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Showing posts with label ban cash. Show all posts
Showing posts with label ban cash. Show all posts

Monday, April 17, 2017

After a decline due to Modi's cash banning scheme, India's gold importing soars in in first quarter of 2017

In the latest report out of India for the first quarter of 2017, the world's largest gold consumer market saw a return of soaring imports of the precious metal following a 4th quarter decline due in part to Prime Minister Modi's attempts to ban most cash.

During the first three months of this year, gold imports were for 230 tons, which is nearly as much as the period between April and November last year when the government instituted a cash ban and a new scheme to bring about a cashless society.

Sentiment has turned up in the gold market the last few weeks. And new data from the world’s top consuming center — India — shows there may indeed be cause for optimism amongst bullion buyers. 
Data reported in the local press showed that India’s gold imports saw a big jump during the most recent quarter, January to March 2017. With total imports for the period hitting 230 tonnes. 
To put that in perspective, consider some numbers from recent quarters — during which India’s gold imports showed some of the weakest figures on record. 
During April to October 2016, gold imports totalled just 264 tonnes. Meaning that incoming shipments for that entire seven-month period were barely above the figures for the most recent three months. 
That suggests a major surge in gold demand is happening here. In fact, imports for the Jan-Mar 2017 quarter were the strongest for those months since 2013. - Oil Price
Since the beginning of the year, gold has climbed by more than 11% from $1148 on Jan. 1 to nearly $1300 following last weekend's trading.

Saturday, March 25, 2017

First the stick and now the carrot as India to offer rewards for citizens who get rid of cash for digital payments

Back in November of last year India's Prime Minister shocked his 1.3 billion citizens by suddenly declaring the two largest denominations of the Rupee to no longer be valid legal tender.  This in turn caused a massive rush from the people to exchange their currency for hard assets such as gold and jewelry rather than to simply fall in line by turning in their money to their nearest banks.

And while some Indians have accepted the Modi plan of creating a new cashless society, many still are fighting to sustain their long tradition of transacting in physical cash.

So while the past few months have seen the government not only confiscate cash, but also invade private residences of those who might be harboring banned currency, one Chief Minister is now shifting gears by offering rewards to citizens who eagerly move towards digital finance, as he seeks make the city of Gao the world's first completely cashless municipality.

Porvorim: Chief minister Manohar Parrikar, while presenting the annual state budget on Friday, announced that his government intended to carry on with the on-going nation-wide drive to make the economy as much cashless as possible. 
"The government will encourage digital payments and make it financially rewarding. I propose to formulate an appropriate policy in order to discourage cash transactions," Parrikar said, adding that the government would be strengthening the state's IT infrastructure to permeate high-speed broadband connectivity to every corner of Goa in the next two years. 
Following the decision to demonetize Rs 500 and Rs 1,000 notes, the then defence minister had envisaged Goa as the first state in India to become a cashless society. He had set a deadline of December 31, 2017, to achieve the target. 
"Goa will be the first to become a cashless society in India. We have to support the Prime Minister's dream," Parrikar had said in November, adding that one can do anything once he/she has registered her/his mobile number with a bank under the central government unified payment interference. - India Times

Wednesday, March 1, 2017

World's largest retailer Walmart pushing customers towards eliminating use of cash in their stores

As governments around the world mull over, or actually start to implement the elimination of physical cash, the world's largest retailer Walmart is now jumping onto this bandwagon.

In a new initiative announced on Feb. 28, the retail giant updated their mobile app with a new feature meant to entice customers to perform their pharmaceutical and money changing activities online, with the carrot incentive of no longer having to wait in line to fill out their documentation or to pay for these services.

Image result for walmart cashless
Walmart yesterday launched a new initiative in its drive towards zero-cash at its stores. 
The world's largest retailer has added a new feature to its mobile app, which would allow its pharmacy and money services customers to beat long queues, The Street reported.
Whether it was about refilling a prescription or wiring money, all tasks could be done without paperwork and checking prescriptions before stepping into the store, the report said. 
Walmart said while customers would still need to visit the store to pick up prescriptions and verify payments made through money services, express lanes would be set up to cut waiting times to as little as 40 seconds as against six to 11 minutes at present.
The app and express lanes would be introduced at 1,200 locations in March,  and extended to 4,700 US stores by the fall. - Domain B
In 2016 Walmart introduced an app called Walmart Pay in which customers would no longer need to use physical cash, or even receive a physical receipt when checking out as they would pay and document their purchases completely on their smartphones.

While cashless retail shopping is not widespread in the U.S. at this time, a growing number of countries in Europe are nearly 100% cashless, with many of their own retailers no longer even accepting physical cash as payment for items or services.

Sunday, February 26, 2017

Could millennial snowflakes be the catalyst to keep the U.S. from eliminating cash?

If there is one thing to be said about millennials it is that they are very emotional about their activism.  And all one has to do is look over the past couple of years at their push for 'safe spaces' on campuses, rabid protests over a myriad of different topics, and the rejection of many status quo policies that have been at the core of America's government over the past 20 years.

So with central banks, sovereign leaders, and elitist academics all pushing hard for the elimination of physical cash in the world's monetary systems, an interesting irony is coming to the surface where today's millennials could be the catalyst for protecting the economy from going 100% into a digital system.

Image result for psychology of cash
If millennials are supposed to be the first generation going mostly cashless, they are making the move halfheartedly.
Millennials still rely on cash — 80 percent of millennials carry greenbacks. And 42 percent still write checks, according to the Accel + Qualtrics Millennial Study 2017.
And that could be a good thing, as some advisors say a cash diet is the best way to pare down debt. 
The study corroborates other recent findings that technology is not overturning conventional ways to pay for things, even as millennials flock to mobile payment apps like Apple Pay and Venmo. 
Sophia Bera, a millennial who founded Gen Y Planning and is a member of the CNBC Digital Financial Advisor Council, said most of her friends carry some cash, but she rarely sees them using it as the first option to pay for things. It's mostly cash for emergency situations, or cash for tips.  
"When I use Venmo it feels like magical money," Bera said. "You forget that it is money, like any money, and that is bad." 
The financial advisor highly recommends cash to people trying to get out of credit card debt or for sticking to a budget. "A weekly cash amount is good," Bera said. "Take out $200 every Friday and when it is gone it is gone. ... It's a lot harder to drop six twenties on a dress than swiping a card. People don't buy flatscreen TVs with $20 bills."
Bera said switching to cash, even for just a few months, can help people reign in spending, and is especially helpful for those trying to get out of debt. - CNBC
Psychology has always played a huge role in how people see and respect money.  And all one has to do is look at a casino, which exchanges your currency for casino tokens (chips) because they know that gamblers are more than willing to spend these tokens in greater quantities than if they were playing a table game using real money.

