Cash No Longer King: Europe Accelerates Move To Begin Elimination Of Paper Money

Tyler Durden's picture

Submitted by Shaun Bradley via TheAntiMedia.org,

In the shadow of Donald Trump’s spree of controversial actions, the European commission has quietly launched the next offensive in the war on cash. These unelected bureaucrats have boldly asserted their intention to crack down on paper transactions across the E.U. and solidify a trend that has been gaining momentum for years.

The financial uncertainty amplified by Brexit has incentivized governments throughout Europe to seize further control over their banking systems. France and Spain have already criminalized cash transactions above a certain limit, but now the commission has unilaterally established new regulations that will affect the entire union. The fear of physical money flowing out of the trade bloc has manifested a draconian response from the State.

The European Action Plan doesn’t mention a specific dollar amount for restrictions, but as expected, their reasoning for the move is to thwart money laundering and the financing of terrorism. Border checks between countries have already been bolstered to help implement these new standards on hard assets. Although these end goals are plausible, there are other clear motivations for governments to target paper money that aren’t as noble.

Negative interest rates and high inflation are a deadly combination that could further destabilize the already fragile union in the future. With less physical currency circulating, these trends ensure that the impact of any additional central bank policies will be maximized. If economic conditions deteriorate, the threat of citizens pulling cash out of their accounts and starting a bank run is eliminated in a cashless system. So long as the people’s wealth is under centralized control, funds can be shifted at will to conceal any underlying problems. But the longer this shell game is allowed to persist, the more painful it will be when reality overrides the manipulation.

Since former Chief Economist at the International Monetary Fund (IMF), Kenneth Rogoff, published a paper last year advocating for the U.S. $100 bill to be removed, governments around the world have pushed forward their agendas towards a cashless society. He wrote:

“There is little debate among law-enforcement agencies that paper currency, especially large notes such as the U.S. $100 bill, facilitates crime: racketeering, extortion, money laundering, drug and human trafficking, the corruption of public officials, not to mention terrorism. There are substitutes for cash—cryptocurrencies, uncut diamonds, gold coins, prepaid cards—but for many kinds of criminal transactions, cash is still king. It delivers absolute anonymity, portability, liquidity and near-universal acceptance.”

This announcement comes just months after the 500 euro note was discontinued, and it follows India’s lead in subverting the financial independence of their citizens. The incremental steps currently being taken may look trivial in isolation, but the ultimate end is to lay the foundation for an entire network for economic repression.

The German people have placed themselves in strong opposition to the action and previously pushed back hard against domestic legislation that would have limited cash. Nearly 80% of all transactions in Germany are made with paper currency, putting Europe’s economic engine in direct conflict with the vision coming out of Brussels.

The spillover effect has affected new forms of investment, like Bitcoin, which witnessed an astronomical rise over the last months and has been brought back into the discussion as a viable alternative to fiat currencies. Of course, the E.U. Commission is also attempting to impose similar limitations on crypto-currencies to make sure no transactions fall outside of their domain. The ECB and BOJ are working towards a trojan horse blockchain network that will serve only to entrap those naive enough to trust it.

Former Treasury Secretary Larry Summers wrote last year that the E.U. would likely be the trailblazer of the West towards this new digital model:

“But a moratorium on printing new high denomination notes would make the world a better place. In terms of unilateral steps, the most important actor by far is the European Union. The €500 is almost six times as valuable as the $100. Some actors in Europe, notably the European Commission, have shown sympathy for the idea and European Central Bank chief Mario Draghi has shown interest as well.”

Since the public’s attention has been drawn to emotional manipulations and political stunts, the threat the war on cash represents has gone unrecognized. Instead of feeding energy into systems meant to divide and conquer, individuals must educate themselves to secure their own financial futures. By submitting to the hive mind and following the media down whichever rabbit hole they choose, the most important issues of today will go unnoticed. The value of advocating for decentralized and physical alternatives to the banking system may not be easily grasped by the activists of today, but few other things have the potential to erode freedom on such a massive scale.

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Ghost of PartysOver's picture

The EU ship is taking on more water.  I wonder what the final ice berg will be.

Whoa Dammit's picture

The immigarnts that are employed by retail stores can't make change. I was in Kroger last Sunday and the squatty brown woman of unkown origin that was running the register gave the guy in front of me way too much change back. Being an honest soul he told her. She got pissy about it, argued with him, and ultimately sent him off to customer service.

GRDguy's picture

I'm sure he never made it to customer service.

