You’re seeing the banking elite’s version of a blitzkrieg (lighting war). Yes, I’m talking again about the war on cash. With the trouble in Europe’s banking sector, limiting how much cash people can hold is moving to the top of the authoritarian agenda. Nothing says “capital control” like banning notes with a face value of 50 units or more.
I’m not making that up, either. It came from former US Treasury Secretary Larry Summers. In his blog, Summers wrote that, “Even better than unilateral measures in Europe would be a global agreement to stop issuing notes worth more than say $50 or $100… Such an agreement would be as significant as anything else the G-7 or G-20 has done in years.”
Why so significant?
You taking your cash out of the banking system has two negative implications for the people who run the world’s financial system. First, it bleeds capital from banks. That’s capital the banks badly need, given the debts many of them have on the books.
Second, if your money is in cash and not in the bank, a negative interest rate imposed from above will not have the desired effect. The desired effect is that you spend your money to create the growth and inflation central bankers have targeted. Targeted why? Because they know better than you. Shut up.
Look if you didn’t believe me before, I don’t know what else to tell you. The motives and the methods of the financial authorities are increasingly transparent. Whether that’s because they’re increasingly desperate – based on the current state of the financial markets – I can’t say. But I can say that if you are new to the story and are not sure what’s at stake, you owe it to yourself to read what Tim Price has said here.
Monopoly: ultimate banker’s edition!
There is good news in the war on cash, though. Your friends and family won’t be able to cheat you at Monopoly anymore. Not if you buy the latest “ultimate bankers” edition. According to website Engaget:
- Hasbro has released a new edition of Monopoly called Ultimate Banking that should help keep familial infighting to a minimum. Instead of paper money, which can easily be laundered or stolen when you aren’t looking, this new edition uses debit cards. It also does away with the easily-corrupted Banker position, replacing the human with an electronic card reader (aka an ATM).
If only we could get rid of the “easily corrupted banker position” in real life! Or the “easily corrupted government minister position.” Or the “easily corrupted elected politician position.” Can you imagine how much fun the game of life would be then!
Category: Central Banks