MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘Cashless society’

Erie Times E-Edition Article – Short on coins

Posted by M. C. on July 8, 2020

Another government screw-up or an intentional step toward a cashless society?

The same government that is controlling your health can’t keep nickels and dimes in the till.

https://erietimes-pa-app.newsmemory.com/?publink=2ba69efcc

How a coin shortage is impacting Mich. retailers, grocery stores

At Barrel’s and Vines, an upscale Royal Oak, Michigan, gas station, signs are posted urging customers to have the correct change or use debit or credit whenever possible.

Normally, owner Ken Lucia keeps boxes of rolled coins to fill register tills to use as change at both Barrel’s and Vines locations on Woodward.

But the COVID-19 pandemic has coins — quarters, dimes, nickels and pennies — in short supply.

Retailers get their boxes of coins from banks. But, Lucia said, the supplies are low at banks.

“Our bank will only allow us to buy one roll of coin at a time,” he said. “The banks have cut down on giving boxes of change out.”

A box of quarters has 50 rolls or $500 worth, while a box of pennies has 100 rolls or $50 worth, Lucia said.

In mid-June, the Federal Reserve announced a nationwide coin shortage, which it blamed on the pandemic..

“The COVID-19 pandemic has significantly disrupted the supply chain and normal circulation patterns for U.S. coin,” the government said in a statement. “In the past few months, coin deposits from depository institutions to the Federal Reserve have declined significantly and the U.S. Mint’s production of coin also decreased due to measures put in place to protect its employees. Federal Reserve coin orders from depository institutions have begun to increase as regions reopen, resulting in the Federal Reserve’s coin inventory being reduced to below normal levels. “

On June 15, the Federal Reserve Banks and their coin distribution locations began to allocate available supplies of pennies, nickels, dimes, and quarters to depository institutions as a temporary measure.

The temporary coin allocation methodology is based on historical order volume by coin denomination and depository institution endpoint, and current U.S. Mint production levels. Order limits are unique by coin denomination and are the same across all Federal Reserve coin distribution locations. Limits will be reviewed and potentially revised based on national receipt levels, inventories, and Mint production.

Barrels and Vines is a gas station that sells beer, wine and liquor and has a restaurant inside called Saroki’s Pizzeria, that also utilizes the change. Lucia said he began to see the coins run low in mid-April.

But now the coin shortage appears to be worse.

“Some banks have been more lenient than others,” Lucia said.

The shortage makes it tough for retailers.

To conserve coins, Lucia said, he has resorted to rounding sales up or down.

“I try to give out change in onesies and twosies, not in multiples,” he said.

For example, if the sale is $4.79, he will ask customers if they mind losing a penny and round up, giving them 20 cents. Or, he will round down to $4.75 and give them a quarter.

Constance Nobis, director of Retail Market Operations at Comerica Bank, said the bank is limiting what it gives to customers because its supply from the Fed has been cut by 90%.

“It’s a supply chain issue,” Nobis said. “Normally there’s a lot of recycling. Customers bring in coin to the bank, we ship it to the Fed and we fill our order out for customers.”

Nobis said the shortage is temporary.

“As more banks open and they are able to take those coin deposits in and the Fed is going to increase what they are minting,” she said.

In the meantime, she said, the bank is urging customers to bring in coin. It’s also doing centralized ordering, doing half boxes and rationing.

“Primarily gas stations and party store owners are frustrated with lack of coin and we have been able to get them about 50% of what they are asking for,” Nobis said.

That shortage may have an impact on the way you pay at grocery stores and other retailers.

At most of Meijer’s selfscan checkouts, the retailer has temporarily switched to credit, debit and SNAP/EBT card use only. Self-scan will also accept Meijer gift cards.

But customers using cash must use a cashier staffed checkout.

“While we understand this effort may be frustrating to some customers, it’s necessary to manage the impact of the coin shortage on our stores,” a Meijer spokeswoman said.

