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Life In A Cashless World: How Cash Became A Policy Tool – An Interview With Dr. Harald Malmgren
Submitted by Erico Matias Tavares of Sinclair & Co.
Cash as a Policy Tool – An Interview with Dr. Harald Malmgren
The Hon. Dr. Harald Malmgren, Chief Executive of Malmgren Global, advises governments and companies on international trade and investment. A former senior aide to US Presidents John F. Kennedy, Lyndon B. Johnson, Richard Nixon and Gerald Ford and to Senators Abraham Ribicoff and Russell Long, US Senate Committee on Finance, he is a frequent author of articles and papers on global economic, political and security affairs.
E. Tavares: Prof. Malmgren, it is a pleasure and a privilege to be speaking with you today. We would like to talk about cash – the actual bills and coins – as a policy tool, something which is not often discussed. Before we get into that, what are the main developments you are seeing in the transactional space around the world?
H. Malmgren: Banks in the US and Europe are trying to develop a cashless transactions system. The concept is to establish a comprehensive ledger for a business or a person that records everything received and spent, and all of the assets held – mortgages, investment portfolios, debts, contractual financial obligations, and anything else of market value including pleasure boats, automobiles, and other machinery. There would be no need for cash because the ledger would tell you and anyone you were considering a transaction with how much is available and would be transactable at any specific moment. Any purchase, past or recent could be found and details provided whenever such information was sought. Governments would very much like such ledgers to exist because they could view everything that is taking place financially in real time, including ability to evaluate net worth, patterns of spending and of earned and unearned income, and of course, an instant assessment of all taxable activities. Governments would be able to gauge overall economic activity in real time, no longer needing to wait for months the collection of revenues and sales of businesses and surveys of consumer spending.
This is not a dreamy idea. Blythe Masters, the JP Morgan architect of organized market trading of modern asset backed securities like mortgage backed securities and collateralized debt obligations, became known as one of the great financial engineers in recent decades. Widespread adoption of the trading techniques she devised led to an historic expansion of credit to households and great corporations alike. Subsequently she led innovations in trading of both commodities securities and physical commodities. In 2015 she is leading a new business effort to develop a universal cashless system. Not only is she gathering significant investor interest, but the Federal Reserve and various US Government agencies have become keenly interested in the potential usefulness and efficiencies of a universal cashless system. Needless to say, agencies concerned with illicit uses of cash or cash enabled means of tax evasion are enthusiastic.
Estonia, a small country next to Russia with which I am personally familiar, essentially has a cashless economy. They use mobile phones to pay for almost all daily living requirements, including car parking, public transport, fuel, and in fact most of their daily purchases. This system does not yet include records of all personal assets, and especially personal gambling and other private activities. This hasn’t been developed here in the US yet, but one can envisage our government liking the idea.
Some officials in the Eurozone have recently advocated the adoption of some kind of standardized, universal cashless system in which taxable revenues, personal income and wealth could not be hidden and taxation could be automated. No doubt there would be resistance in Greece to such a system because evasion of taxes has been the most popular national sport of all Greeks since before the Roman Empire spread to Greece.
The people now intensively working on a mechanism for a cashless society are building it around the concept of blockchain technology. In essence, there would be a single ledger that records each expenditure or revenue event (the block), linking them chronologically with every other subsequent purchase, sale, or revenue event in a recorded chain. It could initially begin with a complete ledger of individuals or distinct businesses which could then be connected with another to a bigger ledger that a bank or other large financial institution might maintain for all of its clients. Banks or other designated financial institutions could then link their own comprehensive ledgers with those of the others.
If you think about this for a moment, it is evident that the ledger for a big bank like JP Morgan would inevitably include activities throughout the world without respect for borders. Central banks and governments would inevitably encourage even further consolidation so that all significant financial flows and all debts and assets could be monitored in real time, enabling policies and regulations to be adapted to the realities of daily life.
The objective of the blockchain that Blythe Masters is pursuing is ultimately to put together a global blockchain, which is consolidated at any moment in time. Everything you have and everything you owe are visible.
In the blockchain system no entry can be altered or edited. No asset could be used for more than one transaction. No asset could be used twice for increased spending or investment leverage. Many investors might find this extremely uncomfortable, as it is common practice in banking and investment management circles around the world to use the same assets for re-collateralization. This process is known among bankers as rehypothecation.
This would prevent the kind of securitization that many people say is taking place in China, where the same pile of metal ore sitting at the port can be used as collateral several times to borrow money from different banks and nonbank lenders. Nor could you do the kind of rehypothecation that is taking place in London, where the same assets are used to raise leverage by different entities, including banks and hedge funds. This was at the origin of the problems at MF Global for instance and it is quite significant. The British like to keep this system because it attracts a large flow of financial assets held around the world to be transferred to London and held in branches and subsidiaries of foreign financial institutions
So we can understand why many governments and central banks don’t like this type of uncontrolled, highly leveraged activity. However, to turn it around, a single ledger for everybody would mean no more privacy, and the end of rehypothecation.
We might also consider that if governments could see everything then various regulators would be enabled to issue guidance on what’s normal or appropriate personal and business behavior. If your funds are being used in a statistically abnormal manner then they can start routinely asking you for an explanation, if it was drug money or money laundering or purchases of regulated products like alcoholic beverages or firearms. If you were suspended for drunken driving authorities might like to add to the penalties the prohibition of purchasing or being in possession of an alcoholic beverage at any time during a probationary period. Bad dietary habits could also come under public scrutiny. Regulators motivated by moral self-justification can have boundless imagination in ways to compel proper behavior in society.
So cashless, single ledger systems would raise everyone’s concerns about privacy and surveillance. Basically the government would be able to start questioning anyone vigorously about virtually every aspect of daily living. I can understand why they would want this, but it would be appalling for the rights of individuals.
Looking at it the other way, cash is used by people for many things. It can be used for things like gambling, but it can also help Russian citizens who have opportunity to interact with foreign visitors to offset the decline of the ruble. In a sense it is refuge that can help individuals to deal with restrictive situations that are not the result of their own behavior. To me this is one of the essential pillars of individual liberties and flexibility.
A complete ledger system would place everyone inside a precisely defined, monitorable box with defined set of rules of behavior. If local or national governments found themselves in financial crisis, they would not be limited to European style bail-ins of savings accounts. They could tap personal or family assets directly through the ledger system. Your balance could be altered by government simply by adding one new block to a long chain. One can understand the benefits, but there are potential negative consequences for individuals and businesses, and the Social Contract between citizens and their governments would be threatened.
ET: The world has seen an explosion in debt levels since 2007, largely to combat the effects of the Great Financial Crisis, the aftershocks of which can still be felt to this day. Central banks played a crucial role in stabilizing banks and other large financial institutions, monetizing large amounts of government debt and privately held securitized debts in order to reduce borrowing costs and create liquidity to stave off deflation and recession.
There are of course limits to this policy, in that economic agents – including the government – end up getting incentivized to borrow even more, thus increasing the inherent financial risks in our economies; shortages of good credit collateral and liquidity may inadvertently develop; and it tends to favor Wall Street more than Main Street, negating trickledown economics that should benefit all. What we can say conclusively is that recent policies are not working well, because the so-called recovery in the last seven years has been the weakest since WWII. Moreover, large asset holders have seen their wealth grow, while the majority of the working class have seen little gain, and in many cases have endured losses owing to loss of value in their homes, or even loss of ownership of their homes.
