Abolish Cash

Hello everyone, first thread in a very long time and probably the last.
I came across this the other day and felt the need to share, for when this happens I personally will become truly against any government I live under trying to enforce this. It is a line I have drawn in the sand.

The Financial Times has published an anonymous article which calls for the abolition of cash in order to give central banks and governments more power.

Entitled The case for retiring another ‘barbarous relic’, the article laments the fact that people are stockpiling cash in anticipation of another economic collapse, a factor which is causing, “a lot of distortion to the economic system.”

“The existence of cash — a bearer instrument with a zero interest rate — limits central banks’ ability to stimulate a depressed economy. The worry is that people will change their deposits for cash if a central bank moves rates into negative territory,” states the article.

As we previously reported, Rogoff attended a meeting in London earlier this year where he met representatives from the Federal Reserve, the ECB as well as participants from the Swiss and Danish central banks. The issue of banning cash was at the forefront of the agenda.

Last year, Rogoff also called for “abolishing physical currency” in order to stop “tax evasion and illegal activity” as well as preventing people from withdrawing money when interest rates are close to zero.

The agenda to ban cash was also discussed at this year’s secretive Bilderberg Group meeting, which was attended by the Financial Times’ chief economics commentator Martin Wolf.

Former Bank of England economist Jim Leaviss penned an article for the London Telegraph earlier this year in which he said a cashless society would only be achieved by “forcing everyone to spend only by electronic means from an account held at a government-run bank,” which would be, “monitored, or even directly controlled by the government.”

In the UK, banks are treating the withdrawal of cash in amounts as low as £5,000 as a suspicious activity, while in France, citizens will be banned from making cash payments over €1,000 euros from Tuesday onwards. The withdrawal and deposit of cash over the amount of €1,000 euros will also be subject to ID verification.

“There is no more egregious anti-liberty economic policy imaginable than banning cash,” writes Michael Krieger.

“Of course, if cash were involuntarily “ended,” there would be a surge in demand for physical gold and silver, which would then necessitate a ban on those items. Then the cycle of economic and financial tyranny would be complete, and crawling our way out of it, nearly impossible.”

MadPatriotLink

I am very aware this is only an article posted by an anonymous source, but recently I've heard more and more talk going down this path from many credible financial professionals. I don't agree adamantly, will it end at cash or just start there?

Here is an article that goes into good detail describing both sides of the argument: ZeroHedgeLink

Funny, with all our technological advances it seems we are closer to this then most want to believe. Apple pay being the new 'big one'.


In the future this would be a great idea. I believe it's reminiscent of the Star Trek series and how their universe deals with financial matters. But we are not there yet and I can't even fathom how implementation of this would go into effect. This is mostly due to my lack of confidence in the governing system and the utter corruption in the financial system.

Please everyone take note of this, keep it in your mind somewhere for future news. I won't tell you whether to agree with it or not, but I personally hope the day never comes where I can light my cigarette with a $100 and not care!


Take care all, AB!

a reply to: AnteBellum

if everything goes digital we're really screwed when SHTF - just look at Hurricane Katrina. All people would have left is stuff to barter with (which for most people won't get you far)

& if we move to a cashless society then how will the politicians and wall streeters pay for their coke and strippers?

a reply to: AnteBellum

Funny because just before you posted this I wrote an email to Thomas Mulcair asking if he was going to re- nationalize the bank of canada if he was elected. Central banks controlled by foreign nationals like the IMF/BIS is treason as far as I am concerned. A treason that started with Justin Trudeau's father PE Trudeau in 1974.

Cheers - Dave

Although I don't really mind not having cash,(I like my little clean little plastic cards) I DO mind giving the banks and government more power, and I see how this could happen. We would be at their mercy.

Yeah, we must keep our cash!

a reply to: FamCore

Each and every transaction from credit/debit cards has at least a transaction fee to the retailer. That cost is embedded in purchase price.

If cash goes away, banks get 2 - 4% skim on the entire consumer economy.

The drag is much higher as cash payer is already fined in way by cost embedding.

a reply to: AnteBellum

…people are stockpiling cash in anticipation of another economic collapse, a factor which is causing, “a lot of distortion to the economic system.”

The banks replaced gold (tangible asset) with paper (fiat currency) that has no intrinsic value, after the stock market crash of 1929. The gold people "hoarded" (saved) was not in bankers hands to "invest" (loan out at interest), so the government called it in and replaced it with paper "notes". Now they had all the gold and the people had "promissory notes".

“The existence of cash — a bearer instrument with a zero interest rate — limits central banks’ ability to stimulate a depressed economy.

Yah, their economy. They want EFT now for all transactions at point of sale to collect tax and charge fees for moving funds around from memory bank to memory bank.

It is what they want eventually, that way they have all the money and you just get to "spend it" or let them "save it" for you.

It doesn't matter if people hoard cash or not, if there is a crash like 1929 in their books, the 'current' currency will be replaced anyway. There can't be that many people hiding dollars under their beds in shoeboxes, they just want every penny under their direct electronic control.

They already have all the gold, now they want all money "electronic".

"Only Congress shall have the power to coin money and regulate the value thereof."

a reply to: FamCore

& if we move to a cashless society then how will the politicians and wall streeters pay for their coke and strippers?

They don't "pay for it" now, those are "comp'd". Ideally they run everything, gambling, prostitution, alcohol, etc.
Imagine Las Vegas, nationwide.

a reply to: AnteBellum

Often interesting tidbits can be gleaned from novels. Especially older, well connected authors who have developed good old boy networks and have a track record of keeping their sources to themselves.

In one such novel, which I will leave unnamed, put forth the data that less than $350 is U.S. currency exists in cash form for every U.S. citizen! The rest is already electronic.

Of that 'cash' over one third is off-shore sitting in deposit boxes and under beds around the world. He also says that when a Treasury Bond is cashed in, a chap on a computer merely 'creates' that amount and deposits it into the appropriate account. It is not 'drawn' from some other account. It is created, then and there. it is accepted as valid monies by the banks involved.

That implies that if a nation dumps a bunch of T-bills in some retaliatory move or the like, the operator cashing those T-Bills merely adds a whole bunch of zeros.....voila .

I don't have any confirmation of this, but would it really be a surprise, if true?

a reply to: AnteBellum

The monetary system is not going to go away until this world is completely destroyed.

Imagine Las Vegas, nationwide.

Ewwwww. I'd rather not. As soon as I read that I felt the need for a shower.

I'd rather imagine a worldwide electrical outage. Imagining the elite losing all control is funnier than a worldwide Vegas.

There's nothing funny about that.

a reply to: AnteBellum

AnteBellum...

I have nothing to add, other than the fact that I agree with your sentiments entirely, and do not want to ever live in a cashless society, unless that society requires no currency what so ever in order to function. I only deal in cash, because I do not agree with credit, and vehemently oppose any removal of cash from circulation, or the pockets of those who feel the same.

Thank you for bringing this to our attention.

a reply to: AnteBellum

No doubt, its coming. And I doubt there's little anyone can do about it. The first step will be to stop making the $100.00. Then they'll stop printing the $20.00 bill, and so on.

Some people will respond by buying up Silver Coins; the Government will stop making them and then of course, in the final act, they'll confiscate all Gold and Silver coins.

I can't quite imagine what the black marketeers will do. And of course.....the drug and arms dealers?

Interesting times are going to get a lot more interesting. Beauty of this is that the Government will be able to track every penny spent and know what's being bought. This information will be made available to the Government run health services. So, for example, you go to the Doctor he asks, "How much alcohol do you consume a week" and you reply, "None, Doc....I don't drink booze". He pulls up your Government data file and it shows you buy a case of beer a week. "Ah, Mr. Smith, just one minute please"; he returns with the local cop and you're arrested for lying to the government, a Felony offense! An hour later, your home is ransacked and any and all firearms are confiscated because you would be a Felon in possession of a firearm. After you do your two year in prison......

You get the picture.

originally posted by: nwtrucker
a reply to: AnteBellum

Often interesting tidbits can be gleaned from novels. Especially older, well connected authors who have developed good old boy networks and have a track record of keeping their sources to themselves.

In one such novel, which I will leave unnamed, put forth the data that less than $350 is U.S. currency exists in cash form for every U.S. citizen! The rest is already electronic.

Of that 'cash' over one third is off-shore sitting in deposit boxes and under beds around the world. He also says that when a Treasury Bond is cashed in, a chap on a computer merely 'creates' that amount and deposits it into the appropriate account. It is not 'drawn' from some other account. It is created, then and there. it is accepted as valid monies by the banks involved.

That implies that if a nation dumps a bunch of T-bills in some retaliatory move or the like, the operator cashing those T-Bills merely adds a whole bunch of zeros.....voila .

I don't have any confirmation of this, but would it really be a surprise, if true?

Thats more or less how it works. Sounds laughable cash statistic though. There is more cash than that going through the local casinos doors each year.

Its actually much more than that though. The T bills are more valid currency than the federal reserve notes. Your mortgage is monetized the same way. The whole amount including interest is monetized by the authority of your signature, and the bank, takes that to the bank.

There are a few threads already about negative interest rate plans and policies, I'd bet we would see something along those lines first. Funny, in public the fed appears to trying to raise rates.

We are at that point where fiat and keynes come crashing down. It was inevitable. There are lots of deck chairs to play with for a while yet.

a reply to: AnteBellum

I agree wholeheartedly with your perspective as well.

I like tangibles....now, granted, they are somewhat of a luxury, but I appreciate the artistry to them.

Digital "currency" has it's advantages as well, but there are also other considerations that make the idea of being in a "pure digital state system" that will always give me pause out of caution.

While I appreciate the vision of the full transfer going over, it seems a bit domineering and short-sighted.

Not to mention an immense amount of human potential going to waste.

I have long feared we would see a day when everything tried to replace human culture with intangible digital manifestations, but damn it, we have the sense of touch and sight for a freaking reason.....depriving humans of who enjoy the sensory pleasures of tangible artifacts is a little to Draconian for my taste.

If I wanted to live on a freaking Holodeck, I never would have left the ship to begin with, ya know?

If cash is abolished, then one other thing has to be done. Make everything free. No one should have to pay for anything. All get the basic things that they need. The reason we work is to pay. If no one has to pay, then we would do what we love. Companies would manufacture because they would have all of the material they needed.

a reply to: ISawItFirst

Actually, I wondered about Nevada, myself.

What I concluded was how many people actually take cash to Vegas? Not many, not much. Traveller's cheques, in the day. Credit and debit cards now.

The casinos may give cash for those cards, but it's recycled and the same 'cash' is given to the next card holder.

At a guess, the cash in Vegas is much like a waitress' 'float'. Money to make change, etc. The vast majority, electronic...

a reply to: AnteBellum
I'd say that is one scary truthful article based on a lot more facts than put in a post and there is piles of weight to add to this if people ran into these types of control before. Like for example, freezing a personal account because of suspicious activity is I feel unlawful but they do it, and so how does one have control over their own money, they don't, the banks and government do, and also the authorities can make it happen. I use to for the longest time avoid banks, so they ended up charging a large fee to cash your own checks. The reason why is because I could balance out my own money with out having to run into problems on how much I can drawl out or use in a given time, I hate someone having control over my money, or stealing my insurance like they did and leaving me crippled without a way to feed or work. America dictates too much and ignores a personals individuals rights. This is even worse in foreign countries. No I don't speak of Jews and such , those are terrorist who are hippacrit's and will kill you and enslave you as others have.

I'm sorry everyone I'm stuck at the moment.

I'll be back tonight to answer/respond some of your posts are - spot on!

This isn't going anywhere. There is a real need for cash, plus some people are blacklisted from having a bank account. Some people just like cash! Cash isn't going away any time soon.
a reply to: AnteBellum

originally posted by: nwtrucker
a reply to: ISawItFirst

Actually, I wondered about Nevada, myself.

What I concluded was how many people actually take cash to Vegas? Not many, not much. Traveller's cheques, in the day. Credit and debit cards now.

The casinos may give cash for those cards, but it's recycled and the same 'cash' is given to the next card holder.

At a guess, the cash in Vegas is much like a waitress' 'float'. Money to make change, etc. The vast majority, electronic...

I spend a lot of time in casinos. There is cash everywhere and they are very cash loving clientele. The high roller cashiers keep bowls full of rubber bands for the cash rolls.

You can buy chips with credit and debit, but they cannot credit you when you win only cash.

It is the one area i can look at in life and say, these people will resist a cashless society. Certainly everyone at the gas station couldnt care less.

People take suit cases full of cash to vegas.

You could fill your whole house top to bottom with 100 dollar bills and no one would miss it.