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The Economic “Reopening” Is A Fake Out

Posted by M. C. on May 25, 2020

Do not be fooled by the reopening. It is not real because it is not meant to last. It is a steam valve to calm public outrage and to condition us to periodic tyranny. The elites believe that we will eventually acclimate to lockdowns as long as we have a reopening to look forward to a couple months down the road. They believe that our tendency to rebel will be suppressed by false hopes that the next reopening will be a permanent reopening.

http://www.alt-market.com/index.php/articles/4229-the-economic-reopening-is-a-fake-out

Brandon Smith

How does one define an economic “reopening”? I think most people would say that a reopening means that everything goes back to the way it was before the crisis; or at least as close as possible.  Most people would also say that a reopening is something that will last.  Simply declaring “America has reopened” while keeping many restrictions in place in certain parts of the country is a bit of a farce.  And, reopening with the intention of implementing lockdowns again in a matter of weeks without explaining the situation to the public is a scam of the highest order.

For example, states like New York, California, Illinois and New Jersey have extended their lockdowns; with LA’s extension remaining ambiguous after they initially declared restrictions for another 3 months. New York’s lockdown is extended to the end of May (so far). This is the case in many US states and cities, while rural areas are mostly open. This is being called a “partial reopening”, but is there a purpose behind the uneven approach?

As I predicted in my article ‘Pandemic And Economic Collapse: The Next 60 Days’, the restrictions will continue in major US population centers while rural areas have mostly opened with much fanfare. The end result of this will be a flood of city dwellers into rural towns looking for relief from more strict lockdown conditions. In about a month, we should expect new viral clusters in places where there was limited transmission. I suggest that before the 4th of July holiday, state governments and the Federal government will be talking about new lockdowns, using the predictable infection spike as an excuse.

This is happening in Northeast China right now – another resurgence has occurred and 100 million people are now subject to quarantine restrictions. China’s reopening is barely two weeks old, and concerns of infection “flare ups” were widespread when the announcement was made. Now the mainstream media seems to be confused; is China open, or locked down? Of course, we may never know how bad the problem is and was in China as their numbers have been shown to be utterly rigged and suppressed from the beginning, but the point is that the phrase “reopening” is meaningless there, just as it will be meaningless here in the US.

This is part of the plan. The farce of reopenings does indeed have a purpose. I discuss this in great detail in my article ‘Waves Of Mutilation: Medical Tyranny And The Cashless Society’ published in April. The globalists are clearly the only beneficiaries of this event; with a world-wide surveillance state now openly on the table along with an accelerated shift into digital currency systems, the globalists are either taking advantage of this crisis to push their agenda, or they ENGINEERED the virus and caused the crisis to push their agenda.

In white papers published by globalists at the Imperial College of London as well as MIT, the plan is openly admitted. They suggest using “waves” of economic openings and then lockdowns to control the spread of the virus. Read the rest of this entry »

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Cashless Society and the End of Freedom

Posted by M. C. on April 27, 2020

As of 27 April 2020 the PA Liqour Control Board allows curbside pickup at state stores.

Yes, PA still has state stores.

Credit card in advance only. The sheeple are lining up.

 

Cashless society seems like an inevitable progression into an easier, faster and more convenient future. But this comes at a huge of cost of privacy and anonymity of cash payments, and freedom from control over people’s funds.

 

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The Real Reason for the Shocking New Developments in the War on Cash

Posted by M. C. on February 29, 2020

As such, the populace of each country will welcome them, not understanding that the real purpose is to have the banks determine how much you’re allowed to spend.

Many of these laws will be based on the assumption that cash will be eliminated and all transactions must be undertaken by the banks. Banks will also be authorised to examine what you’re spending the money on.

Cryptos just may be the greatest economic invention of the twenty-first century, and that’s just why they can’t be allowed to go mainstream.

https://internationalman.com/articles/the-real-reason-for-the-shocking-new-developments-in-the-war-on-cash/

by Jeff Thomas

International Man: Australia has proposed a law that provides a $25,000 fine and two years in jail for those who make cash transactions of $10,000 or more. If passed, the Currency (Restrictions on the Use of Cash) Bill could be implemented in 2020.

Do you see this legislation as Orwellian?

Jeff Thomas: Oh, yes, very much so. The claim by the Australian government’s Black Economy Taskforce is that the law will help stamp out tax evasion, money laundering and other crimes.

