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.
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
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.