Announcement

Collapse
No announcement yet.

The War On Cash Is Advancing On All Fronts: "First They Came For The Pennies..."

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • The War On Cash Is Advancing On All Fronts: "First They Came For The Pennies..."

    http://www.zerohedge.com/news/2015-1...y-came-pennies


    The War On Cash Is Advancing On All Fronts: "First They Came For The Pennies..."

    The War on Cash is advancing on all fronts. One region that has hogged the headlines with its war against physical currency is Scandinavia. Sweden became the first country to enlist its own citizens as largely willing guinea pigs in a dystopian economic experiment: negative interest rates in a cashless society. As Credit Suisse reports, no matter where you go or what you want to purchase, you will find a small ubiquitous sign saying “Vi hanterar ej kontanter” (“We don’t accept cash”):

    Whether it’s for mulled wine at the Christmas market, a beer at the bar, even the smallest charge is settled digitally. Even the homeless vendors of the street newspapers Faktum and Situation Stockholm carry mobile card readers.

    A similar situation is unfolding in Denmark, where nearly 40% of the paying demographic use MobilePay, a Danske Bank app that allows all payments to be completed via smartphone. With more and more retailers rejecting physical money, a cashless society is “no longer an illusion but a vision that can be fulfilled within a reasonable time frame,” says Michael Busk-Jepsen, executive director of the Danish Bankers Association.
    Admit nothing, deny everything, demand proof.

  • #2
    The article claims that the biggest modern theft is the negative interest rate. That is wrong. The biggest theft is the inflation of the currency which the producers of currency have been doing every time they have been allowed to create the currency.

    The only difference is that negative interest rates just steal the money. Inflation dilutes the currency, and so the theft is not obvious. But the theft is real, and has been the largest source of ill gotten gains ever. Yes, it even dwarfs income taxes.

    PH

    Comment


    • #3
      Remember all those scenes in "Demolition Man" where Stallone's character kept getting docked digital money due to swearing?
      "Diversity is the Agent of Contamination!"

      "Tolerance is a Virtue for a Man without Convictions!"

      Retired Army and Loving Every Minute of It!

      Comment

      Working...
      X