34 minutes ago
I wonder how many Americans remember the Bank of Japan going to a NIRP (negative interest rate) regime from ZIRP (zero interest rate) several weeks ago (that was before Superbowl 50)?- Has anybody noticed that just weeks later the ECB has decided to get rid of the 500 Euro note?NIRP and the war on cash (the push to go to cashless societies) are very much related. It is Keynesian doubling-down on stupid.- Coming to you soon are cash bans, a 'tax' on physical cash, and negative interest rates. It is being brought to you by the very people that would rather drive the sheeple away from cash into risk assets against their wishes in the hope of generating 'growth' than admit everything that has been done so far was wrong (QE, Twist, ZIRP). The same people who have put 20% of global GDP into negative bond yields so far.NIRP. Via an incontestable diktat, the ECB (to be followed by the FED), has just directly imposed a "tax" and will implement the collection of that "tax" on money directly held by citizens...without their consent or approval, by means of an unelected "non-governmental" independent agency.[read: unless you bury it in the yard, or spend it, you will be "taxed" on it through the banking system.]This is where the war on cash, the CASHLESS SOCIETY comes into play. People will be forced to keep their money in the banks electronically instead of as cash. The banks (and governments) can better control it and do whatever THEY want with YOUR money.- The ECB, by eliminating the 500 Euro note immediately gets rid of 30% of all physical Euros in circulation. - How long before the FED does the same thing to $100 notes? That would get rid of !1.8 trillion of the $1.38 trillion of physical Dollars in circulation.Getting rid of cash while 'pretending' to fight financial crime, terrorism, corruption, and drugs with the added angle of 'it's for your greater convenience' is like many American policies which were sold as being 'for the children'....well Hell, who could be against THAT?- It dodges the point that the real goal is eliminating the possibility of a "run on the banks" while also removing individual freedom to spend cash as desired, and separating the people's money from them...not just by future "bail ins" but by even deeper NIRP rates and the push of a button.- The underlying belief that people are too stupid to handle their own money and financial decisions is there as well...the Central Banks and their Governments are only too happy to decide FOR you what can and should be done with your money. You can put your full faith and confidence in the thieves and lying bastards that created this mess in the first place, and who have already led Europe and the US into insolvency.In short this is part of a global "all your money are now belong to us" drive that has been underway for some time, with the only advice being given is "try not to think of it as YOUR money."
From Theo Spark at 09:52