• Before posting anything about the COVID-19 virus, please read this first Click Here

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

  • Moderator


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.



1584437760294.gif
 
  • Thread Starter
  • Thread starter
  • Moderator
  • #13
OP
GodsDog

GodsDog

PI Member
Nov 16, 2015
13,843
13,384
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.

This scenario occurred to some extent a while back in India when they removed certain sized notes from circulation
in another move towards cashless.
 
Jul 31, 2017
3,585
5,321
This scenario occurred to some extent a while back in India when they removed certain sized notes from circulation
in another move towards cashless.
What is demonetization? Why did demonetization fail in India?

500 and 1000 rupee notes. People over there just got on with it in general but it was a disaster across the board, the poorest made out the worst and actually crippled their economy, I doubt even Modi and crew knew what they were at, they kept changing why they did it, ending with saying ti was about getting people to not use cash, ridiculous notion in such a country where 98% of transactions are done so and it effected 86% of the cash in circulation, but it made a dent regards putting people into the banking sector and online payments but they paid for it as well, either way this riot stuff isn't going to happen, and I can actually understand why they wanted it to happen in India, but it was done in a way that a was stupid, which is why it looks like pure incompetence rather then maliciousness.

Cash dosn't need to be banned, just make it so that the plebs will think its too much hassle to use, the retailers making it a hassle for you to use cash or make them think its a bad thing. Its like the self checkouts you see that are card only, put enough of them in and people will go card just so they don't have to wait in a line.

Ceeney outlines how that segment includes people on low incomes, who feel cash gives them greater control, enabling them to prevent their remaining money being eaten by direct debits. For people living in rural areas, often the infrastructure doesn’t exist to rely on digital payments. And charities report how cash enables people who experience domestic abuse to hide money away if their abuser has taken control of their bank account.

The Swedish parliament seemed to agree with at least parts of the Access to Cash report; the shift was happening too fast and cash needed to be protected. In November 2019 – all parties except one – voted in favour of a bill designed to preserve cash; requiring banks to ensure people had access to nearby ATMs and businesses could still make deposits. Yet cash advocates said the law would make little difference, arguing retailers’ attitudes were more likely to kill cash than ATM-access. A study by the Swedish Retail and Wholesale Council showed half of retailers said they probably won’t accept cash after 2025.

The idea that Sweden’s slide into cashlessness might now be unstoppable has forced the country’s central bank to act in order to stay relevant. “If nothing is done, this development will very likely lead to the general public no longer having access to state-issued money, Riksbank money, which is the most secure form of money existing,” the bank said in a 2019 report.

It hurts the poor and rural people most. If you are a saver and dont trust the banks, you will still be able to use your money, but it will be an increasing hassle, but if you have cash outside the bank in bulk its for a reason anyway. The new 50 euro was brought out 3 years ago, 15 years after first one, so a demonatisation of what is generally the biggest note of use for storage under a mattress should be fine here for a good while, like the one 3 years ago, unlike Modi they would never be able to get away with doing what they did there here, that would lead to a serious backlash, as in you would be given years in advance regards notice. Such a person isn't the target really, especially in a country like india, they have options and they are the few, its the vast majority that need to come under the system, like here, you dont need 100%, though that may come about eventually.
 

Arty E

PI Member
PI Member
May 7, 2018
506
685


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.




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.



View attachment 10471

Excellent post. On the money (so to say).
 

Mowl

PI Member
Jul 30, 2019
760
837
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)

I agree absolutely - the point I was making is about the mattress stuffing types of person - if we go cash free, how is he/she going to launder their cash? Say you have x number of thousands in used notes; you need to turn the hard cash into credit, but in doing so the banks and the tax departments will want to know where this cash came from. If you can't receipt it, what then?

There's also the factor of €10,000 or less at a time being moved into an account which can be done easily - no questions asked.

But let's say you have €135,000 in used cash in your safe?

How are you going to effectively turn it into bank credit if you can't show where exactly it came from? Bertie Ahearn tried that one on with the tribunal and was eaten alive for it. The ordinary Joe or Paddy in the street isn't going to be allowed to blatantly lie like Bertie did. Even if one tries to bank it over a period of say fourteen weeks - then the bank is obviously going to ask questions too - and worse: possibly report you to the taxman.

I know the gold/silver investor types have a ruse on the matter, but Paddy's no investor - Paddy works for a living.

He has to answer to the taxman.
 
  • Thread Starter
  • Thread starter
  • Moderator
  • #18
OP
GodsDog

GodsDog

PI Member
Nov 16, 2015
13,843
13,384
I agree absolutely - the point I was making is about the mattress stuffing types of person - if we go cash free, how is he/she going to launder their cash? Say you have x number of thousands in used notes; you need to turn the hard cash into credit, but in doing so the banks and the tax departments will want to know where this cash came from. If you can't receipt it, what then?

There's also the factor of €10,000 or less at a time being moved into an account which can be done easily - no questions asked.

But let's say you have €135,000 in used cash in your safe?

How are you going to effectively turn it into bank credit if you can't show where exactly it came from? Bertie Ahearn tried that one on with the tribunal and was eaten alive for it. The ordinary Joe or Paddy in the street isn't going to be allowed to blatantly lie like Bertie did. Even if one tries to bank it over a period of say fourteen weeks - then the bank is obviously going to ask questions too - and worse: possibly report you to the taxman.

I know the gold/silver investor types have a ruse on the matter, but Paddy's no investor - Paddy works for a living.

He has to answer to the taxman.

Yes, which is exactly what happened in India where there were many matresses
filled with the large notes that they were taking out of circulation.
 