In this context, it seems to us that using actual cash as a primary tool to inject liquidity into the economy has some merit. But this raises a more fundamental question. Rather than issuing debt, part of which would end up being monetized by the central bank under a QE program, the government could print more dollar bills and coins to be disbursed directly for payment of current social and infrastructure programs. Money might go straight to the real economy, rather than through the hands of bankers, without imposing interest charges and without issuance of new certificates of sovereign debt to add to already burgeoning national debt.
Having been an economic adviser to several US Presidents, do you think this could be an effective economic policy tool, and as such should we be discussing it more often?
HM: You raise a very interesting question about cash going into the real economy versus the banking system.
Using actual cash to stimulate the economy is clearly an option. But let’s look at the Federal Reserve. It is really a government sanctioned institution that is owned by its member banks. The banks are eager to receive benefits from this system. The Chair of the Federal Reserve frequently reiterates that its primary objective is to ensure the safety and soundness of its banks. So you can understand why the US central bank would not want to send money outside of the system. It’s not part of its perceived responsibility to its members.
You can have a government that could print the money without the central bank being involved, basically sending checks out to everyone. It has been done a few times in the past, with small checks issued by the Treasury Department and mailed to every registered taxpayer in hopes of boosting aggregate consumer spending. In these past experiments such disbursements to households primarily went to paying down debt, not to new purchases.
So is the financial system we have in place today bad? I don’t think it is necessarily bad. The central bank wishes to retain some degree of control of the economy and many members of Congress are averse to anything that looks like a free subsidy to the populace. Of course, politicians are not always averse to complex subsidies that hide the reality of redistribution of government resources to specific interest groups like cotton, dairy and tobacco farmers, or to corn producers whose output is sold as ethanol additive to gasoline at a subsidized price.
However, QE was intended to increase lending in the economy through the banks. Unfortunately, banks did not increase their lending, but instead diversified their other trading and investing activities, much of which took place globally as they diversified their businesses and their global presence. The main effect of artificially increased liquidity flowing through banks was to pump up the value of assets. People or companies who had them saw their wealth grow, but those who didn’t – which is most people – got relatively poorer as a result. In my view, QE has essentially widened the wealth gap between the poor people and the wealthy but it didn’t improve or help the broader economy.
Worse, it encouraged companies to borrow money at near zero interest to buy back their own shares during recent years when revenues and earnings were not growing very much, thus giving the appearance of better quarterly results and higher stock valuations, and of course enhancing the wealth of business leaders and their directors, all of whom held shares. In the last seven years since the breakout of the Great Financial Crisis the world has experienced a real deficiency of capital flowing to new capacity, or productivity. The real economy was not expanded. Instead wealth was redistributed in the form of rising asset values, while wages and household incomes remained stagnant.
Personally, I feel compelled to add my own opinion as an economist that QE was a failure in stimulating lending and economic growth in our advanced economies, and a failure by widening the wealth gap of our societies.
The US administration might have accomplished something different via fiscal policy instead of having all these liquidity injections, but the President and Congress failed to devise a true package of economic growth stimulus. The Federal Reserve then took it upon itself to conjure up QE as an attempted substitute for the failures of Congress and the President. What we have learned is that monetary policy cannot be an effective substitute for meaningful fiscal policy. Indeed, a few decades from now people will most likely look back and view period this as one of the great economic mistakes in modern history.
ET: Everyone talks about the lack of infrastructure investment in the US. Would it be better for the economy if the government had spent, say, $500 billion to pay for new infrastructure projects by printing $100 bills rather than more QE?
HM: Yes. The increased fiscal flow into the economy would end up in the pockets of people involved in construction, maintenance and so forth – essentially into capital spending and consumption rather than into the stimulation of financial activities.
ET: There is a real risk associated with this policy which is the government overdoing it. Once a politician gets unfettered access to a printing press there’s no stopping his or her programs getting funded. In theory debt has built-in features to keep the borrowers honest (which of late has been somewhat disabled by the central banks); however, with cash you can just print it to infinity – like in Zimbabwe, but most likely with the same consequences. Unconstrained money printing inevitably will result in inflation across all of society.
Curiously, despite the benefits of cash in conducting economic activity, governments look at their citizens using cash with great suspicion. Some economists have recently begun to suggest that Western economies should ban it altogether as a way to avoid hoarding and promote private consumption growth – we suspect along the lines of what the FDR Administration did to gold in the 1930s [until then gold and silver had been used as currency in the US].
While this may seem far-fetched, Louisiana has banned cashed transactions on second hand purchases and several EU economies have prohibited cash purchases of items above a certain value. US citizens entering and leaving the United States must declare large amounts of cash they may be carrying, and there have been frequent seizures of such cash by government officials on the suspicion that large sums of cash are likely to be used for illicit activity or tax evasion. The reality now is that cash no longer flows freely through the economy. What it is your reaction to these events?
HM: Things are a little different depending on the economy you are looking at.
In Europe there’s a problem in that individual compliance with taxation rules is resisted. Wealth is often hidden so as to leave an impression of insufficient income or wealth. Governments across Europe introduced value added tax administration because it was a mechanism for automatically deducting consumption, or sales taxes at each step from raw materials to manufacture to distribution to final retail consumption. Value added taxes are automatically applied by cash registers and bookkeeping requirements. The idea of introducing value added taxes or some other form of consumption taxation has been discussed in Congress from time to time, but it has been vigorously opposed by Democrats as discriminatory towards lower income families.
So this type of tax has been very useful especially in Southern Europe where not paying taxes has been a national privilege for decades, if not centuries. Still, there continue to be serious tax avoidance problems that tax authorities are trying to tackle. In Italy people using fancy cars and clothes at upscale ski resorts and beaches are closely monitored and audited to scrutinize sources of such extravagances. The case of Greece is even more extreme because it is almost impossible to collect taxes. The major source of income is tourism, and authorities are highly reluctant to resolve domestic tax deficiencies by piling taxes on tourists, which might result in diminished flow of visitors to Greece. So it is understandable that the authorities there would try to limit cash purchases to address this issue.
In the US the situation is a little different. The banks would really like to have a means to hold or control title on everything. The Fed would like to have a more direct control of the economy and the IRS would like to have greater oversight. The motivation here is not deficiency of the economy but rather deficiency of governance. Taxation at the local or state level is much more issue-specific, including property taxes, licenses, mandatory fees for services, and so forth.
I think the Fed is frustrated that QE has not resulted in higher levels of investment and growth, which is why they would like to have greater control of the economy, not less which is what would happen via the issuance of bills.
ET: Looking at the broader picture, do you believe the dollar being the world’s reserve currency brings more net benefits or net costs to the US economy at this stage?
HM: That’s a debate that has been going on for many decades and there are people on both sides.
The economies of Asia and Europe are troubled, and emerging markets more broadly are in the downward phase of the economic cycle as a result of an historic slowdown of world trade. The primary driver of growth in those emerging markets is exports because domestic consumption is weak. When world trade was robust they had a strong boost to their economies which could not be achieved internally. But now their export demand has fallen off and domestic demand remains inadequate to drive a desired rate of economic growth. Plus we have Germany, France and the UK which are also very export dependent.