Additionally, people became inured to accumulating high levels of debt when all they had to do is pay a paltry minimum amount which they could afford despite the fact they were actually increasing their debt levels through the interest compounding on that debt.

For a generation of Americans who suddenly had a wakeup call from the massive amounts of student loan debt they accumulated, recognizing the power of money by desiring to use cash instead of credit is a life-changing paradigm.  And even with America's youth being much more attuned towards using technology for nearly everything in today's society, their lagging in the transition to a cashless digital society because they realize that spending cash over credit is extremely beneficial to keeping oneself out of debt, could be a serious factor in hindering the establishment's agenda towards making all of finance one without physical money.

Tuesday, February 14, 2017

South Korea is the newest country seeking to eliminate cash and wants to do so by 2020

First it was Sweden, who's people are so intoxicated by technology that it was not very difficult to get them to give up their cash to run on an entirely electronic financial system.  Then in November India decided to jump on the Cashless Society bandwagon, only unlike their counterparts living in the Northern part of Europe, their citizens are the exact opposite and do not trust their government or banking system to take away physical cash from the economy.

Thus when it comes to creating a world without physical money it is on par with how half the world is content to be as sheep and follow the globalists desire to control every aspect of their spending, saving, and investing, while the other half is infused with the frequency of Populism, and realize that without the ability to control your own money in a physical form, then nearly all freedoms are permanently lost to the whims of elected and un-elected officials.


As we are now well into the first quarter of 2017, and living in the aftermath of Brexit and the election of Donald Trump, the battle is on for the establishment to hold onto the status quo, while at the same time fighting a populist movement that seeks to tear down their power base built upon a foundation of debt, credit, and privately owned central banks.  And at the fore are two more major economies push strongly towards a cashless monetary system.

And those two entities are the European Union, and South Korea.
“Hand over your money.” That’s what the Financial Times newspaper called it. But it might as well be rephrased as “Stick ’em up!”

It appears that the Central Bank of Korea, South Korea’s central bank, plans to withdraw all coins by 2020, followed by removing all bank notes soon afterwards. No feedback has been requested from the public.

South Korea is determined to become a cashless society, exclusively using T-Money and other electronic payment cards. This goal may make sense to South Korea’s banks and government, but it is not without obstacles or resistance. - Numismaster
The ball is already rolling down the path towards a completely cashless society, where physical money is eliminated and your freedom to choose to spend, save, and invest as you see fit is at stake.  Which means that the clock is now ticking for anyone who is awake to transition their wealth out of this parasitic system before it is too late, and find alternatives in hard assets that act as money (gold, silver), or in a financial construct such as Bitcoin and Goldmoney, that allow you to keep your wealth in a structure that is outside the control of banks and government.

Tuesday, February 7, 2017

As India's Reserve Bank works to create a cashless society using the blockchain, they are also looking to outlaw Bitcoin

There is a famous axiom that goes, don't steal as the government hates competition.  And this appears very much to be in play in the country of India where the Reserve Bank of India (RBI), or the nation's central bank, is working hard to bring about a cashless society using blockchain technology while at the same time issuing edicts to try to outlaw Bitcoin.

Last November, India's Prime Minister suddenly and without warning started to redeem currency bills from the public and the country's monetary system.  And in a speech given during his monthly address to the nation, he explicitly said his end goal was to bring everyone under a cashless or near cashless monetary system.

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"I want to tell my small merchant brothers and sisters, this is the chance for you to enter the digital world," Modi said speaking in Hindi, urging them to use mobile banking applications and credit-card swipe machines. 
"It's correct that a 100 percent cashless society is not possible. But why don't we make a beginning for a less-cash society in India?," Modi said. "We can gradually move from a less-cash society to a cashless society." 
More than 90 percent of consumer purchases in India are transacted in cash, Credit Suisse estimates. While a smartphone boom and falling mobile data prices have led to a surge in digital payments in recent years, the base still remains low. 
Modi urged technology-savvy young people to spare some time teaching others how to use digital payment platforms. - Zerohedge
Fast forward to Feb. 5...

The RBI issued a statement and a warning on Sunday where the central bank acknowledged that they, along with member banks, are pursuing a digital monetary system to replace the cash economy with a digital system primarily using blockchain technology.  And one of their largest points of emphasis was to severely admonish the use of Bitcoin, which is in line with a similar warning they issued on the crypto-currency back in 2013.
“The RBI advises that it has not given any license/authorization to any entity/company to operate such schemes or deal with Bitcoin or any virtual currency. As such, any user, holder, investor, trader, etc., dealing with virtual currencies will be doing so at their own risk.”
The Indian government, as well as the central bank, are fighting a populist rebellion against their war on cash, and their push towards an all digital cashless society.  And Prime Minister Modi has continually issued policy edicts over the past few months in an attempt to try to halt citizens from dispensing of their currency in the forms of gold, jewelry, and even Bitcoin.

And although governments around the world for the most part have tried benign capital controls to slow down the use of Bitcoin, none as yet have actually considered the crypto-currency a threat, and have attempted to ban or outlaw its use by the people.

Until now.  And this should tell you that India's push to ban cash from the hands of the people is more a battle against freedom than it is a battle against corruption, money laundering, or even the spurious claim of 'fighting terrorism'.

Friday, February 3, 2017

India's next monetary restriction is to limit the amount of cash allowed for transactions

The world's seventh largest economy has suddenly become a petri dish for monetary experimentation towards the end goal of bringing about a cashless society.

Beginning in November of last year, Prime Minister Modi banned the two largest denominations of their currency, causing utter havoc as 1.3 billion people scrambled to exchange their bills before a December 15th deadline.  This move was then quickly followed by capital controls which only allowed individuals to take out the equivalent of $60 per day from their bank accounts.

Then earlier this week the Modi government began compiling a study to create a universal basic income for every citizen in the country.  This of course would force everyone, even the several hundred million who don't have access to the internet, to become part of a cashless financial system.

And finally on Feb. 1 a member of Modi's finance office submitted a proposal that would make it illegal for individuals to use cash for purchases and transactions larger than the equivalent of $4500.

Image result for no rupees for you
India's war against black money has led to several new policies and orders of late, one of which was announced by Finance Minister Arun Jaitley on Wednesday in his Union Budget presentation in the Parliament. 
The country has banned all cash transactions above Rs 300,000 (roughly $4,500) from April 1. 
This move follows last year's ban on high-value currency notes that had sucked in 86% of the cash in circulation and sent India's 1.3 billion people into a collective frenzy. - AOL Finance

Friday, January 27, 2017

European Commission proposing ban on using cash for payments following push at Davos for cashless society

This year's Davos World Economic Forum saw lots of economists and central bankers discussing ways in which they could con the public into giving up their cash, and bringing about a completely digital cashless society.  And the conference was a also carryover to the numerous experiments conducted in several countries last year in which they tried to remove certain bill denominations from their monetary systems.