What we’ll be seeing is a plethora of laws popping up in all the countries that were a part of the post-war prosperity boom – the US, Canada, Japan, Australia, Europe and others. All those jurisdictions dove headlong into the debt pit that the US created after 1971. All of them are now facing an economic crisis as a result.

Consequently, all of them will be creating capital controls. My belief is that each will host several of these laws, and the others will all adopt them. Each law will be justified as protection against money laundering, terrorism, tax evasion, a rising black market or a combination of those scare tactic focal points. As such, the populace of each country will welcome them, not understanding that the real purpose is to have the banks determine how much you’re allowed to spend.

By having each country put forth a portion of the laws, then having all the others copy them, they’ll hope to make the laws appear to be less draconian. After all, how bad could they be, if all these countries support them?

Many of these laws will be based on the assumption that cash will be eliminated and all transactions must be undertaken by the banks. Banks will also be authorised to examine what you’re spending the money on. At first the oversight would relate to large expenditures, but later, it would be smaller expenditures, that, together, make up larger amounts. The outcome would be that all outlays would be suspect and could be refused by the bank. Those depositors who had a history of transactions having been in question would find that all transactions would be monitored in future (as though they weren’t already).

International Man: How can people combat the laws that are coming?

Jeff Thomas: Anyone who lives in any of the countries that are most seriously at risk still has time, prior to the passage of the laws, to liquidate his holdings in those countries. Then he may move the proceeds to a jurisdiction that’s likely to be safer.

If you own a home, sell it now and rent it back from the new owners. That way, you get to remain in the house you like, but the value of your house would have been taken out of the country. That gives you a nest egg elsewhere, in addition to making it easier to walk away from the house after things begin unravelling.

In a crisis, your true net worth consists of the amount of wealth that you have already succeeded in expatriating. So, you liquidate all assets and get the proceeds safely out. If things don’t go so badly, the money can always be repatriated, but if things do go badly, you will have kept your family from becoming casualties.

International Man: Is a cashless society the only way for governments and central banks to continue to wield their power through debt-based paper currency?

Jeff Thomas: No, there’s a host of means which they can employ. In my belief, they’ll use the “shotgun” method – coming at people with a variety of approaches at the same time. That would make it more likely that when people seek loopholes in the system, those loopholes will already be closed and people resign themselves to their fate.

In normal times, they’d be likely to drag the process out in order to be less obvious, but they’re running out of time. The house of cards hasn’t collapsed, but it’s shaking and they’ll want to entrap your wealth as much as possible as quickly as possible.

International Man: The trend toward eliminating cash completely is accelerating. In a cashless society, every transaction can be tracked and centrally controlled.

What does this mean for privacy and freedom?

Jeff Thomas: It means three things. First, it means that they can keep tabs on all your transactions. Your financial privacy is gone.

Second, it means that in future, transactions can be refused if they’re “questionable.” Maybe your trip to Panama has been deemed unjustified by the powers that be. Or your transfer to a bank in Singapore has been deemed “invalid.” In this way, they’ll be able to not only monitor your transactions, but limit your monetary freedom. Those who repeatedly operate outside of the accepted norm may well go onto watch lists, where they increasingly must seek permission to make transactions.

At first, this won’t be as simple as an “allowed/refused” programme. It will be more polite. You’ll receive a notice that says, “For policy reasons, we have been unable to complete this transaction. Please provide additional documentation as to the purpose of the transaction for our records.” They’ll bury you in requests for documentation. You’ll accept the idea that you must provide them with information, and very soon, you’ll become accustomed to pleading with your bank to use your own money as you see fit.

Third, because they have a record of all your transactions, your government can change the method of taxation from an annual voluntary tax payment to a direct debit. I believe that they would soon announce that they’ll be performing direct debits quarterly or even monthly “for your benefit.” Their claim will be that they’re relieving you of the hardship of the annual big hit and replacing it with a series of smaller ones.

You’ll then see a series of debits on your bank statements that are intentionally confusing. You won’t be able to figure out their method for determining the debit amounts, although it will, over time, become apparent that they’re taking more and more.

International Man: What happens once negative interest rates are incurred on deposits?

