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The War On Cash And Then On Gold

oldgaranddad

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No need to put a metal strip in the currency. Optical Character Recognition (OCR) can do that now at phenomenal speeds just reading the serial numbers on the bills and series.
 

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Hard to spend your Benjamins at Franklin's Table, Penn's tony new food hall
Updated: March 29, 2018 — 12:20 PM EDT

by Rebecca Heilweil, STAFF WRITER

For the last two weeks, Ivy Leaguers have lined up by the hundreds around lunchtime, plastic in hand, for cured salmon tartines, shrimp tempuras and mint chocolate tahina shakes at the newly renovated and rechristened Franklin’s Table food hall across from the University of Pennsylvania.

It’s hard to spend any Benjamins at Franklin’s Table. Four of the five lunch spots won’t take cash.

Goldie, High Street Provisions, DK Sushi and KQ Burger have all ditched paper currency in favor of credit and debit cards to simplify purchases and speed up lines.

Testing out new approaches to payment at universities is ideal, says Goldie partner Steve Cook, because “students have less experience with cash and more [with] noncash forms of payment.”

Nationally, Starbucks and Amazon are experimenting with cashless in-store shopping, while Chicago’s City Council is considering an ordinance to ban the practice altogether, contending that it excludes people who cannot afford them.

At Goldie, where queues for falafel can stretch the food hall’s width, not accepting paper money, though slightly more costly for the restaurant, saves the “headache” of not having to count and distribute cash, said Cook. The Goldie booth at the Pennsylvania Avenue Whole Foods is also cashless.

A malfunctioning payment tablet was enough to briefly stop business on opening day for the High Street spin-off High Street Provisions. Still, being cashless helps make the “steps of service as lean as they possibly can [be],” said founder Ellen Yin. She wants her food ready within four minutes of ordering.

Ninety-five percent of diners at her Fork restaurant pay by credit card, she said. At High Street on Market, just a fourth of customers still pay in cash.

At the hall, only Pitruco Pizza, and branches of Little Baby’s Ice Cream and the Juice Merchant, will take paper money or coins.

Little Baby’s co-owner Peter Angevine says the credit card processing fees don’t make sense, considering that his smallest scoop goes for $3. But also, he says, “Not everybody should need a credit card to buy ice cream.” Without lunch offerings, the ice cream shop can accommodate a slower checkout.

Only a handful of people have been turned away because they had only bills, according to proprietors of the cashless businesses. Also card-only in the city are four Sweetgreen salad bars and an outpost of the Australian-style coffee shop Bluestone Lane.

There are other payoffs for merchants: Cashless payments also make calculating taxes, payroll and inventory numbers easier, and provide valuable customer data.

With the proliferation of such services as Venmo, ApplePay and Square, some companies are eager to proclaim the death of cash.

“Empirically, it’s not happening,” said Bill Maurer, a University of California-Irvine anthropologist who studies currency. “We’ve seen this before.” For instance, in 1963, Diners Club, the first credit card company, launched an experiment, asking the citizens of Winsted, Conn., to use plastic-payment only for just one day. “Cash died today,” the city’s paper declared.

On Wednesday, Visa announced that five Philadelphia-area small businesses had won $10,000 to improve their cash-free payment technology. One winner, Really Reel Ginger at Reading Terminal Market, recently switched from Square’s headphone-jack card reader for phones to a free-standing point-of-service tablet from the company Clover.

“People were kind of funny about you taking their card to swipe it on your telephone,” said Iliyaas Muhammad, 36, who runs the business with his wife, Hadia, 33.

Maurer added that it’s not uncommon for new payments to be tested out at universities and theme parks, where there are “lots of customers in a contained space.”

He cautioned, however, that “anytime you start putting restrictions on payment, you start shutting people out, and can create new forms of hierarchy.”

Businesses’ going cashless would hurt the 7 percent of Americans who often have neither credit nor debit cards, according to 2015 FDIC data.
Mindful of that economic divide, Massachusetts has required all businesses to take cash since 1978.

While Franklin’s Table is usually packed, several Penn students who described themselves as low income said the restaurants in the food hall are not as affordable as the previous tenants at Moravian Food Court, which included Taco Bell and Pizza Hut. At Penn, about half of students are expected to pay the estimated $73,000 cost of attendance without financial aid.

“We already have Sweetgreen on campus, where salads are $10,” said Lyndsi Burcham, 21, a first-generation student from Kansas City. As a freshman, she used to go to the old food court regularly.

Some students just miss their favorite lunch spot.

“With that Taco Bell location gone, I need to walk to 30th Street Station to get a Quesarito,” groused John Holmes, 21, a senior from Erie. “And I think that’s outrageous.”


http://www.philly.com/philly/news/c...of-pennsylvania-franklins-table-20180329.html
 

madhu

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TAEZZAR

LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH
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because “students have less experience with cash and more [with] noncash forms of payment.”
More brainwashing - of the so sorry little brains that they have !!
 

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"Ice Nine" Comes To China


by Tyler Durden
Sun, 04/22/2018 - 21:00


Authored by James Rickards via The Daily Reckoning,

The war on cash has been going on for decades. The U.S. abolished the $500 bill in late 1969. (The old $500 bill featured a portrait of President William McKinley, by the way. I remember seeing a few when I was a kid.)

Today’s $100 bill is only worth 10 cents on the dollar compared with the $100 bill of 1969.

Europe will abolish the 500 euro this year. We all recall what happened in India in late 2016 when India abolished the 500 and 1,000 rupee notes (worth about $10 and $20, respectively); there was mass chaos as peasants lined up to turn in the old notes for digital credit.

ATMs were shut down because the replacement notes were too big for the ATMs!

Now the war on cash is being taken to a new level. China, the world’s most populous country and the world’s second-largest economy, has said that physical cash may soon become obsolete.



China has huge digital payments platforms developed by their own companies Tencent and Alibaba, in addition to traditional credit and debit cards and mobile phone payments.

Movements like this might start slowly, but they gain momentum and end quickly. Cash can be expensive to handle because vendors have to hire armored cars to move it, buy machines to count it, pay premiums to insure it and risk losses due to theft.

Those costs only make sense if they can be spread among a high volume of cash. Once cash usage falls below that critical threshold, the handling costs per unit are too high and merchants quickly abandon cash altogether.

China may be getting close to that tipping point, and will get there sooner if the government pushes cash off the ledge by regulation.

This is consistent with the Communist plan for total control of their people.

Once physical cash is gone, your liberty is gone because government can easily monitor and freeze all digital payments. The only recourse for the Chinese people once their cash is gone will be physical gold and silver.

This brings me to what I’ve warned about for years…

It’s what I call “ice-nine.” This refers to government’s ability to lock down the financial system in the next global crisis. And it won’t be just China.

In the 2008 crisis, governments met the demand for liquidity by printing money, guaranteeing banks and money market funds and engaging in trillions of dollars of currency swaps.

The problem is that the central banks still have not normalized their balance sheets and interest rates since the last crisis and are unlikely to be able to do so before the next one. Money printing won’t be an option, because central banks have printed too much already. Any more money printing would trigger a complete loss of confidence in fiat money and a mad scramble for hard assets.

Instead of money printing, central banks and governments plan to lock down the system and not let investors get their money out.

This will begin with money market funds and then spread quickly to bank accounts, ATMs and stock exchanges until the entire system is frozen.
Then an international monetary conference will be convened to create a new global monetary standard, probably based on special drawing rights (SDRs), which will be printed by the trillions and handed out to governments to gradually reliquify the system.

Governments can see this coming and are already taking steps to prepare for more extreme measures.

A few years ago, the SEC changed the rules so that U.S. money market funds can suspend redemptions. Recently, China announced that it would follow suit and allow its money market funds to also suspend redemptions. Now China has halted trading in the stock of one of its largest companies, HNA.

This comes on top of the government takeover of another giant Chinese corporation, Anbang Insurance, at the end of February.

The bottom line is governments are preparing for ice-nine and the lockdown of banks and stock exchanges. That includes the U.S. government.

You should prepare also by buying physical gold and silver to be kept outside the banking system.

https://www.zerohedge.com/news/2018-04-22/ice-nine-comes-china
 

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Australia Bans Payments Over $10k, Unleashes "Mobile Strike Teams" In War On Cash


by Tyler Durden
Wed, 05/09/2018 - 23:25


As Australia struggles to maintain its unprecedented 104-quarter-long streak of uninterrupted economic growth, lawmakers are intensifying the country's "war on cash" - ostensibly part of a crackdown on "criminal gangs" that are smuggling drugs and/or people into the island nation and companies that are trying to cheat their taxes.