As these economies weaken, we may see a liquidity crisis. In this environment, for example companies in Russia would rather own dollars than rubles. The Russian government is now trying to ban use of dollars or other foreign currencies, not for geopolitical reasons but because the Russian government and its central bank have an acute shortage of dollars that is continuously worsening as world demand for Russian resources continues declining.
Beside the US Dollar, the other most liquid currencies are Sterling and the Japanese Yen. Sterling actually has the peculiar feature that mobile money in the world likes to go to London. It is a nice place to live close to Continental Europe, a big financial center and the courts protect the rights of asset holders. In Japan the government is so involved in the yen through its vast government managed or regulated pension and savings system that market liquidity remains strong even though Japan’s financial markets suffer ups and downs. When world markets suffer a downturn, Japanese investors are quick to repatriate wealth held abroad, keeping the Yen stronger than it might otherwise be.
The US economy has weaknesses, but it also is far more resilient than most other economies around the world. The US financial markets have far larger liquidity than any other market in the world, so holding assets denominated in dollars assures that buyers and sellers will be available at times of declining financial confidence. If emerging markets continue in their downward trajectory or if anything goes wrong elsewhere, particularly in China, there would likely be an increase in demand for dollars primarily because it is the most liquid alternative asset. Even if we had a downturn in this market there would be global demand for dollar assets – just to park anywhere in the US because the expectation would be that the dollar would be rising in relation to other currencies.
So this money inflow can go into stocks, bonds and real estate. And this will benefit the US in the event of a global recession. If there is one, the US would probably be the first to recover and it would be because of this liquidity provided by the dollar.
I can see why people say that the dollar is costly, but for now and in the next few years it will be hugely beneficial to the US.
And I cannot see the dollar collapsing any time soon. The Chinese are increasingly using their currency in international transactions. But if you look closely the other countries with which China is now trading have no money, so they can either barter or use the Chinese currency system. The wealthy Chinese park as much money in dollars as they can, which is why capital flight from China is huge and growing. Chinese capital flees to the US in various forms. For example, they send their kids to study here and before graduating they set up businesses which are then capitalized by their wealthy parents, enabling the kids to get “green cards” or residency permits. I hear that most Chinese juniors in the US are told by their parents not to return home. And millions of dollars are coming in to buy real estate and other assets put under the supervision of sons, daughters, and other relatives.
So the dollar is a good thing to have for the next several years. And it’s hugely beneficial to us during times of global slowdown. By the way, negotiating the emergence of an alternative to the dollar would take a decade or more, and it would be really painful. It’s nothing that can happen at the snap of a finger. I don’t see it any time soon; something for the next century perhaps.
ET: But if the US were to ban the use of dollar bills, would this not mean the certain demise of the dollar as the world’s reserve currency? After all foreigners hold an estimated 70% of all US dollar currency and would dump it in a hurry if it were banned, in exchange for some other currency, likely from a major US economic rival.
HM: I think that’s right. It would not be painless for us. A lot of this money is what we used to call some years ago “hot money”. So the question is where would it go?
And that’s not an easy question to answer. A lot of people say well it’s going to go to gold. I have had many discussions about this with traditional gold traders in Europe, where there is gold trading experience going back centuries. Their view is that you can take some gold home, but if you are talking millions or even billions then you have a problem. You can only move that much money if you use an armored vehicle and strong guards to move heavy gold caches. And given that you will want to see and touch it, if you store it in your basement people will eventually discover you have it and try to steal it. If you leave your gold in a bank, the bank will seize it and use it if the bank falls into distress, perhaps leaving you a promissory note. Basically gold is heavy, not secure enough for holding by individuals, and not easily moved.
So where do you go then? If there is another highly liquid alternative then OK. If the Eurozone were healthy maybe the Euro would be a possibility, or you might park in Sterling for a while.
Would there be a creation of something else? Maybe if such a scenario unfolds in the future, but this would likely be a creation of private interests and not governments, and which in fact would be used to usurp the power of governments. In the UK we can see emerging experiments with locally issued scrip as currency substitutes, usable among agreed parties. That particular experiment seems to be growing in scale this year.
ET: Prof. Malmgren, it has been a real pleasure talking with you. Thank you very much for sharing your insights with us.
HM: Thank you.
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Cash stores nothing aside from pathogens.
And what happens when the cashless system is hacked?
What a fucking nightmare 1984 world we live in where these creeps who talk about cashless societies are allowed to breath. In 1776 we killed these bastards. End of debate. Forever.
no more privacy - BAD- , end of rehypothecation - GOOD-
As “laws are for the little people”, I would expect a loophole, necessitating this adjustment:
“a single ledger for everybody would mean no more privacy (for the goyim), [but not] the end of rehypothecation (for the tribe).”
Blythe Masters is Satan's daughter, so that should pretty much end this discussion for good.
Behold a Pale Horse...
The arguments against a cashless society were first penned on the island of Patmos nearly 2000 years ago, somebody will be in charge of the system that determines who is allowed to buy and sell. Will he be a good guy and how will he use that power over you? I don't see that there has been any need for improvements on those reasons. So for those of us who don't wish to use such a system start thinking about an alternative because the current system is starting to fail. I can imagine local currency systems similar to bitcoin where assets and work can be banked to exchange for other goods and services. Everytime you buy groceries the grocer becomes a part owner of your house and car until your paycheck redeems them. It's coming, will we have an alternative? Get working all you coders on ZH.
Try as they will (and, yes, they will also try to exempt themselves), govenments will not be able to keep up with encryption technology nor the public's stampede into evermore sophisticated cryptocurrencies.
LOL, end rehypothecation. This guy is overly optimistic. If it ends rehypothecatiion, it will be replaced by something else, else the bankers will go kaput. Go cashless and watch the rise of alternative currencies and people willing to break all sorts of laws to use them.
And they won't be able to exempt themselves. What good is cash if nobody accepts it? It is no good.
I don't know much about code nor encryption, but I do believe a few well-placed nuclear weapons will take away, equally, the power of the usurpers in international centers of control and of those who are trying to create alternative financial systems. We might have to fall back on, egad, silver and gold coins!
~"Governments would very much like such ledgers to exist because they could view everything..."~
I bet they would. Fuck 'em and their banksters..
They don't get to play peeksee with my life.
They'd shit if they knew how much of my life is run outside of their views.
Humans do not need banks and for the most part don't need governments.
Especially their scrip-currencies.
The needs are the other way around. This will become self-evident as humans stop using them.
"Humans do not need banks and for the most part don't need governments."
Humans don't need banks and don't need governments.
There, fixed it for ya.
Pretty tough on Ol' Scratch there, babe.
I knew she didn't just leave jpm for no reason.... on to the next horribly destructive venture!
Hope she has good protection because I can easily see her being on a cartel or mafia hit list.
TD,
You know she belongs to Satan because she is proposing the "mark of the beast." Ms. "Masters" indeed. Can't make this stuff up.
You said what I logged in to say, Satan herself, or his daughter.
Re-hypothecation will NOT end. Just as we saw with Jon Corzine, it will be available only to those connected crony-capitalists and politicians who are able to game the system. All a cashless banking system will do is make it easier to conduct bail-ins to save their sorry asses.