Jeff Thomas: Well, once you have no choice but to entrust all your transactions to your bank, negative interest rates will be implemented. After that, they’ll rise, again and again. My guess is that you’ll see rates on your bank statement such as 2.371% one month, followed by 2.592% the following month. It will seem very technical and you’ll come to think of it as being like the stock market, going up and down each month “as necessary.” But it will be a scam. It will quite simply be the theft of your money on deposit.

International Man: What should people be doing to combat this trend?

Jeff Thomas: Well, first off, I’d expect that this will begin in the US, EU, Canada, etc., and then spread outward. There are those jurisdictions like Switzerland, the Channel Islands, etc., that are more geared to providing favourable services to their clients than the large powers do. They’ll hold out at first, but once the majority of the world is on board with this scam, they’ll jump on board also. After all, it’s a license to skin you each month. What bank is going to pass that opportunity up? So, in the end, it will go global.

International Man: Do you see any hope for either derailing this system or opting out of it?

Jeff Thomas: As long as the current economic system remains as it is, no. The only escape is to either get out of cash, or move to a country that’s likely to continue to use cash. And the best that will do will be to buy you a bit more time.

Ultimately, this will succeed up until the day comes when there’s a collapse in the system itself.

Some people will try to escape through the use of cryptos. But if cryptos become the one and only loophole, we can be sure that they will be either taken over or outlawed. There’s zero chance that the powers that be will allow for this massive wealth grab to be thwarted by those who deal in cryptos.

I should mention that, at this point, I don’t have any particular vision in mind as to how this might be done, but the Achilles heel of cryptos is that they are exchanged for goods and services at some point. It will be at that point that a red flag is raised and the trader is exposed and prosecuted for “economic terrorism,” or whatever trumped-up term is created at the time.

Cryptos just may be the greatest economic invention of the twenty-first century, and that’s just why they can’t be allowed to go mainstream. All on their own, they can defeat the banks’ most profitable money-maker and that can’t be allowed to happen.

Editor’s Note: Governments around the world have put their money printing on overdrive.

Unfortunately, there’s little any individual can practically do to change the course of these trends in motion.

The best you can and should do is to stay informed so that you can protect yourself in the best way possible, and even profit from the situation.

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Extension of full-spectrum dominance: Why you should be ...

 

 

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The Rush To A Cashless Society Only Serves Globalist Interests

Posted by M. C. on December 2, 2019

 I have long held that current popular cryptocurrencies are nothing more than a beta test for a global digital currency system controlled by the elites.

http://www.alt-market.com/index.php/articles/4013-the-rush-to-a-cashless-society-only-serves-globalist-interests

Brandon Smith

In 2017 I published an article called ‘The Globalist One World Currency Will Look A Lot Like Bitcoin’. In it, I warned that the trendy marketing of cryptocurrencies to the general public by the mainstream media was extremely suspicious and contrary to the notion that the establishment was “terrified” of Bitcoin or blockchain tech putting them out of business. I also warned of the deep involvement of international banks like Goldman Sachs and JP Morgan in the progress of blockchain infrastructure and more specifically Goldman Sachs and the IMF’s love affair with digital monetary systems. Goldman Sachs even referred to the blockchain as “the new technology of trust…”

Clearly, the banking elites are not worried about this technology. In fact, they have been investing in it heavily. But why?  I have long held that current popular cryptocurrencies are nothing more than a beta test for a global digital currency system controlled by the elites.

This is not to say that many people are familiar with using Bitcoin or other cryptocurrencies. In fact, only a tiny percentage of the population ever comes into contact with or trades crypto. What I am saying is, the terminology, the idea of cryptocurrencies, is now widespread.

Thanks to a vast amount of media attention, Bitcoin is a household brand even though most people have never owned a bitcoin (or a portion of a bitcoin). Whale investors have hyperinflated the price of Bitcoin and certain other coins to levels beyond all reason as demand by the investment world and average people for the mechanism is minimal at best. These price explosions, though brief, have spurred public curiosity. And, in the minds of many if something is considered valuable, no matter how ethereal or arbitrary the measure, there must be a reason…right? Therefore, in the minds of bitcoin cheerleaders high market prices prove by default that Bitcoin and cryptocurrencies are necessary and desirable and anyone who is critical or skeptical is merely “upset” that they “missed out on the opportunity”.

