Sweden Begins 5 Year Countdown Until It Eliminates Cash

Tyler Durden's picture

How much louder can the “ban cash” calls get?

Recall it was just last year when we catalogued the growing cacophony of crazies for whom banning physical currency is the only way to ensure that depositors can’t simply reassert their economic autonomy under a low or zero rate regime..

Put simply, if interest rates get too low, depositors will simply take their money out the bank and put it in the mattress or the safe where, to quote WSJ from last week, “interest rates are always low no matter what central bankers do.

Most recently, Larry Summers called for the abolition of the $100 bill in the US and in Europe the €500 note is to go the way of the dinosaurs.

Perhaps the most telling sign that citizens are starting to panic is that in Japan, they’re selling out of safes. Literally.

It shows a vague sense of unease,” one Japanese lawmaker who brought up the soaring safe sales in parliament on Monday remarked.

Now, the excuse given for banning big bills is that it combats crime. And maybe it does. But in the end the rationale is simple: if there are no more physical banknotes, people have no economic autonomy. Let’s say consumer spending is stagnating. No problem, take rates to -20%. We bet they’ll start spending then - either that or see their deposits haircut by 20%.

In short, no cash means no effective lower bound and with no lower bound, the economy can be completely centrally planned - for all intents and purposes.

Consumers not spending? No problem. Just tax their excess account balance. Economy overheating? Again, no problem. Raise the interest paid on account holdings to encourage people to stop spending. So with Citi, Harvard, Denmark and Peter Bofinger, member of the German Council Of Economic Experts, all onboard, we’re surprised to hear that Sweden (already one of the leaders in the cashless society movement) is looking to phase out a series of new bank notes it just introduced last year and moved ever closer to the cashless utopia.

“Last year Sweden introduced a series of new banknotes replacing its old kronor notes. But figures suggest these too could be gone from circulation in half a decade if the development towards a cashless society continues,” The Local reports,” continuing that “cash transactions today represent no more than two percent of the value of all payments made in Sweden, [and that estimate] will drop to below 0.5 percent within the next five years.

Some welcome the trend - credit card providers, for instances - others have reservations. “It is happening at a furious rate. And it's important to many older people to be able to use cash. I mean, today it is legal tender and you have to be able to use it until parliament decides otherwise,” Christina Tallberg, chairwoman of Swedish pensioners' organization PRO, told Swedish Radio on Friday.

Well, until parliament or perhaps more appropriately, until The Riksbank and Stefan Ingves decides it. Because at -0.55, it’s a “how much lower can you go type scenario.”

Well, if you go kronor-less, that question ceases to make sense. The "problem" simply goes away.

“Sometimes you have to learn new things. It's a little awkward for a transitional period, but I think it's going to be so simple that you pretty soon realize that this is a lot easier and better than having cash,” said working environment ombudsman Krister Colde of the Commercial Employees' Union (Handels).

Famous last words Krister.

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jaap's picture

Swedish people...., you have lost (your freedom).


BorisTheBlade's picture

What's left of it anyway.

TahoeBilly2012's picture

Mark of the Beast (TM) brought to you to Tribe Inc.

Bokkenrijder's picture

When it comes to 'racing-to-the-bottom' the left wing socialists of Sweden set a new 'gold' standard hahaha! The scary thing is that the rest of Europe appears to follow their 'lead.'

I wonder what will collapse first: the egalitarian multicultural paradise, or the socialist workers paradise...

p.s. apparently yet another person got stabbed to death in a Swedish asylum seeker house last week, but this of course is being completely ignored by the European mainstream (Lügenpresse) media.  Scroll down to 11:55am http://www.foxcarolina.com/story/31384562/the-latest-man-stabbed-to-deat...

tmosley's picture

If they can't buy cash with their electronic deposits, they will buy gold, silver, and cryptocurrency.  If those things are banned, then they will buy durable goods as a store of value and barter items.

