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 is 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 greater 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.
(emphasis added)
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.
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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.
(emphasis added)
Cash is being restricted as a means of maintaining control over the citizenry. Long lines, withdrawal limits, capital controls, will all define the use of cash during the crises to come.
Look at what has happened:
Worthless Bolivars, now tightly controlled in Venezuela.
• Venezuela – At least they have a good excuse, as they are in the midst of an exploding hyperinflationary currency crisis. President Maduro has forced everyone to dump their notes in the bank, and wait in even longer lines, and go through even more bureaucracy in order to secure food and other necessities in this failing economy.
Many have been forced to open bank accounts for the first time, or operate in the black market sector. It has been extremely inconvenient for an already burdened people:
It is not the sort of quantitative easing approach you will read about in any economic textbooks, but Venezuelan President Nicolás Maduro has apparently found an innovative way to halt his country’s slide into hyperinflation.
Over the weekend, Maduro abruptly outlawed the 100-bolivar bank note, the largest denomination of the country’s currency, giving Venezuelans until Thursday to deposit or exchange the bills before they are rendered worthless. Calling the bills instruments of an “economic coup” to destabilize his government, he said the move would strike a blow at “international mafias” that have been hoarding the cash. (source)
Long lines in India to deposit outlawed 500 and 1000 rupee notes before the deadline.
• India – With one and quarter billion people, the government is forcing its poor people and backwards economy to conform to banking standards. Individuals have been forced to line up and deposit 500 and 1000 rupee notes, worth something like $7.50 and $14.70 dollars, respectively, as they are no longer legal for market transactions. Most of these people don’t have bank accounts – a crisis is now underway.
Via Investing.com:
The 7th largest country in the world by GDP (India) banned physical cash in denominations that comprise over 80% of all outstanding bills.
The move was a political disaster… temporarily, but no one was forced out of office and the legislation remains in place.
(emphasis added)
This forceful policy has forced hundreds of millions to find their way into the banking sector, as a full half of the country’s workforce, in the informal market, have been put into a bind. The entire situation has been a nightmare.
Since the ban was announced, not only have people stood in long lines to get money, banks are also not handing out the amount that customers demand as they run out of money faster than it is replaced.
“If I need Rs. 10,000 ($150), I get Rs. 2000 ($30). How can I manage in just this much money? I have faced massive problems,” Lal explained. “How do I buy rations, or pay for medicines or send money home for my children?” (Source)
(emphasis added)
Via MoneyControl.com:
Congress Vice-President Rahul Gandhi, While speaking in Baran district of Rajasthan on Monday, attacked PM Narendra Modi, saying cash Ban is actually a financial lockdown.
With[a] December 30 deadline set by Prime Minister Narendra Modi to ease money supply, the cash crunch continues with people lining outside banks and ATMs to withdraw their money.
(emphasis added)
It is a financial lockdown that has seriously impacted the lower and middle classes in the huge expanses of India, where some 98% of all transactions take place in cash.
On Nov. 8, the Indian government announced an immediate ban on two major bills that account for the vast majority of all currency in circulation. …In the two weeks after the measure was announced, millions of Indians stricken with small panic rushed out to banks; A.T.M.s and tellers soon ran dry. Some 98 percent of all transactions in India, measured by volume, are conducted in cash. …So far its effects have been disastrous for the middle- and lower-middle classes, as well as the poor. And the worst may be yet to come. (source)
(emphasis added)
These are not just third world problems; serious cash restrictions are happening in highly industrialized Western countries as well.
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Europe has already shifted largely into the digital sphere, and are now targeting the influence of cash as part of its security strategy.
There have been rumors that the Euro could fall along with the EU superstate. Right now, battle is with terrorism, populism and a migrant crisis, but all things are related to the whole.
• European Union – After the latest round of terror attacks in Berlin and across Europe, the European Commission is instituting unprecedented cash controls, clamping down on the influx of cash and precious metals that they fear could be used in terror financing. This amounts to even more restrictions on everyone else who isn’t a terrorist.
EU to boost border checks on cash, gold to tackle ‘terrorism financing’
Via Reuters:
The European Commission proposed tightening controls on cash and precious metals transfers from outside the EU on Wednesday, in a bid to shut down one route for funding of militant attacks on the continent.
Under the new proposals, customs officials in European Union states can step up checks on cash…
[…]
People carrying more than 10,000 euros ($10,400) in cash already have to declare this at customs when entering the EU. The new rules would allow authorities to seize money below that threshold “where there are suspicions of criminal activity,” the EU executive commission said in a note.
The Commission is also considering whether to set up an EU-focussed “terrorist finance tracking program” along the lines of the U.S.-EU TFTP, which has long been opposed by EU lawmakers and privacy campaigners because it allows widespread checks on consumers’ bank transfers.
The Commission is also proposing … confiscating assets even from those thought to be connected to criminals [… and…] holders of prepaid cards would have to show some form of identity when they make payments of 150 euros or more.
(emphasis added)
And there are, of course, already many restrictions on cash in many countries in Europe, as Investing.com notes:
Numerous developed nations (France, Spain, Denmark, Sweden, etc.) have already banned cash for certain transactions. Next year (2017) is the year we expect to start seeing policy pushes for complete bans on cash.
(emphasis added)
There are many pretexts for tightening cash, placing limits on spending, and increasing surveillance on people who use large amounts of it.
