Bank of America CEO: 'We Want a Cashless Society'

[DamianTV]

https://news.slashdot.org/story/19/0...shless-society

Bank of America CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has "more to gain than anybody" from the booming trend of non-cash transactions. "We want a cashless society," Moynihan, who heads up the second largest U.S. bank, told attendees at Fortune's Brainstorm Finance conference. He pointed out that more than half of all money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal, Zelle, and digital wallets. The banking sector has "already digitized," Moynihan said on Wednesday. "The business has moved digitally and it will continue to move that way. It's just figuring out how to add the value."

No dip$#@!, no we do NOT want a $#@!ing cashless society.

What I found to be somewhat interesting was the COMMENTS. Same as this place, changing constantly. What I did like was it seems most people are against it.

For those of you that are all for it, let me ask you this. Seriously. What do you do when the power goes out? Hurricane? Typhoon? Earthquake? Solar flare? Hell even a medium size tornado can knock out power to areas for long periods of time. So what do you do in a cashless society when the power is out for extended periods of time?

[kfarnan]

he wants a fiat society they manipulate.

[Stratovarious]

he wants a fiat society they manipulate.

It already is fiat, that's not the point though.

[Stratovarious]

+Any Digital Currency/crypto currency as in Bitcoin, leads us directly to
a cloaked roll out of a CASHLESS SOCIETY.
If you are not already familiar with the features of a
cashless society, explanation follows below*:

* Digital Currency (D.C.)and Bitcoin are becoming
very popular and trendy, however I agree with Catherine
Fitts, Bitcoin is very possibly already a govt op, and is
horrifically dangerous to freedom, if it is not govt controlled
yet , it will be, and much sooner than later, I have attempted
to cover some of the issues (here) associated with D.C.,
one glaring example is that during a disaster that includes
interruptions with communications, without cash,
you will not be buying anything, you will also eventually
be chipped, all this will be unwittingly accepted
(unless we just SAY NO!), as it will be cloaked in ribbons
and bows, in the guise of the usual: "Save the Children" meme,

Cashless Society:
The Government can put a hold at anytime on your D.C.
card or digital currency/crypto app/acct and freeze your account/s
without you being convicted of any crime, at anytime, at their whim.
They can stop you from paying your bills.
They can choose the things they allow you buy,
and stop you from buying or accessing anything that their (Un-
Constitutional) spying algorithms tell them are risk items,
things you may not be able to live without, Food in general,
herbs , organic produce , any produce, Coffee, medications,
medical services.
They can Stop you from buying Firearms, Ammo, Books, a
Baseball Bat , Tennis Racket, any sporting goods, literature, gas,
food, lodging.
Stop you from travel . Stop you from communicating.
Banks can and will charge you any fees they choose for handling
your electronic activities (buying or selling, consumer or vendor) ,
as well as charge negative interest rates or exorbitant fees on
your acct/s.
Essentially , a cashless system can literally kill you, without
you having done anything illegal ever, all that is required is that
someone decides, or A.I. determines that you need to be put
on a list.
Cashless Control (D.C./CHIPS) can transform us all
into thieves, thugs, robbers, and murderers , in order for us to just
try to survive, they can and will control every aspect of our lives.
The current push to eliminate the 100 dollar bill has nothing to do
with curbing or stopping any crime, it is part of the roll out of the
cashless scheme, to demonize cash, to force us into electronic
transfers instead of cash.
We all have credit/debit cards, and we pay many of our bills on line
the convenience is there, however in a disaster of any magnitude,
no Super Market or Hardware Store is going to give you food
and survival equipment on your 'Cards' and your good word when the
internet connection/satellite/power is down.
I try to buy everything I possibly can with cash, I only use cards
when absolutely necessary.
We need to return to a value based currency.
Bitcoin is still a Fiat Currency and the govt will be in control of it,
many of us believe it is a Judas Goat , it is a cloaked introduction
to complete control over every aspect of your lives.
The worst nightmare for me is not that I will live long enough
to be destroyed by a chipped and cashless society ,
my problem is that if we don't stand together
(every race, color, and creed) and fight the NWO rollout,
history will be re-written, our descendants will be under complete
govt control, and will not even understand that humans
once had inalienable rights, as spelled out in our great and inspired
US Constitution.

[Swordsmyth]

He'd love to be able to charge "negative" interest rates to store your money and to tell you who you could do business with or even freeze all your money so you starve.

[Zippyjuan]

He'd love to be able to charge "negative" interest rates to store your money and to tell you who you could do business with or even freeze all your money so you starve.

"He" (I assume you mean the Bank of America CEO) can only get away with negative interest rates if everybody else goes with them too. Otherwise customers will move to another bank.

[Swordsmyth]

"He" (I assume you mean the Bank of America CEO) can only get away with negative interest rates if everybody else goes with them too. Otherwise customers will move to another bank.

