As we have seen, just within the last year or so, the world is changing faster than ever, especially in the world of finance and new technologies. This year, virtually every major corporation, bank, or national government has announced a blockchain-based initiative. Several nations are also working on their homage to the global success story that is Bitcoin by working on their own version of the digital currency. These can be seen as general signs of progress, but are they really?
In order for one to add a new technology, 99 times out of 100, it will totally replace an old technology. For example, when a car is redesigned every five years or so, the previous model’s production ends at that moment, unless the previous model is particularly popular, then it may still be produced for another year or so.
What about when the new technology is digital currency and the old technology is physical cash or fiat currency? We are seeing an international phase-out of the ‘Ole Greenback’ and this comes with many benefits for the governments and banks, but far fewer for the citizens that will use the currency.
India is the latest to take a major stance against paper currency when, without proper warning, they removed their 500 Rs and 1000 Rs banknotes from circulation. The government said that they represent “black money” and are not being taxed and regulated properly, so citizens are being forced to deposit these suddenly illegal notes into banks. This presents the first benefit for central banks and the corresponding issue suffered by the populace.
Deactivating cash on a national scale forces people to continue to use, and more importantly deposit into, banks. When, not if you use a national digital currency in the future, you will be forced into their ‘matrix.’ The banks are automatically cut into your financial life, forever more. A closed-network they control. One that you can never divest yourself from. Think of being ‘Neo’ in “The Matrix,’ except there is no option to unplug yourself from this realistic and frightening ‘program.’
Do you think the world’s banking systems moving to a negative interest rate system at the same time as this assault on cash is some sort of coincidence? As interest rates get lower, or negative, people deposit and “save” money in banks less and less, and for good reason. Killing cash and going digital is an effective counter, again forcing you to play the banker’s game which is rigged against you, like a hand of 3-card Monty.
Other immediate issues in this war on cash, as evidenced in India over the past week, is death. At least 33 people have died since this cash ban began, with people dying while standing in queues after many hours in the heat. For some reason the co-conspirators, the banks, and the government, did not get their act together before springing this on their loyal slaves, I mean subjects.
Banks in India have run out of money at branches and to add to ATMs, adding to the queues. Tourists, who flock to India starting November, cannot exchange their foreign currency, hurting this major national industry at the wrong time of year.
These economic master plans are not just limited to India. Australia is also on the blacklist against fiat with Citibank beginning to remove cash from their branches. They are beginning an ingenious plan to not dispense cash through their bank tellers, forcing one to use their ATMs, which is a “cash cow” for the bank when you have to pay an ATM fee for every withdrawal.
The negative interest rates are beckoning savvy investors to remove their savings from banks, but there are several roadblocks, including cash withdrawal limits as low as 1000 units in some countries. In the U.S. and the U.K., if you remove the equivalent of $5000 USD, you are literally treated like a terrorist, and put on a national list, by regulation or law.
If you withdraw less than that, but near that much, you can still be put on another list for “structuring” your withdrawal to avoid this blacklist, and guess what? You’re put on another blacklist. You could avoid going to the teller to take out your money, but there go those ATM fees again, and banks have daily ATM withdrawal limits there, too.
He mentioned the real benefit, which was outlined above, the banks would see a lovely “spike” in deposits. Do I need to remind you that when you make a bank deposit, the money is no longer yours and that you are loaning it to the bank to do whatever they wish with it? As a former banker in New York myself, that was a little nugget I didn’t know until I entered “The Matrix,” personally.
These cash bans started last year in the U.S. with something small, safe deposit boxes. At Chase bank, you have not been able to keep cash, or precious metals, inside of your safe deposit box. Here is what Chase says to box owners in a lease renewal letter:
Why would they do this? If they make it more inconvenient for you to use unapproved forms of value that the banks do not directly control, many will just say ‘It’s too much of a hassle securing this gold at home.’ and sell it, then make a deposit to the bank. They’re planting seeds of discontent in leaving their ‘Matrix.’
Sweden has also accelerated their anti-cash programs at a national level, as more than half of their bank branches no longer accept cash. They have announced that they should have some resolution to an electronic form of their krona by 2018, which is the same time that ‘The Economist’ forecast a global or world currency to take effect. So can you imagine the issues in India multiplied by every country on Earth, over a span of months converting to such a totalitarian system?
Maybe there will be a one world government, and a corresponding currency in the years to come, maybe there will not. What I do know is cash is a very important part of your financial portfolio for the foreseeable future. Why? It is the best way to make a transaction privately, without the banks and governments tracking it. If every transaction is done by debit card, for example, that means a digital log of EVERY transaction you make is recorded by the bank and can be easily forwarded to the government.
When you bought toilet paper, condoms, or beer would be known down to time, location and amount. Your future purchases could even be predicted with computer software if desired. The taxes could be taken out of your card usage, including a standard bank fee, and a limit on how much you could spend a day, or per transaction. How does that sound? Pretty sweet, huh? If you’re the bank…..
Also, with cash, you can divest yourself from a corrupt and failing legacy banking system. Cash is the original balance against the outright tyranny of the banking system. If you do not like the bank's practices, policies, or fees, you can just pick up and take your business elsewhere. This fosters competition and forces the bank to check themselves, improve, or die. A national digital currency would undermine that, by design. Their economic tyranny would be baked into the cake if you will. They are basically down to tricking you into using their rigged system.
In closing, if your nation seeks to phase out cash, vote against this corruption,m as the Americans did against the Hillary Clinton’s of the world. Voting still works very, very well, just ask the British on their Brexit. Show the establishment that you care about your privacy and freedom and that you are paying attention. The banks and government are hoping you are asleep at the wheel and can undermine you to their heart’s content. Protect cash. Stand up for your rights.
Or better yet, use the true digital cash, Bitcoin. I left the legacy banking system years ago because of this business-over-ethics philosophy. Every transaction to me isn't just business, it's personal. I thought we could do better, so I wished for something like Bitcoin, and I found it in 2013.
If you’re going into “The Matrix,” enter one where you are in control, and can see your balances grow, not shrink, daily, by design. It is not perfect; nothing ever is, but it is a sound money digital currency well worth supporting in the years to come. It may come down to "our" digital currency versus "theirs."
The world of digital currency is coming your way, so choose your currency wisely. What will be in your (digital) wallet?