These idiots don't understand that this is forcing their currency to hyperinflate. When it loses all value, they will be mightily confused. Shortly before their fall and necks are broken by a rope, they may understand that they have made a mistake.

layman_please's picture

when swedish finally realise, why the cash was essential for their economic liberty, it will already be too late. those other things won't be banned, because they won't have any money left to buy anything, anyway.

capital controls and bail-ins to the rescue, so i wouldn't put my money on hyperinflation.

even though the reasoning for all this might be to stimulate consumption, the result will be confiscation, both monies and freedoms. but don't expect central bankers to know that, as they are merely errand boys.

eforce's picture

People criticise the plan laid out in 1984/The Protocols but forget the amount of death/suffering in the alternative systems of governance...

J S Bach's picture

The Swedes are some of the most physically beautiful human specimens on the planet, but their collective intelligence is wanting.  From socialism to altruistic "immigration" to cashless monetary policies - they border on the insane (not that the rest of the West is much better).

Eirik Magnus Larssen's picture

You are delusional, on many levels.

Calmyourself's picture

Your a foolish little man wee ewik, your betters know what is best run along now and pay more taxes so you can be ruled more effectively and usher in your multicultural paradsie.

0b1knob's picture

< Cash will be gone in 5 years.

< Sweden will be gone in 5 years.

TahoeBilly2012's picture

Sweden's having a "blonde moment".

Save_America1st's picture

those exact types of home safes in the picture?  This dude shows how you can open any of those up in 3 seconds w/ a big super magnet:




Gaius Frakkin&#039; Baltar's picture

Well the real question is whether the Caliphate in Sweden approves, because that will be the dominant power there in 5 years.

White people everywhere will have to prove themselves soon. The cuckold Swedes aren't off to a good start.

Save_America1st's picture

here are some statisctics to keep mind when considering fucking w/ U.S. citizens by either government force or external force.  These numbers are from 2010...my guess is they are all substantially higher in this day and age only 6 years later:





In WWII, Japan's highest ranking naval officer was Admiral Isoruku Yamamoto. Although he was Japanese, and his loyalties were unquestionably with The Empire, he studied for many years in America, graduating from Harvard University. There is an oft-repeated (and sometimes disputed) quote attributed to him regarding the possibility of any nation taking a war to American soil:

"You cannot invade the mainland United States. There would be a rifle behind every blade of grass."

Here is why he was correct:

The state of Wisconsin recently completed an entire deer hunting season without someone getting killed. That's great, considering there were over 600,000 hunters that got permits in 2010.

Allow me to restate that number.

Over the last two months, the eighth largest army in the world - more men under arms than Iran; more than France and Germany combined - deployed to the woods of a single American state to keep the deer population under control.

But that pales in comparison to the 750,000 who were in the woods of Pennsylvania or Michigan's 700,000 hunters have now returned home. Toss in a quarter million hunters in West Virginia, and it is literally the case that the hunters of those four states alone would comprise the largest army in the world.

And that is just FOUR states.

The total population of registered hunters in America today ranges from 23 million to 43.7 million individuals. (Based on annual data provided by the U.S. Fish and Wildlife Service.)

As long as the American Hunter retains his right to Bear Arms, America will forever be safe from foreign invasion of troops.

Hunting - it's not just a way to fill the freezer. It's a matter of national security.


Manthong's picture

Look at the bright side.. err.. I mean dark side

The Swedish Bikini Team .. way.. way.. way tanned.


way.. way.  way way...... like a German


Arnold's picture

I don't often hunt, but when I do I drink Bud Lite.

Manthong's picture

I don't often drink Bud Light..

But when I do.. it's with a shot of Jim Beam.


Manthong's picture

Gee.. I don’t often shoot my friends..

But when I do.. it’s with Dick Cheney.

philipat's picture

And not a sound of protest. The Swedes seem to have been totally dumned down and controlled via a combination of political correctness, socialism, high taxes and high alcohol prices. Oh, and of course Abba.....

Manthong's picture

I used to so admire Swedes before they went brown…..