O M G! The old 1889 book The Great RED Dragon was right. They really do want to "own the earth in fee-simple." And this commentary explains how they intend to control it. With Blythe Masters and others as their major puppets. The inmates have indeed taken control of the asylum. And they ain't giving it back. Ever!
An excellent excuse to implement a "secure internet" where everything you do on your computer is logged and anonymity is thoroughly abolished. Remember the TCPA intentions from the late 90's? Not a single crisis will go to waste.
If a crash occurs, maybe, maybe, we can shut this shit down.
We need to destroy the world so that we can save it. Holy hell.
"And what happens when the cashless system is hacked?"
What happens when the power goes out for a few days? It has happened. Remember that big Northeastern blackout?
a cashless world is the end of all personal liberty. the only piece of freedom we would have left is the bartering of assets. even on a tiny scale like trading a ham sandwich for someone else's tuna sandwich at a lunch table would technically be illegal, but widespread. barter would become the shadow economy, and EVERYONE would participate. these monsters can not control every aspect of commerce.
goods and services would initially be brought into the shadow system with the cashless debits and credits. but then the asset would have a second and much more prolonged life in the shadows. this bartering would cross all socio-economic classes because human beings innately love their sense of personal freedom and will see cashlessness as just another government blockade to overcome.
You over-estimate the desires and thought capacity of American citizenry at large. You need to buy a ticket to an NFL game and get a reality check.
Try buying heroin in a cashless society. Junkies will become very creative.
They already doing it with BTC...
Yep. Bitcoin is cash. Evidently there can be good enough privacy with bitcoin.
Junkies will all have Obama phones. You know - for the child-en.
ZH Snob - JPM coin is coming. First there will be imprisonments for barter with your neighbors ratting you out where you make widgets for others profit. Forced production. As a final step against black market pushback the mark of the beast will be implemented. Then implemented with force.
Read Revelations for the ending. The good news is were are less than 50 years away from the end of classic death. We all should be working on this right now globally but sociopaths will do what they do. Such animals will be put into there own cages in time but first we must endure.
Appolos or in hebrew Abbadadon now walks the earth. The names are irrelevant. Some will no longer retard our evolution and into the pit they wll go. It.is a very dark 4d pit.
Long hash coins! https://www.youtube.com/watch?v=N65uFX6Kvpw
beware: foul language
Snob, if you trade a ham sandwich for a tuna sandwich, you have created a taxable event. VAT will be added to the transfer, since additional value was added when the move from ham to tuna occurred. The farmer who raised the pig will be compensated via federal farm subsidies. The fisherman who caught the tuna appears to have come out ahead in the transaction, so he will be subject to additional federal regulations.
Cashless societies are very good for control of individuals. The government does not approve of your opinions and your cash goes to zero instantaneously.
Already more than $2.5 billion in cash legally stolen by the police from over 63,000 motorists that we know of. Untold billions stolen by your friendly police in many other ways.
America is a fascist police state run by Wall Street, MIC and spooks today. It would be fascism on steroids in a cashless society in America.
Who rules America?
The secret collaboration of the military, the intelligence and national security agencies, and gigantic corporations in the systematic and illegal surveillance of the American people reveals the true wielders of power in the United States. Telecommunications giants such as AT&T, Verizon and Sprint, and Internet companies such as Google, Microsoft, Facebook and Twitter, provide the military and the FBI and CIA with access to data on hundreds of millions of people that these state agencies have no legal right to possess.
Congress and both of the major political parties serve as rubber stamps for the confluence of the military, the intelligence apparatus and Wall Street that really runs the country. The so-called “Fourth Estate”—the mass media—functions shamelessly as an arm of this ruling troika.
https://www.wsws.org/en/articles/2013/06/10/pers-j10.html
And the 'answer', according to that linked article, is Trotsky socialism.
Ever hear of the USSR or the gulags ? Know who sponsored Marx, Trotsky, and Lenin?
Most 'isms' are cons used by criminals against a gullible public.
They did make some good points in the beginning of the article, before the punch line.
How about free, voluntary exchange between individuals ? How about living your life in any way you choose, as long as you do not harm or violate the rights of others ? - - See . . no 'ism' required & no parasites benefiting off the backs of others or telling others how to live.
Well said
A little off subject:
Immigration, uncontrolled as we are now witnessing, will require the need to increase "control" in developed countries, a new and very real problem. Cash does allow some to operate in the dark, doing dark stuff and that is a real security threat. If there is a plan to eliminate cash, as elite controlling the commoners' thing, the current world conditions will expedite the change.
We, the US/NATO, have accelerated the migration of people through our war efforts which destroys any hope of quality of life for the current and next generation. We have saturated the world with guns which we think we need to control at home, a confusing concept.
Immigration will now accelerate all over the world as the people without, war or no war, will move to developed countries where they will add to the tax burdens of ....those that pay taxes and be celebrated by those that don't. Cash will be necessary for many of these to survive.
This is getting ugly and fast.
It's only confusing if you take.gov at face value.
Assuming today is opposite day provides better clarity..
Congress exists to deny citizens a voice. The war on drugs exists to expand drug use. Dhs exists to turn the homeland over to others. War on terror is to create and spread terror ists.
Check out Fahrenheit451 wwhere this strategy was foreshadowed. The firemen set fires to houses where books were found.
When you assume Everything .gov says is deception things become very clear. Still scary. But clear..
Cashless won't happen. There will be a revolution first.
The sheeple don't pull any weight, the rednecks do.
'nuff said,
;-D
Messy - It absolutely will. Read my post above and see my avatar up close.
Divine intervention notwithstanding, we are seeing the first evidence of civil unrest. This will get more pronounced as the situation continues to deteriorate. The crony capitalists are afraid of the people, the statists are afraid of the people, and the people are afraid of the people. Eventually something will come along that is in fact the straw that broke the camel's back. I see the banning of cash as just such an event.
No, the people will take up arms if the statists and the bwankers try to pull off such an egregious stunt as banning cash. The system will collapse before that happens.
Thanks for your reply,
;-D
Messy - You are outlining what has been set in motion far before we were born. Some will take up arms. If you live by the sword expect to die by it. The system is a continuum. JPM coin will be a useful tool for all after the people are exploited by it. Electronic currency will not end by government collapse, e-coin is simply a tool of modern trade. It is nearly inevitable it will be used as a chain first (chain of slavery that is).
Even if I outlined straight and to the point using particle physics behavior of why the reasoning is sound of digital.currency, most wont believe it. Some here realize in comprehension that governments will use this for and cannot do much to avoid being exploited by this development in the short term, rhetoric aside. Yes, it collapses but ordering of cyclical events matter, that is my point.
Good thing grace exists and in the end I am just a man making observations and forming opinions that may lead to counter measures that keep some alive. Believe me I am no saint.
Bravo! Bravo!
Keep plenty of cash on hand to retain your freedom to not have all your actions monitored, help others to avoid paying taxes (starve the beast to expedite its demise) and often get a better price with the taxman cut out of the deal.
