New Events

International

no events posted in last week

Blog Feeds

The Saker
A bird's eye view of the vineyard

offsite link Sergey Lavrov?s interview with the newspaper Argumenty i Fakty Thu Jul 18, 2019 19:00 | Scott
Foreign Minister Sergey Lavrov?s interview with the newspaper Argumenty i Fakty published on July 17, 2019 Original interview in Russian Question: Can an improvement in the relations with the United

offsite link Inside the Yellow Vests: What the Western media will not report (Part 3) Thu Jul 18, 2019 03:21 | The Saker
by Ollie Richardson for The Saker Blog As we come closer to August, when most of France (and Europe) is in holiday mode, I think that it is an apt

offsite link Western intellectuals freak over ?Frankenstein? China Thu Jul 18, 2019 01:53 | amarynth
by Pepe Escobar : Posted with permission Western economists and intellectuals obsessed with demonization of China are never shy of shortcuts glaringly exposing their ignorance. The latest outburst posits that

offsite link IMF who? Lagarde shows ECB is the top dollar job in QE age Thu Jul 18, 2019 01:34 | The Saker
by Ramin Mazaheri for the Saker blog (cross-posted with PressTV by permission) (Ramin Mazaheri is the chief correspondent in Paris for Press TV and has lived in France since 2009.

offsite link Georgian Rugby Players Kicked Out For Their Russophobic Gestures Wed Jul 17, 2019 23:46 | Scott
by Ruslan Ostashko Translated and captioned by Leo. Into an exile from the Moscow club “Glory” turned for two Georgian rugby players a demonstration of “support for the people of

The Saker >>

Human Rights in Ireland
A Blog About Human Rights

offsite link China?s LGBT Community Mon Apr 15, 2019 19:19 | Human Rights

offsite link Declaration of Human Rights at Sea Mon Apr 08, 2019 07:31 | Human Rights

offsite link NZ Watchdog On Limits Of Free Speech Thu Mar 28, 2019 11:44 | Human Rights

offsite link US Abortion Restrictions Violating The Human Rights Of Women Thu Mar 14, 2019 15:33 | Human Rights

offsite link Human Rights Watch Urges the Human Rights Council to Renew and Strengthen Mandate of UN Commission Tue Mar 12, 2019 21:51 | Human Rights

Human Rights in Ireland >>

Cedar Lounge
For lefties too stubborn to quit

offsite link Signs of Hope ? A continuing series 12:44 Thu Jul 18, 2019 | WorldbyStorm

offsite link Differences of opinion 10:36 Thu Jul 18, 2019 | WorldbyStorm

offsite link Campaigning moment? 09:40 Thu Jul 18, 2019 | WorldbyStorm

offsite link FAI idea what?s going on? 08:39 Thu Jul 18, 2019 | WorldbyStorm

offsite link State aid and nationalisation in the EU 11:34 Wed Jul 17, 2019 | WorldbyStorm

Cedar Lounge >>

Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link Some Thoughts on the Brexit Joint Report 11:50 Sat Dec 09, 2017

offsite link IRISH COMMONWEALTH: TRADE UNIONS AND CIVIL SOCIETY IN THE 21ST CENTURY 14:06 Sat Nov 18, 2017

offsite link Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016

offsite link The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015

offsite link Money in 35,000 Words or Less 21:34 Sat Aug 22, 2015

Dublin Opinion >>

War on cash: Is Freedom at stake?

category international | rights, freedoms and repression | opinion/analysis author Wednesday November 23, 2016 16:47author by Thomas Roberts Report this post to the editors

The idea of abolishing high denomination banknotes is more and more present in political talks around the world. The European Central Bank already announced the death of the €uro 500, tomorrow it might be the Benjamin ($100). What is next? Why do our governments want to get rid of cash and why don’t we have a word to say about it?

Larry Summers, a former Treasury Secretary and Harvard president has been pushing the U.S to ban both 50$ and 100$ bills. The official reason? Fighting against terrorists, drug dealers, bribers and other tax evaders. Because it is obvious that all of the bad guys will just surrender from their criminal activities if we take away the high denomination banknotes. “The notion that such evildoers as the Mexican drug cartels and ISIS will be seriously disrupted by the absence of the Benjamin–”These sacks of cash are too heavy now. Let’s surrender!”–is so comical that one has to wonder if Summers et al. are auditioning to write gags for Saturday Night Live.” wrote Steve Forbes for Forbes.

