The cashless society is under construction
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