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Blog The War On Cash, the Cashless Society and Negative Interest Rate Policy (NIRP)



It's always been high on the wishlists of the banksters and financial terrorists to lobby our governments to force all the serfs to use cashless payments.
What his means in essence is that we have no choice but to keep our money in a bank account in order to make card payments for basic necessities, where it can easily be stolen gradually from you through "negative interest" on your bank balance.
This method of legal robbery from citizens by banks is often referred to negative interest rate policy (NIRP)

It works for the authoritarian state too as there would no longer be anywhere to hide transactions from the taxman and they will get their cut from everything. Also the big brother state and the corporate personal data thiefs and their advertiser friends will be able to deduce pretty much everything about you from the electronic money trail you leave.

Covid - 19 has been a godsend to this sly agenda as it actually makes some sense purely in the context of a highly transmissible disease or virus.
However the price may ultimately be very high for what amounts to slightly more safety from infection.

This war on cash has been slowly going on for quite while now.
In India neoliberals tried removing certain denominations of currency notes from circulation with some success.
Similar things have happened even in Europe.

Now it looks like Ireland may yet again be Europe's guinea pig as banksters here, spurred on by Covid-19 up the ante
in another move towards imposing the endgame of a cashless society and negative interest rates.


The bank commented: "European Central Bank interest rates have been negative since 2014. Since then banks have been subject to negative interest rates for holding funds overnight and market indications are that rates will remain low for some time."


It continued: "As a result, we have applied negative rates on deposits for large institutional and corporate customers since 2016. We recently wrote to 14 investment and pension trustee firms to inform them about a rate change to their accounts, which is reflective of the negative interest rate environment."






"The average amount held on deposit by investment and pension trustee firms is in excess of around €100m, therefore it is no longer sustainable for the Bank to continue with the current rate of interest. We provided 3 months’ advance notification of this rate change to our investment and pension trustee firm customers," the bank concluded.

Ulster Bank is also considering similar rates in the future. The bank's CEO, Jane Howard, said: "In terms of Ulster Bank, we did introduce negative rates earlier this year and we've introduced it for larger businesses with balances of over €1m."

She continued: "As I sit here today we have no plans to charge negative interest rates for our personal customers but given the way everything happens, like Covid, so unexpectedly, it is not something I can rule out forever."

Doublespeak Translation: "it's on the cards if we can get away with it. Lets see how this kite we are flying goes first. Then......"

Pretty soon a bank account containing all your cash in electronic form will be a total necessity to survive.
With all daily payments being made by means of a card.
With the funds trickling slowly but relentlessly out of that account into the bank's coffers using NIRP.
All transactions will be monitored logged and taxed. They'll know everything you do. There will be nowhere to hide from prying eyes.
And worst of all, if somebody powerful doesn't like you or what you are doing/saying then you are completely at their mercy.
Just word in the ear of the banking system and your access to the basics of life could just be switched off instantly. Possibly for weeks at a time under the guise of a "bureaucratic cock up" or other flimsy pretext. You only have to look at paypal's treatment of wikileaks for an example of what can happen.
Or just one computer glitch aaaaand it's gone.



It looks like the bitcoiner advocates were correct.
We need a solid money system independent of all these bankster crooks,
financial terrorists, corporate peeping Toms, authoritarian governments and money printers.



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Karloff

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Bitcoin will hit the stratosphere if they ever abolish cash, nobody in their right minds trusts govts, VISA, banks, mastercard with that kind of power.

What a world we live in where they consider abolishing cash so granny can't hide her savings from the govt under her mattress anymore but keep tax havens, offshore banking, speculation.
 
