Something Very Disturbing Spotted In A Morgan Stanley Presentation

Tyler Durden's picture

With central bankers losing credibility left and right, and failing outright to boost the "wealth effect" no matter what they throw at it, the next big question is when will central planners around the world unveil the cashless society which is a necessary and sufficient condition to a regime of global NIRP.

And while in recent days we have seen op-eds by both Bloomberg and FT urging the banning of cash, the most disturbing development we have seen yet in the push for a cashless society has come from the following slide in a Morgan Stanley presentation, one in which the bank's head of EMEA equity research Huw van Steenis, pointed out the following...


... and added this:

One of the most surprising comments this year came from a closed session on fintech where I sat next to someone in policy circles who argued that we should move quickly to a cashless economy so that we could introduce negative rates well below 1% – as they were concerned that Larry Summers' secular stagnation was indeed playing out and we would be stuck with negative rates for a decade in Europe. They felt below (1.5)% depositors would start to hoard notes, leading to yet further complexities for monetary policy.

Consider this the latest, and loudest, warning on the road to digital fiat serfdom.

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mtl4's picture

Can't wait, how about Europe go first and show everyone how it's done!

freewolf7's picture

Ha, Americans don't "move quickly" into anything new.

FreeMoney's picture

This is a needed step on the way to full Keynestard success.  We can expect bans on guns, ammo, and PM's to go hand in hand with this.

Remember the Greeks buying Benz and BMW to preserve wealth?

Soul Glow's picture

They want to go cashless and NIRP, that way they steal the money without even trying.

Pinto Currency's picture




For a discussion of Time Preference and how cheap money leads to economic collapse, see :


The Fed is completely off the deep end.

Jtrillian's picture

This just shows how desperate they are to confiscate your funds.

Beware of the law of unintended consequences.  This war on cash could push the accelerator pedal on the loss of faith in the currency supply.

It could cause folks to rebel by converting their cash reserves to physical assets (like gold) which have intrinsic value and can still be held outside of the bank.

Until they declare gold illegal.  Then we'll probably have all out revolt. 

NidStyles's picture

"We gonna get Jew'd" -me three days ago...


The common folk will convert to cases of ammo before gold...

Manthong's picture

The only way to stop this without violins is for a few million to default on all debts and rock their evil world.

nyse's picture

Great comments today, gang - KEEP IT UP!!!

remain calm's picture

Gold becomes even more valuable. These ass clowns don't have the courage to push the reset. When do citizens pick up the pitch forks? 

Captain Debtcrash's picture

Bloomberg stole my post, end of story. My post on the E Dollar was a warning and they made it sound like a wonderful solution.

Jaspergers's picture

Suddenly those storage fees don't seem so bad.

Government needs you to pay taxes's picture

We're gonna have to hang the bankers.

Pairadimes's picture

This economy died a long time ago, shot through the head by central bankers cleaning their monetary policy shotguns. This is just the process of dessicating the carcass. Get what you want fast, then get out of the corpse.

The9thDoctor's picture

Didn't the old fogie conspiracy nuts back in the 1990s warn us about the "New World Order" implementing a cashless society where one has to trade "the mark of the beast"?

We've come a long way in the last quarter century.

Theosebes Goodfellow's picture

~"They felt below (1.5)% depositors would start to hoard notes, leading to yet further complexities for monetary policy."~

Brother, have you just said a mouthful. That's the rub, ain't it? What that new saying? "We now have "further complexities for monetary policy."

Four chan's picture

i don't even use a bank anymore nor do i contribute a dollar in taxes, i've checked out of the jews game.

zippedydoodah's picture

Oops, I misread that, I thought you were a refugee.

iinthesky's picture

I'm waiting for the grocery stores to wise up and start trading in silver and gold coin. Going to need some man traps to catch the swat teams in outside the doors though. Shopkeepers who accept gold and silver coin are terrorists after all!

Whoa Dammit's picture

I'm waiting for the bankers and their .gov to try and take away cash from the hoodies & the Mexicans. I think I know who will lose that battle.

Arnold's picture

Unfortunately that would be your new criminal banking system, little fren.

Whoa Dammit's picture

I'm waiting for the bankers and their .gov to try and take away cash from the hoodies & the Mexicans. I think I know who will lose that battle.

Whoa Dammit's picture

I'm waiting for the bankers and their .gov to try and take away cash from the hoodies & the Mexicans. I think I know who will lose that battle.

StychoKiller's picture

Wow, WHERE have I heard that before? :>D

KesselRunin12Parsecs's picture

Next time, take one dip & END IT!

Tarzan's picture

Honestly, there's only one thing that could possibly be worse then FIAT,

and that's DIGITAL FIAT with Government Psychopaths at the switch.