To wit, Australia's government has introduced an economy-wide payment limit of $10,000 for transactions conducted in cash, which, according to News.au, will help (in the aussie slang) "keep dishonest tradies and businesses from rorting the system by taking cash in hand."



From July 1, 2019, cash payments of more than $10,000 made to businesses for goods and services will be banned as the Turnbull Government seeks to crack down on the $50 billion "black economy."

The law was purportedly inspired by instances of large purchases - yachts, sports cars and other luxury items - being made in cash and the tax not being reported.

Perhaps the most - um - striking element of the proposal is the introduction of "mobile strike teams" to catch businesses engaging in the act of conducting an illicit cash transaction.

Treasurer Scott Morrison said the Black Economy Standing Taskforce will be beefed up to detect people making sneaky cash transactions through a rigorous identification system and "mobile strike teams".
A black economy hotline will also be set up to allow people to dob in anyone who may be cheating the system.​
"Cash provides an easy, anonymous and largely untraceable mechanism for conducting black economy activity," the response said.
"Cash payments make it easier to under-report income and avoid tax obligations. This allows businesses transacting in cash to undercut competitors and gain a competitive advantage."​
Meanwhile, Australia's federal law enforcement are setting up a hotline for people to call in and "dob on their neighbors" who are violating the cash payments rule...

A black economy hotline will also be set up to allow people to dob in anyone who may be cheating the system.​
"Cash provides an easy, anonymous and largely untraceable mechanism for conducting black economy activity," the response said.​
"Cash payments make it easier to under-report income and avoid tax obligations. This allows businesses transacting in cash to undercut competitors and gain a competitive advantage."​

...And the Australian taxation office is stepping up audits and upgrading its data analysis tools to help catch businesses that violate the law.

It said the taskforce had identified examples of "large undocumented cash payments being made for houses, cars, yachts, agricultural crops and commodities," which contribute to the $50 billion black economy and "hurt honest businesses."​
The Australian Taxation Office will also carry out more audits and improve its data analytics in its effort to curb money laundering and criminal activity.​
The law is slated to take effect in 2019. After that, transactions involving businesses will need be routed through checks or electronic means. But transactions between individuals and financial institutions.

The government will also overhaul how it handles the Australian Business Register, including possibly imposing more stringent requirements on renewing businesses' operating licenses.

This will be bad news for criminal gangs, terrorists and those who are just trying to cheat on their tax or get a discount for letting someone else cheat on their tax...
It’s not clever. It’s not OK. It’s a crime.

Australian lawmakers have backed the new system, which was introduced by the country's Treasurer, Scott Morrison in his annual speech introducing his proposed national budget.

In its response, the government said it agreed with or supported the majority of the recommendations, including potentially requiring wages to be paid into bank accounts, effectively outlawing cash-in-hand payments. Workers in the "gig economy" will also face greater scrutiny. The government said it was "encouraging the transition to a digital society."

Of course, while the government says its new system is targeted at criminals, we suspect there might be an ulterior motive: Given the rash of foreign investment that has propped up Australia's housing and asset markets, the government is merely trying to stop a flood of capital from leaving the country - particularly now that rising interest rates in the developed world are making its bonds and currency less attractive by comparison.

https://www.zerohedge.com/news/2018...00-deploys-strike-teams-while-asking-citizens
 

mtnman

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Australia Bans Payments Over $10k, Unleashes "Mobile Strike Teams" In War On Cash


by Tyler Durden
Wed, 05/09/2018 - 23:25


As Australia struggles to maintain its unprecedented 104-quarter-long streak of uninterrupted economic growth, lawmakers are intensifying the country's "war on cash" - ostensibly part of a crackdown on "criminal gangs" that are smuggling drugs and/or people into the island nation and companies that are trying to cheat their taxes.

To wit, Australia's government has introduced an economy-wide payment limit of $10,000 for transactions conducted in cash, which, according to News.au, will help (in the aussie slang) "keep dishonest tradies and businesses from rorting the system by taking cash in hand."



From July 1, 2019, cash payments of more than $10,000 made to businesses for goods and services will be banned as the Turnbull Government seeks to crack down on the $50 billion "black economy."

The law was purportedly inspired by instances of large purchases - yachts, sports cars and other luxury items - being made in cash and the tax not being reported.

Perhaps the most - um - striking element of the proposal is the introduction of "mobile strike teams" to catch businesses engaging in the act of conducting an illicit cash transaction.

Treasurer Scott Morrison said the Black Economy Standing Taskforce will be beefed up to detect people making sneaky cash transactions through a rigorous identification system and "mobile strike teams".
A black economy hotline will also be set up to allow people to dob in anyone who may be cheating the system.​
"Cash provides an easy, anonymous and largely untraceable mechanism for conducting black economy activity," the response said.
"Cash payments make it easier to under-report income and avoid tax obligations. This allows businesses transacting in cash to undercut competitors and gain a competitive advantage."​
Meanwhile, Australia's federal law enforcement are setting up a hotline for people to call in and "dob on their neighbors" who are violating the cash payments rule...

A black economy hotline will also be set up to allow people to dob in anyone who may be cheating the system.​
"Cash provides an easy, anonymous and largely untraceable mechanism for conducting black economy activity," the response said.​
"Cash payments make it easier to under-report income and avoid tax obligations. This allows businesses transacting in cash to undercut competitors and gain a competitive advantage."​

...And the Australian taxation office is stepping up audits and upgrading its data analysis tools to help catch businesses that violate the law.

It said the taskforce had identified examples of "large undocumented cash payments being made for houses, cars, yachts, agricultural crops and commodities," which contribute to the $50 billion black economy and "hurt honest businesses."​
The Australian Taxation Office will also carry out more audits and improve its data analytics in its effort to curb money laundering and criminal activity.​
The law is slated to take effect in 2019. After that, transactions involving businesses will need be routed through checks or electronic means. But transactions between individuals and financial institutions.

The government will also overhaul how it handles the Australian Business Register, including possibly imposing more stringent requirements on renewing businesses' operating licenses.

This will be bad news for criminal gangs, terrorists and those who are just trying to cheat on their tax or get a discount for letting someone else cheat on their tax...
It’s not clever. It’s not OK. It’s a crime.

Australian lawmakers have backed the new system, which was introduced by the country's Treasurer, Scott Morrison in his annual speech introducing his proposed national budget.

In its response, the government said it agreed with or supported the majority of the recommendations, including potentially requiring wages to be paid into bank accounts, effectively outlawing cash-in-hand payments. Workers in the "gig economy" will also face greater scrutiny. The government said it was "encouraging the transition to a digital society."

Of course, while the government says its new system is targeted at criminals, we suspect there might be an ulterior motive: Given the rash of foreign investment that has propped up Australia's housing and asset markets, the government is merely trying to stop a flood of capital from leaving the country - particularly now that rising interest rates in the developed world are making its bonds and currency less attractive by comparison.

https://www.zerohedge.com/news/2018...00-deploys-strike-teams-while-asking-citizens
This is what happens when you let the Government take your GUNS.
 

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A Cashless Society Looms: Cui Bono?


by Tyler Durden
Thu, 05/10/2018 - 09:50



Authored by Virginia Fidler via The Gold Telegraph,

You love your credit cards, right? Handy and easy, you just whip it out and purchase whatever you want. No cash; no hassle. And everyone makes it so easy for you

Before you bask in all this convenience, consider just who is gaining from this war on cash.



The banks, of course, are charging as many fees as they can think of. More importantly, your cash card leaves a wide data trail detailing your buying preferences, used by merchants and advertisers to entice you into more buying. How convenient. These thoughtful companies even offer reward points every time you use the card. Cash offers the ultimate in privacy. Your cash card might as well be a walking billboard.


The government, of course, is extremely interested in your spending habits. The taxing authorities use an electronic money trail to monitor your spending and ensure against tax evasion. In addition, cards save the government the cost and trouble of printing and storing additional currency.

Your electronic purchase trail is nirvana to large corporations. Knowing your spending habits allows them to customize their ads to an ever-larger consumer base. They know what you need before you do and are ready to entice you with specials, sales and “act now” deals.

Monitoring against illegal habits, tax evasion, and money laundering may be considered a positive move. Increased spending can give the economy a boost (even as it depletes your bank account). No one, however, discusses the insidious dangers inherent in the move toward a cashless society.

One of the largest perils is that it all but eliminates financial prudence. You’re not handing over cash, but a mere card. The psychological difference is enormous. Cash forces you to consider your purchases as your wallet is depleted. Will there be enough green to purchase dinner?

