By Derrick Broze

Visa will launch a new cashless pay system exclusively for athletes at the 2016 Olympic games in Rio, Brazil.

When the 2016 Olympic games begin in Rio, Brazil this August, employees and partners of Visa will debut a new method of cashless payment. Visa has designed an as of yet unnamed wearable ring that will allow the user to pay for purchases without a card, wallet, or cellphone. EndGadget reported on the recent development:

The unnamed band is pretty simple in design. The interior contains a secure microchip from Gemalto and an embedded antenna; the exterior is simply a black or white ceramic loop. The addition of any kind of decorative metal or dye would interfere with the antenna. It also won’t be custom-fitted but, with 20 sizes available during its trial run, most testers should be able to find a good match. That initial group includes employees and partners, but most notably the 45 athletes sponsored by the payment provider, including swimmer Missy Franklin and fencer Ibtihaj Muhammad.

Visa told EndGadget that the design came after talks with Olympic athletes regarding the struggles they face when using wallets and constantly changing in and out of uniforms. Apparently decathlete Ashton Eaton told Visa he wanted a payment method that could be integrated into his daily routine without any extra effort. The ring is designed to be water resistant up to 50 meters and does not require an external charge. If users lose the ring they can remotely deactivate the device using a smartphone so thieves cannot make use of the device.

For the last several years Activist Post has consistently followed the shift towards a cashless society. All throughout our world we can find examples of the elimination of cash and a cultural embrace of digital only payments. In late 2015 we reported that Stockholm’s KTH Royal Institute of Technology released a statement discussing Sweden’s move to 100 percent digital bank branches that do not accept cash.

“Simultaneously, we are witnessing legislation and internal banking policies that make it – or will make it – virtually impossible to use cash unless you want to be investigated for money laundering or ties to terrorism,” wrote Nicholas West. “We have begun to hear an increasing chorus from central banks, lackey politicians and of course the United States IRS who are openly declaring a war on cash. So what will the new economic world look like?”

The call for digital money has not only come from governments and banking institutions, however. In March Activist Post reported on a new “Ultimate Banking” version of the Monopoly board game which promotes a future of centralized bank surveillance and management via the use of digital payment systems.  Also in March, Joshua Krause wrote about the European Central Bank’s suggestions that the 500 Euro note needed to be eliminated. Krause also noted that academics and policy makers in the US have called for the elimination of the $100 bill.

Conspiracy researchers have long warned about the coming age where cash would be extinct and the possibility that all transactions would be conducted using implanted microchips. The theories are being confirmed now that publications like Buzzfeed have begun to promote the idea of digital payments conducted via implants. In a recent report, Charlie Warzel, a senior writer at Buzzfeed News, discusses his recently implanted chip that allows him to make purchases by swiping his hand. The report, “I Ditched My Wallet And Ended Up With A Chip Implanted In My Hand,” has received over 3 million views in just two weeks.

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In the report Warzel goes to Sweden to get the microchip implanted in his hand. As Warzel notes, “Sweden happens to be way far ahead of the U.S. when it comes to getting rid of cash.” Thankfully, nearly all of the top comments on the Facebook video are from users who reject the idea.

“NO! Mark of the beast! You do realize once you get a chip in your hand the government will be able to keep tabs on you 24/7. And people are worried about “Big Brother” now with cameras everywhere. Why would you volunteer for this?”

“This is part of the new world order….”

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“A stupid and disgusting idea. I wish people would stop blindly following whatever the next new thing is.”

“ I am NOT religious in any way but I do think this is a bad fucking idea!!! No thank you, I’ll stick to my cards and wallet and cash.”

It seems fairly obvious that the governments and banking institutions of the world would like to have the ability to easily monitor their subjects’ payments and movements by eliminating cash and hard assets in favor of digital only payment systems and invasive implants. Is this truly a part of the so-called New World Order? Would you choose to shift to digital only payments in the form of Visa’s ring or Buzzfeed’s hand implant? Let us know your thoughts below.

Image Credit

Derrick Broze is an investigative journalist and liberty activist. He is the Lead Investigative Reporter for ActivistPost.com and the founder of the TheConsciousResistance.com. Follow him on Twitter.

Derrick is available for interviews.

This article may be freely reposted in part or in full with author attribution and source link.

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By Shaun Bradley

Government campaigns of intimidation — like the wars on drugs, terror, and poverty — have been used to extort the public for decades. Despite the previous failures of institutional “wars,” a new war on cash is being waged that threatens freedom in a more subversive way than ever before.

