War On Cash Update: What Is “Better Than Cash” For Economic Totalitarianism?

no cashAs I recently reported, the war on cash that will herd us into an an Orwellian cashless society is now fully engaged and quickly gathering momentum. And people are almost ready to accept its most gruesome aspects, as a recent study revealed that one Australian out of four is “at least slightly interested” at the prospect of having a chip implanted in their skin that could be used for payments.

Scott A. Shay, chairman of Signature Bank, wrote an article for CNBC about what he calls “Econgularity, shorthand for economic singularity, an ugly word I created to describe an unfortunate approaching moment in time when our current technological snooping prowess, the ease of big data manipulation and our sprint to a cashless economy will converge. This will happen in such a way as to permit governments to exercise incredibly powerful control over all human behavior,” Shay warned.

“While this may sound like a paranoid doomsday scenario to some, as a real world finance professional, I believe that this scenario is not only eminently possible, but most of the technology is already available — albeit not yet fully marshaled — to frighteningly make it reality.” – Scott A. Shay

Denmark may be first – but not last – country to ban cash

Danish MoneyAs I reported on May 20, Denmark is moving forward with plans to become the first country to adopt a cashless economy. As part of a package of “economic growth measures” released earlier in May ahead of this year’s election, the Danish government has proposed that as soon as January of 2016, some selected retailers would no longer have to accept payment in cash. If the plan comes into effect, businesses such as clothing retailers, gas stations and restaurants would not be legally-bound to accept cash, which would be considered “Legal Tender” anymore.

According to Reuters, the proposal is unlikely to meet much opposition in Denmark, where it is already common to use debit or credit cards for the smallest of payments, such as a pack of chewing gum at a convenience store. Denmark, Sweden and Finland already lead in credit card payments per inhabitants in the European Union, and nearly a third of the Danish population uses MobilePay, a smartphone application owned by Danske Bank, Denmark’s biggest bank.

Update, Nov. 30, 2015: This article originally contained a YouTube video showing happy Danes using the MobilePay system, but this video has now disappeared…

The Independent reports that financial institution lobbyists such as Finansraadet, the Danish Bankers Association, are of course supporting the proposal, repeating the argument that going cashless would save retailers money on security while reducing the “burden” of managing change and notes from the cash register. Michael Busk-Jepsen, executive director of Finansraadet, feels that a cashless society is “no longer an illusion but a vision that can be fulfilled within a reasonable time frame”.

Declaring that the “Writing could be on the wall for paper money,” Yahoo News also reports that the Danish Chamber of Commerce has joined the fray and recommended that shops be allowed to ban cash. “We’ve recognized what merchants have been telling us for some time now,” said Sofie Findling Andersen of the Danish Chamber of Commerce.

Better Than Cash Alliance

In case you still have doubts as to whether this move towards a cashless economy is part of the global agenda that will usher a Brave New World, i.e. New World Order, you should know that the Danish proposal is backed by the United Nations’ Capital Development Fund’s Better Than Cash Alliance, so we can expect the move to be mirrored by other countries around the world in order to accelerate the worldwide shift towards electronic payments and a cashless economy.

The Better Than Cash Alliance was launched in September 2012 to provide “strategic advocacy, research and guidance” on digitizing cash payments. It is an alliance of governments, private sector and development organizations committed to accelerating the shift from cash to electronic payments.

Bill Gates: "This man needs to have the spotlight turned on him big-time." - David Icke

Bill Gates: “This man needs to have the spotlight turned on him big-time.” – David Icke

The UN Capital Development Fund serves as the secretariat for the Better Than Cash Alliance, which is funded by the Bill & Melinda Gates Foundation, Citi, the Ford Foundation, MasterCard, Omidyar Network, the United States Agency for International Development (USAID) and Visa Inc. – all people who are looking out for our greater good (i.e. a Brave New World).

Unsurprisingly for those who those who have followed his interest in fostering the Brave New World agenda through such means as agriculture, education and population control initiatives, Microsoft founder and former CEO Bill Gates is a vocal supporter of the movement towards cashless societies.

In a recent book entitled The Perception Deception, David Icke mentions that “The more I research about Gates, the more blatant it becomes that this guy is a serious player in what is going on. Either that, or he’s an idiot.”

