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Thread: The War on Cash Just Escalated

  1. #1

    The War on Cash Just Escalated

    I went to my local Whole Foods this week, and they are no longer accepting cash. It's coming....

    The War on Cash Just Escalated

    by James Rickards

    I’ve been warning investors for months about the war on cash.

    This war has been in full swing in Europe and the U.S. for a long time. Governments plan to use negative interest rates, confiscatory taxes and other techniques to rob savers of their wealth. In order to do this, they have to force savings into digital accounts at large government-controlled banks.

    As long as savers can hold cash, they can avoid many of these confiscation techniques. Therefore, governments must eliminate cash.

    The latest battleground in this war is India. In a shock announcement on Nov. 8, India declared that 500- and 1,000-rupee notes are no longer legal tender. Imagine that — the money in your wallet or purse is instantly made worthless by government decree. That’s what happened.

    There were limited exceptions for hospitals and gas stations. Naturally, gas lines formed everywhere, and some people rushed to hospitals to prepay for future medical care with now worthless bank notes. The other exception to worthlessness was if you deposited the notes in the bank.

    There you would receive “digital credit” in your account. Of course, the tax man was waiting at the bank to ask you where you got the money. Those without an acceptable answer can expect trouble from the Indian Revenue Service. this is not the end of the war on cash. It’s just the beginning.

    India’s decision is having devastating ripple effects in the Indian economy and the market for gold. The consequences of the decision are both appalling and encouraging — appalling because they show governments’ ability to destroy wealth, and encouraging because they show the ingenuity of individuals operating under the thumb of an oppressive government.

    One immediate consequence is that paper money began trading at a discount to face value. In plain English, you might be able to sell your illegal 1,000-rupee note to a middleman for 750 rupees in smaller denominations. You would get legal tender for your worthless 1,000-rupee note.

    This is the first time I’ve ever seen cash trading at a discount (although I did predict this development in Chapter 1 of my new book, The Road to Ruin,released Tuesday).

    By Friday, Nov. 11, the entire banking system in India was beginning to run out of cash and alternative forms of payment such as gold and barter were emerging. Don’t think of this as something that happens only in poor countries. Similar scenes will play out in the U.S. and Europe as elites become more desperate to take your money.

    There’s a lot else going on that is aimed at destroying your wealth to solve the global debt problem. I write about these developments in issues of Strategic Intelligence.

    The global elites are using negative interest rates to do the same thing as inflation — make your money disappear. One way to avoid negative interest rates is to go to physical cash. In order to prevent that option, the elites have launched a war on cash.

    The war on cash has two main thrusts. The first is to make it difficult to obtain cash in the first place. Coming back to the U.S., banks will report anyone taking more than $3,000 in cash as engaging in a “suspicious activity” using Treasury Form SAR (Suspicious Activity Report).

    The second thrust is to eliminate large-denomination banknotes. I just described what’s happening in India. The U.S. got rid of its $500 note in 1969, and the $100 note has lost 85% of its purchasing power since then. With a little more inflation, the $100 bill will be reduced to chump change.

    The war on cash is old news, but it’s picking up. Earlier this year the European Central Bank announced that they were discontinuing the production of new 500 euro notes (worth about $575 at current exchange rates). Existing 500 euro notes will still be legal tender, but new ones will not be produced.

    This means that over time, the notes will be in short supply and individuals in need of large denominations may actually bid up the price above face value paying, say, 502 euros in smaller bills for a 500 euro note. The 2 euro premium in this example is like a negative interest rate on cash.

    The whole idea of the war on cash is to force savers into digital bank accounts so their money can be taken from them in the form of negative interest rates. An easy solution to this is to go to physical cash.

    Yet if physical cash becomes scarce (or nearly worthless due to inflation), savers may pay a slight premium for large-denomination notes. Your premium disappears because the note pays no interest. The elites have actually figured out a way to have negative interest rates follow you from digital accounts to paper money.

    Another solution to negative interest rates is to buy physical gold. But if the government has a war on cash, can the war on gold be far behind? Probably not.

    Governments always use money laundering, drug dealing and terrorism as an excuse to keep tabs on honest citizens and deprive them of the ability to use money alternatives such as physical cash and gold. When you start to see news articles about criminals using gold instead of cash, that’s a stalking horse for government regulation of gold.

    Guess what? An article on the topic of criminals using gold just appeared this May in Bloomberg. This is one more reason to get your physical gold now, while you still can.

    As if inflation, confiscation, and negative rates weren’t enough, the global elites are coordinating a new plan for global taxation. As usual, there’s a technical name for global taxation so non-elites won’t understand the plan. It’s called base erosion and profit shifting, or “BEPS.”

    The BEPS project is being handled by the OECD and the G-20, with the IMF contributing technical support. If you’re interested in BEPS, there’s an entire website devoted to the global taxation plans and timetables.

    The website is worth a look. To paraphrase that famous line attributed to Trotsky, “You may not be interested in BEPS, but BEPS is interested in you.”

    The global elite plan doesn’t stop there. There’s also the climate change agenda led by the United Nations. This agenda goes by the name United Nations Framework Convention on Climate Change (UNFCCC).

    The science of climate change is a sticky topic. It’s enough to know that climate change is a convenient platform for world money and world taxation.

    That’s because climate change does not respect national borders. If you have a global problem, then you can justify global solutions. A global tax plan to pay for global climate change infrastructure with world money is the end game.