A cash card handily removes that mental obstacle and skews your perception of precisely how much of your hard-earned money is leaving your possession. Bank statements and easy credit terms are far off, so they don’t merit a great deal of consideration.

Millennials, who have embraced card purchases with considerable enthusiasm, can also be lacking in financial knowledge. They are the major group being targeted by lending institutions, and almost half of them don’t know what their interest rates are or about late fees. Easy spending without adequate financial acumen can be a dangerous combination. Greater financial education would be a positive move toward wiser spending and saving habits. However, retailers have much to gain by keeping consumers in the dark as they continue to entice with “special offers” and one-click online shopping.

Cash transactions are declining globally, and the poorest members of society are feeling the backlash.Approximately 7 percent of Americans do not have bank accounts, and the number of homeless has increased for the first time since 2010. The lack of cash has marginalized those who are most vulnerable.

One country that is making strides toward a cashless society in India. To crack down on the country’s huge black-market trade, Prime Minister Narendra Modi is attempting to lure consumers with no bank accounts into the formal economy. That is approximately 40 percent of people in India, who are without access to banking services. The first step, in November 2016, was to withdraw the 500 and 1,000 denominations of rupee notes from general circulation. This accounts for 86 percent of India’s cash. The move has hurt Indian’s poor, some of whom are unable to buy simple fruits and vegetables. Small businesses have reduced their staff by 35 percent. While India’s economy is thriving, the elimination of cash is expected to hurt its future GDP.

Big ticket items have suffered in India, as many consumers remain wary of cash transactions. As Indians are depositing more money into banks, it is banks that are profiting from Modi’s efforts. Major lending institutions have been hiring wealth managers to handle this new influx. It is expected that the number of money managers will double within three years. At the same time, the poor, who have limited access to the new banknotes, have no mean of buying needed food. This is a genuine problem for rural Indians, who have no nearby bank and need the liquidity of cash to survive. They are paying a high price for the government’s efforts to eliminate tax evaders.





India is only one of the countries moving toward a cashless society, with many emerging African and Asian markets developing apps for even the smallest payments. Australia and Scandinavia are also encouraging cashless transactions by making them easier and more convenient. Globally, our every purchase of an ice cream cone is being watched and recorded.

Cash in hand has always represented freedom, and that is now being eroded at an alarming rate. Private, legal transactions will become illegal or impossible in a cashless society when every financial transaction is being monitored and scrutinized.

Without cash, people become purely dependent on big banks. What happens when the banks fail? During times of crisis, banks could shut their doors and prevent depositors from accessing their money. The lack of genuine cash shifts the power from the individual to corporations and government authorities.

If we are relinquishing freedom and power for the convenience of cashless transactions, perhaps we need to consider who is on the receiving end. Banks and governments are amassing the ultimate power by gradually removing the last vestige of freedom – cash. Those who are ready to give up their cash will surely pay the price.

https://www.zerohedge.com/news/2018-05-10/cashless-society-looms-cui-bono
 

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A Central Banking Insider Just Revealed the Blueprint For When the Next Crisis Hits

by Phoenix Capita…
Wed, 05/16/2018 - 10:07


If you’re looking for insights into what Central Banks have planned when The Everything Bubble bursts, on Monday one of the European Central Bank’s (ECB) top bankers provided a blueprint.

Benoît Cœuré, has been a member of the Executive Board of the ECB since 2011. As such is one of SIX individuals who have dictated ECB policy during that time.

This means he’s been involved in:
  • The second and third Greek bailouts.
  • The Spain bailout.
  • The Portugal bailout.
  • The second and third Romania bailouts.
  • The Cyprus bail-ins.
Cœuré has operated at the highest level of monetary/ financial policy during a period in which numerous financial/banking systems were experiencing systemic risk.

Put simply, there are fewer than 100 people on the planet who are as familiar with how Central Banks perceive the risks in today’s financial system as well as the policies said Central Banks will unleash when the next crisis hits.

With that in mind, let’s take a look at what he had to say regarding both in the speech he gave titled The Future of Central Bank Money at the International Center for Monetary and Banking Studies in Geneva yesterday.

In my remarks this evening I would like to share some more general thoughts on the role of the central bank’s balance sheet in the economy. My focus will be on central bank liabilities – that is, money created by central banks to be used as a means of payment and store of value…
What distinguishes the discussion today from previous discussions, however, are three new facts:
The first is that we are seeing a dramatic decline in the demand for cash in some countries, in particular Sweden and Norway.
The second is that central banks today could make use of new technologies that would enable the introduction of what is widely referred to as a “token-based” currency – one based on a distributed ledger technology (DLT) or comparable cryptographic technology.
And the third “new” fact, at least from a long-term perspective, relates to the role of central banks in setting monetary policy, and more recently to the emergence of negative rates as a policy instrument and the consequences for the transmission of monetary policy.
Source: ECB


Reading between the lines, Cœuré is talking about:
  • Potential cash bans in tandem with negative interest rates (the problem with physical cash is it allows you to avoid paying interest via NIRP because you can simply store it yourself instead of keeping it in a bank).
  • Shifting over to a completely digital currency controlled by a Central Bank.
Cœuré finishes by stating that the near-term benefit of this is minimal, but that in the medium term
…a more incremental reform could consist of giving a broader range of financial market participants access to the liability side of the central bank’s balance sheet,provided that this can help strengthen the transmission of monetary policy in an environment of excess liquidity.
Source: ECB

Put simply… discussions of ending physical cash and introducing strictly digital money are taking place within the highest circles of Central Bankers.

If you think this isn’t coming to the US, you’re mistaken.

http://www.phoenixcapitalmarketing.com/cash.html


Best Regards
Graham Summers
Chief Market Strategist
Phoenix Capital Research

https://www.zerohedge.com/news/2018...led-blueprint-cb-policy-when-next-crisis-hits
 

Uglytruth

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Agreed. When I read about barter it seems the more control they have the more ways around it people find........
 

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Remember the War on Cash? It Never Ended - Episode 031
Silver Fortune


Published on May 16, 2018
The war on cash is alive and well. A quick review of why a world in which all currency is digital will subtract from your freedom.

Help support the Silver Fortune Channel through my sponsor, SD Bullion - 10 oz. Silver Bar at Spot! https://sdbullion.com/sf

Support Silver Fortune through Patreon: https://www.patreon.com/silverfortune


Any content within this video or any other video by the Silver Fortune channel is merely one man's opinion, commentary, and analysis, or actual information obtained from elsewhere, and should not be constituted as legal, investment, or financial advice. Make your own financial decisions, or consult a professional if you'd prefer to go that route. The Silver Fortune channel disclaims any liability for legal, financial, or investment decisions made.
 

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The future of Cash: Iceland vs Sweden
By: JP Koning
The poster child of a cashless society is Sweden. There are all sorts of anecdotes about beggars accepting cards, churches passing around mobile payments devices instead of collection plates, and banks no longer providing customers with cash. It is no wonder then that Sweden is the only country in the world to show a decline in banknotes and coins in circulation, the quantity of cash outstanding having fallen from 109 billion SEK in 2006 to 56 billion SEK in 2018. If you want to read more, I wrote about the Swedish miracle on my Moneyness blog here.
 

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Ron Paul On The Coming Dollar Crash, Cashless Society, Cryptocurrencies, Trump & The Deep State!
Press For Truth


Published on May 29, 2018
SUPPORT INDEPENDENT MEDIA ➜ https://pressfortruth.ca/donate
Patreon ➜ https://www.patreon.com/PressForTruth
Follow me on DTube ➜ https://d.tube/#!/c/pressfortruth
The crash of the dollar is not a matter of if…but when! The modus operandi for the inner cabal of the global elite is and always has been to provide order out of chaos…sometimes the chaos happen organically and sometimes it has to be created. Money has always been used as their greatest mechanism for control ever since the introduction of usury in the ancient world.
But here in the 21st century what’s Donald Trump’s roll in all of this? Is he being set up top take the fall or is he working with the deep state to ensure that that the crash of the dollar happens? In this video Dan Dicks of Press For Truth speaks with Dr. Ron Paul of The Liberty Report to get his views on the coming dollar crash, the idea of a cashless society, cryptocurrencies as a potential hedge and whether or not Donald Trump is a tool of the deep state. They also discus the principles of anarchism and how big or small should governments be.

Vid originally found here:

Ron Paul: "A Cashless Society Is Very, Very Dangerous"
https://www.zerohedge.com/news/2018-06-06/ron-paul-cashless-society-very-very-dangerous
 

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We are just a Carrington event away from a cashless society idea to become null and void. That event in 1859 was only a mild explosion coming from the Sun. There have and will be again much l;larger events that hit us. No-one can predict when but cashless society is not a good idea for this one reason alone.
 