As soon as he moved on, he thought "up yours, bitch" and walked out the store.

knukles's picture

Same Commies as Always.  Just now benevolent omnipotent unelected collectivist statist oppressors of man's God Given Natural Rights chosing to drink the blood of innocents from Brussels

pods's picture

Funny how they say the $100 is a large bill. Sure it is the largest commonly available, but it ain't a whole lot.

One quick trip to the grocery store is about all that "large bill" is good for.

Fuck them all. When cash is banned, lead poisoning will become much more prevalent.

pods

ejmoosa's picture

It's the equilvalent of a $10 from the sixties.

 

How far we have fallen.

vealparm's picture

You're right ej, I just looked at the inflation calculator and todays  $100.00 bill is equivilent of about $20.00 in 1975. A  $10.00 bill of 1960 would be worth about $82.00 today(in buying power).

It's funny today how people/merchants react to $100.00 bills as if they are really worth something. I guess they are worried about counterfits. The tyrants want to ban $100.00 bills, LOL. They are near worthless.

$Ones and $Fives of today are the pocket change of our youth.

Leopold B. Scotch's picture

I sure hope they use good lube for when the time comes to bend 'em over.  

xythras's picture

Europe is going down the drains. Soon will be conquered by Israel.

Ohh wait, was already done. Ma bad.

 

And now with Chuck Norris at his side, Bibi, will kick socialist european ass

Netanyahu: Chuck Norris makes “Israel Indestructible Now”

http://dailywesterner.com/news/2017-02-10/netanyahu-on-meeting-with-chuc...

 


 

archon's picture

The thugs are running wild.  Outlawing cash will only create a black market for cash substitutes.

Dwain Dibley's picture

What does a 'ban on cash' really mean to the banks? It means 'DEBT JUBILEE' for the banks.

A deposit account represents a bank debt obligation to the account holder and what the bank owes is cash money. Ban/outlaw cash and the banks are relieved of their debt obligations to the account holders. Within the U.S., a ban on cash would represent a gift of about $11-Trillion to the banks. To figure out how much of a gift european banks will receive with the banning of cash, simply total their deposit account debt obligations and that amount will be your gift to them. They get a debt jubilee, and you get screwed. Now isn't that special.....

philipat's picture

IMHO this is irrelevant. They are doing a much better job of entirely eliminating the EUro?

fulliautomatix's picture

No, no jubilee for you. Sorry.

 

Digital currency and no phys cash means you have lost the right to vote anonymously in the market, to identify a transfer of your stored time (someone's labour, something of value to you) for a quality product. Central Planning's wet dream - they can dictate the market. Sure, the black grows, but that doesn't satisfy everyone, by definition, and you have the inefficiencies associated with running two competing markets in the one jurisdiction. Apart from anything else, the guys at the top are running two jobs to survive. If your jails are already full, where are you going to put the perpetrators of illegal transactions? The Jews in Europe were mostly put in the ground...

Why no jubilee? If every contract is a .gov contract, then .gov necessarily knows about it and will tax it. These taxes will pay for the debts. Neo-feudalism, yo.

fulliautomatix's picture

Dwain, then I comprehended your comment. You got it right.

therover's picture

By looking at the charts, between 1968 and 1971 gold averaged about $40 an ounce (rough math). So $20 back then could get you a 1/2 ounce. That's worth about $600 today. $10 could get you a 1/4 ounce...worth about $300. 

Rough estimating again, in 1975 the average price was 160 an ounce. $20 could get you an 1/8 ounce...worth about $150. 

No clue what that $20 invested in IBM back in 1975 would be today. Probably 3-4 grand with the splits and dividends reinvested.

The dear dollar that sat all alone in a closet since 1975 is diminished to practically zero.

----_-'s picture
----_- (not verified) therover Feb 10, 2017 2:03 PM

DROWN (((SCHULZ)))

RichardParker's picture

Just think what a $10 roll of junk silver half dollars from 1960 goes for today ; about $150...

archon's picture

A silver half dollar in 1960 bought about a loaf of bread and a gallon of milk.  The same silver half dollar today sells for about $6 - which is about the price of a loaf of bread and a gallon of milk.

MarsInScorpio's picture

No matter what day-to-day controversy catches your attention, this controversy is the one playing for all the marbles . . .

This article is probably one of the most important topics you will deal with during the Trump Administration. It goes far beyond the pettiness of the current babble by the Ultra Liberal 5% Fringe, instead it deals with the ultimate battle between (choose whichever suits your personal belief system) the Globalists and the Free, or on a theological level, the next fulfillment of End Times theology.

Either way, it will be President Trump who will have to deal with this tectonic shattering of the Earth's political and cultural systems.

