Guest Post by Martin Armstrong
Within days of Davos, here in the European Commission statement on moving forward to eliminate cash. This is an “Inception Impact Statement” to provide notice to those involved and to ask for comments back. Everything is couched in terms of terrorism, but in fact it is to hunt taxes and eliminate our freedom to privacy regarding our own wealth. The Roman Emperor Maximinus I (235-238AD) declared that all wealth belonged to the state. He paid informants to rat out anyone who looked like they were hiding wealth. The bottom-line, this pushed the Roman Empire over the edge.
Investment began to vanish and the velocity of money collapsed as people then hoarded their cash for fear of confiscation. This is why we find hoards of even debased money. This hoard was found in Somerset, Britain with coins covering the crisis period of the 3rd century AD with coins from 21 emperors and three emperors’ wives. This included Roman coins and when the Roman Empire split with the usurper Carausius who ruled Britain and parts of northern Gaul independent of the empire from 286-293 AD. Coins of Carausius are rarely found in hoards.
Here is the “Inception Impact Statement” showing days after Davos they are indeed taking steps to (1) restrict cash, and (2) move to eliminate cash entirely, but they cannot do that until there is an instant transfer system in place among banks. In other words, banks can no longer play with the “float” and will have to instantly pay for transactions. Without that system in place, cash cannot be completely eradicated. That is on schedule for September 2017. Here is what the statement says:
“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.”
Burning down the house to get the rat…Brilliant!
Professed reasons are used to make it palatable to the public, or at least justify it to them, but are not necessarily even related to the real reasons it is being pushed and certainly not how it will end up being used.
But the European people have no say about this and whatever else is done to them, they are in the position of following orders given from high places without means to change or resist them.
The only way the Europeans can change this course is Exit. The Brits were first, and it is up to the other countries (and it seems to be gaining momentum) to tell Brussels and the EU to eat a big stiffie.
I am curious what Trump intends to do about this war on cash. That asshat Sommers already lobbed a small Grenade about the “trouble” with $100.00 bills and “terrorism”. However, anyone with a functional neuron know’s that pin head “economist” is ALWAYS wrong in every respect to ANYTHING, and needs to simply smoke himself to death. So time will tell. I do suspect that cash hoarders are asking for change at their local supermarkets though, just in case.
But the Brits haven’t actually been able to get out yet, we’ll see how successful they were at trying over the next few months.
I simply don’t see how they plan to ban cash dollars without instantly destroying the dollar as the reserve currency.
The overwhelming majority of dollars are not in the form of cash, they’re in the form of computer balances.
The “reserve currency” balances used for international settlements are probably completely electronic, I don’t think actual cash is ever used to settle international account payments.
Unless you are delivering money to Iran or anyone in MENA.
I THINK THEY FOUND LOTS OF CASH IN IRAQ DURING THE WAR … MILLIONS AND MILLIONS OF USA DOLLARS !
1/8 of the US population is un-bankeable, that is to say, they don’t use banks, and are not deemed worthy of credit. They make babies and surf couches until they can get on the disability gravy chain
(you know, with the the cane at the door, only used outside the house, “don’t for get your cane”)
How will you get dishonest people to use an honest system?
will they convert all their digital credits to baby formula, and then trade that to beer at the same bodega?
The zilches in Brussels needs to spend some time in the west philly, before they climax on their wet dreams
I have complete confidence that if the elites of Davos want to eliminate crime by eradicating cash that they will be every bit as successful as they have with all the other crime ending programs instituted thus far.
It’s kind of like making better locks to prevent vehicle thefts.
You don’t get rid of vehicle thefts, you get a smarter and more determined class of thief.
It might lower regular crime, at least it is plausible while not the actual aim. The real goal is that it will enable the far more serious crimes against the freedom of us all and allow control and monitoring of activities and confiscation of wealth at any time from whomever they target, even by using negative interest rates in some misguided attempt to keep things going.
…And he causeth all, both small and great , rich and poor, free and enslaved, to receive a mark in their right hands, or in their foreheads, and that no man might buy or sell, except he that had the mark, or the name of the beast, or the number of his name. Revelation 13: 16 – 17
Different un above. Same with Unanon. May have to start using my real moniker soon 100% which would be downright Undignified.
WOW !
On Summers:
“In 1991, Summers landed another job in Washington, D.C., serving as the chief economist at the World Bank. The same year, Summers penned a private memo that put forward the suggestion of sending toxic waste in order to recycle it for future use to developing countries which he described as being “under-polluted”. The memo enraged…”
http://www.famouseconomists.net/lawrence-summers
Please do not call me a racist, but Larry Summers is on the list:
http://www.thechristiansolution.com/doc2012/525_DualCitizen.html
“So, who is Lawrence “Larry” Summers, and why does his opinion matter enough for the Washington Post to put the op-ed on Trump in headlights? What credentials does he bear to teach or preach on the dangers of this or that candidate to “democracy” and “the American project”? Although not a household name among the lower and middle classes, Summers is a big name among the ruling and chattering classes. Besides his recent post as director of President Obama’s National Economic Council, he has been a denizen of the shadowy corridors of power for decades: World Bank, White House, Clinton Cabinet, Goldman Sachs, JPMorgan Chase, U.S. Treasury Department, Council on Foreign Relations, Trilateral Commission, Bilderberg Group, United Nations, Group of 30, Harvard, etc. And in those positions, he has shown again and again that he is prepared to assist the globalist elites he serves to “run roughshod over anything or anyone who stands” in their way, including whole nations and regions of the world.”
http://www.thenewamerican.com/usnews/politics/item/22664-globalist-insider-larry-summers-trump-is-a-serious-threat-to-american-democracy
Freedom is just another word for nothing left to lose.
A person with nothing left to lose is also more dangerous. I recognize the strategy is to get the plebes (of which I’m one) to fight each other over wedge issues, but even these sociopaths have to realize they will not be spared.