Posted on 03/05/2016 2:15:05 PM PST by blam
Tyler Durden
March 5, 2016
How much louder can the “ban cash” calls get?
Recall it was just last year when we catalogued the growing cacophony of crazies for whom banning physical currency is the only way to ensure that depositors can’t simply reassert their economic autonomy under a low or zero rate regime.
Put simply, if interest rates get too low, depositors will simply take their money out the bank and put it in the mattress or the safe where, to quote WSJ from last week, “interest rates are always low no matter what central bankers do.
Most recently, Larry Summers called for the abolition of the $100 bill in the US and in Europe the €500 note is to go the way of the dinosaurs.
Perhaps the most telling sign that citizens are starting to panic is that in Japan, they’re selling out of safes. Literally.
“It shows a vague sense of unease,” one Japanese lawmaker who brought up the soaring safe sales in parliament on Monday remarked.
Now, the excuse given for banning big bills is that it combats crime. And maybe it does. But in the end the rationale is simple: if there are no more physical banknotes, people have no economic autonomy. Let’s say consumer spending is stagnating. No problem, take rates to -20%. We bet they’ll start spending then - either that or see their deposits haircut by 20%.
In short, no cash means no effective lower bound and with no lower bound, the economy can be completely centrally planned - for all intents and purposes.
Consumers not spending? No problem. Just tax their excess account balance. Economy overheating? Again, no problem. Raise the interest paid on account holdings to encourage people to stop spending.
(snip)
(Excerpt) Read more at zerohedge.com ...
And that is the total point.
The numbers are 666.
Take heed Sweden.
5.56mm
In 5 years Sweden won’t exist. It will be Swedenstan.
An ounce of gold is convenient storage of large value.
An ounce of gold will buy a few thousand rounds of ammo.
Each round of ammo is worth $0.02-$2.00, convenient size and value for small purchases.
Relative value isn’t absolute but is pretty stable for cashless purposes.
Only if people play nice. Take the fruits of my labors without my permission, I won't play nice long, nor, I would wager will millions of others.
There is already a huge underground economy. It will just use something other than government approved pieces of paper as a medium of exchange.
Hey Swedes!
What do you think the government will do once they outlaw paper money?
Yes. They will take what they want from your bank accounts. Negative interest rates are the least of your worries.
Your government is bringing in savages to rape the women. Do you think the government which disrespects women’s rights to bodily integrity will respect your right to keep what you earn?
In fifty years we won’t exist. It will be North Juarez. We’re going to need a lot of Teddy Bears.
There is the problem...It wont be pieces of paper...It will be like a credit card and whenever the government decides they don’t like you anymore, yours will be closed...
You wont be able to purchase even a pair of socks...
Sweden seems to be the lab-rat for all destructive, progressive, statist policies
high taxes
welfare state
unlimited abortion
no borders/open immigration
negative interest rates
no cash
Well, time to convert those to pesos. So close (>100 miles) too.
And what can be salvaged from the rubble.
I'm not getting the mark, nor will others who are not deceived--because that will be the next step, a tattoo or implant.
But don't underestimate the barter system, nor the underground economy. It will find a different medium of exchange, perhaps create its own. Instead of truckloads of electronics, tools, booze, or cigarettes getting hijacked, the scope of desirable cargoes will broaden to include food, shoes, clothing, and other goods.
It will go sub rosa.
Peasants don’t need cash.
Correct. We are in the final episodes of the American experiment. Our homeland will die via open borders and family-based chain migration. Just a matter of time now.
The core belief for most native Swedes is self-hatred.
A weaker more cowardly people are not to be found on this planet.
It’s not complicated. The Lefts plan for America is no different than it is for Europe. Bury the “rich north” with uneducated masses from the south.
World Wide Socialist victory forever within twenty years.
See Max Headroom - Security Services episode.
http://www.imdb.com/title/tt0644559/?ref_=ttep_ep4
Cashless society where everything about you is contained in a “tube” you use as cash and keys to the apartment. Run afoul of the authorities and you get wiped out instantly.
What could possibly go wrong?
Total control by the globalist banksters.
Just dreaming ... Sweden hasn’t got five years on their current course ...
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