All of it will curb freedom, and force digital market transactions, backed by biometric identification, tracking and verification.
And it is coming home to America.
Read more:
- The Lock Down Has Begun: JP Morgan Restricts ATM Cash Withdrawals
- “Downright Sinister”: The Real Motivation to Ban Cash Will Shock You
- These Countries Have Nearly “Eliminated Cash From Circulation”
- DEA Scans Travel Data To Seize Cash; Vague Profile That Could Be Anyone: “Good Agents Chase Cash”
- America’s Quiet War on Cash Fuels Banker Power: “Cracking Down On Paper Money”
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You can read more from Mac Slavo at his site SHTFplan.com
Anybody got any constructive ideas besides only keeping 20 dollar bills handy? Can we stop these bastards? Something needs to be done yesterday. I think the USA is already too stupid to realize the freedom they will loose for the ” convenience” of only digital money.
What are you gonna do if the power goes out ?
I’m prepared to the extent that I know what I’ll do. Do you know what you’re gonna do?
I’m gonna do everything I can to prevent the implementation of a cashless society. If the psychopath traitors succeed in bringing about a cashless society I’ll be committed to their destruction.
Every person who online banks and pays all debt/bills with automatic withdrawals has encouraged this “convenience” system. There will always be an underground economy. Bartering isn’t going to cut it. This is about control.
Local Exchange Trading Systems. It’s very easy to create another form of currency and exchange, even when its not actually a currency in the sense that governments recognize.
it is very difficult to get yourself out of computer paying your bills. yes, it is trying to control you and your money.
At least we know who to murder.
Bring back JFK’s e/o 11110 the Zentral banks would have been useless and silver certificates would have been the norm.
Stop printing money out of nothing and stop the unholy fractional banking.
Kick out the disgusting globalists that cause depression, recessions and push for wars.
Whatever happened to teaching by example? The US and other nations have been supplying terrorists with armaments and cash for several years with impunity. Now they are part of a conspiracy to control their peoples’ rights to cash. It is outrageous!
Shucks. Corporations will accept cash payments for weapons and ammo.
Corporations ARE terrorrists. Financial terrorism, psychological terrorism. They adore terrifying and controlling not only their employees and customers, but the governments and nations within which they do business.
Not to the extent as nations like Iran and Saudi Arabia and so forth. These nations exist to destroy nonmuslim nations. What the USA does is use foreign groups to fight proxy wars, to avoid having a war on the home front. I think you would not prefer the alternative to the USA supplying foreign groups to fight proxy wars.
“Not to the extent”? On the contrary, the US is by far the biggest supporter of terrorism in the World today. It makes all other state sanctioned terrorists look like pikers. The point is that such American terrorism has been creating murder and mayhem for many decades right back to the beginning of the Twentieth Century. The Middle East was divided up by the British and Americans to make exploitation of their petroleum resources easier for Western corporations. The CIA has been operating in these Middle East countries since it was created by Truman or whoever and have destabilized governments, assassinated foreign leaders and destroyed the lives of millions to satisfy American greed. Now individuals like you are attempting to foster lies about protecting the Homeland from terrorists. Believe me, we have seen the enemy and it is us!
Well said.
“What the USA does is use foreign groups to fight proxy wars, to avoid having a war on the home front.” Not specific enough, please clarify. The “use of foreign groups?” Did you perhaps mean to say, the CIA creates groups and finances their activities to destabilize a nation or region, to provide the opportunity for US corporations to exploit the resources? Which by the way, is clearly quid pro quo… payback for financial support i.e., re-election campaign donations, etc.
As for avoiding a war on the home front, true… but in what context? Such that there are more than enough weapons and ammunition in the private sector to outfit an army, is it your assertion that they desire to avoid an uprising of the people that have been lied to and have been victims of their fraud and extortion? Or are you claiming that the people will pay for their naivety by experiencing retaliatory attacks from those whose ways of life have been destroyed, i.e., Libya, Iraq, Afghanistan, Yemen, Somalia, Haiti, etc., etc., etc.
Such that the Kenyan and his minions have been blatant, operating with impunity, and are conspicuously accountable for the genocide and murder of millions, my guess is the first. Most may have been born at night… but it wasn’t last night. Cheers.
Doesn’t this just confirm that the Ruling Elite/Cabal are bankers/central bankers/Bank of International Settlements/Federal Reserve. Since 90% of Americans live in urban settings, a return to bartering will be ineffective unless urban farming takes off. Littljo below has the right idea. Take the power to run the economy from those with no heart or soul.
The problem is not the cash and who controls it, the problem is using corporate banks. Keep your cash at home or use a credit union if you live in the west and have one. NEVER keep it in a bank.
Terrorism is not state-corporate, religion has been practicing it for millennia, so have corporations.
I dig that religion has been engaged in terrorism, possibly created the concept, but is the state not a religion/cult?
Definitions:
Cult (Kult) – (1) A religion or religious sect generally considered to be extremist or
false, with its followers often living in an unconventional manner under
the guidance of an authoritarian, charismatic leader.
(2) A system or community of religious worship and ritual.
Terrorism [ter-uh-riz-uh m] – the use of violence and threats to intimidate or coerce, especially for political purposes.
Is not the injustice system a religious cult as well? Black robes, altar, court cleric, etc. Separation of church and state? I think not.
save coins, and small bills. these are methods of stealing from the poor and rich. the govts are now the biggest criminals stealing the life blood of its own citizens.