I have always said when asked about my position on Bitcoin and crypto that if you want to try to make money on one of these coins and think you can play the market, then by all means, the more power to you. But, for those who thought that cryptocurrencies are a tool for activism and fighting the central banks, all I can say is you have been duped.

Over the course of a decade, the masses have been acclimated to the idea of a digital currency system. They are now being acclimated to the idea that physical currencies should be done away with and replaced with the “more efficient” blockchain tech – Death to the dollar, death to the Fed and death to the globalists say activists as they cheer for the new digital landscape! But this is not what is really happening. The death of the dollar and physical cash is only the primer for a new and even more invasive world order.

In the past two years the agenda for a cashless system and a one world currency has gone mainstream. The plans that liberty analysts were once called “conspiracy theorists” for talking about ten years ago are now out in the open. The latest barrage of propaganda was launched by the governor of the Bank Of England, Mark Carney, who openly warned of the end of the dollar’s world reserve status, comparing it to the end of the Pound Sterling’s reserve status after WWII. He also noted that the dollar could be replaced by a new digital currency system and that this would be advantageous the banking system.

This piggybacks on comments made by globalist and PIMCO CEO Mohamed El-Erian in 2017, who stated in an op-ed that the IMF’s Special Drawing Rights basket system could be used to replace the dollar as world reserve and that this would help to “fight the rise of populism”.

Next, Facebook introduced the concept of the “Libra” digital currency, which Mark Carney also suggested central banks would be watching closely. Libra, in my view, is a test designed to lure wider public into using digital currency on a regular basis. As noted, Bitcoin and other cryptocurrencies gained exposure but not preference. Where they failed to infiltrate the daily trade of the average citizen, Libra could eventually succeed…

Trichet’s argument for an IMF dominated crytpocurrency was surely welcomed in Beijing, where the Chinese have long supported the proliferation of the SDR and have called for the SDR to replace the dollar. The Chinese are not the only one’s. The Russian government has also called for the IMF to take over the global monetary system with the SDR basket.  Russia has all but decoupled from the dollar, dumping it’s US treasury holding, stockpiling a large supply of gold and removing the dollar in bilateral trade agreements with other nations.

Last year Europe began establishing a new alternative to the US controlled SWIFT payment system. Germany in particular criticized the US system as a geopolitical weapon. Now, an association of major banks in Germany and in the EU is calling for a digital Euro based on the blockchain ledger.

The IMF has been openly publishing white papers that agree with the assessment that a global digital currency is needed, and with former IMF head Christine Lagarde now in charge at the ECB, it is likely that a Euro cryptocurrency system will soon make a public appearance.

In the meantime, multiple central banks are pursuing a cashless system and digital currencies of their own. China has announced a national digital currency system will be realized in the next 18 months. The Swiss central bank is exploring digital currency options, and Russia is considering launching a cryptocurrency as well.

The rhetoric coming from the mainstream media and the banking establishment is that physical methods of payment will soon disappear. This is being called the “democratization of money”, and the “multipolar world order”; I’m sorry to say that it’s the exact opposite.

The claim is that the end of cash and specifically the end of the dollar will result in more choice in the monetary world. But the end of physical cash is actually a removal of choice and the result is MORE centralization. The banking elites are so excited about the digital currency model because it removes all privacy from trade. As I have outlined in past articles, cryptocurrency and blockchain tech have no anonymity whatsoever despite claims originally circulated by proponents and cypto-activists. It is also clear that central banks intend to introduce their own highly managed currencies and most other coins will be buried in the process.

The multipolar and multilateral world order memes are also a fraud. China, Russia, Europe and other nations are demanding an alternative to the dollar, but if that alternative ends up being a digitized version of the SDR basket under the IMF’s control as these countries have suggested, then this means total global centralization, NOT decentralization.

Real decentralization would mean the removal of bureaucratic oversight and micromanagement. It would mean that physical currencies backed by gold and silver could be offered as an alternative option, not just cryptocurrencies or fiat backed by nothing. After all, gold and silver have far more individual investors worldwide than cryptocurrencies do. How about some real competition instead of price suppression of metals by the likes of JP Morgan?