And if you believe David Icke is delusional, you may want to ask yourself why German chancellor Angela Merkel asked Bill Gates to personally handpick the world’s leading experts on such topics as “climate change” and “the next health epidemic” who were invited for face-to-face talks with her in Berlin in the weeks leading up to this weekend’s G7 Summit, as reported in The Guardian.

As for a cashless economy, Gates argues “it would encourage banks to provide services to the world’s poorest”, due to the low marginal costs. Next News Network reports that in his latest “Annual Letter”, Gates mused, “The key to this will be mobile phones… Already, in the developing countries with the right regulatory framework, people are storing money digitally on their phones and using their phones to make purchases, as if they were debit cards.”

Growing support & secret meeting to end cash

all-seeing eyeAs Fortune recently reported, “riding” the world of paper money is an objective that has been rapidly gathering support in the economics community, and the mainstream media have enthusiastically jumped on the bandwagon. In a paper published last year, Harvard economist Ken Rogoff argued that eliminating cash would allow law enforcement to crack down on illicit activities, “as the anonymous nature of paper money allows transactions to evade the attention of law enforcement,” which is exactly the point: that none can evade the all-seeing eye anymore.

Mandarin Oriental Hyde Park

Mandarin Oriental Hyde Park | Armstrong Economics

According to economist Martin Armstrong (Armstrong Economics), Ken Rogoff was invited to expound his views at a recent “secret meeting to end cash” which took place in London (UK) on May 18, at the Mandarin Oriental Hyde Park in Knightsbridge. The meeting, which was ignored by the mainstream media, allegedly involved representatives from the European Central Bank (ECB) and the Federal Reserve (the “Fed”).

Depositors clamor to withdraw their savings from a bank in Berlin, July 1931 | Wiki Commons

Depositors clamor to withdraw their savings from a bank in Berlin, July 1931 | Wiki Commons

Aside from complete surveillance and control of all economic transactions, i.e. Economic Totalitarianism, elimination of paper currency would have added benefits for central banks who could easily institute negative interest rates, a trend which has already manifested in Europe.

In a paper currency world, “rational actors” can simply keep their money in cash if banks institute negative interest rates. And if people are forced to keep their money electronically in bank accounts, banks could charge their customers for leaving their money unspent. Furthermore, bank runs (when a large number of customers withdraw their deposits from a financial institution at the same time) would become a thing of the past. There would be no way out, whatever the Banksters decide to do with our money.

The Holy Grail…

“In the mind of an economic tyrant, banning cash represents the holy grail,” writes Michael Krieger on Liberty Blitzkrieg. “Forcing the plebs onto a system of digital fiat currency transactions offers total control via a seamless tracking of all transactions in the economy, and the ability to block payments if an uppity citizen dares get out of line.”

The scary thing is that consumers and retailers are now coming around to the idea of cashless economy, to which we have been gradually accustomed over the last decades trough credit and debit cards, ATMs, internet transactions, and more recently smartphone payment. Fortune reports that research by Nilson shows that the amount spent in the U.S. using Visa and Mastercard debit cards has risen nearly nine-fold since 2000.

In Australia, Global payments technology company Visa is partnering with University of Technology, Sydney (UTS) to explore the future of “wearable” technology. “A crucial factor will be understanding what’s going to work for a public still getting used to the idea of using payWave at the supermarket,” UTS said in a press release.

According to George Lawson of Visa Australia, this country is the perfect setting for this type of research as he claims Australians are “among the world’s earliest adopters of new technology.” A fact made clear by a recent study which astonishingly revealed that 25% of Australians say they are “at least slightly interested” at the prospect of having a chip implanted in their skin that could be used for payments.

On May 29, Jason Burack of Wall St for Main St interviewed Gordon T Long to talk about the emerging global cashless society and the war on cash and savings the economic and political elites have started. Jason and Gordon also discuss financial repression, asset bubbles, if financial repression can last 10 years or more going forward, China’s QE and financial repression goals and whether global central banks are fighting a currency war or their actions are all coordinated in this 50+ minute discussion.

Henri Thibodeau RiderInBlack


Reference and Source Material (oldest to newest, updated February 17, 2016)

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