But don't get carried away, because at some point this cash will be worthless. The only safe investments are things you can drop on your foot or run into, preferably wiith productive capability, but at least something people will value after the collapse of all supply chains, like: salt, water purification, matches, medical supplies, hand crank flashlights and shortwave radios, toilet paper, warm clothes, ammo, arms, a remote place in the country, etc.
the FED is a criminal organization.
its DOLLAR is nothing but an instrument of FRAUD.
any legitimate authority could DECLARE the FED DOLLAR "ILLEGAL" and prohibit or forbid its use.
even if their INTENT was evil.. shutting down the dollar would just be eliminating a criminal network of fraudulent contracts.
Is Australia Heading Toward a Cashless Society?
http://newworldorderwatchblog.blogspot.com.au/2015/04/australia-is-headi...
Click on image to see article…
Australia: The End of Freedom? We are Sleepwalking into a Surveillance State
http://newworldorderwatchblog.blogspot.com.au/2015/04/australia-end-of-f...
Click on image to see article…
The Emerging ‘Mark of the Beast’ System: Sleepwalking into the Surveillance Society
http://newworldorderwatchblog.blogspot.com.au/2015/04/the-emerging-mark-...
Is anyone mounting any form of meaningful resistance over there? I don't think so.
You're mistaken, as my girlfirend's name just happens to be Meaningful Resistance.
Sheep shaggers from NZ don't count. :D
Sheep LIE!!!!!
Everyone knows this.
Those links are hysterical nonsense.
One needs electricity for a cashhless society to work.
No electricity: no cashless society.
What, no one watched fight club? Erase the debt record!
Electricity is unique: It is the only commodity that is manufactured, transported, and consumed in a matter of seconds. It can disappear just as rapidly.
The prudent mariner never goes to sea without paper charts,,,
;-D
Thus, the value of windpower to stabilize our electric grid. ;-)
It's how this will be true: Revelation 13:17
"And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name."
There are many valid critiques of the books you quote from.
However, "And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name." written who know how many centuries ago appears to be a truism many cannot deny is happening.
'The number of his name', social security number.
'Mark', tattoo or rfid chip.
'Name of the beast', nationality perhaps.....
Someone has written...
The Bible declares that the Whore of Babylon is the Vatican system that rules over the kings of the earth in the last days. So the fact that we are now seeing Pope Francis making such bold moves into the political realm comes as no surprise. The Roman Empire never ended, it simply went from being a political kingdom to a religious one, and now in the end times the Vatican will again seize political power to create one, single religious and political kingdom from which the False Prophet will pave the way for Antichrist. We believe that Pope Francis is indeed that False Prophet.
I do not think the Vatican has that much power in these days as secularism and religious beliefs are too fragmented around the world today. There are billions on this planet who are not Catholic nor plan to die or sacrifice for its blessing.
However, when you speak of 'Antichrist' there are still people who could fit that bill nicely. For a time Stalin and Hitler may have been worthwhile nominees. Constantine in 325 Council of Nicea held great sway, politicizing what people for generations accepted as the 'Word of God' without question.
Today I see the smoke and mirrors politicians frequently distribute to garner votes and a few get to rule millions and have and are capable of starting wars, murdering innocents in the process. The Bush family comes to mind. The Obama administration also come to the fore. These have much more impact than any Pope.
Then we have Israel clamoring for the elimination of Iran and Saudi Arabia which has its own agenda, never mind XI from China or Abe from Japan.
All extremely dangerous, hypocritical and lying despots.
We see in Greece that the vote means nothing.
At this stage of the game, many can qualify as 'Antichrist', including many so called Christians.
Uh GoldLion, your analysis of the Holy Catholic Church is wrong. The Church has been dying since the middle of the twentieth century. By the nature of your statement, I presume that you are an Evangelical Christian and subscribe to an incorrect view of the Catholic Church. If you had bothered to study the doctrines and Catechethese of the Church and compare it to how it is treated in public and the media, you will see how much influence it really has. The Church has no more real power to give directly influence nations since 1848 when liberalism and the romantic movement began to throw off the influence of religion ( specifically Christianity) in civilization.
In our society, since the sixties, Christianity has been protrayed as depraved, foolish or corrupt in the Hollywood and East Coast media. Yet only Islam has had the same treatment as well. No other religion has been portrayed in the same way. Any elected or appointed member of government who opposes or criticises the Catholic Church will receive favorable treatment from the media. Notice how the Kennedys were treated, especially Senator Kennedy of Massachusetts. I know you say that he received coverage of Chappaquiddick and the Palm Beach scandals, well of course since they were so blantant! But there are other details of his life that the media did not cover. Also look at how many democrats support policies that contravene the doctrines of the Church. Just the subject of Abortion alone is enough to merit an entire website by itself. And yet has the Church been able to put these people out of office? Nope, because if the local Bishop or even a priest raised any objections, the media would cover some activist group screaming about the separation of State and Church. Now can someone tell me when the media has cried bloody murder when a liberal priest has called for "immigration reform?"
And one more thing, why are the separation groups not complaining about the work of the Unitarian Universalist Association? They are allowed to do anything they want and no one questions them. Last but not least, what about the National Council of Churches? Anyone going to complain about them?
'Name of the beast'?
http://oll.libertyfund.org/titles/1662
Goldlion - Yes. 666 is geometry, a pryamid. Draw one out on paper. Three dimensions is how we think, truly mans number. Pyramids also remind one of monarchies of Egypt. Sorry global sociolapathic theives and murderers, we shall enter 4d in 2052 as planned. You are nothing compared to what exists in creation.
I knew that Blythe Masters (who comes up with these names?) is EVIL!
A cashless society will result in the end of the US dollar as the global reserve currency. In addition to being the "petro dollar", it is also the global "narco dollar". And a cashless society will spell the end of the narco dollar.
In theory, yes. In practice...? If the government controls the cashless society (Bitcoin), the government will easily parlay the $$$drug trade into this scheme.
Illicit profit knows no limitation nor boundary. It is the Ultimate incentive.
Blythe Masters, the JP Morgan architect of organized market trading of modern asset backed securities like mortgage backed securities and collateralized debt obligations, became known as one of the great financial engineers in recent decades.
Duh. That's all I had to know.
Like every other central planning scheme, this will fail miserably too. Black markets thrive on stuff like this.
I sincerely hope that the Russians and Chinese take advantage of this kind of arrogant stupidity. A bankrupt USSA cannot finance war.
i have explained these concepts to high school and college kids.. and suggested to them strategies with their ARDUINOs and RASPERY PI microcontrollers to diversify any crypto scheme that comes out. alot of them visualize and experiment with making their own cyber MINTS, not just mines of other established cryptos. it all comes back to valuation and contractual agreements.. these cyber coins, miners and mints are just VALUED SEASHELLS.. like the old polynesian and native american currencies of old. AUTHORITY has to agree on value of any said device.
DESTABALIZE AUTHORITY and disrupt it by giving market alternatives. blythe masters and company control NEED, GREED and ADDICTIVE tendancies in priveleged society. they are few, we are many. walk through their sandbox, kicking everything they suggest into dust. and spin a thousand different versions of it in the black markets.
CONTROL, CONTROL, CONTROL-- PRODUCE or be consumed.
remember a pound of HASHISH is REAL money... all over the world now
Blythe Masters = Shiva the Destroyer
Shiva, another word for sociopath.
