Eliminating cash is a process, and this is how it starts:
France and Italy have banned any transaction over €1,000 Euros from using physical cash. Spain has already banned transactions over €2,500. Uruguay has banned transactions over $5,000. And on and on…
The reasoning is simple. Most large financial entities are insolvent. As a result, if a significant amount of digital money is converted into actual physical cash, the firm would very quickly implode.
Cash withdrawal will be the trigger for the collapse. As the collapse approaches, taxes will increase as governments struggle to remain solvent, and that will tend to push people into cash to avoid creating records of taxable income. As with a Ponzi scheme, it is all a cycle which will feed on itself as the end approaches, until everyone finally panics and tries to pull out all of their cash.
If the state can remove cash, the collapse will still happen. However the state will have more control and will be able to maximize the hurt for all citizens more effectively, thus prolonging the state’s life and control on the back of the excess wealth it confiscates. So expect a gradual drive to eliminate cash entirely.
Apocalypse cometh™
[…] By Anonymous Conservative […]
Another reason to buy the yellow stuff
watch for large institutions to offer more interest for deposits without any other economic changes. a sure sign the end is in sight.