THIS IS THEIR PLAN TO FUCK YOU

The ruling oligarchs are running out of time. This teetering edifice of debt is going to collapse, and they know it. Those with cash and precious metals are enemies of the state at this point. They will be making an all-out effort to ban cash and force all transactions to be electronic. This will further enrich the banking cabal, as they get a hefty slice of every transaction. It will also allow the ruling class to inflict negative interest rates on savings to force you to spend. I don’t think there will be enough guillotines to dispense justice when the shit hits the fan.

Davos Elite Desperately Want A Cashless Society - But ...

Cashing In: How to Make Negative Interest Rates Work

By Ruchir Agarwal and Signe Krogstrup

Many central banks reduced policy interest rates to zero during the global financial crisis to boost growth. Ten years later, interest rates remain low in most countries. While the global economy has been recovering, future downturns are inevitable. Severe recessions have historically required 3–6 percentage points cut in policy rates. If another crisis happens, few countries would have that kind of room for monetary policy to respond.

To get around this problem, a recent IMF staff study shows how central banks can set up a system that would make deeply negative interest rates a feasible option.

How low can you go?

In a cashless world, there would be no lower bound on interest rates. A central bank could reduce the policy rate from, say, 2 percent to minus 4 percent to counter a severe recession. The interest rate cut would transmit to bank deposits, loans, and bonds. Without cash, depositors would have to pay the negative interest rate to keep their money with the bank, making consumption and investment more attractive. This would jolt lending, boost demand, and stimulate the economy.

When cash is available, however, cutting rates significantly into negative territory becomes impossible. Cash has the same purchasing power as bank deposits, but at zero nominal interest. Moreover, it can be obtained in unlimited quantities in exchange for bank money. Therefore, instead of paying negative interest, one can simply hold cash at zero interest. Cash is a free option on zero interest, and acts as an interest rate floor.

Because of this floor, central banks have resorted to unconventional monetary policy measures. The euro area, Switzerland, Denmark, Sweden, and other economies have allowed interest rates to go slightly below zero, which has been possible because taking out cash in large quantities is inconvenient and costly (for example, storage and insurance fees). These policies have helped boost demand, but they cannot fully make up for lost policy space when interest rates are very low.

Breaking through zero

One option to break through the zero lower bound would be to phase out cash. But that is not straightforward. Cash continues to play a significant role in payments in many countries. To get around this problem, in a recent IMF staff study and previous research, we examine a proposal for central banks to make cash as costly as bank deposits with negative interest rates, thereby making deeply negative interest rates feasible while preserving the role of cash.

The proposal is for a central bank to divide the monetary base into two separate local currencies—cash and electronic money (e-money). E-money would be issued only electronically and would pay the policy rate of interest, and cash would have an exchange rate—the conversion rate—against e-money. This conversion rate is key to the proposal. When setting a negative interest rate on e-money, the central bank would let the conversion rate of cash in terms of e-money depreciate at the same rate as the negative interest rate on e-money. The value of cash would thereby fall in terms of e-money.

To illustrate, suppose your bank announced a negative 3 percent interest rate on your bank deposit of 100 dollars today. Suppose also that the central bank announced that cash-dollars would now become a separate currency that would depreciate against e-dollars by 3 percent per year. The conversion rate of cash-dollars into e-dollars would hence change from 1 to 0.97 over the year. After a year, there would be 97 e-dollars left in your bank account. If you instead took out 100 cash-dollars today and kept it safe at home for a year, exchanging it into e-money after that year would also yield 97 e-dollars.

At the same time, shops would start advertising prices in e-money and cash separately, just as shops in some small open economies already advertise prices both in domestic and in bordering foreign currencies. Cash would thereby be losing value both in terms of goods and in terms of e-money, and there would be no benefit to holding cash relative to bank deposits.

This dual local currency system would allow the central bank to implement as negative an interest rate as necessary for countering a recession, without triggering any large-scale substitutions into cash.

Pros and cons

While a dual currency system challenges our preconceptions about money, countries could implement the idea with relatively small changes to central bank operating frameworks. In comparison to alternative proposals, it would have the advantage of completely freeing monetary policy from the zero lower bound. Its introduction would reconfirm the central bank’s commitment to the inflation target, rather than raise doubts about it.

Still, implementing such a system is not without challenges. It would require important modifications of the financial and legal system. In particular, fundamental questions pertaining to monetary law would have to be addressed and consistency with the IMF’s legal framework would need to be ensured. Also, it would require an enormous communication effort.

The pros and cons of the system are country specific and should be carefully compared to other proposals, such as higher inflation targets, for increasing monetary policy space in a low-interest environment. We consider these issues, and more, in our research.

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James
James

“I don’t think there will be enough guillotines to dispense justice when the shit hits the fan.”

No need,plenty of a poster said yesterday plenty of “projectile dispensers”to do the job.

Just do not participate,and,if shoved down our throats let the hackers ect. rule the day.

Jack
Jack

Russia and other countries must know this is coming, as they are stacking gold like there’s no tomorrow.

mark
mark

Jack, you could say:

Smart and other economically and historically informed Americans must know this is coming, as they are stacking gold and silver like no tomorrow.