    Don’t think that climate change is unrelated to the international monetary system. Christine Lagarde almost never gives a speech on finance without mentioning climate change. The same is true for other monetary elites. They know that climate change is their path to global financial control.

    That’s the global elite plan. World money, world inflation and world taxation, with the IMF as the central bank of the world, and the G-20 Leaders as the Board of Directors. None of this is secret. It’s all hiding in plain sight.

    This will be playing out in the next few years.

    Source.
    There is no fear in love, but perfect love casts out fear. For fear has to do with punishment, and whoever fears has not been perfected in love.
    (1 John 4:18)



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  3. #2
    I actually copied the wrong article!

    This is the one he just published:

    War on Cash Kicking Into Overdrive

    In the depths of the 2008–09 financial crisis, Obama’s first chief of staff, Rahm Emanuel, remarked that one should never let a good crisis go to waste. You probably recall him saying that.

    He was referring to the fact that crises may be temporary but hidden agendas are permanent.

    The global elites and deep state actors always have a laundry list of programs and regulations they can’t wait to put into practice. They know that most of these are deeply unpopular and they could never get away with putting them into practice during ordinary times.

    Yet when a crisis hits, citizens are desperate for fast action and quick solutions. The elites bring forward their rescue packages but then use these as Trojan horses to sneak their wish list inside.
    The War on Cash Is Decades Old

    The USA Patriot Act that passed after 9/11 is a good example. Some counterterrorist measures were needed, of course. But the Treasury had a long-standing wish list involving reporting cash transactions and limiting citizens’ ability to get cash.

    They plugged that wish list into the Patriot Act and we’ve been living with the results ever since, even though 9/11 is long in the past.

    Obviously, the effort to eliminate cash is hardly new. It has been going on for many years and in many forms.

    The U.S. discontinued the use of large-denomination bills in the late 1960s. Until 1969, $500, $1,000, $5,000 and even $10,000 bills were issued, even though they were printed decades earlier.

    Today the largest bill is a $100 bill, but it has lost 80% of its purchasing power since 1968, so it’s really just a $20 bill from those days. Europe has ended the 500-euro note and today the largest note in euros is 200 euros.
    Ignore the Official Reasons

    Harvard professor Ken Rogoff has a book called The Curse of Cash, which calls for the complete elimination of cash. Many Bitcoin groupies say the same thing. Central banks and the IMF are all working on new digital currencies today.

    The reasons for this are said to include attacks on tax evasion, terrorism and criminal activity. There’s some truth to these claims. Cash is anonymous, so it can’t be tracked.

    But the real reason is because the elimination of cash would allow elites to impose negative interest rates, account freezes and confiscation.

    They can’t do that as long as you can go to your bank and withdraw your cash. That’s the key.

    In other words, it’s much easier for them to control your money if they first herd you into a digital cattle pen. That’s their true objective and all the other reasons are just a smokescreen.

    And now, predictably, the latest attack on cash comes courtesy of the COVID-19 pandemic.
    Crisis Meets Opportunity

    This crisis is even larger and scarier than the 2008 crisis, which gives elites even more opportunity to ram their agendas through without serious opposition. They don’t intend to let it go to waste.

    Sure enough, government agents and tech vendors are now claiming that cash is “dangerous” because it could contain traces of the coronavirus.

    While that’s not impossible, it’s highly unlikely and no more likely than getting the virus from 100 other sources including package deliveries and shopping carts.

    Should we ban cardboard boxes and shopping carts too?

    If you’re really concerned about getting coronavirus from cash, it’s simple to wear sanitary gloves during any transactions (I do). Then put the cash to one side. The virus cannot live more than 10 hours or so on an inorganic surface. After a while, your cash is safe.

    But if you get scared into giving up cash because of COVID-19, then don’t complain when you find that your financial freedom is also gone when the world moves to 100% digital money.
    There is no fear in love, but perfect love casts out fear. For fear has to do with punishment, and whoever fears has not been perfected in love.
    (1 John 4:18)

  4. #3
    Stop shopping at places like that. I buy local and stay local. More local people accept cash.
    Proverbs 29:18
    "Where there is no vision, the people perish: but he that keepeth the law, happy is he."

    Hosea 4:6
    "My people are destroyed for lack of knowledge: because thou hast rejected knowledge, I will also reject thee, that thou shalt be no priest to me: seeing thou hast forgotten the law of thy God, I will also forget thy children."

    "No one is useless in this world who lightens the burdens of another.” ~ Charles Dickens

  5. #4
    Quote Originally Posted by donnay View Post
    Stop shopping at places like that. I buy local and stay local. More local people accept cash.
    Absolutely. We need to find a place to start listing these businesses and encouraging people to boycott them.
    There is no fear in love, but perfect love casts out fear. For fear has to do with punishment, and whoever fears has not been perfected in love.
    (1 John 4:18)

  6. #5
    A big part of this covid psyop is to gut cash heavy businesses (restaurants, bars, massage parlors legit and exotic, anything person-to-person instead of big corp controlled, etc), thereby forcing people to spend their cash with "agenda-compliant-and-controlled" retailers who won't put it back into circulation.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    But now you can't talk to people because of "social distancing"....brought to you by shills and politicians.

  7. #6
    Quote Originally Posted by devil21 View Post
    A big part of this covid psyop is to gut cash heavy businesses (restaurants, bars, massage parlors legit and exotic, anything person-to-person instead of big corp controlled, etc), thereby forcing people to spend their cash with "agenda-compliant-and-controlled" retailers who won't put it back into circulation.
    It is certainly looking like it



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