Wednesday, February 10, 2016

The Totalitarian Rip-Off

A recent look at some headlines, all less than two months old, gives us a scary view as to what is coming:
  • Bring On the Cashless Future – Bloomberg
  • China buyers go virtually cashless  – The Star
  • Norway’s Biggest Bank Calls For Country To Stop Using Cash – Int’l Business Times
  • Cashless future underway as Canadian consumers have more credit, debit and app options than ever – CBC
  • In Sweden, a Cash-Free Future Nears – NY Times
  • Germany proposes new cash ban and capital controls as Europe rushes towards NIRP – Examiner
With the Western World and China in danger of going into deflation, major banks have already started to charge negative interest rates.
Denmark’s central bank was a pioneer when it first cut its deposit rate below zero in 2012, and the trend has now spread to the eurozone and Japan. The Danish deposit rate now stands at minus 0.65 per cent. – Financial Times
Sweden has followed suit.  The USA is set to follow.  Major Bankers are calling for an abolition of money.  It may the only fix left, now that quantitative easing is failing.  But no one is going to put their money in banks!  Not if it means negative interest rates.
Don’t worry.  Governments will rise to the occasion and soon will be making cash illegal.  People will be forced to put their money in banks or the market, thus rescuing the central governments and the central banks that are incestuously intertwined with them.

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