Cigarlover

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Some other obvious problems include hackers, hookers and heroine sales.. How will the CIA fuel their private war chest without the heroine sales? Hookers going to work for fictitious digits? Congress going to accept fictitious digits bribes? So far there is nothing hack proof. A cashless society is a hackers wet dream.
Then of course what about world travelers who go to countries that are barely lit up let alone connected as we are here. I can't even imagine China is going to pull this off. There's hundreds of millions there that are barely seeking out a living.

What need would there be for banks then? Are they just going to lend digits out? No need to keep your digits in a bank account. You can keep them on your phone and pay your bills directly. Everyone becomes their own bank.
Of course some hacker will crack some code and make digits available at will. As many as you want. Its just digits after all.

On the other hand gov can just add digits at will so no need for taxation.
 

madhu

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CIA will have unlimited check writing and fiat creation as always. Now it will be electronic digit writing. The reason why cash is going to be banned is that we are all going to be working for electronic digits backed by CIA or whoever.
As Indians painfully discovered that all fiat money is valid at the whim and fancy of the govt. The demonetization experiment devastated the holders of cash outside the banking cartels.
As for hookers they will have to serve somebody else more higher on the totem pole to get any returns or they may gladly accept some other electronic medium of exchange. Forget congress. They can be bought and sold by devious ways and we know they are not in any control any way. They just follow orders.
As for the low level hackers, the law will put the fear of the slammer. For the sophisticated and high end hackers will be bought off and get lucrative jobs at various three letter agencies.
The govt will have enough digits. But someone will have to induce value into the electronic digits and the slave chattel will eagerly fight to induce value so that they can pay taxes and kiss the feet of the govt.
 

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But someone will have to induce value into the electronic digits and the slave chattel will eagerly fight to induce value so that they can pay taxes and kiss the feet of the govt.
Create a problem where people couldn't buy stuff with cash, come up with a reason why and a certain group to blame it on and you'd have people accepting digital purchasing units with glee.

Hell...……….if things keep on keeping on cash may eventually just be phased out as more and more peeps use plastic. Most of the people and businesses I know prefer plastic over cash. More and more companies have direct deposit. More and more peeps are paying bills on line. Just the way the industrialized world seems to be heading.
 

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Cashless Society - Good or Bad? MoneyConf 2018
GoldCore


Published on Jun 14, 2018
- Cashless society or 'Lesscash' society?
- Do you carry cash and how much?
- When might we see the world's first completely cashless society?
- Who wins the payments battle - Apple, Google, WeChat, Alipay?
- Privacy, bank, electricity, wifi, tech and systemic risk underlines importance of cash
- What do you think?
 

Uglytruth

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Cashless Society - Good or Bad? MoneyConf 2018
GoldCore


Published on Jun 14, 2018
- Cashless society or 'Lesscash' society?
- Do you carry cash and how much?
- When might we see the world's first completely cashless society?
- Who wins the payments battle - Apple, Google, WeChat, Alipay?
- Privacy, bank, electricity, wifi, tech and systemic risk underlines importance of cash
- What do you think?
Wonder what the general population input would look like instead of a bunch of computer nerds trying to show how cool they are.
Waited behind an guy buying breakfast yesterday while he swiped his card a few times to get it to work.
FYI I had no problems or delays with my cash.
 

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Cashless society, negative interest rates and hyperinflation – part 2

-- Published: Monday, 25 June 2018

By BullionStar
https://www.bullionstar.com/

Imagine a country in which banks hold virtually no cash at all. A country where if you walk into a bank branch, the clerk won’t be able to help you make a deposit. A country where there’s a good chance that if you grabbed a wad of cash and walked into an electronics store or a major nightclub, they wouldn’t be able to assist you in buying a new computer, nor get your drink on.




Welcome to Sweden, the land of virtual cashlessness! Although the Swedish Riksbank recently launched a full array of new and very colorful bills featuring celebrities such as famous children's book author Astrid Lindgren and film director Ingmar Bergman, cash usage in Sweden is in absolute freefall, down from SEK 100 billion in 2010 to SEK 70 billion in 2015. Several factors combined has led to this development.
  • Since many years, most Swedes above age 16 use a VISA, Master or Maestro debit card to settle payments, even for smaller sums below $10.
  • Sweden is, and has for many years been, in the forefront in both developing and adapting new IT technology and early became one of the most mobile phone dense countries in the world, with upwards of 60% of the Swedish population owning a mobile phone as early as 1999.
  • The Swedes willingness to adapt new technology is evident from the proliferation of a transfer system called ‘SWISH’. The SWISH app enables any two parties holding a Swedish bank account and a Swedish phone number to transfer money to each other instantly, with no fees. Even merchants use SWISH to accept payments. There are homeless people selling newspapers accepting payment via SWISH. In Stockholm, these homeless sellers have even been accepting credit card payments since as early as 2013 using a smartphone extension known as ‘iZettle’, also invented in Stockholm Sweden.
  • During the last few years, more than 70% of all bank branches in Sweden has gone cashless, meaning that if you walk into a bank branch in Sweden, there’s about a 70% chance (or even higher) they won’t accept any cash you try to deposit.
  • There are virtually no payments being made by cheques anylonger in Sweden as banks stopped issuing cheque books years ago.





Tech loving Swedes
Some of the facts listed might sound unbelievable and even absurd for someone not living in Sweden: No cash in the bank? Homeless people accepting credit card payments?

Yes, the Swedes seem extremely willing to accept new cashless payment technologies, such as credit/debit cards as well as payment apps, and forgo old ones, such as cash and cheques. All with little or no suspicion towards these new electronic payment methods.

Other countries have tried the same. Singapore tried, or at least planned to try a new electronic cash system named SELT or ‘Singapore Electronic Legal Tender’. In an OECD report issued in 2002, the Board of Commissioners of Currency (which was the sole currency issuing agency preceding the merger with MAS in 2002) outlined the envisioned structure of the SELT system where the goal was said to be reducing physical cash usage and its handling costs.

As can be read from the 2002 OECD report, the SELT system was in a very early conceptual stage and only outlined in very broad strokes. Interesting to note is that as early as 1998 the BCCS held a strategic planning seminar in which it set as its ‘corporate vision’ the introduction of SELT within 10 years.

The 2002 report further states that the SELT system was to be put in place in order to effectivize the cash currency system. The SELT system never came to fruition, and as is evident from the statistics displayed further down in this article, the amount of cash currency circulating in Singapore has increased immensely since 2002. As have the amount of cash ATM machines, where there were way less than 2000 units back then. The OECD report also mentions that although cash transaction costs in Singapore are extremely low, the cost to the economy was approximately SGD 656 million in 1998 and was projected to exceed SGD 1 billion by 2006.

The BCCS envisioning a system such as SELT 15 years ago shows they were ahead of their times and that Singapore government institutions are very early in trying to adopt new technologies and are eager to make their government institutions more effective to have a positive impact on the market economy of the nation. This goes in line with the Smart Nation Objectives that Singapore has outlined. In contrast to Sweden, the Singaporean approach have been to adapt new payment methods such as e.g. card payments, while still being extremely welcoming to older payment modes such as cash or even cheques. The very safe environment with extremely low violent crime rates makes Singapore a nation that lends itself well to cash payments.

However, as absurd as it might sound, the abolition of cash is slowly unfolding in many countries and Sweden is probably at the forefront of this trend. Although a majority of stores still accept payment in cash, there are an increasing number who don't. Swedish law doesn't require a merchant to accept payment in cash, which is a bit funny considering that cash is still legal tender in Sweden and legal tender normally means that what ever is legal tender should be good for the payment of all debts.

Now, if a merchant doesn't want to accept ready cash, so be it. What is more shocking is that, as was mentioned at the beginning of this article, about 70-80% of all Swedish bank branches have removed all cash handling. All within just a few years time. No, it's not a typo. Walk in to a random Swedish bank branch and try to deposit or withdraw a larger sum of cash and up to 80% of the time you'll get rejected with a polite "sorry, but this branch doesn't handle any cash". These branches only provide services such as financial advising, housing loans, credit cards services etc. Most of it meant to get money out of your pocket and into the pockets of the banks'. Bank staff is pushed by it's management to sell house loans, credit lines, speculative paper instruments, and more savings accounts. The aforementioned has been made evident in the extreme case of Wells Fargo's latest banking scandal involving the concept of cross selling accounts with the goal of every Wells Fargo customer holding a minimum of eight accounts with them. Why? Because, in the words of former Wells Fargo's Chairman John Stumpf : 'Eight is great!'.