Yet despite the clear backlash of populist movements in the United States and in Europe, the European Commission on Jan. 27 has decided to pointedly ignore them and is proposing a program in which to restrict, and eventually eliminate the use of cash in all commerce and monetary transactions.


One Step Closer to a Cash Ban in Europe
Having discontinued its production of EUR500 banknotes, it appears Europe is charging towards the utopian dream of a cashless society. Just days after Davos' elites discussed why the world needs to "get rid of currency," the European Commission has introduced a proposal enforcing "restrictions on payments in cash."
With Rogoff, Stiglitz, Summers et al. all calling for the end of cash - because only terrorists and drug-dealers need cash (nothing at all to do with totalitarian control over a nation's wealth) - we are not surprised that this proposal from the European Commission (sanctuary of statism) would appear... 
The Commission published on 2 February 2016 a Communication to the Council and the Parliament on an Action Plan to further step up the fight against the financing of terrorism (COM (2016) 50). The Action Plan builds on existing EU rules to adapt to new threats and aims at updating EU policies in line with international standards. In the context of the Commission's action to extent the scope of the Regulation on the controls of cash entering or leaving the Community, reference is made to the appropriateness to explore the relevance of potential upper limits to cash payments.The Action Plan states that "Payments in cash are widely used in the financing of terrorist activities… In this context, the relevance of potential upper limits to cash payments could also be explored. Several Member States have in place prohibitions for cash payments above a specific threshold." 
Cash has the important feature of offering anonymity to transactions. Such anonymity may be desired for legitimate reason (e.g. protection of privacy). But, such anonymity can also be misused for money laundering and terrorist financing purposes. The possibility to conduct large cash payments facilitates money laundering and terrorist financing activities because of the difficulty to control cash payment transactions. 
Potential restrictions to cash payments would be a mean to fight criminal activities entailing large payment transactions in cash by organised criminal networks. Restricting large payments in cash, in addition to cash declarations and other AML obligations, would hamper the operation of terrorist networks, and other criminal activities, i.e. have a preventive effect. It would also facilitate further investigations to track financial transactions in the course of terrorist activities. Effective investigations are hindered as cash payments transactions are anonymous. Thus restrictions on cash payments would facilitate investigations. However, as cash transactions are moved to the financial system, it is essential that financial institutions have adequate controls and procedures in place that enable them to know the person with whom they are dealing. Adequate due diligence on new and existing customers is a key part of these controls in, line with the AMLD. 
Terrorists use cash to sustain their illegal activities, not only for illegal transactions (e.g. the acquisition of explosives) but also for payments which are in appearance legal (e.g. transactions for accommodation or transport). While a restriction on payments in cash would certainly be ignored for transactions that are in any case already illegal, the restriction could create a significant hindrance to the conduct of transactions that are ancillary to terrorist activities. - Zerohedge
The fact of the matter is that the banks, rather than individuals, are the ones aiding and abetting money laundering for terrorist and criminal activities.  In fact, it has been surmised that money laundering for the drug trade was the only thing that saved many U.S. and European banks before the Fed and government bailouts of 2008.

The banning of cash, or restricting its use by the public for normal monetary transactions, has nothing to do with illegal activity, or in the funding of terrorism.  And instead it is a desperate attempt by the elite to protect themselves from a coming liquidity and financial crisis.  Because like the growing censorship that is proliferating social media sites, and the ongoing war to try to ban gun ownership in the U.S. and Europe, the ability to hold and use one's money as they see fit is one of the most important liberties a person has.

Got gold?  You might want to as governments will not stop in trying to steal your wealth held in cash.

Saturday, January 21, 2017

As Donald Trump speaks out against the dollar and globalism it could be setting the stage for a return of gold standard

Newly inaugurated President Donald Trump is a master when it comes to leverage, finance, and the use of credit to achieve great accomplishments.  But if ones listens to the media, they would not find a concise answer as to whether he actually understands the dollar or the economy.

This is because Trump stands at the middle of an ideological war where an establishment seeks to maintain its control over a debt based system.  And the foundation of that system is the establishment's ability to print unlimited amounts of fiat currency, manipulate markets and prices, and siphon the wealth of a nation into the hands of a select few.

(To validate this all one has to do is listen to Keynesian Nobel prize winning economists speaking today in Davos who are calling for the banning of cash and the implementation of an all digital cashless society)

Which brings the American people to the point where they must learn to read between the lines in discovering what President Trump's future direction for the dollar is headed.  And a couple of news stories out on Jan. 19 may provide that insight.

Trump and a New Gold-Backed Dollar
In an interview with The Wall Street Journal on Monday, Donald Trump uttered two words essentially never spoken by a president when describing the state of the U.S. dollar: "too strong." In describing how the U.S. is losing ground to China, Trump commented: "Our companies can't compete with them now because our currency is too strong. And it's killing us." It's incredibly rare for an American president to comment on the movement of the U.S. dollar, let alone advocate that it should fall. 
The movement of the dollar has a double-edged-sword effect on consumers. A stronger dollar, like we're experiencing now, gives U.S. consumers more buying power in overseas markets, and makes it less expensive for domestic businesses to import goods. 
On the other hand, a strong dollar makes U.S. exports less appealing to other countries where currencies have taken a beating, and can thus boost our national trade deficit and eventually slow growth. 
The dollar also happens to have an inverse relationship with gold. A stronger dollar often means weaker gold prices, whereas a weaker dollar leads to stronger gold prices. Trump's implying that the dollar is too strong might as well be a ringing endorsement for gold. - Fox Business
And from analysis from the well respected alt-economic Doug Casey...
The breakdown of the petrodollar is the perfect excuse for the globalists to usher in their SDR solution. 
So that’s the first option. It’s the global elites’ preferred outcome. It would be a very bad thing for personal and economic freedom. It means more fiat currency, more centralization, and less freedom for the individual. 
The second option is to simply return to gold as the premier international money. Here’s how it could happen… 
Trump might play along with the globalists’ schemes, but I doubt it. He’s the first president who’s openly and sincerely hostile toward globalism. He’s denounced it repeatedly. 
Trump recently said, “We will no longer surrender this country, or its people, to the false song of globalism.” 
In my view, there’s only one way Trump could fight the global elites and their SDR plan: return the dollar to some sort of gold backing. 
Trump has said favorable things about gold in the past. So have some of his advisers.
It wouldn’t be easy. He’d face one hell of a struggle with the globalists. And winning would be far from certain. 
No matter what, the death of the petrodollar, just like the end of the dollar’s link to gold, will be very good for the dollar price of gold and gold mining stocks. 
When Nixon took the dollar off gold in 1971, gold skyrocketed over 2,300%. It shot from $35 per ounce to a high of $850 in 1980. Gold mining stocks did even better. 
Gold is still bouncing around its lows. Gold mining stocks are still very cheap. I expect returns to be at least as great as they were during that paradigm shift in the international monetary system. 
All this is why what happens after Trump’s inauguration could change everything… in sudden, unexpected ways. - International Man
Russia has replaced OPEC over the past year in becoming the global leader for oil and natural gas, and China is not only the world's largest producer of goods sold around the world, but they are also the world's largest banker.  And both of these economies have invested vast quantities of resources towards buying gold at levels that far exceed the U.S.'s supposed 8,500 tons.  Yet in pursuing this course of action they have also sent a clear message to Washington in the past few years through their dumping of dollars at a record pace, and are signifying that the days of the U.S. currency remaining the sole global reserve is nearing an end.

