“Cashless Society” is a bad idea

The non-producing banking elite want us to get rid of cash.  Let’s not go down this road.  It’s the last bit of control we possess over what those sneaky bankers foist upon us.

If the banks violate their duties or our government goes even more nuts than it already is we can still, at this time, remove our cash from their vaults and put it under a mattress or in a hole in the ground.

If we agree to let them take away cash, we lose that point of control and are now completely at their whim.

Even assuming just 15% of the total amount of cash on the accounts would be withdrawn, this would result in a total cash outflow of $45B, and it’s unlikely the banking system would be able to handle this without having to deal with severe consequences. And we don’t even dare to imagine what would happen if 25% would be withdrawn. Or 40%. The snowball-effect would be huge and devastating, resulting in a deteriorating capital position of almost any bank in the Eurozone as they are all intertwined anyway.What does this have to do with the recent ‘test balloons’ to bring up the subject of a cashless society? From the (central) banks’ perspective it would be very smart to first push forward to realize a cashless society to close that escape route for the Europeans. If you can’t withdraw any cash, then everybody will be trapped in the system of a negative interest rate and there will be no way to escape it.

via Why The ‘Cashless Society’ Has Become The New Wet Dream Of Governments And Central Bankers | Zero Hedge.


Leave a Reply

Your email address will not be published. Required fields are marked *