The War on Cash Escalates

by Erich

What Is Happening

In recent years, especially in developing countries, national governments have been escalating their war on cash. Although the claim is for the safety and convenience of its citizens, it’s nothing less than “a despotic attack by the ruling elites on the personal privacy and liberties of their citizens.”

This drive towards a “cashless society” is being headed by the likes of the left leaning Ford Foundation who in 2012 with the cooperation of national governments and their central banks have created what they call “The Better Than Cash Alliance”.

What is it?

Here’s some commentary about it written by Joseph Salerno from the Mises economic blog:

Even more ludicrous and misleading than its name is the statement of purpose that appears on its website according to which it “ provides expertise in the transition to digital payments to achieve the goals of empowering people and growing emerging economies.”

That’s pretty comical.

Mr. Salerno continues:

In addition to the powerful Ford Foundation, the Alliance involves the following “partners”: the U.S. Agency for International Development (USAID); the Bill and Melinda Gates Foundation; and (surprise, surprise!) the failed and bailed -out Citi as well as credit card companies Mastercard and Visa. The United Nations is also involved, with the UN Capital Development Fund serving as the alliance’s secretariat. Among other UN agencies participating are the World Food Program and the United Nations Development Program. Other alliance members include several government agencies in developing countries and a number of private aid agencies such as Catholic Relief Services.

Here are some of the methods that alliances such as these and others are using to limit the use of cash in our society:

Method One: Limit Large Currency Denominations

One of the hidden ways that this is being done (especially in the US) is by limiting large denominations of currency to its citizens.

Unbeknownst to many, there was a time when US currency was issued in denominations running up to $10,000 (there were also $500, $1,000 and $5,000 notes). There was even a $100,000 note issued for transactions among Federal Reserve banks.

Nowadays, all of that currency has been taken out of circulation and the largest bill that we have is the $100 bill.

What makes it worse is our dollar has depreciated since 1969 by over 80% due to the inflationary monetary policies of the Fed. What this means is that our current $100 note is only worth $16.83 in 1969 dollars. That is less purchasing power than a $20 bill in 1969!

The Feds refusal to issue larger denomination notes makes it increasingly difficult for us to use cash in large transactions…which is exactly what they are hoping for:

Despite this enormous depreciation, the Federal Reserve has steadfastly refused to issue notes of larger denomination. This has made large cash transactions extremely inconvenient and has forced the American public to make much greater use than is optimal of electronic-payment methods. Of course, this is precisely the intent of the US government. The purpose of its ongoing breach of long-established laws regarding financial privacy is to make it easier to monitor the economic affairs and abrogate the financial privacy of its citizens, ostensibly to secure their safety from Colombian drug lords, Al Qaeda operatives, and tax cheats and other nefarious white-collar criminals.

Method Two: Limit the Amount of Cash Withdrawals

There have been two very recent accounts of large banks such as HSBC and Chase Bank limiting the amount of withdrawals that a customer can take out at one time.

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