There are two ways of looking at this article: 1) Secular - The Globalists are enforcing a cash policy so they can control, and track, every penny you have to your name. They will tell you where you can spend it (no campaign donations to Trump!), and where you can keep it (not under your mattress - it has to go into the banks we approve - because we own them!), or

2) End-Times Theology - Been looking for the Mark of the Beast - you know, the one that you have to have on either your hand or your forehead if you want to buy, sell, or participate in any form of commerce? Well, look no more! Presenting the End of Cash - the Biggest End-Times Prophecy to come true in the history of the World.

Take your pick; the irrefutable conclusion from this move by the (One World Government) Globalists has only one goal: Total, absolute control of your life.

Or, after the reformation of Israel, the reintroduction of the shekel as its currency, and a host of other Revelation prophecies come true, this is the most powerful prophecy to come true yet: How many of you ever thought of exactly what the Mark would be that you are required to have? A tattoo is probably the most common I've heard.

I don't know of anyone who ever proposed it would be the money card you carry, or an implanted chip. Even less imaginable was the idea that this chip would be sold to the public and made required by law as the only way to eliminate crimes, or to parents loving their newborn, "to ensure proper identification if your child is stolen!"

It's the ultimate ID - so ultimate, you'll see everyone having to have the card or the chip or buy or sell, because without it - you can't spend, and you can't receive payment. Period.

John the Revelator foretold this reality for us today when he wrote near the end of the AD First Century from exile on Patmos, "those who are lowly in station and those who are great, and those who are wealthy and those who are poverty-stricken, and those who are freemen and those who are slaves, to be given a mark of identification upon their hand, the right one, or upon their forehead, to the end that no one should be able to buy or sell except he who has the mark of identification . . ."

(Wuest's "The New Testament: An Expanded Translation")

So there you have it: The Globalists want to end cash so they can control all the money on Earth - do you really have any hesitation to believe that is exactly what these mad men and women of the Lunatic Left are seeking?

Or, perhaps and, this is the biggest End Times Prophecy yet to be fulfilled on Earth.

Focus on this topic: it is the fate of humanity that hangs in the outcome.

East Indian's picture

The Globalists want to end cash so they can control all the money on Earth

 

If the banks succeed in eliminating physical money, they will "create" infinite quantities of digital "money"; they all can create these zeroes and ones out of nothing, and buy real things with that money. They will compete witth each other in creating money, in no time we will be flooded with this new money, and it will be worthless. 

TahoeBilly2012's picture

Banning of private transactions= grounds for elimination of instigators. 

Swing um high!

Ghost of Porky's picture

NWO Digital Currency! Now with BlockChainz!! It's what Elites crave!

BennyBoy's picture

 

Appearing on a digital money screen near you soon:

"I'm sorry, but this is not an approved purchase."

TBT or not TBT's picture

If you have the Mark of the Beast you'll be all set though.   

lucitanian's picture

They are enforcing already. Open Europe my ass. My neighbor was driving from Switzerland to Portugal last week and was stopped along with many other cars, just before the Spanish boarder by the Customs Police (French: Direction générale des douanes et droits indirects, DGDDI) with only one question, "was he carrying 10,000 Euros or more?", (they are the only the most powerful law authority in France that can search a car or anywhere without court order).

Presumably, if he had been traveling with cash, he would have been detained, the funds impounded, and possibly confiscated unless he could provide documentary proof of the legitimacy of his own money. In fact is he is a pensioner with ordinary means, but after inspecting his documentation and his wallet they let him continue on his way.

But, we are already there and Big Brother is watching closely. Perfectly ridiculous.

chubbar's picture

Sounds like similar storys from around the US, asset forfeiture laws.

Zarbo's picture

$10K is the magic number in lots of places.  The customs form coming into the U.S. by air/sea/&ct. asks if you are carrying monetary "instruments" in excess of $10K.  This is also the point where our banks must report the transaction to ... someone somewhere.

All this blather about large bills supporting crime is crap.  If you watch the Justice Channel shows where they confiscate money going back to Mexico to the cartels, you will see lots and lots of very small bills from $1 to $5, to $10, or $20, but the larger bills are not represented.  My guess is that the money is directly from the transactions, and is never laundered into bigger bills before "export". 

This, along with "These are not my pants", yield some WTF moments.  The whole shebang is about control and tracking.

weilunion's picture

The $100 bill might be large, but it is worth little.

Ink Pusher's picture

Real valuation of the  USD $100.00 = $0.40

 

Creative_Destruct's picture

Negative rates and other IYI financial ,Central Bank and neo-Keynsain ideas are like doubling down on bullets to the economie's head.