Clint Westwood
Clint Westwood

The lie that cash is the preferred method of criminals, exposed!

Money is not laundered with suitcases full of cash in back alley deals anymore. It is laundered through the banks using DIGITAL CASH ONLY. So their claim that physical cash is for criminals is a lie.

The government and the banks push for a cashless society and steal Americans money via “civil asset and forfeiture” laws and outright banning cash altogether on the basis that ALL cash is from drugs, they want to give banks a free pass to deal dope all they want to.

So ALL physical cash is drug money but digital cash (money as ones and zeros stored on a computer bank server), is not. Let’s examine who the real drug traffickers are. Hint: They don’t use physical cash!

UN crime chief says drug money flowed into banks

http://www.reuters.com/article

Will the bankers serve any jail time? Hell no!

U.S. Attorney Loretta Lynch added, “HSBC’s blatant failure to implement proper anti-money laundering controls facilitated the laundering of at least $881 million in drug proceeds through the U.S. financial system…”

As punishment, HSBC was assessed a fine of 1.9 billion — about four weeks’ worth of its pre-tax profits. No bank officials who were caught red-handed will be prosecuted or imprisoned.

http://www.counterpunch.org/20

In March 2010 Wachovia cut a deal with the US government which involved the bank being given fines of $160 million under a ”deferred prosecution” agreement. This was due to Wachovia’s heavy involvement in money laundering moving up to $378.4 billion over several years. Not one banker was prosecuted for illegal involvement in the drugs trade. Meanwhile small time drug dealers and users go to prison.

If any member of the public is caught in possession of a few grams of coke or heroin you can bet your bottom dollar they will be going down to serve some hard time. However, if you are a bankster caught laundering billions of dollars for some of the most murderous people on the planet you get off with a slap on the wrist in the form of some puny fine and a deferred prosecution deal.

http://www.globalresearch.ca/m

Now the totalitarian government in collusion with the banks are calling for the abolition of cash in by way of comparison is chicken feed compared to the billions of dollars in laundered drug money by the banks in the form of digits on a computer screen. Can you now see that this is about control, not drug trafficking? Elsewise the banks that support the cashlessness of you and me don’t mind dealing drugs themselves, no cash needed. The REAL drug dealers are the banks.

A cashless economy is just another “No Banker Left Behind” move for their Zero or negative interest rate policy agenda.

JUST JOHN
JUST JOHN

We keep hearing about how the IMF/? will be coming up with some type of global currency, etc. It shouldn’t be hard since we’ve already rolled up and accepted the Fed as financial authority for the US since 1913. Does it matter that the Constitution requires the US Treasury to be the sole printer and issuer of currency for the US? Evidently not. Keep on bending over and they’ll keep sticking it to us!

niebo
niebo

Do you have a link to the article from which you quote, please? thanks!!

Clint Westwood
Clint Westwood
niebo
niebo

Is all good, and THANK YOU!!

niebo
niebo

Commentia obscura:

Thank you!!

Harvey Goldbergblattsteinman

The push for a cashless society is nothing more than the modern global version of what happened to John Law’s system in France in the early 18th century in the months before it collapsed: He tried to make it illegal to hold gold and silver (the equivalent of cash back then) as a way to take purchasing power out of the system. He wanted everyone trapped in his system.

Theoretically, if it was possible to keep 100% of purchasing power trapped into their closed cashless system they could keep the currencies from devaluing. But the eral world doesn’t work like that.

What these “econ-PHD’s” forget is the rush to real assets when currencies begin losing value and no currency substitutes are available. People will begin buying anything they can. Thank god we have cryptos and PM’s easily available for now. But who knows for how long…

Fleabaggs
Fleabaggs

Correct me if I’m missing the jist of this.
They are proposing a National sales tax. In addition, if I read the paragraph about the dual local currency, they are going to tax us out of a recession.
Beam me up Scotty.

AC
AC

The white tax base can no longer support the social welfare state, for stupid brown people only, at tax rates we will tolerate – so their cunning plan is to hide the additional taxation in a VAT.

comment image

We’re past the tipping point. They can take everything we earn, and it still won’t be enough – but they plan to take it anyway.

AC
AC

If you’ve never seen The Last Enemy [ https://en.wikipedia.org/wiki/The_Last_Enemy_(TV_series) ], it shows a cashless society in all its glory.

BB
BB

They are sitting up their beast system and this is part of the plan. They have to have this system in place before their god will appear to take his position as the Anti Christ. Remember Anti means in place of. In place of the real Christ. Next will the banning of all guns. They have got to get our last line of defense out of the way.

Steve
Steve

Fortunately for all of us, that will be a bridge too far. It will light the final showdown. One in which they will be dismayed by the outcome. NEVER SURRENDER ANY WEAPON.

niebo
niebo

. . . the central bank’s commitment to the inflation target

Inflation is an INTENTIONAL DEVALUATION OF THE CURRENCY and why, since 1913, our currency has lost between 96 and 99.6 percent of its value (have seen varying figures) . . . so THIS is how they ARE fuck*ng us, how they HAVE ALREADY fuck*d us, and how they WILL CONTINUE to f*ck us. Their entire scheme (GOAL, TARGET) is to separate us from our labor and “wealth” by any means necessary: that is, to FUCK US.