Every indication shows that the fiat currency experiment that began with Richard Nixon closing the gold window in 1971 has reached a point where confidence in the dollar is no longer a sure thing, and even the newly inaugurated President has his doubts on the dollar being the catalyst for domestic growth and prosperity.  And as Donald Trump begins a new chapter today as the leader of the free world, and the world's largest economy, no one really knows what tools he plans to use to implement his agenda of protectionism, direct bi-lateral trade, and destroying the West's current trek towards globalism.  But perhaps what we do know that may give us insight is his understanding and appreciation for the power of gold as real and tangible money.


Tuesday, January 17, 2017

The threat of the U.S. banning cash is not over as it becomes a topic at the Davos Economic Forum

Just when Americans thought they might be out of the woods from their government seeking to ban cash, a Nobel-Laureate economist participating at this year's Davos World Economic Forum has proven that to be incorrect.  In fact, the topic of banning cash in the U.S. as well as elsewhere around the world is on the menu of this week's forum, and Joseph Stiglitz is the chef serving that main course.

Indian Prime Minister Narendra Modi has already removed 86% of his country's currency from circulation in an attempt to curb tax evasion, tackle corruption and shut down the shadow economy.
Should the US follow suit? 
Joseph Stiglitz, Nobel Prize-winning economist, thinks so. Phasing out currency and moving towards a digital economy would, over the long term, have “benefits that outweigh the cost,” the Columbia University professor said on day one of the World Economic Forum's Annual Meeting in Davos. 
Stiglitz was speaking in the session Ending Corruption alongside Mark Pieth from the Basel Institute of Governance and APCO Worldwide Founder and Executive Chairman Margery Kraus. Stiglitz and Pieth co-authored a report, Overcoming the Shadow Economy, in November last year. 
Quantifying the scale of the problem, Stiglitz said: “You can put it into the context of one of the big issues being discussed in Davos this year - the backlash against globalization, the darker side of globalization ... The lack of transparency in global financial markets, the secrecy havens that the Panama Papers exposed, just reinforced what we already knew ... There is a global framework for both corruption and tax evasion and tax avoidance. 
“The fact that you can hide ill-gotten gains so easily in these secrecy havens really provides incentives for people to engage in this activity as they can get the economic returns and then enjoy the benefits of those returns. If there were not these secrecy havens then the benefits from engaging in these kinds of illicit activity would be much diminished.” 
One of the countries that has not done enough to fight corruption is the US, Stiglitz went on to say, and one remedy could be to phase out cash and embrace digital currencies. - World Economic Forum
Stiglitz, like two other economists (Larry Summers and Ken Rogoff) who spent 2016 promoting the end of cash to protect the failures of the central banks, sees taking away the freedoms that physical money provides all individuals as the only alternative to allow the Fed to begin negative interest rates.  However, like with nearly all Keynesian economists running Western monetary systems today, they ignore the real culprits behind the use of cash in illegal activities, and refuse to call out the very banks they wish to protect from when they were tightly involved in money laundering, and helping fund terrorism and the drug war.

As we have seen in India, the European Union, and Venezuela these past few months, governments are not afraid to eliminate currencies or formulate policies meant to ban cash entirely from an economy.  And this leaves the only recourse for the common man to simply opt out of the system, and get their wealth into physical gold, silver, or bitcoin, and offshore as much of it as possible so that it is outside the hands of the financiers who want to take it from you.

Friday, January 13, 2017

New study shows that U.S. behind India's War on Cash and using nation as petri dish to create cashless society

In a fantastic and well documented piece of research published by German economist Dr. Norbert Haering, the recent chaos going on in India regarding money and their monetary system is actually based on a policy out of Washington to use the world's seventh largest economy as an experiment to see how eliminating cash would effect a large population.

Last year we saw a Harvard P.H.D and a former Assistant Secretary of the Treasury write op-eds, white papers, and give speeches on the evils of using physical cash in commerce.  Yet these Ivory Tower 'academics' failed to mention that nearly all funding for terrorism, drug cartels, and money laundering was done at the sovereign and banking levels, and that indictments, imprisonments, and regulation of the bankers themselves would cut these illegal activities short in a New York minute.

However, at the heart of the growing 'war on cash' is the need for governments to crack down on individual freedoms and the ability of people to spend or save their money as they see fit, especially as the global banking and financial systems crater on the precipice of total collapse with negative interest rates, asset deflation, and a 325% debt to gdp ratio.

So it appears that the United States decided to run some test cases to see how the public would react to restrictions on using cash in commerce, and chose the one economy where 98% of all transactions are cash based, and where only 36% of the people even have a bank account.