Shiva - Another name for Apollos. The statue of Shiva is in front of the CERN reactor. It is also a scientific discussion on dimensions and timing of the end of our human evolution. But first global communism.
The purpose of CERN is to transport Goalem to another dimenson so he can destroy every thing he doesn't control. The proper response is to outlaw hockey and football. That will prevent the evolution of the plot.
Cashless means rationing of purchases, total surveillance and instant retribution the moment you even dare say something they don't like. There is no such thing as well meaning idiots in this. Anyone, at any level who is in favor of this is your deadliest enemy.
And isn't it ironic that the proposed cashless system is called the "blockchain" system. It tells us up front in no uncertain terms what the end result will be.
Collon the Future always announces it's self before it appears!
A "cashless society" is TYRANNY writ Large! Blythe Masters, William Buiter and other of these fucking elitist pusbags who are pushing this "cashless society" crap need an appointment with Madame Guillotine at the earliest convenience, This would mark the end of personal liberty and privacy and is an elitist wet dream.
"Let them eat cake," seems hilarious, right up until the moment your head is landing in the basket.
Monopoly will become a very popular game. Except that no one will actually being using the game pieces. Only the paper bills.... The world will become a black market world.
Do it. Dig it.
Freedom includes economic freedom and without economic freedom there is no freedom. A cashless society is a fascistic society. Our government has no constitutional right to know how much red meat you ate this weekend, how many beers you drank, how far you drove or where you went, or how many skeet and .308 rounds you blasted.
Once we go cashless they will go super crazy in trying to control us because the opportunities are obvious... adjusting our bank balances and our insurance rates, fining us electronically and subjecting us to heightened scrutiny for infractions that they only just invented.
And being exempt from this will be a freedom still obtainable by the pols and the connected so their scams can still be run out of view.
Finally, I suspect stamping out the underground economy will severely harm the aboveground economy. That a carpenter who is barely making it does some work for cash, that people smoke a little weed, that a guy sells a used car and underreports the selling price... these and a thousand things like it are all part of getting by under the ever more oppressive thumb of the government and crony capitalists. You take away peoples' small pleasures and ways of getting by and you make serious enemies, and committed enemies with little to lose can always find ways of hurting you.
Just had an uncomfortable thought for you(us) Gold Bugs .....
In a cashless society, how do you transact with physical gold??
Is this the ultimate gold killer????
How do you transact with cash now? Gold, silver, and bartert will be the way around this "cashless society" if it ever comes to pass. I think the population of elitists will be
much diminished if they try to administer it. Death to tyranny.
The same way they've done it for 6000 years retard ...grains
Bushel of Corn weighs 56 pounds and worth 3.50....
So to feed your sorry ass for one meal, you'd have to pack around 150 pounds of corn.
I can tell right off you must have an MBA.
How embarrassing for you. Grains = a micro weight measure (for gold). Careful when slinging that mud, son.
1 grain = .065 grams
Wow! MBA's out in force today!!
Weimar Republic--selling off gold chain, one link at a time.
Aaaaaaaaaaand, I'm with you on your ... er ... "disdain" of MBAs.
- Ned
ddbl post
Bill of Rights - Correct. A days pay to just eat. Read Revelations. Cuba is like this by the way. Pay is $20 per a month where a pound of cooking oil is $1. You get 25 years for slaughtering a cow for beef whereas a murderer gets far less time. This is what you can expect globally for a few short years. I do not look forward to it.
Implications of Agenda 21. Who was it? Bang da Moon? The UN guy who said "eat more bugs."
First off, why would you even entertain the THOUGHT of ALLOWING, much less CONFORMING TO a "cashless society"?
Secondly, what event in mankinds history provides you with the basis for the thought that a prohibition or governmental edict could possibly "kill" that which people value?
Gold killer?
How about gold on steroids?
We'd be "criminals", but so what? A man has a DUTY to disobey unjust laws.
Ok, I'll take it through step by step ...
1) Once this Fiat currency world blows up ... and it will... what is the most likely currency that will be demanded by the people??
2) GOLD!!
3) The Powers that be know this....
4) So if they can find a way to effectively neuter GOLD, then they can remain in power through some substitute currency that is "Not" controlled by governments, but by them....
5) SDR's !!!! Just before going completely cashless..
6) and the game continues, or so, that's what they hope for
7) My solution? Kill every banker at the top 100 banks..SEND a Message
Hi Pipes, I hope that you have some time off tomorrow on "Labour Day."
So, Tovarich, please spend a cuppa' on each of these:
A full report is expected within 24 hours. Clock's tickin'
- Ned
Let me just reiterate so that it is absolutely crystal clear to all and sundry.Especially any fucking goons reading this, any fucking cock sucking civil servants and especially any fucking faggots who think they ar a fucking president instead of a fucking Kenyan monkey.
I do not and will not or never have nor ever will have any kind of fucking ledger available to anyone at any time except me.
No fucker, and I do mean no fucker on this fucking corrupt ball of shit that it is turning to is ever going to fucking question me on my affairs.
I will not pay taxes, I will not keep records and I can implement a thousand different strategies from keeping MY affairs precisely that.
MY affairs, and not some jumped up cock sucking civil servants fucking gravy train,
Agreed, excluding profanity, of course.
Beautiful...BRAVO!
Glad you toned it down for the faint-of-heart here on ZH...I saw many places where I would have thrown in more "FUCKs", had it been me writing.
Damicol - Best then if you are prepared to live off the land. The last stage will be for the beast to hunt down the very few. The only strategy will be to make it expensive to track you down. As this happens, soon after nukes fly all over earth. The end of mans dirty way of doing things. Do not put your cards on the table from here on out. Also, take care of one another.
Shutup retard, this is not 42 AD.
Element - Please expand. Let us begin a debate. Prepare to be spanked. Make your argument first since your first one was ad hominem.
Yeah at last bitcoin has found relevance, the ideal medium for cashlessness, or else a similar electronic, totally fiat "currency" built on a similar digital platform.
Yeah like common ordinary currencies work across different countries/economies - Euro anyone? - but now with the slight, extra disadvantage that if/when there is an electrical failure, no one has anything to live on anywhere.
Brilliant.
Must be good. Max Keiser has been promoting "virtual money" for years, after he gave up on "crash JP Morgan" by urging everyone to buy silver
bitoin is a GAME. a rigged game for those with more MONEY and tech SAVVY. its based off of competition, a RACE to find matching hashes. those with bigger better HARDWARE, can play faster and get more bitcoin, like rich kids with better football shoes can score more points. it is DIFFERENT than current fiat money.
Yeah I know, I just could not be bothered to go further into it.
In other news, we now confirmation as to why Blythe started playing in the Bitcoin universe.
Nothing like a good ole global blockchain to enslave the little people.
As to those who wonder how organized crime will benefit/suffer, I'm going to guess that there will be both light and dark blockchains with entities like JPM who will serve as the middleman, laundering transactions between the two.