Do you hear the drums Fernando ????

old naughty's picture

Isn’t there a feeling among ZH’ers that this is/are drills (trail runs) like Greece-Cyprus,

and they are laying out probable outcomes to entice “smart” people to react (they don’t have to pay much attention to dumbed-downers) like safes in Japan, and now Swedes, hummmm!


Global playground, soon !

Supernova Born's picture

Swedes have as much resistance to invasion and foreign bankster control as Native Americans had to smallpox.

Twee Surgeon's picture

If you ever get to the Mexican border or go into Mexico, Bud Lite is a serious trade item, curiously.

Mexicans love it, Budweisser is Rice wine piss, Bud Lite is Rice wine piss watered down. True story. BEER it is not, what it is, I do not know. A Headache in a can ?

Twee Surgeon's picture

+ Infinity, let's not forget the pissed off Non Suburban Rifle owners, The guys and Gals that can not or do not want to do a hunt. Do not underestimate the Ghetto and Barrio people, I bet a third of them are on the ball, living in the real world, underestimated by whatever fictional consensus. The whole Race Division thing is B.S. in the USA. Hunters aside, a lot of hardworking Americans are of Diverse backgrounds and races, fully aware, Pissed Off, Aware ! The hunting set numbers are one thing, wait till you get a grip on the Pissed off and Pissed On Clubs set numbers, the Trailer Park Honkey Club, The Shitsville Apartment club, The We don't need no stinkin licence club, the boys and girls who grew up in the Mountains /Forests/Plains club, The Crack head club.

You might be able to expand your flying lead calculations Ten Fold, when the diverse Peasantry goes ape shiot, it will get interesting.

snr-moment's picture

Yeah, but those deer are viscious and eat all our shrubs/trees.  The Japs are happy with Sushi.

shining one's picture

I'll take your America is the greatist post and raise you  https://www.youtube.com/watch?v=VrUm0KY8dJA . I'ts a bit simplistic but I think you get the idea. So much for all your guns.

Theosebes Goodfellow's picture

What's the old saying? "Things are never as good or as bad as they seem."

So the Swedes want to go to a digital kroner. That sucks as the kroner is not worth what is was just a year ago with the crash of oil pricies globally. That's good because most swedes are tools of their socialist government and couldn't give a shit anyway. That's bad because when the Swedish government decides to "revalue" the new kroner all Swedes will have to suck on the big government teat since most of them won't own any real money. And that's good because it will drive them to own real money, i.e. gold, silver, cryptocurrencies, once they economy bites the dust, seeing as centrally planned economies have and will always fail, which sucks and is bad.

And to quote the late, great Rosanne Rosannadanna, "It's always something."

Twee Surgeon's picture

It will all be groovy ! until the electricity goes out, then you wait for the Food Trucks.

Kiss the drivers ball bag for a cheese burger.

BaBaBouy's picture

$$$ BOW, my Swidish Plebes, to Your New Bankster Masters... $$$

Transformer's picture

Here's the deal.  When it happens here, you will probably have to redeem your old bills by such and such a date, and you will only be allowed to redeem so much at a time.   Of course they will keep track of it...  Who turns in how much.  And over a certain amount, of course they will have to investigate for criminality.

This is exactly what happened in Russia, after '91.

Really... why don't you just become interested in collecting pre- '65 coinage?  It's a nice hobby.


25or6to4's picture


Since "Sweden's" owns politicians describe it as a " multicultural superpower" I'm assuming it doesn't exist already.

BaBaBouy's picture

Lots of Swedes will thus be moving to Vancouver and into the $6 Million "Fixer Uppers"...

Haus-Targaryen's picture

I think the descendants of the East Prussians are the most beautiful people on the planet.  

But that makes you uncomfortable as well, as its *GASP* white people, finding white people attractive. 

Pull your head out of your ass, and quit trying to live in a fantasy land where everyone thinks like you do.  

Socialism is a mental disorder and those who believe in it are disabled.   

Kayman's picture


Headline should read:


Elimination of cash is just another elitist maneuver to rob the poor to give to the rich predators and their government collection parasites.