All this means that if you open an account at a Swedish bank branch, you can only fund your account by either going to a branch that does handle cash or by transferring money to the new account from an already existing account.

During the last 5-10 years in Sweden, M0, which is an aggregate measuring the amount of physical cash in an economy, has collapsed from over SEK 100 billion down to about SEK 70 billion.



In Singapore, cash money has increased from around SGD 21 billion in 2010 to SGD 33 billion in 2015.



More statistics from the World Bank shows us that the number for Automated Teller cash Machines has increased from less than 48 per 100K citizens, to more than 59 in 2014. And the trend seems to be a continued increase.




Increasing number for ATMs in Singapore

The above data means that there are now more than 3200 ATMs island wide in Singapore as compared to less than 2000 units in 2004.

Cashless means less crime!
One argument to making the economy totally cashless is that it would cripple crime. Crime syndicates, burglars, drug dealers, petty theives - they all rely on an anonymous paper cash system to sell their contraband. If we just eliminated cash paper bills, then drug dealing, robbery, burglary even tax fraud would almost totally disappear. Right?

One of the most avid proponents of a total cash ban is a famous Swedish musician by the name of Björn Ulvaeus. Ulvaeus, is known for being a member and founder of the super group ABBA (that ironically wrote the song "Money, money money"). A few years back, Ulvaeus's son got burglarized several times and expensive music equipment was stolen from him. Ulvaeus' reasoning behind banning cash is that if there where no cash at all, but only electronically traceable payment systems, the burglars wouldn't be able to sell the stolen items on the black market, and as such, the theft would have never occurred.

Although slightly confused, Ulvaeus is still onto something. In two opinion articles published in mayor Swedish newspapers a few years ago, he mentions barter and its limitations.

History shows time and time again that humans have overcome the limitations of barter in numerous ingenious ways. Be it through using precious shells, stones or metals - such as gold and silver - or be it through local and informal credit systems, the challenges of barter has always been overcome as long as the need and demand for such a system exists.

For instance, cheques issued by the army and used by British soldiers stationed in Hong Kong in the 1950s, started to circulate as a cash currency. The faith and credit in these cheques amongst local merchants was universal, so why bother with the inconvenience of cashing them in when you could let your supplier do that instead. Anthropologist Keith Hart tells the story of his brother stationed in Hong Kong in the 1950s . Keith's brother was more than a little surprised when he one day found a cheque signed by him 6 months earlier laying on the counter of a local bar with more than 40 different small signatures on the back stemming from each merchant legitimizing the validity of the cheque. A game of confidence. A spontaneously arisen form of cash.

In jails, alcohol, sticks of cigarettes and more recently ramen nodles, are being used as currency. These gods arise spontaneously as the universally most sought after and can thereby be used as currency or money to buy anything else. No government, army, police or bank was needed to give these goods the status of money. They emerged spontaneously in the market place just as gold and silver has done so many times in history before.

Is the banking system of today showing itself for what it really is: A pyramid scheme where your money is used to speculate in questionable asset classes who's value is propped up only by the very investors (the banks) that are buying into these asset classes with the help of money emanating from an endless pool of credit fueled by the central banks' artificially low or even negative interest rates?

Negative interest rates and cashless society: A precursor to hyperinflation?
When the negative interest rates of the central banks spreads to the commercial banks, a lot of people will want to withdraw their money. As long as cash is readily available, this is not an issue. At least not as long as not everyone decides to withdraw all at once. But if cash use is highly limited, as in the given example with Sweden, withdrawing your money will be hard or impossible. A cashless or 'cash strapped' society is effectively hindering a bank run to happen, as this in reality gives the banks a debt cancellation or at least a massive debt forgiveness, because remember, the balance on your account is the banks debt to you. If there's no cash, then how can the bank pay its debt to you?

More on this in part 3

Sources:
http://www.oecd.org/futures/35391062.pdf
http://www.mas.gov.sg/currency.aspx
Debt: The First 5000 Years - David Graeber
http://www.scb.se/
https://www.riksdagen.se/sv/dokument-lagar/dokument/yttrande/nu2y_GN05NU2y

BullionStar
E-mail BullionStar on: support@bullionstar.com

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https://www.bloombergquint.com/busi...alt-total-cashlessness-with-lawmaker-proposal

Sweden Tries to Halt Total Cashlessness With Lawmaker Proposal


Amanda Billner

Niklas Magnusson

Rafaela Lindeberg

12 June 2018, 1:05 AM 11 June 2018, 1:35 AM

(Bloomberg) -- A key committee of Swedish lawmakers wants to force the country’s biggest banks to handle cash in an effort to halt the nation’s march toward complete cashlessness.

Parliament’s Riksbank committee, which is in the process of reviewing the central bank law, proposed making it mandatory for banks to offer cash withdrawals and handle daily receipts. The requirement would apply to banks that provide checking accounts and have more than 70 billion kronor ($8 billion) in deposits from the Swedish public, according to a report.

The lawmakers said there needs to be “reasonable access to those services in all of Sweden," and that 99 percent of Swedes should have a maximum distance of 25 kilometers (16 miles) to the nearest cash withdrawal. The requirement doesn’t state how banks should offer those services, and lenders can choose whether to use a third party, machines or over-the-counter services.

The move is a response to Sweden’s rapid transformation as it becomes one of the most cashless societies in the world. That’s led to concerns that some people are finding it increasingly difficult to cope without access to mobile phones or bank cards. There are also fears around what would happen if the digital payments systems suddenly crashed.

MORE AT LINK
 

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Buying Fast Food And Toilet Paper With Your Face In China | VICE on HBO, A Face In The Crowd (Extra)
VICE News



Published on Apr 13, 2018
VICE's Elle Reeve heads to China to investigate the rise of facial recognition technology — and what that means for all of us.
 

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Washington DC Reconsiders Cashless Approach
VOA News


Published on Aug 13, 2018
American businesses have long been preparing for a cashless economy as the use of credit and debit cards, instead of cash, become more widespread. But the move towards a cashless economy may have hit a snag in the nation's capital. Some Washington DC council members say the cashless trend has gone too far. And if a new bill, introduced by DC Council member David Grosso, passes -- some cashless businesses could end up paying big fines. Mariia Prus has the story narrated by Joy Wagner.
Originally published at - https://www.voanews.com/a/4525922.html
 

GOLDZILLA

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Having no cash will not decrease crime, it will just mean less street robberies but more burglaries/home invasions/ petty food theft from stores/restaurants.
 

GOLDBRIX

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Having no cash will not decrease crime, it will just mean less street robberies but more burglaries/home invasions/ petty food theft from stores/restaurants.
And Cyber attacks on financial institutions that hold your accounts.
Late last summer I got hit by an "-bay"purchase I did not make. I got my money back but there still was a length of time of BS I had to go through and then wait.
 

GOLDZILLA

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And probably alot more kidnapping of females who will "pay out" debts for their captors.
 

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Having no cash will not decrease crime, it will just mean less street robberies but more burglaries/home invasions/ petty food theft from stores/restaurants.
Cashlessness just changes the nature of crime.

Here's two seemingly unrelated articles that are both a result of going cashless.

The Strange Reason Owl Theft may be on the Rise.
...there is a growing suspicion that they are being targeted for a reason – as a replacement for cash.


Gothenburg thieves use mobile app to rob man in cashless Sweden
...a man was accosted by three masked robbers near the Vasaplatsen square in central Gothenburg. They forced him to transfer 2,000 kronor ($220) via the Swish app.
 

TAEZZAR

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And Cyber attacks on financial institutions that hold your accounts.
Late last summer I got hit by an "-bay"purchase I did not make. I got my money back but there still was a length of time of BS I had to go through and then wait.
I got hit on a purchase through Pay-not your-Pal. An employee of PayPal sent my c.c. account number out to their contact that used it to make $1550 in purchases in only 20 minutes. Discover card caught it, contacted me & took good care of the problem. When I asked "how often does this happen", the lady said "oh, not that often". A more acceptable answer would have been "almost never" !
 

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It's so they & their friends can steal. Nothing more, nothing less. Imagine a cut of $0.30 & 3% of EVERY TRANSACTION!

Who ownes visa? Master Card? Discover? All the 24% + interest creates a HUGE amount of debt slavery & cash into the system.
 

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GOING CASHLESS?? Someone Better Tell The Federal Reserve As Currency In Circulation Reaches New High

-- Published: Wednesday, 22 August 2018

By Steve St. Angelo

With all the talk about Central banks going “Cashless,” someone needs to tell the Federal Reserve. Why? Because the Federal Reserve just placed another large order for newly printed 2018 Dollars. Interestingly, the U.S. Treasury will print the largest number of $100 bills since it came out with the updated anti-counterfeit $100 bill in 2013.



