Swedish Authorities Fear "Negative Spiral" As Society Goes Cashless 'Too Fast'

In 1660, Sweden’s Riksbank was the first central bank in the world to issue paper currency.

In 2016, Sweden began to accelerate its transition from cash to digital currency.

At the time, Deputy Riksbank Governor Cecilia Skingsley warned:

“We need to do the homework because it’s not an option for the public sector to stay on the sidelines and see the private sector cut off access to central bank money for individuals."

A year later, in 2017, cash in circulation was plummeting and establishment economists celebrated the battle in the war on cash.

Additionally, Riksbank was actively looking toward cryptocurrencies as potential government-backed money.

But now, in 2018, Swedish officials are worried that too much (or too little in this case) is a bad thing warning:

"If this development with cash disappearing happens too fast, it can be difficult to maintain the infrastructure” for handling cash.

As Bloomberg reports, Sweden is widely regarded as the most cashless society on the planet. Most of the country’s bank branches have stopped handling cash; many shops, museums and restaurants now only accept plastic or mobile payments.

But there’s a downside, since many people, in particular the elderly, don’t have access to the digital society.

“No cash accepted” signs are becoming an increasingly common sight in shops and eateries across Sweden as payments go digital and mobile.

Last year, the amount of cash in circulation in Sweden dropped to the lowest level since 1990 and is more than 40 percent below its 2007 peak. The declines in 2016 and 2017 were the biggest on record.

But the pace at which cash is vanishing has authorities worried.

“One may get into a negative spiral which can threaten the cash infrastructure,” Mats Dillen, the head of the parliamentary review, said.

“It’s those types of issues we are looking more closely at.”

Riksbank Governor Stefan Ingves has said Sweden should consider forcing banks to provide cash to customers. In its annual report on Monday, the Riksbank said the question is what role it should play in a future with even fewer cash payments.

“The Riksbank is carefully analyzing this development,” Ingves said.

“Overall, I think we are facing structural changes in areas that have previously been stable. This is a development which will affect all the Riksbank’s departments and we will need to make strategic decisions regarding the way forward.”

If you have any misguided notion that a cashless society is not coming, just keep telling yourself that every time you use a debit card, credit card or your phone for your next purchase. With the elimination of cash we effectively hand over our individual human sovereignty to the banks and the government.

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Finally we leave you with Harvard's latest study on which nations would 'benefit' the most from going cashless...

Comments

silent one EddieLomax Wed, 02/21/2018 - 07:36 Permalink

“One may get into a negative spiral which can threaten the cash infrastructure,”

 

This is exactly what they want so that they can claim 'cash' is no longer viable and discontinue the use of cash as legal tender.

 

As for places that no longer accepted cash I would order anything I could and then say I had not seen the sign and cash was all I had. Same with shopping, fill shopping trolley and then they would prevent me paying for it with cash. They would then have to put it all back (job creation scheme) :-)

 

As it is I do not and will not use the 'Self Servitude Tills'. (self service tills in retail stores)

In reply to by EddieLomax

The Iconoclast EddieLomax Thu, 02/22/2018 - 07:23 Permalink

This is important.  A major cyberattack or even an unanticipated hardware or software failure, and the financial computer systems and networks are gigantic, complex and byzantine, could leave a cashless society unable to conduct or carry out any financial transactions.

Imagine simply being a couple hundred miles from home and unable to buy food or gas, as the tiniest microcosm of what would happen.

In reply to by EddieLomax

flapdoodle Easyp Wed, 02/21/2018 - 07:51 Permalink

Sweden is the tip of the spear for the NWO. In particular, the Muslims are there to achieve Coudhove-Kalergi's mestizo slave race ruled over by (((them))).

Sweden is under the boot of the (((Bonnier - was Schye/Hirschel))) family who have been trying out the Frankfurt School program of converting the Swedes into mongrel easily controlled slaves by ditching all the vestiges of Swedens history and culture. What is going on is the Northern European equivalent of (((ISIS))) destroying all the ancient historical sites they can in Syria or Iraq (and ultimately for the same reason).

I believe Sweden was singled out as the ideal NWO incubator because it was once perhaps the only place where Socialism worked, thanks to the homogeneous
population who in some ways behaved like one family. The Talmudists correctly see that having any trace or memory of an alternative society that works will make people resist their efforts if the sheep can compare something that worked fairly well with something that is more like serfdom ruled by the (((chosenites))).