It would mean localized currencies and payment systems backed by hard commodities, not one worldwide currency and payment system backed by nothing. It would mean nations breaking from dependence not just on the dollar, but also breaking from globalist institutions like the IMF, BIS and World Bank. The globalists are attempting to sell us on slavery by packaging it as “free markets”. The solution is to not use the systems they promote and be ready to fight tooth and nail for real decentralization.

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CASHLESS Society Coming SOON! - The Federal Reserve Is ...

No Cash=No Provacy.  Let’s follow China’s lead.

 

 

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Globalist-Endorsed War on Cash May Be China’s Next Terrifying Weapon | Mises Wire

Posted by M. C. on November 18, 2019

…the purpose of a War on Cash is not simply to strengthen a government’s grasp on the wealth of its citizens — but the move becomes a highly effective means of tracking any who find themselves in the crosshairs of the state.

https://mises.org/wire/globalist-endorsed-war-cash-may-be-chinas-next-terrifying-weapon?utm_source=Mises+Institute+Subscriptions&utm_campaign=f2b07b5612-EMAIL_CAMPAIGN_9_21_2018_9_59_COPY_01&utm_medium=email&utm_term=0_8b52b2e1c0-f2b07b5612-228343965

…The next arm weapon the CCP may plan to wield against its citizens is a War on Cash.

As Joseph Salerno, among others, has noted for years now, a successful War on Cash would represent a new escalation in government’s long history of weaponizing currency against the population. Moving far beyond the clipping of coins as a means of stealth tax collection, the purpose of a War on Cash is not simply to strengthen a government’s grasp on the wealth of its citizens — but the move becomes a highly effective means of tracking any who find themselves in the crosshairs of the state.

These features make a cashless society attractive for any government — which explains why it has become an increasingly popular goal for politicians, bureaucrats, and central bankers in the West. This is precisely why we’ve seen the cause promoted from such influential economists as Kenneth Rogoff, former chief economist of the IMF, Marvin Goodfriend, an economics professor at Carnegie Mellon who was once nominated to the Fed by Donald Trump, as well as various economic ministers. The governments of Australia and Sweden have made a cashless society an explicit policy goal within their countries, while some central banks — such as the ECB — have begun phasing out higher denomination bills as an opening move in their own cashless campaigns.

Of course, the international perspective of the Swedish government is quite different than that of China’s — and understandably so. For all of Sweden’s issues, there are no comparisons to the CCP’s brutal child policies or its treatment of religious minorities. What should be understood, however, is that a successful move to a cashless society would give the Swedish government similar tools over its population as those the Communist Party seeks over its dominion. While the former may ground their policy aims in “combating drug trafficking” and “convenience,” the end result in both cases is a new terrifying weapon in the hands of the state.

Luckily, it’s easier for the government to desire a cashless society than it is to create it, and we’ve seen countries like Sweden rethink their approach. There is reason to think that China may be less apprehensive. Not only is the government more powerful, but it is also more desperate…

While much has been made of Chinese media giving Bitcoin a front-page treatment, the tight control the CCP has over its financial system makes actual use of private crypto extremely difficult. Instead, the stage is being set for moving the yuan to the blockchain. While some have sold this as some novel challenge against the dollar — even suggesting that the Bank of China could try to peg it to gold — this is, as Daniel Lacalle explained, a delusion.

This is not a trump card to be used against Uncle Sam, but a new tool of CCP oppression against is own people. As noted by Jason Burack, a market analyst that has been closely following Chinese economic news, “throughout history, governments have always hijacked technology and used it for nefarious purposes.”

At this point, the CCP successfully waging a War on Cash is mere speculation — though a recent move to allow tourists access to digital payment systems such as AliPay might help pave the way for that transition. It would be a policy change very much in character with the authoritarian regime in Beijing — and one that has long been sold as “benign” by the more “liberal” globalist elite.

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The Cashless Society and Its Grim Implications | Humans ...

