Cash Wars: Paper in Focus as Governments Seek More Control
Amid India’s sudden currency reforms, cash is facing a global crackdown as governments move to take control over transactions and the paper in the pockets of citizens. While turmoil continues on the Indian subcontinent after Prime Minister Modi withdrew the two largest rupee notes on Nov. 8, elsewhere other countries are following suit - for very different reasons. Less cash ‘good for banks’. Across the Indian ocean, Australian banks are calling for the scrapping of the dollar’s (AUD) highest-denominated cash notes, and even the removal of cash altogether. In a report issued last week,....
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The war on cash has been a favorite pet project of the economic central planners for quite some time now. They want to eliminate hand-to-hand payments so that governments can control, document and tax everything. The governments hate paper cash as it is so hard to track and the light in the darkness for them to rectify this is Bitcoin and its distributed ledger but they want control of it first. Although you won’t hear anything about this in the mainstream press the wheels are already in motion to eliminate the paper cash system and among other tell-tell signs that this is the case was in....
On January 1, 2017, a newly proposed regulation to limit the circulation of cash will be activated in Spain. The proposal will effectively limit all cash payments to 1,000 euros, in a nationwide attempt to fight against money laundering and fraud. By nature, cash is anonymous. Such characteristic of cash has allowed it to develop into the preferred store of value for criminals and illicit traders. Thus, governments like the Spanish authorities are hoping to put an end to cash and attempt to replace current monetary systems with a digital network that is easier to manipulate. Currently,....
Yes, I’m talking to you. Yes, I’m talking about your country, whether it is Russia, China, or the United States. The more modern and advanced your economy, the faster it is coming your way. The discussions have been going on for a couple of years now on how to do it. The only question is when to spring it on the masses. If you are in a less than a state-of-the-art economy, like Pakistan or Guam, you probably have a lot more time left with the paper. Most of us aren’t so lucky. Cash has been on the clock in the most advanced nations for years, with central banks limiting how much cash you....
Antonis Polemitis is Managing Director of Ledra Capital. He has written a series of blog posts about bitcoin which can be found here. In this article, he casts a satirical eye over how a new currency 'cash' would be described by the press if invented today. Breaking News: Bizarre, Shadowy, Paper-Based Payment System Being Rolled Out Worldwide! World governments announced a plan today to allow citizens to anonymously carry parts of their wealth on their person and exchange it with others using small pieces of colourful paper. The paper is printed with nationalistic and Masonic imagery,....
In the beginning, there was Fiat, and Fiat was government. Through fiat, all things are priced. Dollars, it turns out, are blasphemy. "Just get Congress to pass a bill authorizing the printing of full legal tender treasury notes . . . and pay your soldiers with them and go ahead and win your war with them also." All government law is fiat. Fiat is a decree. When used for currency, it is a recognition of the value of paper and ink by law. Governments officially recognize a sovereign currency as legal tender and accept payments of debt only in that currency. Fiat also gives the government....