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Showing posts with label cashless society. Show all posts
Showing posts with label cashless society. Show all posts

Saturday, April 22, 2017

Fear of bank runs and insolvency behind IMF's newest proposal for elimination of cash

While both the Fed and the mainstream media will never tell the truth on how solvent or insolvent a bank is right up to the day when they go under or collapse, the IMF a few weeks ago issued a new report pushing for the elimination of cash as the means to keep account holders from taking their money out of domestic and global institutions.

The fear of bank runs and all out bank insolvencies are what are at the heart of the IMF's push to eliminate physical cash and bring all economies under the dominion of a digital system according to the former head of Germany's Federal Association of German Industry in an interview he participated in on April 21.

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In its recent report, the International Monetary Fund (IMF) proposed to abolish cash and recommended to adopt measures in order to restrict its use. In an interview with Sputnik Germany, former head of the Federal Association of German Industry (BDI) Hans-Olaf Henkel said that this "could lead to terrible consequences." 
Henkel believes that one of the main reasons behind this proposal is the desire of financial institutions to force people to keep their money in banks. 
"The European Central Bank (ECB) does not want that depositors to keep their money under the pillow. If any bank in Europe goes bankrupt, then depositors have a guaranteed right that the state will return them the amount of up to 100,000 euros. But not more," the economist told Sputnik Germany. 
So, if a bank goes bankrupt, people who have savings of over 100,000 euros will remain with nothing. Thus, many keep their cash not in banks, Henkel argued. - Sputnik News

Thursday, April 20, 2017

Jack Ma and Alibaba to spend nearly half a billion dollars to turn global retail into a cashless society

When most people think of a cashless society, they generally point towards actions being taken or discussed by government legislators, academics, and even central banks.  But it is not often that the move towards a completely digital economy is being undertaken by a free market enterprise.

Until now.

Ant Financial, which is a subsidiary of Jack Ma's online retail company, Alibaba, is looking to spend nearly half a billion dollars to entice businesses around the world to join his dream of creating a completely cashless retail environment.

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ALIBABA'S financial affiliate Ant Financial said it plans to spend 3 billion yuan (US$435 million) each year in the next two years to push forward the construction of a cashless society through partnership with various kinds of merchants and service providers. 
A total of 15 institutions became the first batch of members of the cashless alliance including the United Nations Environment Program and retailer Carrefour to help boost the adoption of cashless payment. 
Finnish mobile payment service provider ePassi and Australian payment firm Paybang also joined the alliance, which eventually hopes to include 30 million members covering 100 nations. - Shanghai Daily
Interestingly, the inclusion of the UN's Environmental Program to the partnership suggests highly that this vision is about much more than digital commerce, and perhaps is part of the elites goal of instituting a carbon credit monetary system as well as bringing about Agenda 21.

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.

Thursday, March 30, 2017

Bitcoin outlawed and users could be considered to be money launderers in India according to central bank

There was a huge hit on March 28 for Bitcoin proponents as a nation with nearly 20% of the world's population has officially declared the crypto-currency to be an outlaw form of money, and that users of Bitcoin could be considered to be money launderers.

In a statement made by the Indian government in collaboration with comments made recently by their central bank, use of any virtual currency other than the Rupee is to be considered unathorized and users to be assumed as money launderers upon investigation.

The government today said use of virtual currencies like Bitcoins is not authorised by RBI and could result in breach of anti-money laundering provisions. 
The RBI has already cautioned users, holders and traders of virtual currency, including Bitcoin, about the potential financial, legal and security risks arising from the usage. 
"The absence of counter parties in usage of virtual currencies including Bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws," Minister of State for Finance, Arjun Ram Meghwal, said in a written reply in the Rajya Sabha. 
He further said that the creation of virtual currencies like Bitcoins as a medium of payments is not authorised by any central bank or monetary authority. - Economic Times of India
Over the past several months the Modi government has enacted several monetary policies meant to go after tax evaders, buyers of gold and other hard assets, as well as force individuals into the banking system where he hopes to one day soon bring about a cashless society.  And of course the threat of alternative currencies like Bitcoin go absolutely against his and the Indian central bank's monetary agendas.

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

Friday, March 24, 2017

Legislator in India's ruling party asks finance ministry to investigate whether Bitcoin is a Ponzi Scheme

In the land that doesn't really appear to care at all about the wants, desires, and needs of their people when it comes to money, on March 24 a member of India's ruling political party sent a request to the Minister of Finance to investigate whether Bitcoin is a ponzi scheme in the wake of its volatile price nature, and the potential rise of its by citizens within their economy.