Not only is the Federal Reserve ordering more bills to replace worn-out bills that will be taken out of circulation, but it will also add a percentage for the increased public demand. And let me tell you, this demand continues to rise significantly. For example, total U.S. currency in circulation is now $1.57 trillion, up nearly double from the $792 billion in 2007:



Not only has total U.S. currency in circulation nearly doubled since the last Market Crash (2008), the Federal Reserve plans to add a lot more “Paper Notes” this year based on even higher demand. From the Federal Reserve website on How does the Federal Reserve Board determine how much currency to order each year?:

We use the majority of new notes printed each year to replace unfit notes that Reserve Banks have removed from circulation. For example, we estimate that in 2015, 85 percent of the new notes printed will replace destroyed currency, while the remaining 15 percent will meet increased public demand.

So, the Fed states that they replace 85% of old Notes with new ones and add 15% for increased public demand. However, in their current 2018 Federal Reserve Print Note order, they published the following:

The nearly 7.4 billion notes included in the FY 2018 order reflect the Board’s estimate of net demand for currency from domestic and international customers. The print order is determined by denomination and is based on destruction rates and historical payments to and receipts from circulation. Historically, the majority of the notes that the Board orders each year replace unfit currency that Reserve Banks receive from circulation. The estimated number of notes that Reserve Banks will destroy accounts for about 75 percent of the FY 2018 print order and includes both unfit currency, as well as all old-designs of some denominations received from circulation.

The expected growth of Reserve Bank net payments (payments less receipts) to circulation and inventory management adjustments account for the remainder of the notes in the FY 2018 print order.

Here the Fed is saying that due to Reserve Bank net payments (less receipts) to circulation and adjustments to inventory, it will add 25% more notes to satisfy the increased public demand. This is quite interesting to see that the growth of new bills in 2018 will be 25% when a great deal of talk is that we are heading towards a “Cashless society.”

Now, the overwhelming rise in the value of U.S. currency in circulation is due to the increased printing of the $100 bill:



As we can see, in 1997, the $100 bill accounted for approximately 60% of currency in circulation but now represents nearly 85%. And, if we break down the total value of the 7.4 billion notes for 2018, we have the following:

Value of 2018 Federal Reserve Notes Printed
$1 Bill = $2.17 billion
$5 Bill = $4.13 billion
$10 Bill = $5.69 billion
$20 Bill = $36.1 billion
$50 Bill = $18.2 billion
$100 Bill = $167 billion (72%)
Total bills = $233.3 billion

The U.S. Treasury will print $167 billion worth of $100 bills of the total $233 billion ordered by the Federal Reserve. Thus, the value of the new $100 bill will account for 72% of the notes printed in 2018. However, there is another interesting trend taking place. While the Fed may be removing 85% (75% in 2018) of old bills each year, most of those bills are the lower denomination.

According to the Fed, the larger denomination bills have a much longer lifespan:



Because the $100 Note lasts 2-3 times longer than the other Federal Reserve Notes, the Fed must be removing a larger number of the lower denomination bills ($1, $5 & $10) and replacing them with more $100 bills. This only makes logical sense. Furthermore, if the Fed will be adding 25% more new bills in 2018 for “increased public demand”, then it must be expecting a great deal more inflation.

Moreover, it doesn’t make sense that the Fed is considering a cashless society if they are continuing to increase the value of Federal Reserve Notes in circulation. Rather, you would think they would be reducing the number of bills to transition to a cashless society.

Regardless, we also must consider that a lot of illicit drug trade is funded by the $100 bill. Also, it is no surprise that the Elite via the Central Banks is likely involved in this sort of activity. If it is extremely profitable, then why not… ah? So, why would the U.S. be in Afganistan if it weren’t for the $1+ trillion opium global drug trade? After the U.S. became involved in Afganistan, opium poppy production surged and is now the highest ever.

Do we actually believe the Elite and Central Banks are going to go to a total Cashless Society? How on earth with the huge and very profitable drug trade amongst other illicit activity continue? With a Debit Card?

Now, I am not saying that Central Banks will not continue to push for more digital and less physical money, but it doesn’t make sense to totally get rid of a currency that allows the drug trade to function. Furthermore, how does the poor function in a cashless society? Most of the poor can’t afford a checking account. And a percentage of the poor receive cash for their work.

Lastly, while the push for a cashless society continues in the mainstream and alternative media, I highly doubt we will ever get there because of the reasons stated above and also due to the coming ENERGY BRICK WALL. We need a highly advanced technological system to allow a digital cashless system to function. Unfortunately, we are about to hit the Energy Brick Wall right at the time this nonsense is being suggested.

IMPORTANT NOTE: Please stay tuned for new YouTube Videos on the COMING BULL in the Gold & Silver Markets. Don’t believe the regurgitated knee-jerk statements that Gold and Silver are going to crash along with the markets. That is pure BOLLOCKS. I will explain in more detail why today is nothing like 2008 and that we are on the verge of a huge PRECIOUS METALS BULL MARKET even though most investors are totally frustrated. Actually, this is a perfect indicator.

If you are new to the SRSrocco Report, please consider subscribing to my: SRSrocco Report Youtube Channel.

Check back for new articles and updates at the SRSrocco Report.

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India: Demonetization Debacle

Posted on September 2, 2018 by Jerri-Lynn Scofield

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans.

Earlier this week, the Reserve Bank of India (RBI) published its annual report, which included further assessment of the government’s demonetization policy, imposed on November 8, 2016, when Prime Minister Narendra Modi announced the immediate cancellation of Indian Rupees (Rs) 500 and Rs 1000 notes– 86% of all cash then in circulation in what’s largely a cash-based economy.

As I wrote here:

The government estimated that demonetization would flush up to 1/3 of currency then in circulation from the economy, with holders of black money choosing to trash or abandon their holdings rather than admit its shady provenance. Central bank liabilities were expected to decline, and the government to reap a windfall.​
Widespread and immediate chaos followed, as I observed firsthand as I was visiting India at that time (and discussed here, here, here, here, here, here and here.)

The latest RBI report reaffirms that far from ferreting out large sums of illicit money, most of the cancelled banknotes were exchanged for new currency, as reported by The Wire in It’s Finally Official: RBI Says 99.3% of Demonetised Money Returned to Banking System:

The Reserve Bank of India (RBI) has finally finished counting the money that was returned to the central bank after the Modi government’s decision to demonetise Rs 500 and Rs 1000 notes in November 2016.​
The result of the RBI’s calculations: 99.3% of the scrapped notes came back into the formal banking system. [Jerri-Lynn here: see especially pp. 147-154 of the RBI report.]​

The latest RBI report refines and finalises preliminary calculations made in last year’s annual report, which I discussed further here. Yet as this piece in The Wire, How Successful was Demonetisation? Four Takeaways From the RBI’s Annual Report, makes clear:

Now, even if 100% of demonetised currency returned to the system, it does not mean all of this cash was ‘white’ or money that was generated through wholly legal means. It is the job of the income tax department and various investigative agencies to determine how much of it is ‘black’ or illegally obtained and which depositors need to be examined for trying to cheat the system.​

So far the government has not put out any credible evidence as to its efforts in this regard. At a press conference on Wednesday evening, senior finance ministry official Subhash Chandra Garg refused to elaborate on how demonetisation helped crack down on black money.​

Or, to put it another way, the government clings to its talking points, even in the absence of supporting evidence. Sound familiar?
The Wire Four Takeaways article also highlights some lingering aftereffects of the impact of demonetization on the availability of currency earlier this year– 2018– long after the policy was imposed in November 2016:

While The Wire has over the last eighteen months reported and analysed how India’s currency-in-circulation (CiC) and currency-to-GDP ratio has not changed drastically after demonetisation, the RBI’s annual report provides further proof of how little things have changed.​
….​
Overall, the supply of currency notes declined by 14% in 2017-2018. As The Wire has reported, various states of India experienced a cash crunch earlier this year, with ATMs running dry. The lesser number of Rs 100, 50 and 20 notes being supplied in 2017-18, and the ATM system’s inability to adapt to the new Rs 200 notes quickly enough may have played a part in the cash crunch.​

I happened to be visiting India again earlier this year and experienced this cash crunch firsthand in Calcutta– where ATMS ran out of currency (in late March or early April, IIRC). The crunch there was by no means as pressing as in other parts of the country, according to press reports I read at the time. Nor, for that matter, was it anywhere near as severe as in late 2016.. Then, daily ATM withdrawals were limited, and it was necessary to queue to withdraw currency, often available only in the form of Indian Rupee 2000 notes, which were of limited use for many day to day transactions, and for which change was simply not available.