Banks and governments around the world are cracking down on the use of paper money, and in turn, eliminating any anonymity left in the current system. Through strict rules on cash transactions and civil asset forfeiture laws, for example, the system has already instituted penalties for using cash. But as payments evolve into a purely digital network, the consequences of this new paradigm are being brought into the spotlight.

The ability to track, record, and mediate transactions of all individuals is a power that dictators throughout history could have only dreamed of. Those who value privacy are turning to alternatives like cash, cryptocurrencies, and precious metals, but these directly threaten central bank dominance. This ongoing tug-of-war in financial innovation will determine whether we enter an age of individual empowerment or centralized enslavement.

As mundane as it may seem, the main reason for this push to go cashless is directly tied to what the world central banks are doing to prop up their economies. The manipulation of interests rates to zero or even negative has left central banks no ammunition to fight off the next recession. Without the ability to cut interest rates even further, stimulating economic growth is nearly impossible.

By John Vibes

The government in India has recently made a move to ban large currency notes, continuing the push towards a cashless society, an effort that the country has been working on for decades. 500 and 1,000 rupee notes were banned throughout the country, which may seem like large currency notes, but they exchange for just a few American dollars, and represent 85% of the cash transactions in the country.

The ban sparked a run on the banks in India this week, with customers forming massive lines at banks attempting to get cash notes out while they still could.

Banks then shut down on Wednesday, and limits were imposed on ATM withdrawals.

Politicians say that the new measure is aimed at fighting tax evasion, corruption, and “black money,” but the nation’s poor say that they are going to be the hardest hit.

“I went home for Diwali and my parents gave me money as a gift. I wish they had a simpler system for students. I desperately need cash to pay my rent and buy books and food,” Vijay Karan Sharma from Chhattisgarh, a student at Delhi University, told the BBC.

New notes with advanced security features will be put into circulation to replace the current notes; however, financial experts in India suggest that this could be a step towards a cashless society.

By Dylan Charles

Every revolution needs a good crisis in order to germinate its seed. The cashless revolution is no different. ~Patrick Henningsen

Depending on who you ask, the idea of a cashless society is either a utopia of modern convenience or an Orwellian nightmare, but recent international events coupled with stories about ATM cyber-hacks are fair signals that a major push for the cashless society is underway and will intensify.

It seems the acceleration toward a cashless society is becoming like one of an amusement arcade amid the range of novel payment devices coming onto the market. These innovative payment devices are yet another novelty enticing customers toward fully traceable and trackable digital transactions, indeed cultivating user familiarity with a variety of cashless and contactless methods of payment. ~Steven Tritton

In India, the government just banned the use of two of the most commonly used bank notes, the 500 and 1000 rupee notes (worth about US$7 and $14 respectively), and is reportedly making a move to restrict gold imports. Citibank in Australia just announced that it would no longer accept coins or notes, opting instead for digital transactions only. Denmark, however, may be the first country to go fully cashless, as its government has already begun implementing a program to move retailers off of cash, with the openly stated endgame of creating a fully cashless society.

A cashless society is “no longer an illusion but a vision that can be fulfilled within a reasonable time frame,” said Michael Busk-Jepsen, executive director of the Danish Bankers Association. [Source]

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To some, convenience and trendiness are the greatest selling points of a digital currency, but in order to make it obligatory for everyone, there must be a public safety threat included in the sales pitch, so that the government can claim that it is acting in our best interests when they force us to accept a digital currency.

By Rory Hall

We recently learned how serious these criminals are about stealing the sovereignty of every person on planet earth. Actually, most people are willingly handing over their sovereignty to the banks/government and have no idea what they are actually doing.

When India banned, made illegal, the 500 and 1000 rupee banknote this move affected 1 out of every 7 people on planet earth. That means that every 7th person, anywhere and everywhere, you come in contact with may have been affected by this cash ban.

Our individual sovereignty is tied directly to our ability to move freely about. When every step we make is tracked by the bank/government our sovereignty is gone forever. Freely trading commerce is one of the cornerstones of human sovereignty. Without the ability to conduct business with whom we wish, when we wish, we are nothing more than cattle to the overlords of the land.

An expat living in Thailand sent me an email last week, at the height of India blowing apart because of the idiotic decision by Prime Minister Modi to eliminate the two most used bank notes in India. The email was to inform me that Thailand would be implementing a new policy in the early part of 2017 to completely eliminate coins from circulation. South Korea has already taken measures to eliminate coins from circulation.

Here is a Google translation from the Korean website wikitree.co.kr (once you arrive you will need to translate from Korean language).

From next year, you can get the change of cash that you bought and paid at a convenience store on your transportation card.