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In early November, without warning, the Indian government declared the two largest denomination bills invalid, abolishing over 80 percent of circulating cash by value. Amidst all the commotion and outrage this caused, nobody seems to have taken note of the decisive role that Washington played in this. That is surprising, as Washington’s role has been disguised only very superficially. 
U.S. President Barack Obama has declared the strategic partnership with India a priority of his foreign policy. China needs to be reined in. In the context of this partnership, the US government’s development agency USAID has negotiated cooperation agreements with the Indian ministry of finance. One of these has the declared goal to push back the use of cash in favor of digital payments in India and globally. 
On November 8, Indian prime minster Narendra Modi announced that the two largest denominations of banknotes could not be used for payments any more with almost immediate effect. Owners could only recoup their value by putting them into a bank account before the short grace period expired at year end, which many people and businesses did not manage to do, due to long lines in front of banks. The amount of cash that banks were allowed to pay out to individual customers was severely restricted. 
Almost half of Indians have no bank account and many do not even have a bank nearby. The economy is largely cash based. Thus, a severe shortage of cash ensued. Those who suffered the most were the poorest and most vulnerable. They had additional difficulty earning their meager living in the informal sector or paying for essential goods and services like food, medicine or hospitals. Chaos and fraud reigned well into December. 
Four weeks earlier 
Not even four weeks before this assault on Indians, USAID had announced the establishment of “Catalyst: Inclusive Cashless Payment Partnership”, with the goal of effecting a quantum leap in cashless payment in India. The press statement of October 14 says that Catalyst “marks the next phase of partnership between USAID and Ministry of Finance to facilitate universal financial inclusion”. The statement does not show up in the list of press statements on the website of USAID (anymore?). Not even filtering statements with the word “India” would bring it up. To find it, you seem to have to know it exists, or stumble upon it in a web search. Indeed, this and other statements, which seemed rather boring before, have become a lot more interesting and revealing after November 8. 
Reading the statements with hindsight it becomes obvious, that Catalyst and the partnership of USAID and the Indian Ministry of Finance, from which Catalyst originated, are little more than fronts which were used to be able to prepare the assault on all Indians using cash without arousing undue suspicion. Even the name Catalyst sounds a lot more ominous, once you know what happened on November 9. 
Catalyst’s Director of Project Incubation is Alok Gupta, who used to be Chief Operating Officer of the World Resources Institute in Washington, which has USAID as one of its main sponsors. He was also an original member of the team that developed Aadhaar, the Big-Brother-like biometric identification system. 
According to a report of the Indian Economic Times, USAID has committed to finance Catalyst for three years. Amounts are kept secret. - Washington's Blog via Zerohedge
For those who don't know the history of USAID, it is a CIA front used in regime change activities and even assassinations throughout the 20th century.

What is going on in India is a calculated experiment to see how a population would react to the elimination of physical money, and the forced process of getting all currency and commerce into the banking system.  And as this experiment has originated from policies created by the U.S. government, it is not a stretch to believe that these same controls will be used on the American people one day in the future, and why Americans need to get their money out of banks and into physical assets both at home and offshore, before the inevitable day comes following the next planned crisis.

Sunday, January 1, 2017

India's next step in war on cash is confiscation of physical assets like gold, silver, and real estate

In December India's Prime Minister implemented a new program to both eliminate high currency denominations, and to go after consumers who use cash outside their banking system.  This of course led to financial turmoil in a nation that conducts 98% of of its transactions in cash, and where less than 36% of the population has a bank account.

In response to the banning of certain denominations of currency, many Indians rushed into exchanging their cash for physical assets such as gold, jewelry, and even silver, and according to India's Finance Minister on Dec. 30, this is the next thing the government will go after now that physical Rupees have been limited in their economy.

As the government takes stock of the black money post demonetisation, its mulling the next step now. The focus is set to be on tracking down 'black wealth' or the illegal money pumped in real estate, gold and silver. 
Minister of State for Finance Santosh Gangwar while speaking to India Today disclosed that noose will tighten around tax evasion routes in physical assets. 
"We are doing crackdown on banks as we are getting information. Black money has a face, people can pump it in real estate, buy gold or silver. We will be stopping it," Gangwar said. 
Already, the government has amended the benami property act to detect the money laundering the real estate. Benami Transaction (Prohitibion) Amendment Act 2016 that came into effect on November 1. It aims at checking illegal money parked by tax evaders in property that is registered under multiple owners. 
"When PM was campaigning for Lok Sabha he had black money on the agenda, that's what he has delivered now and we will take it further," the minister added. 
Currently PAN card is required for selling gold, silver and jewellery over Rs 2 lakh. Since demonetisation, I-T sleuths have been keeping a hawk eye vigil at jewellers and bullion traders to track fake 'gold sale' for routing denotified currency. - India Today
The Indian government labels 'black wealth' as any asset or transaction that is done outside the banking system, and outside the government's ability to track and tax the exchange.

India won't be the only country in the coming days to usher in severe capital controls that restrict the ownership of cash and gold, or allow individuals to transact outside the nation's financial system, as just last week the EU began construction of new restrictions regarding the purchase of assets like gold from outside the Eurozone.

As the world rushes headlong into new currency, debt, and insolvency crises, governments will continue to crack down on the people's ability to choose whether they want to function in their collapsing systems.  And with so many options available now such as Bitcoin, Paypal, Goldmoney, Karatbars, etc... to both store your wealth and transact outside of banks, the coming year may see an even greater acceleration of capital controls by government's as they strive to protect their own dying platforms at the expense of the people and their money.

Monday, December 12, 2016

Venezuela follows India in eliminating large currency notes and sets in motion hyperinflation

When you are an economy that not only relies upon exports and foreign investment, messing with your currency is a recipe for disaster.  And besides the internal turmoil that has arisen for the 1.3 billion people in India who rely upon cash over digital banking for 98% of their commerce, Prime Minister Modi's currency elimination scheme is now causing foreign businesses, such as China's Foxconn, to suspend factory output and fire worker's due to decreased sales inside the country.

Foxconn, the world’s largest contract manufacturer and poster boy of the government’s Make in India project, has asked nearly a fourth of its 8,000 factory workers to go on paid leave for two weeks after last month’s demonetisation of high value notes sparked a severe cash crunch that saw sales slump almost 50%, forcing the company to slash production by half.

The government’s move to ban Rs 500 and Rs 1,000 notes from November 9 has had a domino effect on the mobile phone industry where a large majority of mobile phones are bought for less than Rs 5,000 and most of the transactions happen through cash. Consumer purchase power has been reduced dramatically - mobile phone monthly sales halved to Rs 175-200 crore post demonetisation - and sales revival is not looking up, as was perceived earlier, industry insiders said.  - Economic Times/India Times
So with the results and outcomes that sudden demonitization creates out there for the rest of the world to see, only someone like Venezuela's corrupt leader Nicholas Maduro would have the audacity to... well, DO THE SAME THING!  And sure enough, over the weekend Maduro went full retard and immediately made their $100 bolivar denomination no longer legal tender.