Impact of Demonetization
Demonetization is estimated to have slowed India’s growth rate significantly– although growth projections released this week show its worst impact has passed, with growth for the June quarter estimated at 8.2%, up from 5.6% a year ago, according to India Hits 8.2% GDP Growth in June Quarter On Back of Manufacturing Boost And Base Effect. This, as the FT notes, in India’s economy surges 8.2 per cent in best quarter since cash ban, is “its fastest pace of expansion since Prime Minister Narendra Modi’s 2016 cash ban, a shock that drained liquidity from the economy.”

That doesn’t mean the failure of the demonetization exercise has been acknowledged by the Modi government or by his Bharatiya Janata Party (BJP). Instead, earlier this week, according to India Today in BJP stalls negative report on demonetisation drafted by parliament panel:

The Bharatiya Janata Party, using its majority in the parliamentary standing committee on finance, has derailed a discussion on or adoption of a report that criticised demonetisation as an “ill-conceived” exercise that “led to the lowering of the Gross Domestic Product (GDP) by at least 1 percentage point”.​

The actions of the BJP members on the committee have saved the government the trouble of facing the report’s criticism of the demonetisation exercise.​
The standing committee on finance is headed by Congress leader and former union minister M Veerappa Moily. The committee, which includes eminent economists such as former prime minister Manmohan Singh, completed drafting its report on the demonetisation way back in March this year.​

The scathing report ran into opposition from the committee’s BJP members from Day 1. On March 19, the BJP members rose in unison to reject the report. BJP’s Nishikant Dubey, who is known for his expertise on financial and business matters, submitted a dissent note against the report.​

The note disagreed strongly the report’s conclusion that the demonetisation decision was “ill-conceived”. The BJP members argued that demonetisation was a huge success in eradicating black money and promoting digital payments.​

This week’s RBI report certainly suggests otherwise with respect to eradicating black money.

Since the committee’s term expired on 31 August, its demonetization report is effectively scuppered, according to this account in The Hindu, Govt seen ‘burying’ MPs’ panel report on DeMo:

According to the Congress, the main Opposition, the BJP is stonewalling the procedures using its numerical strength on the Committee.​
“Every sentence in the statement on demonetisation made by former Prime Minister Manmohan Singh in the Rajya Sabha has proven true.​
The entire process, as he said, was legalised loot and organised plunder. As a result of it, people have lost confidence in banks,” Congress spokesperson Jaipal Reddy said.​

Another Opposition member, who was present at the panel’s meeting on Monday, said no drafts were sent to the members.​
According to sources, the draft report says about 1 per cent of GDP was lost owing to demonetisation. It also points to job losses arising from the decision to invalidate ₹500 and ₹1,000 notes illegal, which effectively invalidated over 80 per cent of notes in circulation.​

The Modi government paid little political price for the spectacularly inept demonetization policy, which imposed widespread hardship. Although many Indians support the goal of reducing corruption, the RBI numbers reaffirm that this policy did not achieve such ends.

This entry was posted in Guest Post, India, Payment system, Politics, Regulations and regulators, Ridiculously obvious scams on September 2, 2018 by Jerri-Lynn Scofield.

https://www.nakedcapitalism.com/2018/09/india-demonetization-debacle.html
 

GOLDZILLA

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So long as we hold world reserve currency status, cashless does not make sense to tptb. As soon as we no longer have world reserve currency status then it makes perfect sense. They are preparing for that day to make a quick/smoothe transition.
 

TAEZZAR

LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH
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then it must be expecting a great deal more inflation.
Teachers in Orygun are planning to strike for a 20% pay increase !

After the U.S. became involved in Afganistan, opium poppy production surged and is now the highest ever.
No surprise, we had our marines guarding the opium fields !
 

oldgaranddad

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My daughter is studying in Florence, Italy right now. Thankfully I sent her along with lots of small denomination Euros since though many stores and restaurants say they take credit cards all of them highly dissuade their usage and only want cash. Obviously to avoid Mr. Tax Man.
 

97guns

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Betcha this Venezuelan store owner wished he had stacked some gold for insurance on his belly
5ACC5742-20DF-4D3B-8CF1-44A1489F5888.jpeg
 

searcher

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Losing The War On Cash - Swedish Central Bank U-Turns On 'Cashless Society' Agenda


by Tyler Durden
Sun, 10/28/2018 - 09:15


Authored by Don Quijones via WolfStreet.com,

Cash is less of a threat to central bank policies when interest rates rise above zero...




Sweden’s Riksbank has become the first central bank in the 21st century to take concrete measures to ensure that cash does not disappear as a means of payment from the financial system. To that end, the Riksbank proposes, in a document published on its website, to make it mandatory for all banks and financial institutions to offer cash services.

The pronouncement comes in response to a recent policy suggestion by the Riksbank Committee that only the country’s six major banks should be obligated to continue offering cash services.

That prompted a backlash from Sweden’s competition watchdog, which argued that the plan would distort competition as it would affect only a few of the nation’s banks. In response, the Riksbank has opted to apply the rule to “all banks and other credit institutions that offer payment accounts.”

There was also a difference of opinion between the Riksbank Committee and the central bank’s senior management on the issue of deposit facilities. While the Committee recommended that banks should only be obligated to provide deposit facilities to businesses, the Riksbank believes it is important for banks to also offer deposit services to individual citizens:

“This is a service that consumers can reasonably expect of credit institutions. There must also be symmetry between withdrawal and deposit facilities. In the Riksbank’s view, there is otherwise a risk that the possibilities for individuals to make deposits will decrease even further in the future. For most consumers, it would also be difficult to understand why they can withdraw cash from an account but not make deposits.”​
For years, the government and the Riksbank have been pushing for a “cashless society.” The Riksbank has over 1,000 articles posted on its website on the “cashless society“. The emphasis worked: between 2013 and 2017, the amount of cash in circulation dropped by 35%, earning Sweden a reputation as the world’s “most cashless nation”:



Many of Sweden’s bank branches had stopped handling cash altogether. Now, they will have to begin doing so all over again. Many of them are not happy about it. Nor indeed are Sweden’s competition and financial watchdogs, which both oppose the proposal, arguing that access to cash should be the sole responsibility of the state and not private banks.

“To secure access to cash is a collective good that the state should reasonably be responsible for,” the Swedish Financial Supervisory Authority said. It’s an opinion that’s shared by ATM provider Bankomat, which argued that it should be the state’s responsibility to ensure that citizens have access to cash since the handing of notes and coins is such an important — and expensive — part of a country’s infrastructure. Bankomat is jointly owned by the five largest banks in Sweden.

It’s not just banks that are complaining. Shops and restaurants, many of which now only accept plastic or mobile payments, could also be affected by a Riksbank proposal that retail operations deemed important to the public good, such as pharmacies, special transport services, food shops and petrol stations, should also “be included in an obligation to accept cash.”

One likely result of this is that many people who struggle to navigate the digital system, or who don’t have credit cards, in particular the elderly, no longer have to fear finding themselves locked out of the country’s payment system. Sweden’s parliament has also launched a review on the impact of going cashless too quickly as it dramatically excludes the financial needs of the elderly, children and tourists who rely on cash.

It is a dramatic u-turn for a country that not so long ago was further along the path toward eliminating cash than just about any other advanced economy. Sweden was the first European country to enlist its citizens as largely willing guinea pigs in a brave new economic experiment — negative interest rates. But a negative interest rate policy (NIRP) has its limits with consumers as long as cash remains an alternative; hence the efforts to eliminate cash.

But since then, doubts have begun to set in. In a survey earlier this year, 68% of respondents stated that they would not like to live in a fully cashless society. The survey, commissioned by Bankomat, polled over 2,000 people aged 18-65.

Incredibly, the country’s central bank, once at the forefront of the global cashless revolution, appears to agree with them. The Riksbank is now even talking about raising rates either this December or in February 2019, after keeping the benchmark repo rate at minus 0.5% since February 2016.

As the age of NIRP “gradually” comes to a close, much of the excitement about ushering in a cashless nirvana appears to be fading with it. Following on the heels of comments by senior ECB board members in defense of cashas well as an open admission by the European Commission that physical cash is perhaps not quite the source of all evil, the Riksbank’s decision to safeguard the role of cash in the financial economy is the biggest sign yet that Europe is giving up on its war on cash, and is instead allowing people switch to cashless payments systems at their own pace, however long that may take. By Don Quijones.