 

 

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Is Sweden Going Completely Cashless? – The Organic Prepper

Posted by M. C. on November 30, 2018

Out of all the nations in the Western world, it seems that Sweden is the most enthusiastic about the embedding of microchips into humans “for convenience” purposes.

https://www.theorganicprepper.com/sweden-cashless/

by Daisy Luther

Sweden is rapidly turning into a cashless society, which seems like the utopian dream of many a government figure. What could possibly go wrong from the government’s point of view? Isn’t it ideal that they could soon digitally control every single person in the country?

Actually, quite a few things are going wrong. So much so that even members of the government are expressing concern…

Cash is used so infrequently that the government of the country has demonstrated concern. And this isn’t just in the big cities. A source in rural Sweden tells me that even in his remote area, the push to go cashless is omnipresent.

The folks of Sweden have so little use for cash that it’s predicted many stores will no longer even accept it by 2025. And according to an article in the Financial Post, the government is beginning to have second thoughts.

…The government is recalculating the societal costs of a cash-free future.

The financial authorities, who once embraced the trend, are asking banks to keep peddling notes and coins until the government can figure out what going cash-free means for young and old consumers. The central bank, which predicts cash may fade from Sweden, is testing a digital currency — an e-krona — to keep firm control of the money supply. Lawmakers are exploring the fate of online payments and bank accounts if an electrical grid fails or servers are thwarted by power failures, hackers or even war. (source)

And the potential of a down-grid situation isn’t the only problem. Older Swedes and immigrants who aren’t really involved in the digital society could have great difficulty making transactions… Read the rest of this entry »

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EconomicPolicyJournal.com: Citibank Expands the War On Cash

Posted by M. C. on November 7, 2018

Like the idea of a cashless society?

Like having the government, IRS, your insurance company, cops, monitor and make judgments made on you through your spending habits? Do you use plastic at the state wine and spirits store?

Like being forced to pay for a bank account because how else can you store digital “money”? That is the negative interest you may have heard about. You pay them for the privilege of holding your “money”.

Like having your funds shutoff with the flick of a switch if you do something that offends some faceless, flunky bureaucrat?

Cash is king. Don’t be one of the sheeple.

http://www.economicpolicyjournal.com/2018/11/citibank-expands-war-on-cash.html#more

Here is more evidence that the bankster operation, Citibank, is more in cahoots with government than providing service to its customers.

Read the rest of this entry »

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The cashless society is a con – and big finance is behind it | Brett Scott | Opinion | The Guardian

Posted by M. C. on July 25, 2018

Surveillance, control and profit.

Charged to keep your digital account. There is no alternative in a cashless society.

Your life is data banked through your transactions. “Why are you buying so much…fill in the blank?

A flick of the switch and access to your “money” is stopped. You will be like Kafka’s “K”.

https://www.theguardian.com/commentisfree/2018/jul/19/cashless-society-con-big-finance-banks-closing-atms

All over the western world banks are shutting down cash machinesand branches. They are trying to push you into using their digital payments and digital banking infrastructure. Just like Google wants everyone to access and navigate the broader internet via its privately controlled search portal, so financial institutions want everyone to access and navigate the broader economy through their systems.

Another aim is to cut costs in order to boost profits. Branches require staff. Replacing them with standardised self-service apps allows the senior managers of financial institutions to directly control and monitor interactions with customers. Read the rest of this entry »

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Project: FEDcoin – Fight Going Cashless Like Your Life Depends On It Because It Does.

Posted by M. C. on May 6, 2017

https://www.caseyresearch.com/cs/project-fedcoin-short?utm_source=taboola&utm_campaign=tq2rx-2&utm_medium=referral

The Dangers of Digital Money

Doug, this sounds like a real benefit…

It’s very dangerous.

Without cash, you have no privacy. If you have to put everything through a bank account, the government knows exactly what you’re buying, what you’re selling, how much you are earning. They’re in complete control; able to take what they want out of it including your entire account if you become politically undesirable…

There is no reason to trust a digital, computerized economy as the National Bank of Bangladesh found out not very long ago. They had $81 million deposited with the New York Fed. The New York Fed was hacked and the National Bank of Bangladesh lost $81 million. Have they gotten it back? No. Will they get it back? No.

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