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Having observed the economic chaos to emerge as a result of India's shocking Nov. 8 demonetization announcement, and perhaps confident it can do better, today president Nicolas Maduro of Venezuela, Latin America's most distressed economy, mired in an economic crisis and facing hyperinflation, likewise shocked the nation when he announced on state TV that just like India, Venezuela would pull its highest denominated, 100-bolivar bill (which is worth about two U.S. cents on the black market), from circulation over the next 72 hours, ahead of the introduction of new, higher-value notes, as large as 20,000. 
"I have decided to take out of circulation bills of 100 bolivars in the next 72 hours," Maduro said. "We must keep beating the mafias." 
To this we would add "and cue economic chaos", but since this is Venezuela, that's a given. 
The surprise move, announced by Maduro during an hours-long speech, is likely to worsen a cash crunch in Venezuela, and lead the largely-cash based economy to a state of paralysis. Maduro said the 100-bolivar bill will be taken out of circulation on Wednesday and Venezuelans will have 10 days after that to exchange those notes at the central bank. 
Critics immediately slammed the move, which Maduro said was needed to combat contraband of the bills at the volatile Colombia-Venezuela border, as economically nonsensical, adding there would be no way to swap all the 100-bolivar bills in circulation in the time the president has allotted. Indeed, if India is any example, Venezuela - whose economy is far worse than that of India, the world's fastest growing emerging market - may have just signed its own economic death warrant. 
According to central bank data, in November there were more than six billion 100-bolivar bills in circulation, 48 percent of all bills and coins. In other words, Venezuela just eliminated half the paper cash in circulation. - Zerohedge
For those who live elsewhere in the world, just remember that following the 2008 financial crisis the U.S. and Europe both passed laws which make any cash you hold in a bank the property of that bank, and considered an unfunded liability to the institution.  And with central banks, Harvard economists, and even a former Asst. Secretary of the Treasury all calling for an end to cash here in America, what we are seeing now in India and Venezuela are test cases for what is currently in motion in the West to bring about a complete monetary control over the population before or after the next banking and financial crisis hits.

Friday, December 9, 2016

Why gold and Bitcoin are freedom: EU's new plans to eliminate cash are not about convenience, but about control and tax confiscation

As countries as diverse as India, Sweden, Denmark, and Spain begin to work towards the banning of physical cash and instituting a completely digital monetary system, one entity is seeking to trump them all by formulating a program that would not only eliminate cash and atm machines, but would entirely change banking as we know if for all of Europe.

And if their goals are reached, it could become the new standard across the Eurozone as early as late 2017.

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The European Payments Council (EPC), a subdivision of the European Central Bank, are taking steps in their quest to fully eliminate all cash. The reason is not to lift the burden off retailers or to make transactions more convenient but in reality to raise desperately needed taxes. 
Highly respected ‘ArmstrongEconomics‘ reports that the EPC are going full steam ahead to enable immediate payment systems throughout not just the Eurozone but the entire European Union. The Single European Payments Area (SEPA) has been devised with the ultimate goal of eliminating ATM cash machines and force everyone to use their mobile phones or plastic cards, the project starting as early as November 2017. 
In the absence of confirmed information on this point, it is likely that tourists and business people will be forced to pre-pay Euro’s onto an App if they come from a country outside the eurozone, currently made up of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 
The final goal of the EU Commission is best described in their own words: “The Single Euro Payments Area (or “SEPA” for short) is where more than 500 million citizens, over 20 million businesses and European public authorities can make and receive payments in euro. SEPA also means better banking services for all: transparent pricing, valuable guarantees ensuring that your payments are received promptly and in full, and banks assuming responsibility if something goes wrong with your payment.” 
This year, meetings and conferences called “Towards a cashless society” were started to get the information transfer across to the infrastructure, supported very heavily by the banks. 
It looks as though the initial battleground for banning cash will be … Greece. - Global Research
Perhaps it is not a coincidence now that earlier this week European Central Bank head Mario Draghi announced that their QE program would be extended until December of 2017, just one month after the EPC hopes to have Europe completely in a cashless society.

The majority of people in the West already function in an environment without cash as online banking, and the use of debt or credit cards, outweighs the number of transactions taking place using physical currency.  However, underlying this trust is the fact that for now, if someone desired to take out their wealth stored in a bank they could do do and have it distributed to them in physical cash notes.

All along the war on cash that has emerged in 2016 has never been about stopping drug cartels, black markets, or the myriad of other excuses those in power have used to justify the banning of physical money.  No, the real reasons stem from the fact that nearly all monetary systems in the West run on a leveraged system where there are upwards of 100 times more money created in digital form than there is actual cash available, and any strong run on the banks could collapse the entire financial system.

Additionally, eight years of failed central bank policies have driven the Western monetary system to the brink of another collapse, and it is forcing these institutions as well as governments to seek never before heard of measures such as negative interest rates, and beyond 100% debt to GDP.

The truth of the matter is that the desire to institute a cashless society is not for the benefit of the 7 billion members who inhabit planet earth, but for the .001% of the 1% who want to use a cashless society to have utter control over money, and everyone's use of it.  And it is why the need to store your wealth in some other vehicle than cash or in a bank is vital, and this means an alternative form of wealth protection such as gold, silver, and bitcoin which banks, nor governments, can readily steal.

Friday, November 25, 2016

Indian government seeks to expand war on cash to also include a war on gold as the death of fiat money becomes a global phenomenon

In India's move to end what they call 'black market' transactions by eliminating their two highest denominated currency notes, Prime Minister Modi is quickly discovering the folly of attempting to mess with the nation's money, and a system that has functioned outside of banking systems for decades.  And even as Modi's new measures of trying to force upwards of 1.3 billion people to turn in their now non-legal tender notes in exchange for a new currency has so far been a huge failure, the leader of India is now seeking to double down on capital controls and expand the war on cash to also a new war on gold.

As Bloomberg reports, the Indian government had observed a declining trend in exchange of old notes over the counter, according to a statement from the state-run Press Information Bureau. 
And so the decision to end OTC exchange of notes was to encourage people to deposit old notes in their bank accounts. 
Government allows certain exemptions for use of old notes until Dec. 15, with only 500 rupee denomination currency notes accepted for such transaction:
  • Old 500-rupee notes can be used for payment of school fees with limit; utility dues; payment of road toll fees
  • Foreigners permitted to exchange foreign currency up to 5,000 rupees/week
Furthermore, as CNBC reports, the Indian government is set to impose a 45% tax (haircut) on any suspicious deposits. 
This is a major problem as only 40% of banknotes have been exchanged according to local reports. 
We suspect the sudden urge to force citizens to deposit/exchange their old banknotes is due to the increasing prevalance of "illegal workarounds" across the nation... (as The Wall Street Journal reports) 
Unable to spend or deposit their sackfuls of large bank notes amid India’s crackdown on hoarding cash, business owners across the country are paying employees months of salary in advance, ringing up bogus sales and even buying gold they can smuggle overseas to get rid of stashed money or conceal its source. 
Such illegal workarounds are threatening to undercut Prime Minister Narendra Modi’s move this month to cancel India’s highest-denomination rupee bills, which was meant to punish tax evaders and other criminals and bring more of the nation’s $2 trillion economy out of the shadows. - Zerohedge
And because Prime Minister Modi's scheme has failed to accomplish his desired outcome from the people, it now appears he is going after their most sacred holdings.