The cashless society is a giant step towards full spectrum government control of the debt slaves.

In reply to by Easyp

Ace006 Wed, 02/21/2018 - 04:48 Permalink

Ah, yes. The people demand a cashless society so their every move and decision can be tracked.

Swedes do live to grovel before their enlightened, estrogen-saturated controllers.

MusicIsYou Wed, 02/21/2018 - 04:53 Permalink

Sweden invented paper currency which is of course stupid because paper has little value, so it doesn't surprise me Sweden is the first idiot to go all digital. We should just get rid of money altogether if people aren't going to hold anything of value then don't hold anything. It puts the unlimited ignorance of the population on full display.

MusicIsYou Wed, 02/21/2018 - 05:01 Permalink

Some people might work for you elites for nothing in return like dogs but I won't. That's the whole idea of paper and now digital currency, they aren't actually paying you anything in exchange for products or labor.

Nelbev Wed, 02/21/2018 - 05:07 Permalink

Give me some Swedish Crown demand deposit data, not changed much I assume.  Most of money supply in most countries is not cash.  Credit card companies just get a slice of all transactions in cashless society, all the same.  Give me some credit card company lobbying data for Sweden.

EddieLomax Mustafa Kemal Wed, 02/21/2018 - 07:02 Permalink

But for 30 or so years those dollars were backed by gold.

I would ask how much the dollar you were first paid is worth compared to the dollar of today.

If things can go bad, that fast with 1/2 the time being backed by gold and the rest still in a world where money can easily be transferred into solid assets, then imagine a world where all your money can be rendered worthless in a millisecond at a keystroke.

In reply to by Mustafa Kemal

MusicIsYou Wed, 02/21/2018 - 05:18 Permalink

The funny thing is that beastly people actually think themselves see value in paper and digital money. Ha, what a bunch of beasts. You're even lower than dogs because even a dog knows what has real value.

GreatUncle Wed, 02/21/2018 - 05:30 Permalink

By handing sovereignty to the banks ... lol ... the point of electronic transactions and banking is to keep "their money" they own it all and just lend you it for a time. All that leverage they create on your money in the bank and it never leaves.

The cloak of economic slavery gets revealed far more than any loss of sovereignty.

MusicIsYou Wed, 02/21/2018 - 05:33 Permalink

One good thing that will come from going totally digital is more than ever people just won't repay their debts. They'll just either file bankruptcy or just stop paying because currency is going to mean less to them than it already does. Haha the lines at the offices of bankruptcy attorneys are about to get a lot longer. In fact most people max out their credit cards with no intention from the beginning to pay off their balance. Its just an electronic digit then.

nmewn Wed, 02/21/2018 - 05:34 Permalink

I got three things out of this article. 

Socialists love to tinker around with societies, they always fret if they're doing it right because of their track record and...they are running out of cash ;-)

Shaten Wed, 02/21/2018 - 06:51 Permalink

came to post something realized i was wrong:

 

This statute means that all United States money as identified above is a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law which says otherwise.

 

Pearson365 Wed, 02/21/2018 - 07:00 Permalink

I'm working in the Virgin islands.  Everyone uses cash now, even with the power back on and plastic cards working.  It was a hard lesson to learn.

EddieLomax Pearson365 Wed, 02/21/2018 - 07:06 Permalink

I try to learn from other peoples lessons, life is easier that way.

Relying on everything digital is one way to go wrong for sure, I'll try and keep to cash and real assets here even if it is a little less convenient to store value in precious metals.

Its the same with shopping, its so easy to buy everything via Amazon, but it takes all of a few minutes longer to seek out non-Amazon online retailers.  Even better is always looking for the local bricks and mortar stores.

The same morons decrying the "racists" and others in the Trump movements etc happily push forward Amazon and other's monopolies without a thought, they're not making a nice world to live in.

In reply to by Pearson365

A_Huxley Wed, 02/21/2018 - 07:34 Permalink

Who is asking for cash?  Who wants to keep the cash?

Who having a problem with no cash?

Is some part of the Swedish population not wanting to use plastic?

Why are they so attracted to wanting transaction that cant be tracked?