The new world order
Quote:
Originally Posted by Plooking
Among others, that's the main purpose of this crazy idea of cashless societies although the official retoric goes by the lines of fighting dirty money flows.
Many, many banks around the world along with many, many countries are virtually bankrupt. Warren Buffet once said that it's only when the tide goes that we see who's been swimming naked. Soon will come the day when the tide goes, this being, when interest rates start going back to more usual levels. Then, many banks and governments won't be able to refinance their current debt so this thing of the cashless comes very handy. It becomes easy to just do a haircut on depositors or even confiscate money directly from people's bank accounts effectivelly bailing-in banks and countries. The owners of the money won't have a say in the subject, at all.
It's one of the issues which concerns me most in the last year or so.
|
Just to pick up on a couple of points.
The money that "you have in a bank account" is no longer yours.
By putting it on deposit into the account you become a creditor of the bank and the bank is a debtor to you.
It may be a matter of "if interest rates return to normal levels" whatever we may define as normal.
Arguably, the world cannot afford the historical interest rates and so they won't occur despite what the USA Fed tried to do recently.
__________________
Dave
|