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Kirit Somaiya, a Member of Parliament of the ruling BJP in India, has raised concerns about Bitcoin being a Ponzi scheme. The rapid rise of Bitcoin has attracted attention in India, coming as it does during the government’s experiment with demonetization. 
Dr. Somaiya has written to the Finance Ministry, the Reserve Bank of India and the SEBI (Securities and Exchange Board of India) on the increasing use of an unregulated currency in India. The finance minister is expected to officially reply shortly.
Speaking in the Parliament, Kirit Somaiya said: 
“The use of Bitcoin, a hypothetical currency, is increasing at a rapid speed in India as well as in the world. Experts have expressed concern that Bitcoin is a pyramid Ponzi-type scheme. This issue should be taken very seriously and there is urgent need to have a study on the development of Bitcoin in India. There is no regulator. As it is functioning like currency and seems like Ponzi scheme, RBI and SEBI as well as Finance Ministry to take appropriate step to save the people from another big Ponzi fraud.” - Coin Telegraph
India has embarked over the past few months on a policy towards creating a cashless society, and banning the use of cash in many transactions.  And the advent of a decentralized currency like Bitcoin is an anathema to Prime Minister Modi's agenda to try to control every aspect of the nation's spending through the implementation of a digital monetary system.

Tuesday, March 21, 2017

As European countries rush headlong towards the cashless society, the Swiss still consider cash to be king

Like with most central bankers and politicians, their justifications for nearly any new monetary agenda is steeped in the foundation of imposing greater controls over people, and removing their freedoms to conduct commerce as they see fit.  And perhaps no greater example of this can be seen in the global movement to ban cash, and usher everyone into a completely digital society.

Several European countries like Sweden, Norway and Denmark are already well on their way towards the banning of physical cash, and many other EU nations have imposed capital controls disallowing the use of cash in large transactions.  And even the advent of crypto-currencies has helped spawn the idea of a cashless Africa, with nations like South Africa and Rawanda working hard towards forcing everyone onto a digital banking model.

But one country is remaining defiant in the wake of this global move to take away physical currency from the hands of the people, and that nation is the one who's history is steeped in banking, and the right of individuals to do with their money as they see fit.

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When it comes to cash and its future, Swiss authorities seem to have a totally opposite view to that of their Indian counterparts -- for them cash is "more reliable" and enjoys a low opportunity cost. 
Among other benefits over cashless payments, cash provides "more effective budget control" and can be used without any technical know-how, while it also offers a comprehensive protection with regard to financial privacy, a top official of Swiss National bank (SNB) has said. 
Amid a debate on future of cash globally and the ambitious demonetisation move carried out by India, SNB's deputy head Fritz Zurbruegg said there remains a continuing robust demand for cash among general public and banknotes are like the country's 'calling cards' in case of Switzerland. - India Times
The truth of the matter is, the recent push for a cashless society has little to do with convenience, and more with the failed banks and central banks who have leveraged their monetary systems to the point of insolvency.  And they believe that their last chance at survival is to eliminate the one factor that keeps them from expanding money supplies even more through a digital system, and that is the anchor of physical cash and the fear that individuals could bankrupt them in a day if they called for a run on their institutions.

If politicians and establishment economists really wanted to 'stop' money laundering, and the funding of drug cartels or terrorism, then all they would need to do is shutdown or nationalize the banks themselves for they are the ones who are committing this avenue of crime.  But since the West has almost completely merged into a fascist state, where governments and corporations act as one in their own common interests, then that leaves the people who have done nothing wrong to become their scapegoats, and this means that their agenda is really dedicated towards taking away our money so that they can take their fraud and theft to even greater and higher levels.

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.

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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.

Friday, February 24, 2017

Is South Africa looking to become the next BRICS nation to go cashless?

Over the past four months we have seen India begin the difficult process of weaning her people off of physical cash, as Prime Minister Modi has officially called for the implementation of a digital monetary system.  Then earlier this week we began to hear word that Russia was investigating the taxing of individuals who chose to use cash in transactions and other commerce.

Now on Feb. 24 we can add South Africa to the growing list of BRICS nations who might be setting the stage for eliminating physical cash in their economies and creating a completely digital monetary system.