Yet it isn’t that comical any longer because the war on cash is already well engaged. Europe already lost the €uro 500 battle and many others could be lost before we realize that cash is so important and that it is our freedom that is at stake.

The simplified rhetoric that if criminals use cash we should ban it has proven its limits. It is used today once again and not too many seem to care. ‘Criminals use guns, let’s ban guns’ has been said before. Criminals also use cars, cell phones, computers, just like any law abiding citizen. But should we really have to pay the price of the admission of helplessness of our governments when it’s about solving illegal activities, by having to give up on our essential rights and freedom?

The ability to use cash is a freedom. The option to refuse to put your money in banks should be a freedom as well. The war on cash could very well start with big bills and then come to an end where using banks for each transaction or purchase isn’t a choice any longer. It could lead to a world where banks fees occur at every step of your financial life. Any purchase made, any financial movement, you have to go through your bank. Not only it will make the banks richer but you will lose any form of privacy.

Without stepping into ‘Big Brother’ theories, you soon realize that banks and Government (if they are granted access to data) can monitor all your financial moves, purchases, e-commerce and more. “A cashless society is a huge threat to our freedom and our democracy”, states famous Canadian Center for Research on Globalization. “A cashless society would certainly give governments unprecedented access to information and power over citizens. In Britain, the government has almost unprecedented access to citizen information already. The notoriety of GCHQ*’s technical abilities in its illegal surveillance systems need not be repeated here.”

But besides monitoring your daily financial activities, the idea is that policymakers and economic commissars can better control the economy. So far, cash can be hoarded, and it does make it difficult for the Government to know how much money you really have nor how you use it. So the policymakers believe that by getting rid of cash they will also get rid of their stagnant economy because it will make you to consume more and invest more.

That is also a myth. But banks do have the means to push you to invest in what they believe is good for you… or for them. Getting rid of cash could multiply their power to do so, and diminish yours.

The latest find for banks is negative interest rates. With high denomination disappearing, it makes it harder for you to hoard, or at least more expensive (you need bigger safes). “If people have to pay fees to store their money, as they do to put their stuff in storage facilities, then, by golly, they might be more inclined to spend it. To inhibit cash hoarding –when Japan announced it was imposing negative interest rates, the sale of safes soared– the authorities will want to do away with large notes.” says Forbes.

And this is no joke. “Introducing negative interest rates would create a powerful incentive to hold deposits in cash, most likely in higher denominations. Eliminating high-denomination notes, so that saving in cash was more inconvenient, would mitigate this problem.” says Grant Williams strategy advisor from thewaroncash.com.

Today some of the Nordic countries are considering being the firsts “cash-free” countries and they seem to care very little about the voices of their citizens who don’t want to lose that essential freedom.

The war on cash isn’t lost yet but citizens from across the world have to step up on that debate to ask their Governments to take a step back and look at it as a right for each citizen to have and not as a toy that bank can give or take away from you as they please.

* UK’s Government Communications Headquarters

author by leftypublication date Wed Nov 23, 2016 20:55author address author phone Report this post to the editors

NIRP or "negative interest rate policy" AKA the war on cash has been quietly gaining momentum
The elites would like us all to be paying for everything electronically so we will have no choice
but to put our money into a bank account so we can function.

At this point they will impose negative interest rates and then effectively it's game over.
an audit trail for every purchase by everyone and the banks can "legally" steal everyone's money from their accounts by nibbling away at
it constantly. Add the recent "bail in" policies that have been coming into fashion in the EU and this mix
becomes a totalitarian and financial terrorist's wet dream. Coming to a country near you soon.

Orwell said "If you want a vision of the future, imagine a boot stamping on a human face - forever."

Well this is the financial version

Read more at:
http://www.politics.ie/forum/economy/246786-nirp-negati....html

author by Tpublication date Thu Nov 24, 2016 03:42author address author phone Report this post to the editors

And apparently a big push has been made in India where the took the 1,000 rupee and 500 rupee were taken out of circulation. These are the most used notes for trade and business by ordinary people in India. It's probably like removing the €10 and €20 notes here.

It is reported here: http://wolfstreet.com/2016/11/15/india-launches-war-on-...sues/

 
© 2001-2019 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy