The cashless society is under construction

Two news stories this week are huge reminders that the cashless society already is under construction throughout the Western world.
I have added the word Western, because there are rumblnigs from Middle-Eastern countries that Islamic scholars are now working on a new interpretation of Sharia Law to allow gold to be used in commerce. So, while the West is moving toward a digital fiat system, the East is headed in the opposite direction with the intent of placing precious metals at the center of all monetary transactions. What a tragedy for the West.

The European Central Bank has announced it will stop issuing the €500 euro note by 2018, using the excuse that these notes often are used for illegal activities. A financial expert says that the move benefits the banks because people will find it more convenient to keep their money in the bank and it sets the stage for a cashless society with negative interest rates. Reuters 2016 May 5 (Story)

Last month, more than 100 executives from some of the biggest financial institutions, including Nasdaq, Citigroup, Visa, Fidelity, Capital One, and Pfizer met in secret for the unveiling of a proposed digital money system that converts US dollars into digital currency. Promoters say this will reduce crime and corruption, but the real attraction for this group is its role in a cashless society. If there is no currency, then money will exist only in the computers of banks, which means that every transaction – even the payment of a child’s allowance – will generate a bank transaction fee. Your money also will be forever available for confiscation for bank bail-ins and government taxes and fines. These guys can hardly wait. Economic Collapse 2016 May 2 (Story) (Cached)

G. Edward Griffin
2016 May 6