Their gold.
Recall, that as per our report last night, one of the reasons proposed for the recent tumble in gold has been speculation that India may ban gold imports. As a reminder, gold has traditionally been a widely-accepted cash alternative in an economy where gold has long held a supremacy over cash equivalents, to the point where recently the government started paying a dividend to those who deposit their gold to local banks for "safe keeping." 
Well, it now appears that the government is taking its crusade against gold one step futher, and according to a report by NewsRise, the Indian government may soon impose curbs on domestic holdings of gold as Modi intensifies his war against "black money", news agency NewsRise reported. 
As we reported previously, gold prices have soared in India ever since the November 8 demonetization announcement, and premiums jumped to two-year highs last week as jewellers ramped up purchases on fears the government might restrict imports after withdrawing higher-denomination notes from circulation in its fight against black money. 
India is the world's second biggest gold buyer, and it is estimated that one-third of its annual demand of up to 1,000 tonnes is paid for in black money - untaxed funds held in secret by citizens in cash that don't appear in any official accounts.
India may be the most public and most notable of countries going through the turmoil of forcing their people to change their currency, but they are far from the only nations currently implementing a ban on cash and gold.  In just the past week the countries of Australia, Uruguay, and even Spain have begun the process of eliminating large currency denominations in their economies as the world seems ripe for a new liquidity crisis that is requiring extreme measures.
India, Uruguay, Australia and now Spain. The Minister of Finance and Public Service, Cristóbal Montoro has reportedly just announced “anticipated measures in order to ‘reduce the use of cash.’ 
In other words, Spain is going to make cash transactions even more difficult. As of presstime, from what we can tell, this has yet to be reported anywhere in English media except here now at TDV. 
As you can see, the chaos is increasing. Combine cash bans with attacks on fake news (more on that tomorrow), and you end up disturbing a significant amount of people as we wrote here recently. 
This amounts to a trend of course, of the sort we’ve been analyzing for several years now. We’ve predicted increased social chaos throughout the West and beyond because globalism is not built by votes but by violence and widespread disaffection that allows globalist “solutions” to be rammed home. 
I expect “cash banning” to be speeded up along with selected attacks on the alternative media - as part of a larger effort to create widespread social dissension. People believe attacks on cash and “news” are what they seem to be on the surface. They are not. They are part of a much deeper strategy that involves additional globalism. 
We’ve expected just these sorts of actions and have profited from them for the past several years along with our newsletter subscribers. We await more of the same. 
Currently, violence spawned by this anti-cash trend can be seen in such countries as Uruguay and India where cash banning on large bills has ignited significant social chaos already. India is in the throes of riots while Uruguay has been hit with a nationwide strike aimed in part at derailing a mandate that all employers must pay employees electronically via a bank account, starting as soon as March.  - Dollar Vigilante
Perhaps one of the reasons for this sudden attack on money by governments and central banks is due to the rising dollar and the expanding liquidity crisis that the reserve currency is creating as fewer nations can afford to buy dollars for international commerce.  And with the dollar reaching a 14 year high this week by nearly touching 102 on the dollar index, history shows that anytime the reserve currency has crossed the 100 level over the past 30 years it has triggered a financial crisis somewhere, which it appears to be doing now in multiple locations.

In the latest report from ADM ISI’s strategy team, “Dollar Liquidity Threat is Getting Critical and Fed is M.I.A.”, Paul Mylchreest argues that mainstream economic luminaries (like Carmen Reinhart) are finally acknowledging the evolving crisis due to the dollar shortage outside the US, a topic which even the head researcher at the BIS shone a spotlight on yesterday suggesting that the strength of the dollar, not the VIX is the new "fear indicator". - Zerohedge
As always in history, when people lose confidence in their currencies the natural and obvious next move is to rush out of their 'money' and into tangible assets such as gold and silver.  And besides the rumors of gold soaring as high as $3600 on the black market now in India, over in Asia people are massively increasing their own buying, and are more than willing to pay high premiums to get it.

The price of gold is being attacked right now in a manner that is quite reminiscent of the way it was attacked in the summer of 2008, right before the global financial markets collapsed, led by the fall of Lehman.  Something really ugly is coming toward the global economic and financial system. 
In Viet Nam the premium paid by the public has just soared to $90 over world gold.  The spread has been wider over the last 15 years, but not much and only during times when there’s been high “backwardation” between the physical delivery bullion markets in the east vs. the fraudulent paper gold markets in London and NYC. - From PM Fund Manager Dave Kranzler:  
Gold was pushing $1230/oz overnight, as the methodical take-down of gold and silver in the NYC and London paper markets has triggered an avalanche of demand for physical gold in the eastern hemisphere. 
Last night ex-duty import premiums in India were $14 over spot gold.  In Shanghai the premium to world gold was $9.76.  Delivery volume into the Shanghai Gold 
Exchange rocketed to an extraordinary 86.55 tonnes (it was 35.9 tonnes on Wednesday).  The open interest on the SGE was 807 tonnes.  To one observer’s recollection, John Brimelow of John Brimelow’s Gold Jottings, this is the first time the open interest has been over 800 tonnes. 
In Viet Nam the premium paid by the public was $90 over world gold.  only during times when there’s been high “backwardation” between the physical delivery bullion markets in the east vs. the fraudulent paper gold markets in London and NYC. - Silver Doctors
Just as most people imagine the strength of the economy as being tied to the value of the stock markets, so too do people erroneously picture the true value of gold as being tied to the manipulated paper spot price determined in London and the Comex.  But the coming financial crisis that has been deferred now for eight years ever since the 2008 Credit Event appears very much to be demanding a reckoning, and those who both see it early enough, as well as prepare for it, will find the ability to do so as the days of the dollar and of money quickly come to an end.


Wednesday, November 16, 2016

As the world currencies start to crater, India mulling banning of gold imports along with eliminating cash

Earlier this year, some establishment economists, along with academics and central bankers, began throwing out the proposal of banning cash as a way to allow for the backdoor expansion of currencies in monetary policy.  This of course received a huge backlash by the citizenry of several countries, and in some cases led to a run on banks from those fearing theft through negative interest rates, or through the implementation of draconian capital controls.

Surprisingly, one of the countries that was least likely to show signs of a currency collapse until recently was that of India.  And as a strong emerging market nation who had just embarked on a massive Make in India campaign, their elimination last week of their two largest currency denominations stoked fears of their own government seeking a ban on cash, and has led millions to either take out their money from banking institutions, with much of the wealth going into gold.

But in a new article published on Nov. 16 at The Daily Bell, eliminating cash may be the first step towards absolute control over money as the Modi government is now mulling plans to stop gold from being imported into the country entirely.