Rogoff needs to stick exclusively to chess.

land_of_the_few's picture

This bold move to eliminate the Euro should be applauded for its simplicity and directness. Bravo, Mr Draghi! The nations of Europe will never forget your generosity of spirit, many statues will be commissioned across Europe to honor you, their liberator of last resort!

DuckDog's picture

Roughly $18 in 1971 dollars equals today's $100 bills, if they wanted to stop criminals they should have gotten rid of anything over a $20 bill 40 years ago.... it's all freaking lies and the sheeple are fine with it, fools...

DuckDog's picture

Roughly $18 in 1971 dollars equals today's $100 bills, if they wanted to stop criminals they should have gotten rid of anything over a $20 bill 40 years ago.... it's all freaking lies and the sheeple are fine with it, fools...

Grimaldus's picture

That value between 1965 $100 and 2017 $100 was stolen by the FED.

Biggest crime ever in history.

 

 

 

 

 

Grimaldus

Mustafa Kemal's picture

I see no connection with race here.  10 years ago, sometimes the (white) cashier at the  cafeteria at the Lab that I worked would weigh my salad and say "that'll be 12.45$ sir" and I would look at her, and despite wanting to say WTF are you talking about, that does not sound reasonable.  Can we do that again, because for the last 15 years my salad have run about 5$. They weigh it again, a new number comes up, its more reasoanable, but still I havent a clue as to whether it correct or not. Now at the stores no one makes change. They just try to give you what the machine says they should give you.

Maff is hard.

Creative_Destruct's picture

Maff illiteracy knows no ethnic boundaries.

East Indian's picture

And these are you future citizens! Good luck to you.

 

 

Am brown too. Dark brown. But I wont stop someone who is trying to help me. 

Bryan's picture

Perhaps a 'mark' on the right hand or forehead would be awesome?  Then don't let anyone buy or sell without the mark -- no more cash, no more credit cards... life would be just fantastic.  Except for one little problem...

davinci7_gis's picture

Christians will have to be in the minority before this can happen...oh wait, they might be now.

knukles's picture

This , I Guarantee, is coming to another tossing the money-changers from the temples.

business as stusual's picture

The consequences of India's demonetisation have yet to manifest, but when they do, the whole demonetisation scam will be dead and buried.

https://scroll.in/article/828831/the-new-demonetisation-gambit-has-backf...

 

44magnum's picture

The TOP floor of their temples, please.

Bryan's picture

I don't think Christians would oppose such a thing en masse.  It will likely be slipped under their radar, or marketed as something that doesn't seem like it's the same as the "mark of the beast".

Jeffersonian Liberal's picture

As someone who has been studying the subversion of the pulpit and the perversion of Christ's teaching by socialist theological seminaries, I can tell you exactly how the pulpit will brainwash the congregants on this issue:

1. They'll misrepresent the "render under Caesar what is Caesar's" line to say that, as Christians, we should not care what currency or monetary system the government uses.

2. They'll use the instruction from Paul in Romans that governments are appointed by God and that as Christians it is our duty to obey those laws. What Paul actually said was that those leaders that are guided by the Bible and by God are appointed by God. I'll trust Bonhoeffer's ideas on this issue rather than the current pulpit's.

3. They'll say that we are instructed to be "in the world, but not of the world" and that being worried about the monetary system is a sign of being "of the world."

4. They'll say that it is a sign of 'greed' to be so concerned about money.

Mind you, these are all misinterpretations and outright perversions of the gospel.

Trust me. It's coming. Most of the churches have been completely taken over by the Social Gospel of Walter Rauschenbusch (the Marx of the 20th century Christian theology and the chief mouthpiece of the Social Gospel, may he rot in hell).

weilunion's picture

Let us hopeChristianity becomes a minority thinking process

shovelhead's picture

I'd be happy if they just quit blathering on and on about how special they are.

The original SJW's.

Jeffersonian Liberal's picture

I'm a Christian and I know a lot of Christians.

I don't know a single Christian that "blathers on" about how special they/we are.

In fact, what I hear are Christians beating themselves up constantly about how bad they are, mainly because they believe the anti-Christian propaganda (all part of Cultural Marxism, research that a bit if you want to know where to direct your animosity) about Christians being hypocrites and thinking they are special and better than others.

Now, that said, I'll also be up front that I'm not only not a perfect Christian that I'm not even a good Christian. I'm a sinner saved by grace. I don't turn the other cheek and I'm really sick of leftists and non-Christians beating the crap out of such an easy target.

kochevnik's picture

Most christians I meet in America are concealing some pathology.  Abroad many christians can still be nice people.  The difference seems to be in regarding the voodoo seriously and literally, rather than as a collection of fables and proverbs