So It Begins: Bloomberg Op-Ed Calls For An End Of Cash

[flowers]

http://www.zerohedge.com/news/2016-01-31/bloomberg-op-ed-calls-end-cash

In a moment of curious serendipity, a little over 90 minutes after we showed what a dystopian, centrally-planned, cashless society unleashed in a negative interest rate world would look like ("by forcing people and companies to convert their paper money into bank deposits, the hope is that they can be persuaded (coerced?) to spend that money rather than save it because those deposits will carry considerable costs"), and briefly after we laid out the countless recent warnings from "very serious people" that cash is evil and should be banned:

    Norway's Biggest Bank Demands Cash Ban
    Bank Of England Economist Calls For Cash Ban, Urges Negative Rates
    Citigroup's Gold "Expert" Demands A Cash Ban
    Leading German Keynesian Economist Calls For Cash Ban

... while warning to await a full-on coopted media assault about the dangers of cash "which is an anacrhonysm from a bygone era, and that the world will be so much better if only everyone dutifully exchanges the physical currency in their pocket for digital, traceable, and deletable 1s and 0s", none other than Bloomberg issued an editorial Op-Ed in which it had one simple message: "Bring On the Cashless Future."

For those who were amused by our warning that a cashless world may be coming, here is precisely why the warning was issued, in Bloomberg's digital ink:

    Bring On the Cashless Future

     

    Cash had a pretty good run for 4,000 years or so. These days, though, notes and coins increasingly seem declasse: They're dirty and dangerous, unwieldy and expensive, antiquated and so very analog.

     

    Sensing this dissatisfaction, entrepreneurs have introduced hundreds of digital currencies in the past few years, of which bitcoin is only the most famous. Now governments want in: The People's Bank of China says it intends to issue a digital currency of its own. Central banks in Ecuador, the Philippines, the U.K. and Canada are mulling similar ideas. At least one company has sprung up to help them along.

another major goal for the NWO types.

[xfreeper]

The major banks, in collusion with the government, have successfully hijacked a major component of the economic system and they will continue to go for a complete lock. Via credit cards, debit cards, bank accounts and credit reporting agencies they can control a lot of consumer behavior. Take cash out of the system and the control will be complete.

[flowers]

The major banks, in collusion with the government, have successfully hijacked a major component of the economic system and they will continue to go for a complete lock. Via credit cards, debit cards, bank accounts and credit reporting agencies they can control a lot of consumer behavior. Take cash out of the system and the control will be complete.

yep.....i wouldn't be surprised if they take bank accts away from the masses at some point.

[xfreeper]

yep.....i wouldn't be surprised if they take bank accts away from the masses at some point.

No, to the contrary. They want to have everyone forced t have bank accounts and then they will charge them every month for them. The move is to take away the cash so consumers have no choice. Everyone being forced to have a bank account is their dream. They are almost there now.

[flowers]

No, to the contrary. They want to have everyone forced t have bank accounts and then they will charge them every month for them. The move is to take away the cash so consumers have no choice. Everyone being forced to have a bank account is their dream. They are almost there now.

i am talking about the money in those accts. not the accts. Tyrants always take money from peoples bank accts.

[xfreeper]

i am talking about the money in those accts. not the accts. Tyrants always take money from peoples bank accts.

that indeed. any reasonable person would call it robbery

[Scottftlc]

How to end the huge Black Markets that exist today...and tax every single transaction.  In one fell swoop...and the political establishment can simply do it by fiat.  No cash, no cash off-the-books markets.

[Wingnut]

A cashless society is a controlable society. 

[xfreeper]

A cashless society is a controlable society.

Easy to control and easy to track/monitor

[flowers]

Easy to control and easy to track/monitor

Yes they are about there aren't they? also this Cloud they advertise on TV. Your computer info is in this wonderful Cloud. that is control too. All the apps they have now to just swipe your card to pay on phones etc.

[Wingnut]

Easy to control and easy to track/monitor

Exactly.  Very hard to go off the grid and hide in the shadows.

[GourmetDan]

i am talking about the money in those accts. not the accts. Tyrants always take money from peoples bank accts.

The Bankruptcy Reform Act of 2005 and the Dodd Frank Act both give special status to counterparties to any derivatives on the bank's books.  They have the legal first right to demand any collateral that exists, even before the secured deposits of state and local governments (much less you), and that first bite could consume the whole thing because there are a LOT of derivatives on the bank's books.

It's called 'bail-in' because your cash at the bank is nothing more than an unsecured debt of the bank to you.  IOW, you are LAST in line...