Oh, and Max Keiser is a fucking toolbag, dishonest as the day is long.
well blythe thru cds's gave us 2008..now she is front person for cashless world .. tech is happy - they have given .gov powers of control impossible in the past - so .gov is happy with cashless economies very happy moar control is always better for our masters, er blythe masters name is well coincidence is it not?
some people just need killin..but i doubt the real evil reptiles who rule us will get served a cold revenge, too much tech and willing renfield's serving the "Master"
blythe masters is the bitch who invented the TOXIC DERIVITIVE. https://en.wikipedia.org/wiki/Blythe_Masters
BIG DATA IS LAUNDERING SCHEME FOR BIG MONEY. Watch their shell game closely. disrupt it in every possible way.
this whore should be monitored with an ankle bracelet.. not allowed to direct future of commerce
Blyth Masters is an amateur equestrian.
Let us hope she is dismounted unceremoniously and breaks her fucking neck.
Fuck these clowns , end cash and every debt contract including mortgages car loans and so on become null and void for breach of contract . Clearly most contracts state " paid in US dollars "
So go ahead and do it assholes
you think they haven't though of that? There will either be a conversion or they will keep calling the digital unit USD like Nixon did when the US defaulted.
You show me one contract that says unit...
No wonder JPM and Blythe Masters don't want folks to own gold and silver by controlling the price, attempting to make them appear worth less than they would be under honest trading. The REAL prices would undermine their efforts to enslave the world.
Such a move may actually trigger civil war.
Not civil war...revolution.
But...but...but how would HSBC launder illicit drug money then?
This is a third world currency put. All drug transactions will be done in Brazilian Real, Peso, etc. Bullish for the brics.
Galactic credits?
compare the ENGLISH SPLIT TALLY STICK to any modern crypto currency hash method.
https://en.wikipedia.org/wiki/Tally_stick see the similarities????? ancient priniple reengineered into a devices DEPENDANT on modern electricity service and IT technicians
FARMING THE SHIRE
The most prominent and best recorded use of the split tally stick (or "nick-stick"[4][5]) being used as a form of currency was when King Henry I initiated the tally stick system in or around 1100 in medieval England. He would only accept the tally stick for taxes, and it was a tool of the Exchequer for the collection of taxes by local sheriffs (tax farmers "farming the shire") for seven centuries. The split tally of the Exchequer was in continuous use until 1826. In 1834, the tallies themselves were ordered to be burned in a stove in the Houses of Parliament, but the fire went out of control setting the building afire.
Yeah, we did something similar to that in the BoyScouts...called the "totem chip"...it was a fucked up way of keeping everybody in line regarding knifeplay...
Mr Malmgren gives a great summary of why we must stop the move toward being a cashless society but he also mentions the Louisianna second-hand purchase law that was debunked as a lie FYI.
http://www.snopes.com/politics/business/cashillegal.asp
A cashless society will purportedly kill any savings you have to conform. Money will be returned under a banking transfer fee.
Have a look at recent exposure of grand larceny theft.
https://cryptome.org/
Gold and Black markets would be criminalized and and journalists reporting said things would be put in jail.
The other positive development (/s) is that banks and politicians will track your net worth in real time and determine if you are worth keeping alive. When you start to slip up and become unproductive they can pull your plug in real time and abortion your 40 year old carcass if you get a broken leg and have genes for high blood pressure.
No different than monitoring cows in a dairy herd so you can cull out the ones whose milk production starts to dip. Collection of all the data is for actionable information, not benign scientific research.
Someone tell the Mob that Blythe is going to wreck de bizziness.
End of problem.
Ok how do I pay for my drugs gambling habit hookers and miscellaneous sundry items
SLAVES R US - FKN Newz - YouTube
Sunday humor.
For a comprehensive system like this to work in the real world there can be NO exemptions, and I can immediately think of two major groups that will be exempted from the global ledger system: elites and third world masses. Blythe Masters herself is DEFINITELY not going to 'eat her own cooking' there will be a handy exemption based on one flimsy rational or another so she and Michael Bloomberg and at least one or two milion others can escape the tracking system. And then there are the billions in India, Africa, Brazil, Egypt etc etc. All will have smart phones with full coverage all the time? The numbers of the unbanked are rising everywhere, even in the USA. How will the system "link to accounts' when there are no accounts?
BLYTHE MASTERS IS ONE SERIOUSLY OVERRATED CUNT. MAYBE SHE SHOULD RUN FOR FUCKING PRESIDENT.
Bend - You are correctly identifying an evolutionary tool. But first, dont expect.to see THERE ledger. That comes after WW3.
On the bright side, maybe banksters have fucked things up so badly they're just trying to buy green cashless bananas when they've got inoperable cancer and in denial about it. Cashless society seems like a Hail Mary.
Bankers have also fucked things up so badly the last 100 years why should anyone allow them to continue their fuedal monopoly over us? I agree with other commenters below that say this is the stuff of revolutions. I'm pissed about it.
How will the CIA and the Star Chamber function in a cashless society? Ohhh... wait a minute, we have to audit the Fed. first.
This is why you see focus groups testing the markets on replacing humans for robots.
IMHO, dogs, cats and Robots will become a new taxation source. It will fail miserably.
Are the mexican drug cartels onboard?? How about the parties running the Afghan heroine trade?? Not worried about domestic gun dealers....they'll likely be locked out of the system all together.
Never trust anybody named 'Malmgren'...
I'd never heard of Harald but just read that he's the father of Pippa Malmgren who is a very good writer on similar topics.
"are being used in a statistically abnormal manner then they can start routinely asking you for an explanation, if it was drug money or money laundering or purchases of regulated products like alcoholic beverages or firearms"
The author needs to wake up ...
You see if everybody has a fucking ledger so do all the corrupt politicians, bankers, etc. etc. all criminals all the way down to the gun runner, drug dealer, paedophile and every other distasteful shit out there. Now if a banker has the ability to scrutinize me surely I AM FUCKING ENTITLED TO KNOW EVERY FUCKING BIT OF PAPER A BANKER HOLDS AS SUPPOSED VALUE. No more of this fucking bullshit I got a rehypothecated bit of paper over there worth a fortune in the safe, show it! Otherwise we just end up with fraudulent entries.
Then on all the tax evasion now known I expect CEO's to be jailed if not hung.
Any politcian who cannot account for every penny of earned income legally, hang them for corruption.
WORKS QUITE WELL DON'T YOU THINK. Don't like hanging, well we take every penny they have in the ledger then and say you are bust try again. I want the ledger backdating so all the inherited corruption can be identified also.
This ledger can be a testimony to humanity, where all the corruption, bribes, backhanders, economic deciet can all be brought to bear against the individual. Think of this too all transactions lol, imagine setting the top fuckers up for a bribe, the ledger is awesome because you can entrap the bastard because your ledger will show their guilt.
AWESOME, LOVING IT, CAN WE START NOW! Lol Imagine all the politicians that use a brothel, in the ledger baby? No! It's in the brothels ledger ha ha ...
Great Uncle? Sam is that you?
I'll be interested in how the laws regarding "illegal currency" shape up and what currencies will inevitably develop outside of the official systems.
Paper money illegal? Coins? Blocks of tea? Ounces of pot? Barter? Neighbors borrowing tools from each other simultaneously? Sex? Bushels of corn for bushels of apples?
The possibilities for different medium of exchange is infinite. Their use, unavoidable. Laws against them, unenforceable.
There will be no cashless world. There will Always be currency you can hold in your hand unless rocks and sticks are the ultimate weapon.