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Globally, cash, as a means of transaction, has been on the decline for decades.
First World countries are leading the transition. 
In emerging market countries, such as China, South Africa and India, for example, more than 90% of payments are still cash based. 
We have also seen how quickly, thanks to our almost complete mobile penetration, blockchain technology, such as Bitcoin has taken off in South Africa across all strata of our economy. 
These are signs that South Africa’s transition to a cashless environment could happen very quickly indeed. - Biz Community
Unlike the forced banning of cash which we have seen in India, and may soon see in Russia, the move towards digital money in South Africa may instead come from a voluntary push as citizens trust less and less in the nation's primary sovereign currency.

Monday, February 20, 2017

Nationwide biometrics to be at the heart of India's move to a cashless society

A few years ago India began a push to accumulate and digitize the biometric information of its 1.3 billion citizens.  And with their 'India Stack' database now ready for distribution, the government is planning on selling access to this information to web developers, healthcare providers, and even the financial system as it becomes a key component of Prime Minister Modi's push towards a cashless society.

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Courtesy of 20th century Fox/Dreamworks
India is leapfrogging into the digital future by offering the world’s largest biometric-identity database for use by tech firms, healthcare providers and novice app developers — an opportunity that excites fans of cyber transactions but worries privacy advocates. 
The Indian government has gathered digital-identification records, including fingerprint impressions and eye scans, of nearly all of its 1.2 billion citizens. 
Now a government-backed initiative known as “India Stack” aims to standardise ways to exchange the data digitally to facilitate the transfer of signatures and official documents that citizens need to get jobs, make financial transactions or access government services. 
The government gave cashless commerce a push late last year by withdrawing large-denomination bank notes from circulation. The temporary measure, aimed in part at tax dodgers, prompted a sharp rise in the use of mobile payment apps. 
India Stack is touted as key to creating a “presence-less, paperless, cashless” society. But the approach is viewed as both innovative and, some say, risky. - The Australian
With India acting as the petri dish for both a cashless monetary system, and a global biometric database of information that corporations, intelligence agencies, and law enforcement can access at any given moment, the results of this experiment may soon become the Big Brother apparatus of global government, and remove the last vestiges of freedom a citizen has.

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.

Friday, February 10, 2017

European Commission rushing to eliminate the Euro before the rest of the EU nations do

In the wake of declining economic conditions, and the fact that there is now a race against the clock for the European Commission to lock into place its ultimate authority before the entire European Union breaks apart from a populist revolt, the EC is rushing out to enact an new Action Plan that would eliminate physical euros from use in commerce.

This plan is also being forged as the European Central Bank runs out of options after driving interest rates into negative territory, and after having bought so many corporate and sovereign bonds that there is little more Mario Draghi can do to keep Europe's economy together.

Sweden
In the shadow of Donald Trump’s spree of controversial actions, the European commission has quietly launched the next offensive in the war on cash. These unelected bureaucrats have boldly asserted their intention to crack down on paper transactions across the E.U. and solidify a trend that has been gaining momentum for years. 
The financial uncertainty amplified by Brexit has incentivized governments throughout Europe to seize further control over their banking systems. France and Spain have already criminalized cash transactions above a certain limit, but now the commission has unilaterally established new regulations that will affect the entire union. The fear of physical money flowing out of the trade bloc has manifested a draconian response from the State. 
The European Action Plan doesn’t mention a specific dollar amount for restrictions, but as expected, their reasoning for the move is to thwart money laundering and the financing of terrorism. Border checks between countries have already been bolstered to help implement these new standards on hard assets. Although these end goals are plausible, there are other clear motivations for governments to target paper money that aren’t as noble. - The Anti-Media
Many analysts, including one of the original architects of the Euro, have stated that the flawed currency is quickly perishing, and that nations within the EU are more than likely going to return to their own sovereign currencies.  However this would mean that the EC, and well as the ECB, would lose tremendous power, and as a result they are pushing hard to eliminate physical cash in order to enact a purely digital system through which they can dominate both nations and people by utterly controlling Europe's monetary system.

As we have seen so far in India's failed experiment to eliminate cash and attempt to bring the country's 1.3 billion people into a completely digital system, much of their economy has broken down, and the people have rebelled in a myriad of ways.  And with more and more Europeans waking up and recognizing that the EU experiment has been a hindrance to freedom, prosperity, and cultural sovereignty, the race is on to see who will succeed first... mass exits, or ultimate control over the continents money and banking systems.

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.

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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

Thursday, January 5, 2017

India's new scheme of free money to all could be the carrot to coerce people to get into their banking system

Over the past month, India's Prime Minister has used the stick on his people in an attempt to force them to give up their cash and move all commerce into a systematic financial process that could be monitored and taxed by government authorities.  This of course led to a massive backlash as a society that for centuries has run primarily on cash, and where only 36% of the population even has a bank account, rushed instead to exchange their currency for gold rather than deposit their cash into the banks.

