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Originally Posted by Keith1954
I absolutely agree. In a cashless society, 'they' have complete and ultimate control over nearly all aspects of your life. When this happens, the government will be able to track every transaction, which should send shivers down the spines of most people. The death of cash will kill a lot of small businesses - in short, supreme centralised power!
You only need to look at what happened in Cyprus to see why a cashless society, where people have to keep money in a bank account, would appeal to the authorities in highly-indebted countries in particular.
I re-call reading about an online ".gov" petition against all this nonsense. I'll try and track it down.
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In an earlier post, about two days ago, there was mention of the concept of "bail ins" rather than bail outs of the banks.
The cashless society idea is also very handy for the imposition of negative rates of interest.
This does not get a lot of discussion in the public theatre, but it is already in use in, say, Switzerland, which continues to have a very strong economy.
So far, the national bank of Switzerland has only used negative interest rates in dealing with external banks to deter them from parking money in the Swiss domain; thereby the concept is both trialled and becomes an acceptable policy instrument for future use.
Some would say that the monetary raid on the Cypriot banks - the "haircut" - was intended to hit the Russian oligarchs who had, indeed, parked large amounts of cash in that country.
Again, the trial has been conducted and found to be successful.
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Dave
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