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New markets get absorbed eventually, a small number of people make off like bandits, fair play to ye's, you have joined the ranks of the rent seekers as long as it booms and ye know how to rake in the money ye don't deserve. And yet liquidity is still key regards capital when crisis occurs, without it the whole thing falls over fast and so a balancing occurs, so careful how much ye gamble. Cashless is about total control of the numbers, you cannot have a deflationary policy as a workable counter regards control without such control over the digits on the computer taking up the whole, as there are many mattresses of different types to hide the wealth otherwise, though those of real wealth can always find ways of countering it, the general pleb is in far less of a position and so physical cash is king for them more so, a physical thing that can work outside the current regime pushed.
 

gerhard dengler

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New markets get absorbed eventually, a small number of people make off like bandits, fair play to ye's, you have joined the ranks of the rent seekers as long as it booms and ye know how to rake in the money ye don't deserve. And yet liquidity is still key regards capital when crisis occurs, without it the whole thing falls over fast and so a balancing occurs, so careful how much ye gamble. Cashless is about total control of the numbers, you cannot have a deflationary policy as a workable counter regards control without such control over the digits on the computer taking up the whole, as there are many mattresses of different types to hide the wealth otherwise, though those of real wealth can always find ways of countering it, the general pleb is in far less of a position and so physical cash is king for them more so, a physical thing that can work outside the current regime pushed.

Cashless society, a society where cash as legal tender, does seem to be where those in control wish to take us.
I think though that there will be huge resistance to the imposition of a cashless society. Think about it for a second.

Think about the number of daily transactions there are conducted using cash. Huge amounts of daily transactions are carried out using cash.
Think about the number of businesses/industries reliant on cash transactions too.

You listed lots of dangers and problems with moving from cash transactions society to a non-cash transaction society. Not least is the erosion of privacy that comes with moving to a non-cash transaction society.
 

Mowl

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Here in Finland most transactions are made through internet banking: rental fees, electrical energy fees, and most fees associated with running your home and business efficiently. Most people choose to use internet banking as it's faster, more secure, and absolutely trustworthy. Those who may need to make transactions in cash still have the opportunity to do so if they wish through ATM withdrawals of paper cash money.

In my own case, I use it for everything (except for my savings which I keep in cash in a secure place) as it saves running hither and thither and making a bunch of calls for an actual face to face appointment. If I choose to buy goods on the private market, ie: my weed or my wine - then I remove cash from the ATM to do so. I don't use any form of loyalty cards or services as I don't want to impart such detailed information to a third party company for their use or anyone elses.

I shop, pay bills, and keep my home secure through internet banking.

It's faster, more efficient, and infinitely more trustworthy than cash payments. Of course it takes more than one person to believe in the system for it to work nationally, everyone has to be on board with it and due to the nature of Finnish customs regarding payments - the banks are heavily regulated and must offer 100% security to their customers. As all institutions here are interconnected (tax, wages, fees, health, education, etc) each institution has access to the other institutions to measure and log your position in relation to your daily needs.

Say you lose your job, you go to welfare - they access your health and education, living and life standards and from there you build your right to claim support back from the state for your tax input. Without the interconnectedness of the system, one would have a lot of running around to do collecting documents and having them stamped, delivered here and there, and so it leads to too many people overseeing too little an amount of information to make their employ tenable.

Of course, the system is based upon presumption of honesty and openness - so it wouldn't work in Ireland on the same terms. Up here we're used to our information being logged and shared, but then again there are comparatively few shysters trying to milk the system - which is next to impossible to do anyway.

As long as one has access to ones funds in both cash and digital forms - I fail to see the problem.

Were the ATMs removed and no cash available anywhere except through internet banking, then there'd likely be an outcry from the citizenry, they wouldn't tolerate such top-heavy handling of the funds and personal and life choices. But then again - there's very little black market money moving around in Finland in the first place - it's always sent through an accounts system so that tax and state know where things are.

Try to employ someone up here for cash and you'll risk everything if and when you're caught: credit rating, welfare, home, health, the works.

But then again - why should people worry if the system is safe and secure and one lives in the knowledge that ALL of your tax money is spread around evenly in terms of state infrastructure? And up here - we see it every day in the efficiency of that infrastructure. Health, education (best in the world on both there) and then all of the other services we have and use every day. They're second to none. They work EXACTLY as they're supposed to.

Problem for you guys is that criminality and the state hardly breed confidence.

We don't have that problem.
 
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Cashless society, a society where cash as legal tender, does seem to be where those in control wish to take us.
I think though that there will be huge resistance to the imposition of a cashless society. Think about it for a second.