People will exchange other currencies and carry on.


Lore's picture

No Eirik, he's absolutely right.  Swedes in general are thoroughly domesticated statist-collectivist fools, so coddled and controlled for so long that they've lost the survival instinct and facility for critical thought. I wonder if non-participation in the World Wars enabled a kind of acculturated complacency. It's amazing and hilarious to experience first hand. Trying to engage in conversation about current affairs is like watching a small dog try to pick up a football.  Anyone who thinks Canadian libtards are backward and brainwashed needs to meet some Swedes for a new experience in sheeplehood, and I say this as a Canadian with ties to Sweden.  Don't look to Sweden for smart, principled leadership. I certainly would not touch that country with my investment capital. Sweden is lost.

Bananamerican's picture

wake the fuck up erik

A scholar of the French Deconstructionist Jacques Derrida (John D. Caputo) wrote:

“The idea behind Deconstruction is to deconstruct the workings of strong nation-states with powerful immigration policies, to deconstruct the rhetoric of nationalism, the politics of place, the metaphysics of native land and native tongue... The idea is to disarm the bombs... of identity that nation-states build to defend themselves against... the stranger, against Jews and Arabs and immigrants... .”

Viewed at its most abstract level, some fundamental agenda has been at work to influence the European-derived peoples of Europe and of North America to view concern about their own demographic and cultural eclipse as irrational and even as an indication of "psychopathology.” Needless to say, this project,spearheaded by the noxious doctrines of Political Correctness, has been successful; anyone opposed to the displacement of Europeans is routinely treated as a mentally unhinged “hate-monger,” and whenever "Europeans" defend their group interests (rarely done), or protest their own recent experience at being colonized, they are often perversely described as being 'racist'.

Mass immigrationfrom the Third-World, affirmative action policies, anti-discrimination laws, and forced integration are clearly not in the interests of "Europeans" as a 'group', yet many "Europeans" embrace them, thus demonstrating how completely they have abandoned their own cultural identity in the throes of globalist programming...
There has never been a time when "Europeans 'in-the-main' favored mass immigration from distaff cultures; it was a cohesive, determined ideological cadre that beat down the resistance of the majority.

Today "Europeans" are, in the main, a declining, apologetic people, ashamed of their history and not sure even of their claim to lands they have occupied for centuries. It is very rare for fundamental concepts to be stood on their heads in the course of just a generation or two, as has happened with thinking about race and Euro culture. Such speed suggests there has been something more than natural change at work. Only now, has there been the slightest glimmer that perhaps the West has been betrayed by cultural quislings within, massively misled by Political 'leadership' at the helm of captured institutions above AND beset by the ranks of the culturally-alien 'tempest-tossed' from below. THAT'S why we see the rise of so-called "right-wing" political movements in the West.

Government needs you to pay taxes's picture

Dont forget to mention how creating a welfare state enables all those 3rd world savages to breed like rabbits.  Meanwhile, the whiteys that pay for all their free shit have fewer and fewer children.  It's genius, get whitey to pay for darkey, incentivize darkey to breed (promise of free shit for all their kids), penalize whitey for breeding (driving up the cost of education/housing) for those who actually pay their own way.

Ace006's picture

Yes, excellent. That is a description of pure evil.

bookofenoch's picture

EML: shame on you, you effete cuck.

The wages of your sins will come due in full.

Kirk2NCC1701's picture

Haven't you figured it out yet?  'Eirik' is just Barbara Spectre, self-identifying as a Swedish male. It explains everything..

"If the model fits, use it" -Kirk

Ace006's picture

Someone shut that bitch up in a hurry. Way too much truth came out of her mouth and way too early.

Twee Surgeon's picture

We have a saying here in the still partly rational world, Kettle calling the Pot black. The proof is in the pudding, get your ass to Haiti or Soweto and show the world how it really oughta be instead of residing in Euro-Tit comfort in Sweden. Zimbabwe is lovely in the spring, so I hear.