IS THERE ANY REASON TO CONTINUE TO PRETEND?

Bob P
Bob P

This lamebrained idea combines the worst of communism and fascism—central control over the key aspects of the economy, out and out theft from the people to enrich the corrupt bankers and government. It’s an epic fraud, and that’s what they’re planning for us. They’d have to outlaw gold and silver to make it work, so they will. Let’s hope it all comes crashing down before they can implement it. Otherwise, stock up on cigarettes, whiskey, and cans of corn–street currency–because barter will take over.

Anonymous
Anonymous

Uh, but if you haven’t already, FIRST stock up on rifles, ammo and sufficient clips. THEN… the barter stuff. FIFY

Hollywood Rob

I got mine.

Hollywood Rob

I don’t know who Ruchar and Signe are, but it seems to me that the only way to implement what they are suggesting is to know where every real bill is and when it was purchased. They would have to know that you have a $100 bill, and when you got it. OK, they can know that, because they know who gave it to you and when, but what about spending it bit by bit. Would every transaction require that all cash be scanned? And if that is the case, what prohibits us all from ignoring your monetary system entirely and just moving on to a barter system?

suemarkp
suemarkp

I’ve heard of date stamping currency and depreciating it based on its issue date. Seems entirely too complex and slow as every bill would need to be checked in every transaction (e.g. don’t be slipping me your 2015 bills, I want 2018’s).

Seems easier to just treat cash like ForEx — you want to change your electronic money to cash, then it will cost you 3%. Put cash into the bank, you get it at 100%. Take it back out, you lose 3%. This will just cause people to use cash underground and not put it in banks.

Fleabaggs
Fleabaggs

Rob..
They might change the currency overnight. In Nam in 68 a paymaster showed up at 8 a.m. at every compound unannounced and sent word to come change it over to the new Military Script. Since it had pretty much replaced the Piaster in the civilian economy it was causing panic and suicide among the non connected. The connected paid a fee but the poor cigarette lady got hosed. Nowadays they could use banks and wallmarts since they are all over like gas stations.
I don’t see any way around barter for TBP types.

EL Coyote (EC)
EL Coyote (EC)

scrip

Fleabaggs
Fleabaggs

Wasn’t sure and I’m on a phone so didn’t want to have to back out to check.

EL Coyote (EC)
EL Coyote (EC)

The connected always get taken care of. The entire point of the exercise is to screw as many as possible. You hold on to money as long as possible because it’s money. Until it aint. Then you wish you had bought precious metals. Hmm. I better get on it. I think tin will do. Tin cans.

mygirl

Too many people rely on cash for it to be outlawed. Don’t know of too many drug dealers who take checks. Credit cards? Too easy to reneg on those. Problem with cash is where to hide it. Digital currency can too easily be made to go poof, the gov can steal your bank accts. no problem, don’t need to go cashless for that.

Pequiste
Pequiste

The Beast System is what Evil Fuckers want to implement and, by Jove, they will have it whether we like it or not.

The Banksters are doing god’s work – their god being Satan.

EL Coyote (EC)
EL Coyote (EC)

Shave and a haircut, toot sweet.

wdg
wdg

And when guillotines running 24/7 can’t keep up with demand, there will be a run on rope to dispense justice and a shortage of lamp posts and hanging trees. Invest in hemp if you want to make a fortune during the coming great reckoning.

mark
mark

I wish I had more time to be articulate, witty, insightful, encouraging and hopeful with my comment or at least had some time to toss in some dark humor defiance to those who are planning to destroy me and mine…and make U.S. and all we know and love and treasure their slaves and serfs with our forced bitter labor…after plundering all we have worked for and saved.

There are many scriptures to use. I’ll leave that for others with smoother edges then my jagged Barabbas realities and my thief on the cross repentance.

You sorry, poor, lost, Money Changer hell bound fools…the first death is but the end of the sweet twilight silver dawn of the never ending beginning. It makes endless compound interest look like a stupid bad investment.

COME AND TAKE OVER THE WORLD AND KILL ME…I will laugh and howl at the moon in delight while I flank your punks from out of nowhere…assaulting them on line for an eventual honorable death. Oh, all I want to do is make that last transaction expensive…as it is long past my scarred and long overdue…payment.

Then, I will be dancing dressed in white on streets paved with gold for countless years and decades…trillions more centuries than the grains of sand on the world’s beaches…after you have immediately and horrifically realized your stupid endless blind torment for following your piss ant god…while realizing that cost is just the beginning of your hopeless fate.

I take no joy in your choice. Nash and mash and grind your teeth…howl and wail.

You made your choice.

But after kissing my Grandson goodnight I read this post and I thought about your plans for him…and how I will fight you and kill your minions when the time comes.

All I can do this night, is from my knees thank the resurrected Christ for what HE did for me…and pray for my family in the coming storms.

None Ya Biz
None Ya Biz

Just another way the Banksters steal your money.

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