Mowl

PI Member
Jul 30, 2019
760
837
I mentioned a minor financial plan I had a few months back - and here's the update.

The lock-down has crippled the entertainment industry from the top down. Every area in the entertainments industry from performers to writers, composers to studio technicians and musical arrangers, roadies, humpers, lighting people, sound engineers, ticket sellers, scalpers, buskers, recording artists, managers, hangers on, and everything else you could possibly imagine.

I decided to use the cash I have stashed to buy up as much (investment type) music gear as I could get my hands on. Players have to sell off their gear to pay the rent and put food on the table. It's a tough call, but they had no choice as most didn't plan for a global event like C19.

So now I have a artillery of saxophones, guitars, rare cymbals, rarer drums, microphones, mixing consoles, PA systems, and everything else you can imagine.

I thought keeping the cash in reserve is dumb - better to invest when the market's low and wide open, then use the gear for whatever my needs are, but ultimately sell it all back onto the open market when things begin to level out.

Right now, my downtown studio is stacked from the floor to the ceiling with gear - a lot of it I don't actually play regularly but come post lock-down?

I can double or even triple my investment: I told some guys that they'd have first option to buy back their own gear - at a profit to myself though.

Had they used a pawn service, they'd lose their precious gear forever.

Not with The Bank Of Mowl though: we stand on our word.
 
  • Thread Starter
  • Thread starter
  • Moderator
  • #20
OP
GodsDog

GodsDog

PI Member
Nov 16, 2015
13,843
13,384
I mentioned a minor financial plan I had a few months back - and here's the update.

The lock-down has crippled the entertainment industry from the top down. Every area in the entertainments industry from performers to writers, composers to studio technicians and musical arrangers, roadies, humpers, lighting people, sound engineers, ticket sellers, scalpers, buskers, recording artists, managers, hangers on, and everything else you could possibly imagine.

I decided to use the cash I have stashed to buy up as much (investment type) music gear as I could get my hands on. Players have to sell off their gear to pay the rent and put food on the table. It's a tough call, but they had no choice as most didn't plan for a global event like C19.

So now I have a artillery of saxophones, guitars, rare cymbals, rarer drums, microphones, mixing consoles, PA systems, and everything else you can imagine.

I thought keeping the cash in reserve is dumb - better to invest when the market's low and wide open, then use the gear for whatever my needs are, but ultimately sell it all back onto the open market when things begin to level out.

Right now, my downtown studio is stacked from the floor to the ceiling with gear - a lot of it I don't actually play regularly but come post lock-down?

I can double or even triple my investment: I told some guys that they'd have first option to buy back their own gear - at a profit to myself though.

Had they used a pawn service, they'd lose their precious gear forever.

Not with The Bank Of Mowl though: we stand on our word.

There's a bit of a capitalist piggie in you Mowlie! :ROFLMAO:
 

Mowl

PI Member
Jul 30, 2019
760
837
There's a bit of a capitalist piggie in you Mowlie! :ROFLMAO:

I consider it a social service; they need the money, I want the gear, they can pawn to me and we'll agree that in six or twelve or eighteen months the original owner will have first option to buy back their own personal gear, with interest added. It's a one to one deal, nothing at all illegal about it in any way. I pay in cash directly into the hand and I expect the same from them come the day.

Were we to transfer cash via our banks, the bells would ring and the taxman would have questions.

Were these people to go to the local pawn bank (which is brimming over with gear) they have a limited buy-back option. I think it's twelve weeks but the vig is sizeable and there's no guarantee that their gear won't be sold off to the highest bidder. Not so with me as I know many of these guys personally and we've worked together on many projects, so there's a personal aspect to what we're doing.

Not quite bartering but rather a type of deal that requires trust on both the sides of both parties.

They know I'm not going to run away with their shit - I live here and they know me well enough to see a business opportunity when they see it.

The Bank Of Mowl operates strictly on a gentleman's agreement: a spit in palm and a handshake, then a thorough scrubbing of hands with disinfectant.

I trade in stock and type - not C19.
 
Feb 24, 2020
146
161
I consider it a social service; they need the money, I want the gear, they can pawn to me and we'll agree that in six or twelve or eighteen months the original owner will have first option to buy back their own personal gear, with interest added. It's a one to one deal, nothing at all illegal about it in any way. I pay in cash directly into the hand and I expect the same from them come the day.

Were we to transfer cash via our banks, the bells would ring and the taxman would have questions.

Were these people to go to the local pawn bank (which is brimming over with gear) they have a limited buy-back option. I think it's twelve weeks but the vig is sizeable and there's no guarantee that their gear won't be sold off to the highest bidder. Not so with me as I know many of these guys personally and we've worked together on many projects, so there's a personal aspect to what we're doing.

Not quite bartering but rather a type of deal that requires trust on both the sides of both parties.

They know I'm not going to run away with their shit - I live here and they know me well enough to see a business opportunity when they see it.

The Bank Of Mowl operates strictly on a gentleman's agreement: a spit in palm and a handshake, then a thorough scrubbing of hands with disinfectant.

I trade in stock and type - not C19.
Interesting....and you get to play with some nice gear while it's in your bank, just like the regular banks get to play with financial instruments.
 
Feb 24, 2020
146
161
Booked an NCT yesterday. Was told that I had to bring a bank card as they no longer accept cash. I will offer cash anyway on the day to express my inner curmudgeon.
 
  • Thread Starter
  • Thread starter
  • Moderator
  • #24
OP
GodsDog

GodsDog

PI Member
Nov 16, 2015
13,843
13,384
 
Top Bottom