Now however, Prime Minister Modi appears to be switching his stick for the carrot and is using a different means to try to entice India's 1.4 billion people into the banking system by proposing a scheme of free money, or a Universal Basic Income, to get a large portion of the population reliant upon the government and more amenable to buying into their financial system.

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The Indian government is likely to introduce Universal Basic Income, a practice of paying every person a fixed sum of money as a means to stimulate the economy and improve the quality of life of its citizens, according to the concept’s leading proponent. 
The Indian government is preparing a report documenting that a Universal Basic Income (UBI) is "feasible" and "basically the way forward," according to professor Guy Standing, a leading advocate for UBI, and the leader of the Basic Income Earth Network movement (BIEN). - Sputnik News
UBI schemes come with many pro's and con's, but most significantly the outcome of such programs depends upon the disposition of a people and culture.  For example, in Finland where they have just enacted a universal basic income system, the majority of recipients have surveyed that they still intend to work at the same time they receive the extra money, and this speaks highly to the diligence of the culture where a UBI scheme may work in the short run.  Yet on the other side, having a nation like France or even the United States where large portions of the population have lived off of welfare for generations, a promise of free money will not change the landscape of increasing the incentive to both work and receive extra income, but instead simply replace one form of welfare with another.

The ultimate goal of the Universal Basic Income system is to try to get everyone reliant upon the government, and their money stored in the banks where at a later time the ultimate agenda of a cashless society can be instituted.  But to do this it may take a financial crisis of epic proportion to achieve this, and that may be coming much sooner than people could imagine.

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.

Monday, November 28, 2016

Newest banker scheme: tax on withdrawing money from your bank accounts

Despite the fact that taxpayers bailed out banks in the U.S. and around the world following the 2008 financial crisis, the 'masters of the monetary universe' did little to show appreciation for the people that saved them from bankruptcy due to their own greed and corruption.  And even with the ability now to borrow money from central bank discount windows at or near zero percent interest, a large number of banks chose to impose new fees on their customers under the guise of re-capitalization.

Ironically, when companies impose a charge on individuals for a service it is known as a fee, but when a government does the same it is instead called a tax.  And that is exactly what India, Greece, and perhaps soon even the United States is, or is planning to do, for people who choose to withdrawal cash out of their bank accounts in the future rather than using digital constructs to perform commerce.

war-on-cash
Greek banks have proposed a series of measures to combat tax evasion, strengthen the electronic transactions and limit the use of cash in the economy, and as KeepTalkingGreece.com reports, one of the measures proposed is a special tax on cash withdrawals. 
Bankers reportedly stress that cash money can easily and largely be channeled in the black economy. Therefore, a tax on cash withdrawals will drastically reduce cash transactions and by extension the black economy. 
The bankers suggest that also credit and debit cards as wells as new technologies enabling cash-less transactions even for small amounts  and mobile phones can be used for the purchase of a transport ticket or a newspaper at the kiosk. 
The bankers proposal to the government also includes: 
-Mandatory use of cards or other electronic payment networks for every transaction with professions where there is strong evidence of tax evasion or where cash is mainly used [ like bakeries, kiosks, street vendors and chestnut sellers?]. 
-Mandatory use of cards or electronic networks for transactions above a certain amount [this measure is already in effect]. 
-Reforming the tax system by introducing a revenue-expenditure system. Households or professionals will only be taxed on the amount of income that is has not been spent. In this way, households and professionals will have a strong incentive to seek receipts for any expenditure in order to increase their expenditure and reduce the tax amount they will have to pay. 
-Obligation for all businesses and regardless of their size to pay electronically every salary and wage. (source: Kathimerini via Liberal.gr) - Zerohedge
Over in India, Prime Minister Modi has already implemented a 45% transaction tax on deposits that the government arbitrarily believes come from illegal or 'black market' commerce.  And these two countries (India and Greece) are not the only nations with plans to impose a tax on cash withdrawals as this has been in the works for a few years in the halls of the Fed and Congress.

Greece is the first country to push for a carry tax on physical cash. It won’t be the last. This policy has been floating around in Central Banking circles for years. The fact that it’s now being openly promoted only proves how desperate the elites are getting about the state of the financial system. 
Watch, the moment things turn south in the US in a big way, similar proposals will start cropping up here too.