The Growing Move towards a Cashless Society - By Tom Olago - http://www.prophecynewswatch.com/2015/October22/224.html
Almost all of the "wealth" in the financial system is digital in nature, with a paltry 1% or less of the "money" in the financial system comprised of cash in the form of paper bills and coins.
Because of this, global centered banks fear that if a significant percentage of investors or depositors ever tried to convert their "wealth" into cash (particularly physical cash) the whole system would implode.
Consequently, a critical element of U.S. Federal Reserve strategies is to manage this risk by forcing investors away from cash and into risk assets.
One of many such strategies involves cutting interest rate returns to amounts such as 0.25%, thereby rendering the return on cash to almost nothing. Investors then tend to seek higher returns in the form of non-cash alternatives such as stocks and bonds.
The problem is that this approach has also not proven to become the intended catalyst towards another highly coveted goal: reviving the U.S economy.
Rather, many reports state that the US economy has either flat-lined or deteriorated for several years now, despite Federal intervention via three rounds of Quantitative Easing and other aggressive measures.
As a result, economic and financial experts worldwide are recommending doing away with cash entirely. And they are gaining a hearing.
A few examples include France, which is said to have just banned any transaction over €1,000 Euros from using physical cash.
Spain and Uruguay had already banned cash transactions over €2,500, and $5,000 respectively.
The 'Cashless Society' bandwagon is off to the races, and cash is increasingly becoming the "odd currency out"; the jilted lover of today's digitally driven global economy.
And this transition is increasingly taking place at the level of general society, as well.
London buses have stopped accepting coins and paper currency in favor of special cards.
In Louisiana, House Bill 195 recently passed into law, banning the option to use cash to buy used items.
For consumers, the main attraction for leaving cash behind is convenience in paying for everything with just a card swipe or PIN, biometric scan, or cell phone code.
For banks and governments, benefits extend to roping in taxes, penalties and the like, very quickly and conveniently via electronic and wireless payment systems. And when the systems go cashless, if any bank were to become insolvent, consumers couldn't execute a "run on the banks" and take their money out like in the good old cash days. Just ask the Greeks-circa 2015
However, the ability to minimize 'white collar' crime ranks way up there as well, since illegal activity accounts for a high proportion of the currency in circulation. Cash used for terrorist finance, drug dealing, people trafficking and money laundering could be much more easily tracked and greatly restricted if cash went away today.
As one analyst put it: "...every large transaction comes with a SAR (Suspicious Activity Report) that is monitored by the government. If you take your money from your bank, you are now "suspicious" and are on two lists: the bank's and the government's.
You are being trained, like a dog, to keep your money in a bank, indefinitely. To take cash off the table, and go cashless, means you can't make a purchase without a bank knowing about it. No purchase will be private and your transactions will no doubt be kept on file forever.
It has also been separately suggested that "If every year, another currency goes belly up, at some point, some bank, regulator, or national dictator will say we need a global currency, like the IMF's SDR (Special Drawing Rights) to protect the future of nations. Then you'll need a global bank to manage this, all digitally. Could this usher in a one world currency? The point is there are a lot of ways this cashless society thing can go south, fast."
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