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Thread: Europe Accelerates Move To Begin Elimination Of Paper Money

  1. #1
    INGSOC GURPS's Avatar
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    Europe Accelerates Move To Begin Elimination Of Paper Money

    Cash No Longer King: Europe Accelerates Move To Begin Elimination Of Paper Money



    Negative interest rates and high inflation are a deadly combination that could further destabilize the already fragile union in the future. With less physical currency circulating, these trends ensure that the impact of any additional central bank policies will be maximized. If economic conditions deteriorate, the threat of citizens pulling cash out of their accounts and starting a bank run is eliminated in a cashless system. So long as the people’s wealth is under centralized control, funds can be shifted at will to conceal any underlying problems. But the longer this shell game is allowed to persist, the more painful it will be when reality overrides the manipulation.

    Since former Chief Economist at the International Monetary Fund (IMF), Kenneth Rogoff, published a paper last year advocating for the U.S. $100 bill to be removed, governments around the world have pushed forward their agendas towards a cashless society. He wrote:

    “There is little debate among law-enforcement agencies that paper currency, especially large notes such as the U.S. $100 bill, facilitates crime: racketeering, extortion, money laundering, drug and human trafficking, the corruption of public officials, not to mention terrorism. There are substitutes for cash—cryptocurrencies, uncut diamonds, gold coins, prepaid cards—but for many kinds of criminal transactions, cash is still king. It delivers absolute anonymity, portability, liquidity and near-universal acceptance.”

    This announcement comes just months after the 500 euro note was discontinued, and it follows India’s lead in subverting the financial independence of their citizens. The incremental steps currently being taken may look trivial in isolation, but the ultimate end is to lay the foundation for an entire network for economic repression.

    The German people have placed themselves in strong opposition to the action and previously pushed back hard against domestic legislation that would have limited cash. Nearly 80% of all transactions in Germany are made with paper currency, putting Europe’s economic engine in direct conflict with the vision coming out of Brussels.
    Never attribute to malice that which is adequately explained by stupidity.
    - Robert J. Hanlon.

  2. #2
    Hi dumbass,

    If you would like to read Mr. Rogoff's actual rationale, here is an interview with him about the particulars of his book:

    http://www.npr.org/2016/09/01/492288...ut-paper-money

    As usual, factual reality and zerohedge have nothing in common.

  3. #3
    I've been in the Netherlands for the past 6 weeks and it's been approaching a cashless society here for sometime. I've worked for a company based here on and off since 2010. There are more restaurants than not that are credit card only. Museums. Train ticket kiosks, etc. They will not accept cash. The last bastion of cash transactions used to be the open air farmers markets but more and more often I see "credit card only" signs going up.

    It all fine by me. I get to keep the points I earn on the company credit card. Regardless of this trend I can't tell you the last time I had more than $20 in my pocket.

  4. #4
    Quote Originally Posted by Kev_Russell View Post
    I've been in the Netherlands for the past 6 weeks and it's been approaching a cashless society here for sometime. I've worked for a company based here on and off since 2010. There are more restaurants than not that are credit card only. Museums. Train ticket kiosks, etc. They will not accept cash. The last bastion of cash transactions used to be the open air farmers markets but more and more often I see "credit card only" signs going up.

    It all fine by me. I get to keep the points I earn on the company credit card. Regardless of this trend I can't tell you the last time I had more than $20 in my pocket.
    That's Gill's stompin' grounds. Maybe, you will run into him. It is 4:36am where you are, and you have been posting for quite a few hours. I catch hell on here for posting late into the night. Can you not sleep?
    Like I said, JMO, yo! - Roman

  5. #5
    INGSOC GURPS's Avatar
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    Quote Originally Posted by tommyjo View Post
    Hi dumbass,




    Hi ToJAM
    Never attribute to malice that which is adequately explained by stupidity.
    - Robert J. Hanlon.

  6. #6
    About the only places to do currency exchange in Norway now are the airports. On my first trip back after a ten year break, I went to every bank in town and none would exchange dollars for kroners. These same banks would exchange just ten years earlier. Fortunately a Norwegian friend was traveling to the USA in a few months and wanted some dollars, so we exchanged currency.
    "Pain heals. Chicks dig scars. Glory... lasts forever." - Shane Falco

  7. #7
    Quote Originally Posted by stgislander View Post
    About the only places to do currency exchange in Norway now are the airports. On my first trip back after a ten year break, I went to every bank in town and none would exchange dollars for kroners. These same banks would exchange just ten years earlier. Fortunately a Norwegian friend was traveling to the USA in a few months and wanted some dollars, so we exchanged currency.
    ATM? You generally get wholesale exchange rates and cheap international fees.

  8. #8
    #*! boat! Gilligan's Avatar
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    Quote Originally Posted by Kev_Russell View Post
    I've been in the Netherlands for the past 6 weeks .
    Bull ####. You've never left your basement.
    You can't be a real country unless you have a beer and an airline. It helps if you have some kind of a football team, or some nuclear weapons, but at the very least you need a beer. -Frank Zappa

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