He has his friends in government to take care of that.

[oyarde]

I support a society without bank of america . You should to .

[kfarnan]

Fiat ,defined as mandated by a government.

[jkr]

working themselves out of a job...
btc
11,000frn

[timosman]

he wants a fiat society they manipulate.

Imagine having power to manipulate reality.

[Origanalist]

I don't give a flying $#@! at a rolling donut what piece of $#@! want's. Bank of Amigo is a criminal enterprise anyway, I don't know why anyone would bank there.

[Zippyjuan]

Fiat ,defined as mandated by a government.

Gold money was also a fiat mandated by government.

[oyarde]

Gold money was also a fiat mandated by government.

I currently pay 187.03 to 233.00 for circulated 2 1/2 dollar Gold Indians .

[Swordsmyth]

Gold money was also a fiat mandated by government.

No, it wasn't.

[Zippyjuan]

No, it wasn't.

Fiat means government decides what must be used for money and what value it has. That is true for paper and electronic money as it is for metalic money.

[Swordsmyth]

Fiat means government decides what must be used for money and what value it has. That is true for paper and electronic money as it is for metalic money.

No, gold and silver were used long before government ever told people what to use.

[Zippyjuan]

No, gold and silver were used long before government ever told people what to use.

One dollar was defined as a certain amount of gold or silver. That is by government fiat.

[Swordsmyth]

One dollar was defined as a certain amount of gold or silver. That is by government fiat.

Definition is not fiat.

If I tell you that 2.3 grams of gold is one glurk that doesn't force you to use glurks.

Governments recognized and dealt with gold and silver as money after it was already being used for money.

[Zippyjuan]

This article suggests that now that the dollar is free to float (and its value be determined by markets instead of the government saying it is worth a certain amount of gold) that money today is NOT fiat while money in the past was. And the authors would love to sell you more gold and silver.

https://www.silverdoctors.com/gold/g...acked-by-gold/

Even Bretton Woods fixed the price of gold at $35 per ounce in 1944. They failed to raise that value in proportion to the creations of dollars and it eventually caused the monetary system to collapse in 1971. That was the very same result we see in the penny as well as the debasement in the Roman Empire of the silver coinage.

Therefore, anyone who tells you that ONLY paper money is fiat, they have absolutely no idea of the monetary system and how it has evolved with time. ALL money, when fixed in value by the government, is FIAT. Even the infamous Soros attack on the British pound was based upon Britain trying to “fix” the pound at a high rate within the European Rate Mechanism at a high rate for pride.

Only a floating exchange rate system ends the fiat. So yes – that means as long as the “paper” dollar floats in value on world markets, it is not actually fiat any more than Bitcoin trading. The term “fiat money” means an arbitrary order or decree declaring the value to be fixed. The dollar was “fiat” when it was arbitrarily established by Roosevelt at $35 to the ounce of gold. Since 1971, the dollar floats and it is no longer fiat because that is the definition of a fixed arbitrary value.

Today. as long as a currency floats, it is not an arbitrary declaration of its value by the government and is therefore not “fiat” as popularly stated by the hard money crew. This mythical idea that a currency should be a store of wealth has NEVER existed even once in history from one decade to the next. Those who argue for such a system are incapable of comprehending the business cycle and like Karl Marx want to freeze the system because they cannot cope with it.

Unfortunately, people call paper money fiat because they do not understand the meaning of the term. What they are doing is complaining money does not remain a constant value as Marx tried to create.

[Swordsmyth]

This article suggests that now that the dollar is free to float (and its value be determined by markets instead of the government saying it is worth a certain amount of gold) that money today is NOT fiat while money in the past was. And the authors would love to sell you more gold and silver.

https://www.silverdoctors.com/gold/g...acked-by-gold/

LOL

[devil21]

Definition is not fiat.

If I tell you that 2.3 grams of gold is one glurk that doesn't force you to use glurks.

Governments recognized and dealt with gold and silver as money after it was already being used for money.

Actually, it was the bankers that disrupted the use of gold and silver as money by introducing their paper certificates of deposit back in ancient times and urging people to use those as money instead of the metals themselves. Naturally, that quickly was corrupted and governments responded by stepping in to regulate. Now, it's standard procedure for the banking crew to introduce their new method of fleecing the public (blockchain/crypto today) while government is closely in the loop and waiting to make that next fleecing all nice and "legal" for them by fiat declaration.

[dannno]

Nobody here wants a cashless society, even those who advocate for crypto. Crypto and bitcoin will take over eventually, but that doesn't mean that you won't be able to use cash, private electronic payments, gold, silver or anything of value that you want (just because majority of transactions may be in crypto).

The best way to fight against the banks' plans to initiate a cashless society is with bitcoin. If the banks make a cashless society, it will only work if there is no competition. With bitcoin, they will have a very difficult time creating a monopoly with their electronic currency.. because not only do they have do deal with everything else, they now have to deal with a crypto that is better than what they have.