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By Shaun Bradley

As physical currency around the world is increasingly phased out, the era where “cash is king” seems to be coming to an end. Countries like India and South Korea have chosen to limit access to physical money by law, and others are beginning to test digital blockchains for their central banks.

The war on cash isn’t going to be waged overnight, and showdowns will continue in any country where citizens turn to alternatives like precious metals or decentralized cryptocurrencies. Although this transition may feel like a natural progression into the digital age, the real motivation to go cashless is downright sinister.

The unprecedented collusion between governments and central banks that occurred in 2008 led to bailouts, zero percent interest rates and quantitative easing on a scale never before seen in history. Those decisions, which were made under duress and in closed-door meetings, set the stage for this inevitable demise of paper money.

Sacrificing the stability of national currencies has been used as a way prop up failing private institutions around the globe. By kicking the can down the road yet another time, bureaucrats and bankers sealed the fate of the financial system as we know it.

A currency war has been declared, ensuring that the U.S. dollar, euro, yen and many other state currencies are linked in a suicide pact. Printing money and endlessly expanding debt are policies that will erode the underlying value of every dollar in people’s wallets, as well as digital funds in their bank accounts. This new war operates in the shadows of the public’s ignorance, slowly undermining social and economic stability through inflation and other consequences of central control. As the Federal Reserve leads the rest of the world’s central banks down the rabbit hole, the vortex it’s creating will affect everyone in the globalized economy.

Peter Schiff, president of Euro-Pacific Capital, has written several books on the state of the financial system. His focus is on the long-term consequences of years of government and central bank manipulation of fiat currencies:

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By Vin Armani

In the video below, after a short Australian propaganda video sponsored by the banks, Vin Armani breaks down signs the establishment agenda for a cashless society is moving forward full steam ahead moving into 2017.

The Australian cashless propaganda piece was titled $100 note to be scrapped? Australia to crack down on cash payments and states,

Australia looks set to follow in the footsteps of Venezuela and India by abolishing the country’s highest-denomination banknote in a bid to crack down on the “black economy”.

Speaking to ABC radio on Wednesday, Revenue and Financial Services Minister Kelly O’Dwyer flagged a review of the $100 note and cash payments over certain limits as the government looks to recoup billions in unpaid tax.

Monday’s midyear budget update will include the appointment of former KPMG global chairman Michael Andrew to oversee a black economy taskforce. The black economy accounts for 1.5 per cent of GDP, given many cash payments are untaxed.

Gizmodo recently wrote a article titled India’s Prime Minister Plans for Cashless Society:

Narendra Modi, Prime Minister of India, has an economic firestorm on his hands following his decision to ban the 500 and 1,000 rupee notes. In his monthly address on Sunday, Modi took his ambitions further with a call for a cashless society.

According to a translation by Reuters, Modi said, “I want to tell my small merchant brothers and sisters, this is the chance for you to enter the digital world.”

The ban has removed 80 percent of the country’s currency from circulation and brought commerce to a virtual standstill. But rather than backing up, it appears that Modi is doubling down. “We can gradually move from a less-cash society to a cashless society,” he told listeners.

And the EU already axed the 500 euro note after a successful propaganda campaign that labeled the note the “bin Ladin” to make seem like a dirty weapon for terrorists.  Fortune wrote The End of the 500 Euro Note Could Lead to a Cashless Economy:

After months of heavy deliberation, the European Central Bank decided in April to phase out the €500 banknote in an effort to curb terror financing and other illegal activities.

The bank announced plans to end production of the €500 note—worth $574—by the end of 2018, though bills in circulation will be taken as legal tender.

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The note, also dubbed the Bin Laden, is rarely used by the general public. About 60% of Europeans say they’ve never seen one—but has been used to evade taxes, in terrorist operations, and other illegal activities.
….
“Eliminating the bank note could help temper criminal activity, but in reality the implications are much broader,” analysts from Stratfor wrote in a February research note. “The idea is just the most recent step in an ongoing process moving Europe, and indeed the world, closer to an entirely cashless economy.”

The cashless society is also coming to the United States with former Treasury Secretary Larry Summers recommending “killing the $100 bill” in The Washington Post:

What should happen next? I’d guess the idea of removing existing notes is a step too far. But a moratorium on printing new high denomination notes would make the world a better place.

Watch the full broadcast here
See Vin speak and hang out in person Feb 25-28th at Anarchapulco

Vin Armani is the host of The Vin Armani Show on Activist Post, TV Star of Gigolos on Showtime, Author, DJ, and Agorist Entrepreneur. Follow Vin on Twitter and subscribe on YouTube. Get the weekly podcast on iTunes or Stitcher.