And in Canada: a cashless society could have “adverse collective outcomes.” Read… Backlash Against War on Cash Reaches the Bank of Canada

https://www.zerohedge.com/news/2018...-central-bank-u-turns-cashless-society-agenda
 

searcher

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Did The IMF Reveal That Cryptocurrency Is The New World Order End-Game?


by Tyler Durden
Thu, 11/22/2018 - 18:15

Authored by Brandon Smith via Alt-Market.com,

There are two kinds of globalist schemes:

First, there are the schemes they spring on the public out of nowhere haphazardly in the hopes that the speed of the event along with some shock and awe will confuse the masses and make them psychologically pliable. This strategy loses effectiveness quickly, though; the longer the plan takes to implement, the more time the people have to reconsider what is actually happening and why.​

Second, there are schemes they slowly implant in the collective psyche of the citizenry over many years, much like subliminal messaging or hypnosis. This strategy is designed to make the public embrace certain destructive ideologies or ideas as if these ideas were their own.​
The cryptocurrency scam is of the second variety.

I have been suspicious of the cryptocurrency narrative of a “decentralized and anonymous monetary revolution” since 2009, when I was first approached by people claiming to be “representatives” of bitcoin and asked to become a promoter of the technology. After posing a few very simple questions and receiving no satisfactory answers, I declined to join the bandwagon or act as a frontman.

The “currency” was backed by nothing tangible (and no, math is not a tangible resource). Anyone could create a cryptocurrency out of thin air that had attributes identical to bitcoin, therefore there was no intrinsic value to the technology and nothing stopping the creation of thousands of similar currency systems, eventually making bitcoin worthless. The scarcity argument for crypto was fraudulent. And, in the event of a grid down or an internet lock-down scenario (as has occurred in the past in nations under crisis), crypto was useless because the blockchain ledger was no longer accessible.

Trading with private wallets made little sense; how many people were you likely to run into in your community with a bitcoin wallet? The amount of time and energy required to accumulate these digital nothings seemed counterproductive to me in light of the fact that they might not be there when you actually needed them.

The only attributes that truly made bitcoin valuable were its branding and the amount of hype that was generated around it. But branding and hype are not enough to sustain a currency revolution. There was one other valuable characteristic — the supposed anonymity. In 2009, it was not clear whether this was legitimate. Today we now know that ANY cryptocurrency that is based on a blockchain ledger is highly traceable. There are no anonymous digital transactions no matter how savvy a person thinks they are.

I was also suspicious of the behavior of some bitcoin proponents in web forums. Anyone presenting concrete criticism of the technology was met with aggressive Alinsky-style attacks. They were accused of being “ignorant barbaric gold stackers” that were too stupid to understand the “genius” of the blockchain and how it works. Disinformation was rampant. Claims of anonymity that had long been debunked were brought up over and over again. The value of bitcoin was faunted as an end-all-be-all argument as to why the critics were wrong. Bitcoin’s price was skyrocketing; therefore, bitcoin was legit.

These were the kinds of tactics I had seen used by disinfo agents in the past; people arguing in favor of the Federal Reserve or globalism in general, or the people claiming that man-made global warming was "self-evident". This was not the behavior I had come to expect from liberty movement activists, who at that time were focused on facts and evidence to win the information war, rather than dishonest mind games and lies.

Conclusion — there was a concerted campaign to push liberty activists through “peer pressure” to adopt a pro-crypto stance. But who actually benefits from this?

Some investors in crypto made a considerable profit on bitcoin and other digital assets for a time, but today many of them are losing their shirts as bitcoin and most coins tumble in value. It is perhaps no coincidence that cryptocurrencies act as though they are anchored to the tech bubble in stock markets. As tech stocks flail and plummet, so too are crypto assets, because cyrptocurrencies are traded like equities in a bubble, not monetary mechanisms. Many of us who were averse to the bitcoin hype train often used the Dutch tulip analogy for why crypto valuations were absurd, and obviously that analogy was not far from the mark.

I wonder sometimes about the people who used to argue that bitcoin’s high value made its legitimacy self-evident; would they now concede with bitcoin’s plunging value that its legitimacy was in question? I’m guessing they probably won’t.

Crypto was also an effective distraction from people trying to build precious metals based alternatives to the the current economic environment. Bitcoin siphoned up activist energy and redirected it into something useless rather than a system that might truly threaten the central banking establishment.

Beyond that, the entire crypto-storm over the past decade has done one thing very well — it made the idea of cryptocurrencies a household discussion, and I believe this was the goal all along. Once I found growing evidence that international and central banks were deeply involved in building the infrastructure needed to make blockchain technology go global and universal, it became obvious that bitcoin and other coins were merely a pregame test for the introduction of something rather sinister.

In my article “The Globalist One World Currency Will Look A Lot Like Bitcoin”, published in July 2017, and in my article “The Virtual Economy Is The End Of Freedom,” published in December 2017, I outlined the questionable nature of cryptocurrencies and the blockchain and why the banking elites seem to be so interested in them.

It was odd that bitcoin was built around the SHA-256 hash function created by the National Security Agency, and that the entire concept was remarkably similar to what was described in an NSA paper published in 1996 titled ‘How To Make A Mint: The Cryptography Of Anonymous Electronic Cash.’

Then, there were globalist institutions like Goldman Sachs coming out publicly in praise of crypto and blockchain tech. And, finally, central banks began entertaining the notion of moving into crypto, but they made it sound like they were approaching the idea half-heartedly, like it was a potential hobby.

So what ties the entire crytpo-scheme together? The International Monetary Fund has now openly revealed their affinity with crypto technology, and thus revealed the new world order end game.

In a paper published last week by IMF head Christine Lagarde titled “Winds Of Change: The Case For New Digital Currency”, the IMF builds its argument for why central banks including the IMF should embrace crypto as the future of monetary policy.

As I warned last year, the shift into crypto was not at all a “revolution” against the globalists, but a con designed by the globalists in part to get liberty proponents to become unwitting salesmen for the next phase of the economic control grid. But how do they intend this end game to play out?



In 1988, The Economist, a globalist publication, “predicted” (or rather, announced) that a global currency system would be launched in the year 2018. It is now clear that crypto and the blockchain are that system. This system would eventually use the IMF’s Special Drawing Rights basket as a kind of bridge to a one world currency, which they referred to as the "Phoenix". Though some people claim that the SDR itself is not a currency, globalists apparently disagree.

Mohamed El-Erian, former CEO of PIMCO, praised the idea of using the SDR as a world currency mechanism and as a means to counter “populism,” reiterating the plan outlined in The Economistin 1988.

In The Economist article, it is also hinted that the role of the U.S. as an economic center for the world and the role of the dollar as world reserve currency will have to be diminished in order to clear a path for the new world order system. We see this already taking place now, as we verge on an economic crisis which could easily collapse equity markets, bond markets, as well as the reserve status of the dollar itself.

Lagarde’s latest piece is written like a sales pitch, selling the idea of central bank crypto not to central bankers, but to the financial media. The media will undoubtedly run with the talking points Lagarde suggests and regurgitate them in a blaze of articles as to why global crypto controlled by the IMF is the solution to all our fiscal problems.

The very core of the movement toward global crypto, I believe, is the destruction of anonymity in trade through a "cashless society". When all trade is watched, all trade can be controlled. Beyond this, by monitoring trade transactions on a macro-scale, globalists can also, in a way, monitor mass psychology and predict public behavior to a point.

Lagarde notes specifically in her article that anonymity from government oversight is unacceptable. She argues that any central bank cryptocurrency will have to ensure that private exchange is limited, and that centralized surveillance of transactions is warranted and necessary.

What she of course fails to mention is that blockchain technology is already set up for government surveillance. It always has been. Not only this, but the very fabric of the blockchain requires that transactions are added to the ledger in order for the system to function. There is a built-in excuse for surveillance.

The only question is how exactly the IMF plans to attach the SDR basket to a crypto framework. This is not specifically described in Lagarde’s paper. I expect that this will not be a process of slow adaptations. Instead, it will be introduced swiftly in the midst of public panic.

The “everything bubble” created by central banks over the past decade is ready to pop. The Federal Reserve in particular has been enthusiastic about cutting off all stimulus measures, dumping assets from their balance sheet and raising interest rates into economic weakness during the worst corporate and consumer debt environment since 2008.

I suggest that the IMF already has a cryptocurrency mechanism ready to replace the dollar as world reserve, and that it will be infused into the SDR basket at the height of the coming crash. The fact that the IMF has been introducing central bank crypto talking points over the past year indicates to me that the crash is imminent.

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https://www.zerohedge.com/news/2018-11-22/did-imf-reveal-cryptocurrency-new-world-order-end-game
 

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