Then when we have a dispute with our bank, we'll be calling the post office to unlock our paycheck...

Oh the fun, 3 hours on hold to be told the problem is beyond their control, we'll pass your concerns on to the SEC, in the interim I'm authorized to release your food rations for the week...

Powder's picture

and after the Yellen defiance, we see the face of evil. They are above the law. 

Durrmockracy's picture

Cash has been providing you people an "easy out" for too long.  Stand for gold & silver as money or get chipped with the mark of the beast.

McCormick No. 9's picture

Cashless economy with cards equals rampant identity theft. Opportunities in identity aquisition technology?

Antifaschistische's picture

this creates an arbitrage opportunity between paper fiat and electronic fiat.  It's going to be like off-shore RMB vs. on-shore RMB.  Sure, individuals can stuff some cash away.  Big corps are screwed.   Heck, if a few of the worlds uber-wealthy decided to take delivery on CASH they would soak up the entire M1 float.

Durrmockracy's picture

Well you know, it's disturbing sure... but if it helps bring about an end to this system (and the people in charge) sooner I am all for a cash ban.

in4mayshun's picture

Not sure why so many down arrows here. I actually think you may be correct. Since Americans were too stupid to do anything while there was time to fix it, it will take something shocking to wake up the zombies into revolt. And no more cash could be the over-reach that finally wakes some people up. There is no way a cashless society works without a full-on dystopian slave labor world. Otherwise, people just move to barter and an underground economy in which even local police and county government participates in. This could back fire on the globalists, for if their control grid starts fraying at the ground level, it will quickly unravel completely and they will lose control to warring factions between the local governments, states, and Fed.

Durrmockracy's picture

You piss off those Philly pretzel guys and NY hotdog vendors and man... you bring a world of pain on your head.  Seriously, TPTB don't know who they are fucking with!

Durrmockracy's picture

Chill out, as soon as this system collapses you can have cash again... cash free from Adam Weishaupt influences on the notes.

liverdiefree's picture

Does that mean your IQ will be significantly enhanced? Clearly there's plent of room for that.

EddieLomax's picture

But not in Europe because we cannot own ammo, we can buy tampons instead though, I think...

KesselRunin12Parsecs's picture

Straight Outta Compton, they put a cap in your ass... Not exactly the same thing, but close.

RockySpears's picture

In the UK you can own plenty of ammo; 2-300 shelss for a standard 1-2 times a month clay pigeoner, 1,500 - 2,000 22 and/or 308 for a moderate target shooter.  They don't really bother you until you have 11 or 12 listed firearms so there is no issue with gun supply either.  Hell you can even have pump-action and semi-auto, 8 round shotguns if you are a PSG proponent.

Squid-puppets a-go-go's picture

neg interest rates are the direct destruction of capital. Are they that opposed to capital? when did capital become the enemy? how do you solve a too-much-debt problem by destroying underlying capital bases? does sheer madness need to be any more apparent before serious people do something?

Miles Ahead's picture

But... positive interest rates are also destruction of capital from a couple of perspectives.  Hmmm, looks like Western-style Capitalism is fucked coming or going!

jerry_theking_lawler's picture

Let's get something straight here....this system is no 'capitalism'. It is crony captialism or worst corporatism/fascism in its early stages.


Capitalism in America has been dead a long time.

mkkby's picture

Calm down, imbeciles.  Cashless will NEVER happen in the US.

How would the CIA sell their drugs, pay off various forms of merc/assassin/spy;  how would politicians accept bribes?  You think any of the official criminals want a digital paper trail.  Nonsense.

Tell me what replaces cash under the table and I'll start to worry.

The9thDoctor's picture

Cashless will NEVER happen in the US.

Mandatory health insurance will never happen in the US... oh wait it already did.

The whole point of cashless is to eliminate "under the table".  In the future, high crimes will be out in the open, and the populace will be too ignorant to do anything about it.

In the old days, one better not mention "the mob" in Las Vegas or they would get whacked and end up buried in the desert.  Nowadays Las Vegas has a Mob Museum for crying out loud.  The Bilderberg Group was dismissed as conspiracy theory as recently as 2013!!!  Now its mainstream news thanks to the Drudge Report covering it.  "Under the table" is 20th Century obsolescence.  It's all out in the open now.

Look at Hillary's e-mail scandal.  There's a "digital paper trail" as you call it, and guess what, she still gets delegates despite Bernie winning landslides in the popular vote.  She is too big to jail!

Cashless will be here by 2025 easy.

KesselRunin12Parsecs's picture

So will Tina Turner be Hillary's VP in Bartertown?

Id fight Gandhi's picture

Its debt that pays itself off. Well not for us little people but the gods that rule over us.