FUCK THOSE CONTROL FREAK CENTRAL PLANNING ASSHOLES
Ban cash and I will do everything in my power to reduce my economic footprint to as near zero as possible.
FUCK YOU TYRANTS
Is that clear enough?
And unless you take the MARK, you will not be able to buy or sell.You will not be able to work.And if they try this, they will have a war with Millions of Americans.
No WAY this passes without a lot of blood letting.
There will be no mark. The plan is to RFID chip appliances and use a application to connect with you and repurchases based on profiled habits.
Google and others will end up getting exposed.
They think the the last Bilderburg meeting wasn't captured. Rude awaking.
And so goes the last vestige of privacy. A cashless society is ultimate power for the controllers. No more private personal transactions, they will see it all. No tax-free sales or purchases between private individuals, the tax will be collected right off of the top on everything. How long before this power becomes a control tool? My guess is immediately. Get out of line and your "account" is suspended until you are in compliance. Bartering will be a crime. Let's face it, the under 45 yrs of age crowd has already been primed for this system, and will readily accept it. It is only a matter of time. Prepare accordingly. One last point; This system will be either a implantable chip system, or bio-metric, for your protection of course!
Pauses for thought I already commented this is a bit philosophical though.
For a few hundred years now humanity has struggled with the old economic system and we still use it today but seem to not be allowed to take the next step because those running the economic world prevent it. That is the way it works so mankind has been hindered by an economic system that best serves the elite.
Now we have this opportunity, rather good but not for all the reasons the elites out there can imagine first imagine what it means. No economic thieving from the bottom to the stop, it corals all, sure the elites are going to opt out but we take it on board for now like they tricked the American people into the FED.
We now have the perfect economic system, all criminality exposed, humanity should move forward but it cannot because the thieving elites still remain. WIPE THEM OUT and humanity can prosper in peace, no elites left, a blissful economy of truth? The elites are more foolish than I thought, this is unleashing Pandora's Box and the one thing they have been preventing humanity from having for centuries, now they give it and the final play is to get rid of them once and for all.
AWESOME, I LIKE IT MORE A ND MORE realising humanity has to move forward into a new economic system and they offer it to us, but when we can no longer tolerate their presence from the purity of the NEW ECONOMIC SYSTEM we can get rid of them.
The final concept, a world where the economic truth in all its forms is found and no economic liar or thief can remain. Now that is one hell of a sweet concept a totally pure economic system provided we remove the elites who would corrupt it and that is just 1%.
Great Uncle. Sam it is you.
The first 'investors' in a pyramid scheme are in the best position. But you can have innumerable pyramid schemes.
Like most diseases this could have easily been taken care of in the early stages. The digital world and our acceptance of it has made their dreams of economic control a real possibility. Banks and their proxy governments have used digital in all the wrong ways and for all the wrong reasons. We are tracked and spied upon, our private correspondence is now an open book and recorded. In some schools now the children are 'required' to have tablets, the idea being assignments are easily downloaded. Tracking and any communication between students are easily monitored. They already are using finger printing and retina scans for school lunches and I believe the teachers and most staff are destined to be replaced by a machine. Digital is the 21st century atom bomb.
Digital makes cashless transactions easy to do and the majority seem to have no problem losing yet another individual right to privacy. Of course hurricanes and other disasters will be a serious problem they will still go ahead with it. For some reason the 1 percent in government think they have a right to rule the rest of us and digital is making that come true. With no major resistance they will continue the process. Government, schools, transportation, finance and businesses and half the population are now digitized. Cashless will drag everyone else into the system, like it or not.
Each passing day makes resistance to the megalomaniacs more difficult. Not a religious person I believe the mark of the beast the bible refers to is uncontrolled digital. Just looking at the zombies staring at their Igadgets in a trance like manner convinces me the struggle for privacy and freedom is going to be a tough fight. I'm not even sure how to fight something that is so addictive and so pervasive that people would rather talk on their digital phones rather than face to face where one would have to have some modicum of mutual respect or risk getting punched in the nose.
The revolution starts by just saying no to the digital check out lane,,, no to purchases via Igadgets,,, no to anyone that refuses cash. Conversion back to cash is not difficult. Do you really need to know where every last penny went? Not really. Just start using checks, money orders and cash as often as you can. You will find it refreshing to know you have just made a private purchase that nosy government and bankers are unaware. If they refuse cash,,, just leave the basket and go elsewhere.
We have the power to refuse their system. Use it or Lose it.
Rejected - The kingdom of this world belongs to all men. You need.not become a holy roller. Christ said that since you helped the least of, you did it for him. If yiu truly love one another, it is enough. These. people at the top do not love anybody but themselves. The original Christian teaching was Pandiesm and included advaced scientific concepts such as 'recreation' (Cyclical Theory).
Christ said he was not of this world in other words an alien. That concept no longer seems far fetched at all but no wonder people two thousand years ago mocked him and crusified him. He also turned himself into a being of light in front of his apostles (E=Mc2) and turned water into wine (Richard Freymans manipulation of moelcules now nano tech). Immaculate conception is articificial insemination.
Modern science is showing us all these things are theoretically very possible nd some already in existence. Think we are the only intelligent life in existense? If you do think we are not alone as I do then the next question is how young or.old are we in an existance that is at least 14 billion years old and more likely 10 to the 32nd power (string theory)?
Between particle physics, nano tech and AI we're less than 50 years to the end of of our evolution yet these fucktards to retard evolution to gather a couple more nuts like a squirrel? Devolved apes.
Could it actually be 16 to the 32nd power? And a being tuned into light is going to leave a big hole in the ground. (E=Mc2)
“All your money belongs to us. We print it, we own it, you can only rent it for a fee. We are the landlords, you are the tenants. We have a right to inspect our property and how you use it any time we please. We can change the rent and terms of your lease anytime we please.”
How a I doing Janet?
Just fine Blythe, you’re nailing it.
All the PMs will go through the roof, and 'Barter Town' will thrive on an epic level.
"our government." Oops thar they go again spreading the propaganda.
Modern society puts to much faith in technology. In the last six months here in northern Kalifuckya a fibre optic communications cable was cut, once by a tall truck, once by sabotage. The whole county was fucked. I mean that there was no 911, digital checkouts and stores wouldn't function etc. Now think about if there was a solar flare, EMT, war hurricanes earthquakes, terrorism, hackers, financial meltdowns, etc. In the last couple of days I noticed that the local radio station was broadcasting advisories by Homeland Security to stock up with provisions, what?? So what sort of provisions would we need when whatever it is that the government thinks is going to occur happens? Do you think that cash might be among the essentials we would need? What are these asshats talking about cashless society?
Hmmm, if all these "ledgers" are electonic, it would seem to me that one properly placed nuke detonated (say at 80,000 ft. as predicted by science) would produce an EMP of sufficient capacity to completely destroy all electronic devices (yes even underground), that the ledgers would be wiped out as well. We'd be returned to the stone ages in a flash, but it would also take out the power of the vermin running this shenanigan of a monetary system. Viva the barter system.
Protection from EMP is a well known art among military electronics designers. Kind of similar to protecting aircraft from lightning strikes.
EMP is over rated. Is your device parallel to the blast or perpendicular to it?
The real problem is the grid. And even that has some protection. Power outlets with built in surge protectors will help with lightning strikes and EMP.
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