“Financial Lockdown… ATMs Went Dry”: 3 Police States Banning Cash to Control the People
The rush to create a cashless society is on. Why? Because it will be the ultimate measure of control. All of your money will then be in banks, and courts have ruled that “your money” in banks is not really yours, but is under the control of the banks, who, basically, can do with it whatever they wish. If, for instance, the banks introduce negative interest rates, you cannot withdraw it as cash. Think on that a moment. In essence, they could legally steal your money by the simple measure of creating negative interest rates.
India is on the path of creating a cashless society. India has almost one-fifth of the global population. Just the elimination of bills worth $7.50 and $14.70 has thrown the country into financial chaos. It is not about fighting corruption or terrorist financing; those will continue unabated. It is about control, period. – Shorty Dawkins
by Mac Slavo
Is it any coincidence that the financial crises, and the subsequent restrictions, follow the general chaos and upheaval that surround hotspots and conflict zones?
The European Union has once again been confronted with a major terror attack, and is coming down harsh on cash, gold and other valuables as a response. Due to its supposed connection to financing terrorism, cash and gold are being closely monitored and seized as it flows into the EU.
Meanwhile, economic crisis driving extremely tight cash control measures in Venezuela, India and other parts of the developing world. In the name of combating illicit financial activities, these countries have banned nearly all of the currency, while placing a very short leash around their already impoverished populations.
The United States, too, is under a great deal of economic pressure. Enormous mounts of debt, rising interest rates and a number of massive bursting bubbles, could explode into a major crisis. While there are already fairly tight restrictions on transferring, withdrawing or crossing borders with large amounts of cash, even great restrictions may be coming.
Earlier in 2016, former Treasury Secretary Larry Summers, an architect of the last banking crisis, penned an op-ed called ” It’s time to kill the $100 bill “
Harvard’s Mossavar Rahmani Center for Business and Government, which I am privileged to direct, has just issued an important paper by senior fellow Peter Sands and a group of student collaborators. The paper makes a compelling case for stopping the issuance of high denomination notes like the 500 euro note and $100 bill or even withdrawing them from circulation.
These are difficult times in Europe with the refugee crisis, economic weakness, security issues and the rise of populist movements… Even better than unilateral measures in Europe would be a global agreement to stop issuing notes worth more than say $50 or $100.
It isn’t just summers. Janet Yellen, the IMF, and several leading papers have all advocated these measures. Now, these things are starting to happen around the world.
Investing.com sees a global cash ban accelerating in 2017, and possibly impacting transactions at home in the United States:
The big theme for 2017 will be Cash. Not a pro-deflationary “time to own cash” theme, but a “let’s ban it as quickly as possible” theme […] Which is why 2017 will shape up to be the year of the Global Cash Bans.
Cash is being restricted as a means of maintaining control over the citizenry. Long lines, withdraw limits, capital controls, will all define the use of cash during the crises to come.