Thursday, January 25, 2024

The Never-Ending War On Cash

 

In the last few decades the global elites have been pushing, particularly in the developed nations, to shift financial activity from cash and paper cheques towards a “cashless world,” a trend that continues to be promoted by government, financial institutions, big business and the media. Physical currency is under constant attack and the majority of the world’s money supply exists in intangible electronic form. Governments and financial institutions are actively promoting a cashless society, raising concerns about individual financial freedom and our ability to protect our saving and assets from seizure by spendthrift governments and predatory bankers.

The US Federal Reserve’s latest update on physical currency use reported about 2.2 trillion dollars in physical cash supply. This includes physical coins (dimes, quarters, dollars) and green Federal Reserve notes. Nevertheless, there has been a rapid shift towards electronic funds. In the current era, the total global money supply is predominantly composed of electronic funds, with physical currency representing a diminishing percentage.

A similar trend could be observed in UK and mainland Europe until 2022 when cash staged a modest recovery over 2021, with the number and volume of cash transactions increased slightly. With the recovery of cash expected to continue for 2023, suggested reasons for this reveral include citizens concern about their privacy in an increasingly digital world, and people finding it easier to plan and control expenditure when using cash.

The concept of creating Central Bank Digital Currencies (CBDC) to replace physical cash over the past year is now being discussed openly. IMF Director Kistalina Georgieva commented in a speech last year that CBDCs have already been introduced in The Bahamas, Jamaica, and Nigeria, with over 100 additional countries (including the European Union, the United States and the UK) currently in the planning and design phase of creating their digital currencies.

This relentless progress towards a cashless society is often justified on grounds of enhanced security, with politicians and executives of NGOs like the International Monetary Fund (IMF), various United Nations agencies, the Organisation for Economic Cooperation & Development (OECD) and World Economic Forum (WEF) all support claims that electronic transactions deter terrorism, money laundering, and counterfeiting though this is clearly bollocks as there is no computer systemIt is much easier to perpetrate cybercrime than real world crime, and cycber crime is more difficult to detect.

So what is the push to go cashless really about? Under close scrutiny it becomes apparent that the primary objective is an attempt to gain control of all financial assets and bring citizens savings and pension funds within the control of national governments and banking systems. Reduced reliance on physical cash facilitates increased surveillance of financial transactions, centralised planning of economic activity and greater use of coercive methods to fore citizens to comply with unpopular and undemocratic policies..

It is worth noting that in both Europe and North America face value of the highest denomination banknotes produced by the Central Bank is diminishing. In the US the highest note is the $100 bill, in the EU the €500 note is no longer issued and in the UK though the £50 note is still the highest value it has remained so for over 100b years despite the rampant inflation of recent decades.  Another sign of the bid to remove cash from circulation is the imposition of strict limits on the amounts one may deposit withdraw in cash from a bank account in a single transaction or per day.

Governments aim to benefit from a cashless system as it allows for more draconian enforcement of unfair taxation and the extension of central planning, while banks see opportunities to increase fees and impose naegative Interest Rates.

A cashless society results in larger bank deposits, contributing to an expansion of the money supply through fractional reserve banking but the move towards a cashless world raises concerns about individual control over our personal wealth.Remember, at the annual World Economic Forum for billionaire psdychopaths at Davos a couple of years back, that organisation's president, Bond villain lookalike Klaus Schwab promised us, "In the future you will own nothing and you will be happy."


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