Prime minister Narendra Modi recently decided to confiscate the cash of hundreds of millions of Indians, and now he may forbid Indians from importing gold. 
This would have an immediate effect on gold supplies as India, despite the affinity of citizens for gold and silver, has very little in the way of domestic mining. 
In part, this is because the government itself is consistently at war with Indian citizens over money and its control. This struggle has most recently manifested itself in India’s decision to remove, wholesale, large denomination bills from public circulation. 
The country [banned] 500 and 1000 rupee notes (worth about US$7 and $14 respectively) and the mooted import restriction [banning gold imports] could be a reaction to dealers swapping the notes for gold.IBJA national secretary Surendra Mehta told the Times of India its members should be ready.   “We hear from certain circles of this possibility, though nothing official is out yet,” he said. 
The larger issue here has to do with banning cash on a global level. It is typical of reporting in this modern era that few if any of the mainstream articles covering India’s most recent move seemingly mention this. 
Governments around the world are beginning to ban cash. Sweden is far advanced but Uruguay and now India are not far behind. Uruguay is soon to demand that employers cease to pay employees via cash and instead deposit paychecks directly in bank accounts. - Zerohedge
India is not the only nation looking hard at eliminating cash, or creating barriers for people to get their money out of banks and into something tangible that is outside the hands of government control.  And as the world rushes towards a currency or financial crisis worse than in 2008, the days are becoming numbered on you and an individual having a choice on what you can do with your own money.

Wednesday, September 14, 2016

Gold authorities looking to ways to get airlines to ban transporting gold in carry on luggage

With governments using both high taxation and import restrictions to try to dissuade people from moving out of their fiat currencies and into physical precious metals at the same that these same governments are embarking on devaluing their currencies through zero or negative interest rates, the natural reaction has been a rise in smuggling to try to bring metals like gold and silver into restricted markets.

And similar to how some ivory tower economists now want to ban physical cash using spurious reasons like money laundering and its use in illegal activities, a group of gold authorities now want airlines to ban the transportation of gold by gold holders in their carry-on luggage.
Leaders of the global gold industry have called on airlines and aviation authorities to ban the transport of the precious metal as hand luggage to reduce the risk of smuggling, which is said to be costing billions of dollars a year in lost government revenue. 
They want gold to be shipped only as hold cargo, which would allow for "proof of responsible sourcing" and lift what is regarded as a threat to miners’ employment and mining companies’ profits. 
Delegates at the Africa Dubai Precious Metals Forum, held in Accra, Ghana, agreed on a "call to action" to airlines, air transport companies and the global air authorities to "ban the hand-held personal carriage of gold in favour of adopting a cargo-only policy". 
The cabin transportation of gold is generally legal around the world, subject to airline weight restrictions and customs regulations. Gold bars and finished jewellery are often flown between manufacturing and retail centres, including Dubai. - Thenational.ae

Monday, July 18, 2016

Economist who called for banning cash now says he would buy gold

One of the banking cartel's most outspoken economists is suddenly singing the value of owning gold.  And in an interview over the weekend, the chief economist for Citi said that in today's negative rate environment, owning gold as part of a currency portfolio is a must.

Citi economist Willem Buiter was one of the first to call for a banning of cash last year as central banks stood on the precipice of lowering interest rates into negative territory in the hopes of stimulating consumer spending.  But as the outcry against eliminating physical currency created the backlash that helped drive gold prices up since the beginning of the year, Buiter is now backtracking and seeing gold ownership as an important hedge to central bank policies.

In the books of most gold lovers, Citigroup’s chief economist Willem Buiter is noted down as the man who thinks gold is a “6,000 year bubble.” 
However, in a recent interview with Epoch Times [Skip to 38:00 in the video], he presented a much more nuanced position and said he would even own gold as part of a diversified portfolio of currencies.  
“It competes with other fiat currencies, the dollar, the yen, the euro. And if these currencies now yield negative interest rates or are at risk of negative yields in the U.K. and the United States, then the currency that at least has a zero interest rate, looks better.” 
“Gold, in times of uncertainty and especially in days of uncertainty laced with negative rates, looks pretty good. “ - The EpochTimes

Saturday, June 4, 2016

Was Yellen's secret meeting at the White House to discuss quiet bank run by Americans as they move cash into gold?

There was an interesting theory being discussed earlier this week that suggests that Americans are quietly doing runs on banks in which they are taking their dollars out of the system and storing them in physical gold.  And that this phenomenon is becoming so prevalent that it may have been the primary reason for Federal Reserve Chairman Janet Yellen's emergency secret meeting with President Barack Obama back in April.

Since the beginning of the year, sales of gold bullion have been setting new records, and the price is up over 16% since January.  And over the last 30 days alone, billionaire investors like George Soros and Stanley Druckenmiller, and several hedge other fund managers, have publicly stated they are getting out of stocks and taking a good percentage of their money to purchase gold.


I believe that Yellen went to the White House to inform Obama and team that the Fed is witnessing a quiet, steady bank run taking place in the U.S. The Fed is worried about the fact that the people are apparently starting to figure out how totally corrupt the monetary and financial systems have become, and are now taking action to financially protect themselves. 
The Fed is seeing bank balances being exchanged for cash and metals. Trotting out Summers and Draghi to demonize cash ($100s and Euro 500s) backfired; savvy people said to themselves, “If the government, banker shills (e.g., Summers; Peter Sands (author of the Harvard “ban cash” paper; etc.) and bankers are saying “A,” the truth must be “Z,” and we better get some of our money out of the banks, before the bail-ins that have been legalized and formalized are actually implemented.” 
The establishment desperately needs to go to a cashless system, in order to effect the bail-in agenda, gain full-spectrum control over financial assets, and implement the IMF-proposed wealth tax, among other gambits, but they need more time to implement this. They must get non-cash payment devices into the hands of every citizen before going live with the cashless regime, but they are not there yet. However, their progress to date has been prodigious. - Investment Research Dynamics
So when you see the obvious manipulation by the Fed to attempt to drive down gold prices as a means to desperately protect the dollar and their monetary policies that will eventually steal wealth from those who store their money in bank accounts, remember that your only protection is to get out of the system entirely... otherwise the time for you to have a choice in what to do with your own wealth will be taken away from you.

Monday, February 29, 2016

It didn’t take long for Japanese citizens to rush to get their money out of their banks thanks to NIRP

If the world ever wanted to see in real time what people do when their government puts a tax on their savings, then all they need to do is take a look at Japan now that their central bank has implemented a negative interest rate policy (NIRP).  Because just weeks after the Bank of Japan’s (BOJ) head Kuroda announced the new policy out of thin air, runs to get cash out of banks have begun in earnest, with sales of personal safes exploding across the country and people stacking them with millions of 10,000 yen currency bills.
NIRP is a draconian tax on anyone with money in a bank account, or paper investment account, and is done in the attempt to force the spending of money whether the people want to do this or not.

Read more on this article here...