Norway's Biggest Bank Calls For Nation to Stop Using Cash

International Business Times ^ | 1/22/2016 | Abigail Abrams

[EBH]

The largest bank in Norway has called for the country to stop using cash, the Local reported Friday. This comes as the latest move in a country that has been leading the global charge toward electronic money in recent years, with several banks already not offering cash in their branch offices and some industries seeking to cut back on paper currency.

DNB, the bank with the proposal, has said eliminating the use of cash would cut down on black market sales and crimes such as money laundering.

"Today, there is approximately 50 billion kroner in circulation and [the country's central bank] Norges Bank can only account for 40 percent of its use. That means that 60 percent of money usage is outside of any control. We believe that is due to under-the-table money and laundering," Trond Bentestuen, a DNB executive, told Norwegian website VG, the Local reported.

"There are so many dangers and disadvantages associated with cash, we have concluded that it should be phased out," he added.

[winner3000]

A good prequel to increasing taxes on everybody. Without cash there is no way to hide from the tax man.

Citizens continue to surrender privacy for convenience. Sheep to the slaughter.

[winner3000]

A good prequel to increasing taxes on everybody. Without cash there is no way to hide from the tax man.

Citizens continue to surrender privacy for convenience. Sheep to the slaughter.

[EBH]

Who is John Galt?

[Hugin]

The dream of statists everywhere. Confiscation of wealth a keystroke away.

[SkyPilot]

"16 Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, 17 so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. 18 This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.

Revelation 13: 16 - 18

One World Currency, One World Government, One World Religion.

The Anitchrist is on the march folks.

Are you ready to meet Jesus Christ? He is coming soon. Very soon.

[Eagles6]

Oh yeah, would be a huge step towards complete control of the unwashed masses.

[SaveFerris]

[50 billion kroner]

Femty kroner....how much is THAT!!??!!

[Organic Panic]

I couldnt find how much the banks charge for shuffling the digits around. When I swipe my card somewhere someone is taking a piece.

[SaveFerris]

It’s going to play out. It seems little will stop it.

Merkel must be absolutely insane (in reference to the invasion of Germany). Friend’s daughter knows an exchange student from Germany. Her parents are afraid to go out on the streets they’ve lived in for decades.

[SaveFerris]

Amen, brother.

[SaveFerris]

It will seem to make sense at first. Peace and security. Peace in the Middle East by dividing Israel. This new politician must be the messiah..........

[St_Thomas_Aquinas]

The banks are frustrated by the lower limit on interest rates.. Zero. The way to get around it is to eliminate cash, which will allow them to have 'negative rates', which is to charge you for keeping money at their bank.

Makes sense. Also, in a high tax country there is a lot of work being done off the books. People will have to resort to barter, which is much more difficult. Maybe some form of informal currency will arise, or people will use bitcoin.

[MarkL]

A “cashless society” will finally give the last vestige of personal control over to the government. At that point, every transaction you make will be traced, and in one way or another, approved by a “controlling legal authority.”

There will be no aspect of your life that can’t be tracked and controlled.

I hate the idea of a “cashless society.”

Mark

[Demiurge2]

Surprised more governments aren’t pushing to end cash. From their point of view, cash is dangerous to all of their control agendas.

[EBH]

Mobile Payment: Going Cashless in China
http://www.msn.com/en-us/news/video/mobile-payment-going-cashless-in-china/vi-BBneDYu

[Dilbert San Diego]

I am.concerned that there will be a database which tracks all of your financial transactions.

In the wrong hands this information is dangerous.

Some is just potential embarrassment, such as how much you spend on booze or pornograohy or gambling.

Some info could be used to control or.punish. For example, will obamacare morph into a system by which bureaucrats will seek to punish/control, by seeing how many times a month you get fast food?? After all, the food you consume can affect your health. Ditto with buying cigarettes. Even guns or ammo.

Computer technology has gotten to a point at which, if all transactions ns are logged and in the system, that a complete profile of your activities can be pulled up. If cash is done away with, you will have zero financial privacy. And zero privacy for other reasons, if the wrong people see how you spend money.

[Cementjungle]

"There are so many dangers and disadvantages associated with cash, we have concluded that it should be phased out," he added.

I don't think that would go over so well in our country where we allegedly have a large segment of the population who can't even manage to get a valid ID to use for voting.

[BipolarBob]

That is the way it will be. It’s coming.

[EBH]

Cashless in India

The government wants India to be a cashless economy: the move towards a cashless economy is a move towards greater accountability towards the flow of money, reduction in black economy and bringing more people into the banking system.

https://cashlessinindia.wordpress.com/

[metmom]

Just.

wow......

I wonder how many people are going to think this is a great idea and fall for it, hook, line, and sinker.