[ATruepatriot]

Nobody here wants a cashless society, even those who advocate for crypto. Crypto and bitcoin will take over eventually, but that doesn't mean that you won't be able to use cash, private electronic payments, gold, silver or anything of value that you want (just because majority of transactions may be in crypto).

The best way to fight against the banks' plans to initiate a cashless society is with bitcoin. If the banks make a cashless society, it will only work if there is no competition. With bitcoin, they will have a very difficult time creating a monopoly with their electronic currency.. because not only do they have do deal with everything else, they now have to deal with a crypto that is better than what they have.

What's not being discussed and should be is that it is technically unconstitutional. They are digitally "coining their own forms of currency".

[dannno]

What's not being discussed and should be is that it is technically unconstitutional. They are digitally "coining their own forms of currency".

Wow, that is totally wrong. The federal government is required to coin currency for the payment of taxes. There is nothing in the Constitution that limits other people from using their own currency.

[ATruepatriot]

Wow, that is totally wrong. The federal government is required to coin currency for the payment of taxes. There is nothing in the Constitution that limits other people from using their own currency.

Article 1 - The Legislative Branch
Section 8 - Powers of Congress

"To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;"

By proxy they are representing the dollar with digital counterfeit currency not coined by the powers of congress...

[devil21]

Nobody here wants a cashless society, even those who advocate for crypto. Crypto and bitcoin will take over eventually, but that doesn't mean that you won't be able to use cash, private electronic payments, gold, silver or anything of value that you want (just because majority of transactions may be in crypto).

The best way to fight against the banks' plans to initiate a cashless society is with bitcoin. If the banks make a cashless society, it will only work if there is no competition. With bitcoin, they will have a very difficult time creating a monopoly with their electronic currency.. because not only do they have do deal with everything else, they now have to deal with a crypto that is better than what they have.

We must fight cashless society by embracing cashless society!

Come on, you still buy the load of $#@! that some rando named Satoshi developed bitcoin? Even when it's plainly visible on the front of the 1988 Economist cover?

[dannno]

We must fight cashless society by embracing cashless society!

Slow down your mind and focus a little, because your are thinking too simplistically.

A cashless society is a society where people are not allowed to exchange physical currency or metals and are required to use digital payments. Bitcoin is not going to be what people are required to use. It is going to be a centralized digital currency. The best way to fight the centralized digital currency is with decentralized digital currencies.

Bitcoin and decentralized crypto is the opposite of a cashless society. It is freedom. It gives people the ability to transfer wealth undetected by the digital payment system to be imposed by our rulers.

Think about it. If you had crypto and you crossed a border with it, you could do so undetected. What if you wanted to bring it gold and silver across the border? You couldn't. But if you had gold and silver on one side of the border, you could exchange it for crypto.. now that you have your crypto, you can cross the border, then sell your crypto on the other side of the border for gold and silver and transact however you want.

Do you see how decentralized crypto is going to make a cashless society THAT much more difficult to enforce? It may make it 100x more difficult to enforce..

There is nothing about decentralized bitcoin or crypto that is leading us toward a cashless society.. it is the opposite.

[dannno]

Article 1 - The Legislative Branch
Section 8 - Powers of Congress

"To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;"

By proxy they are representing the dollar with digital counterfeit currency not coined by the powers of congress...

Bitcoin is not counterfeiting dollars, it is its own thing. There is nothing unconstitutional about competing currencies.

[devil21]

Slow down your mind and focus a little, because your are thinking too simplistically.

A cashless society is a society where people are not allowed to exchange physical currency or metals and are required to use digital payments. Bitcoin is not going to be what people are required to use. It is going to be a centralized digital currency. The best way to fight the centralized digital currency is with decentralized digital currencies.

Bitcoin and decentralized crypto is the opposite of a cashless society. It is freedom. It gives people the ability to transfer wealth undetected by the digital payment system to be imposed by our rulers.

Think about it. If you had crypto and you crossed a border with it, you could do so undetected. What if you wanted to bring it gold and silver across the border? You couldn't. But if you had gold and silver on one side of the border, you could exchange it for crypto.. now that you have your crypto, you can cross the border, then sell your crypto on the other side of the border for gold and silver and transact however you want.

Do you see how decentralized crypto is going to make a cashless society THAT much more difficult to enforce? It may make it 100x more difficult to enforce..

There is nothing about decentralized bitcoin or crypto that is leading us toward a cashless society.. it is the opposite.

It's conditioning for cashless. Bitcoin was the introduction to the masses for the regulated, centralized version you mentioned. You don't counter one imaginary payment system with another imaginary payment system. You counter one imaginary payment system with a non-imaginary payment system. Otherwise, the switch from one cashless system to the other cashless system becomes quite easy. Has history not already shown this to you?