweden are electronic and don’t involve cash.

Sweden’s supply of physical currency has dropped over 50% in the last six years. A couple of major Swedish banks no longer carry cash.

There's many different potential hazards with this kind of system. The first is that if the electronic money system goes down for any stretch of time, so do you.
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PostPosted: Thu Nov 19, 2015 2:43 am
Call Cease-Fire in the War on Cash

http://www.bloombergview.com/articles/2 ... ar-on-cash
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PostPosted: Wed Feb 10, 2016 11:58 pm
Last edited by Dorm on Thu Feb 11, 2016 12:32 am, edited 1 time in total.
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PostPosted: Thu Feb 11, 2016 12:18 am
How the Cashless Society will benefit those in power

Here are some (but not all) benefits to banks and governments by eliminating cash:

*Every financial transaction can be taxed
*Every financial transaction can be charged a fee
*Every financial transaction is known by the government and the corporations involved
*Every financial transaction will involve less human oversight
*Any 'bad' person can have their access to buying and selling limited or turned off
*Any 'bad' person can have any amount of their money confiscated by government
*Not a cent can be hoarded, secreted overseas, or removed from the grid. No money under the mattress or in your wallet or hidden in a foreign account.
*No more cheating on taxes.
*No more private cash hand-outs to the poor. No more private cash gifts.
*No more black market transactions. All private selling could be taxed and regulated.
*Bank runs are eliminated.


Bank Runs
In fractional reserve systems such as ours, banks are only required to hold a fraction of their assets in cash. Thus a bank might only have 1 percent of its assets in cash. If customers fear the bank might be insolvent, they crowd the bank and demand their deposits in physical cash. The bank quickly runs out of physical cash and closes its doors, further fueling a panic.

The federal government began insuring deposits after the Great Depression triggered the collapse of hundreds of banks, and that guarantee limited bank runs, as depositors no longer needed to fear a bank closing would mean their money on deposit was lost.

But since people could conceivably sense a disturbance in the Financial Force and decide to turn digital cash into physical cash as a precaution, eliminating physical cash also eliminates the possibility of bank runs, as there will be no form of cash that isn’t controlled by banks.
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PostPosted: Thu Feb 11, 2016 12:31 am
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PostPosted: Thu Feb 11, 2016 12:40 am
Negative interest rates could be necessary to protect UK economy, says Bank of England chief economist. And he suggests cash could need to be abolished

Andy Haldane, the Bank of England's chief economist explains:
http://www.telegraph.co.uk/finance/bank ... omist.html


We're going to get wiped out by these smiling technocrats who never did an honest day of labour in their lives. Negative rates. More monetary inflation (money-creation out of thin air). And a drastic switch from money in your hand to money existing only in a fictional digital world that is frighteningly outside the control of the proper owners.

The stupid smartphone generation is going to eat it up.
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PostPosted: Thu Feb 11, 2016 12:44 am
Leading German Keynesian Economist Calls For Cash Ban
http://www.zerohedge.com/news/2015-05-1 ... s-obsolete
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PostPosted: Thu Feb 11, 2016 12:56 am
Larry Summers: put interest rates at zero or in the negative, and phase out physical cash

http://www.businessinsider.com/larry-su ... nd-2013-11

Larry Summers made this eerie speech 3 years ago. Remember his name. He is an extremely influential economist, friends with the highest of the financial elite, and he was a bigtime financial manager for the federal government and the Wall Street banks.
https://en.wikipedia.org/wiki/Lawrence_Summers

A close look at his work with government reveals that he was one of the instrumental 'wise men' recruited to take the USA apart, bit by bit, via economic policy. He helped shape Clinton economic policy and the whole globalization/offshoring thing, herding corporate infrastructure to China and Mexico, etc. Then he came back to help shape the Obama economic policy.

He has a chair at the big boy table where the Rockefellers sit.
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