Think about the number of daily transactions there are conducted using cash. Huge amounts of daily transactions are carried out using cash.
Think about the number of businesses/industries reliant on cash transactions too.

You listed lots of dangers and problems with moving from cash transactions society to a non-cash transaction society. Not least is the erosion of privacy that comes with moving to a non-cash transaction society.
Its a matter of changing habits through how people interact in society over time. Phone apps, contactless payments, online etc... Also the cost for shops to get cash and coin from banks continues to increase, the more this rises the more shops will insist on card over cash. Let alone the banks are looking themselves to close physical outlets. The push is coming from many angles, even if they decide that you get 2% off if you use the card or extra points on your club card will get a lot of people to move and once enough time has passed people will see cash as old or not needed etc...

People seem to care less about having their every move tracked and lifestyle recorded, such data can reveal far more about you then just the location, versus not having to go through effort of having to count out the cash and coins on what you give or take back, one of the few times people generally have to use a bit of arithmetic. So many small things in life that are no longer under our control, let the machine/alrgorithms handle it, a form of infantalisation as well as likely making us dumber and less able to notice or care what they are doing with our money. Digits on a computer versus the physical must have an effect, similar to the physical music cd versus streaming everything, not having the physical object is taking away the power of having access at any time to that which you own, but also changing how we think, don't know.

Two year period in Britain, 2016/2018, cash transactions fell 15% from 49% to 34%, that's some drop. Even the older population have little issue with using cards mostly from what I see. This is mirrored around many of the OECD countries.

The covid thing and the fear porn pushed has driven a lot of people away from cash, as a vector for disease transmission, many a news article pushing it, let alone the massive uptake in online shopping and the death of many a small business, or some businesses now only taking card. Will be very interesting to see what the stats are like for cash at the end of the year.
 

Mowl

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This is the crux of the matter.

I suppose the only way to discount cash would be to remove the ATMs, but then people can still apply for cash removals at the bank itself. What you do with that cash is your own affair. As far as I can see, removing cash completely from everyday use would cause riots everywhere - not just due to demand for out-going cash from the bank's coffers, but also by those who (like me) keep large amounts of hard cash at home and out from under the eyes of the taxman OR bank manager.

I'd guess people with stuffed mattresses would be the ones most intimidated by a cashless society because now you have so much hard capital that your can't offer specific sources for. This raises too much suspicion on the customer's side - where did the cash come from? How old is it? How much of it is there? Etc.
 

gerhard dengler

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I suppose the only way to discount cash would be to remove the ATMs, but then people can still apply for cash removals at the bank itself. What you do with that cash is your own affair. As far as I can see, removing cash completely from everyday use would cause riots everywhere - not just due to demand for out-going cash from the bank's coffers, but also by those who (like me) keep large amounts of hard cash at home and out from under the eyes of the taxman OR bank manager.

I'd guess people with stuffed mattresses would be the ones most intimidated by a cashless society because now you have so much hard capital that your can't offer specific sources for. This raises too much suspicion on the customer's side - where did the cash come from? How old is it? How much of it is there? Etc.

Agreed. And you or anyone else should be free to keep as much or as little as you want in cash, in whatever place is of your own choosing.

I'm taking it that cashless means literally no cash in circulation
 

k3rd4s1 4m4q

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This amounts to abolition of money, because"your" money in the bank is regarded as belonging to the bank with you: the depositor nothing but an unsecured creditor. Next time there's a banking crash; they'll dock your account to bail out the bank.
 

Karloff

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This amounts to abolition of money, because"your" money in the bank is regarded as belonging to the bank with you: the depositor nothing but an unsecured creditor. Next time there's a banking crash; they'll dock your account to bail out the bank.

Yes that is a very succinct and accurate description.
 
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GodsDog

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Mowl what you describe from Finland is the same as here. You have both the option of cashless for convenience
and the option of cash whenever you wish.

However a cashless society is not having both cash and electronic payments as we have now (which is fine)
but having only electronic payments and total reliance on a bank account for everything (which is NOT fine)
 
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