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By Makia Freeman

The cashless agenda has taken a giant leap forward worldwide in the last 2 months, mainly due to Indian Prime Minister Narendra Modi. Modi took the bold, detested and despised step of banning the 2 highest denomination notes in India (the 500 and 1000 rupee notes, worth around US$7.50 and $15 respectively). This wiped out around 80% of the value of circulating cash widely used by many segments of society for trade. His reason was to cut down on the black money circulating in India upon which tax is not paid.

However, from the broader perspective of the worldwide New World Order (NWO) conspiracy, converting the entire world economy to solely digital transactions is not just about extracting more tax revenue from the ruled populations; it’s about knowledge and power. It’s about surveillance on an extraordinary scale. The cashless agenda is about acquiring the capacity to monitor literally every single financial transaction that takes place on the planet.

Unsurprisingly, the new cash ban hurt many poor Indians who either don’t have a bank account or who rarely use one. Also unsurprisingly, the idea for the ban did not originate from Modi. The truth is that India is being used as the latest guinea pig to push forth the NWO cashless agenda, and a particular US Non-Governmental Organization (NGO) was instrumental in the rollout.

American NGO USAID Behind India Cash Ban

In an earlier article NGOs: Choice Tool of Subversion for the New World Order, I described how NGOs have become tools of infiltration and subversion to conduct soft coups or soft overthrows of democratically elected foreign governments. NGOs are the perfect way to destroy an enemy nation from within. By gaining inside access to that nation, an NGO can disseminate all sorts of lies and propaganda to weaken people’s faith in their leaders or their political system. NGOs can also fund “people’s” revolutions (i.e. color revolutions) to make it look like a foreign-orchestrated overthrow is a domestic grassroots uprising – just ask George Soros about that one. For this reason, some nations such as Russia, China and Israel have restricted or banned foreign NGOs from operating on their shores.

In the case of India, there are clear signs that the cash ban was planned in advance by the nefarious United States NGO USAID (instrumental in the bloody Ukraine Maidan coup of 2014). I give a hat tip to Norbert Häring, author of the recent article A well-kept open secret: Washington is behind India’s brutal experiment of abolishing most cash, who outlines how USAID was actively conspiring with the Indian Ministry of Finance to push forward the cashless agenda. He writes:

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By Claire Bernish

In the most far-reaching move toward a cashless society to date, the European Commission proposed enforcing “restrictions on payments in cash” under an all-too-familiar premise — because terrorism.

“Payments in cash are widely used in the financing of terrorist activities,” the Commission’s proposal states. “In this context, the relevance of potential upper limits to cash payments could also be explored. Several Member States have in place prohibitions for cash payments above a specific threshold.”

On the heels of the European Central Bank’s discontinuation of the €500 note, the Commission’s plan would drastically scale back civilians’ ability to conduct transactions using currency — and, by default, will allow banks and the State further means to track individuals via bank cards.

According to the Commission’s Inception Impact Assessment,

Cash has the important feature of offering anonymity to transactions. Such anonymity may be desired for legitimate reason (e.g. protection of privacy). But, such anonymity can also be misused for money laundering and terrorist financing purposes. The possibility to conduct large cash payments facilitates money laundering and terrorist financing activities because of the difficulty to control cash payment transactions.

In other words, because criminals and terrorists use paper currency, the ability for law-abiding citizens to conduct anonymous transactions with cash must be curtailed. For any number of reasons — not the least of which is the laughable presumption terrorists would just walk into a store and purchase big ticket tools of the trade — this assessment fails the sniff test.

By James Corbett

Demonetization. Cashless payments. Biometrics. Can you connect the dots? Join James today on The Corbett Report as he uncovers the truth about India’s recent demonetization and follows the trail to the coming cashless biometric control grid.

Visit CorbettReport.com

By Shaun Bradley

In the shadow of Donald Trump’s spree of controversial actions, the European commission has quietly launched the next offensive in the war on cash. These unelected bureaucrats have boldly asserted their intention to crack down on paper transactions across the E.U. and solidify a trend that has been gaining momentum for years.

The financial uncertainty amplified by Brexit has incentivized governments throughout Europe to seize further control over their banking systems. France and Spain have already criminalized cash transactions above a certain limit, but now the commission has unilaterally established new regulations that will affect the entire union. The fear of physical money flowing out of the trade bloc has manifested a draconian response from the State.

The European Action Plan doesn’t mention a specific dollar amount for restrictions, but as expected, their reasoning for the move is to thwart money laundering and the financing of terrorism. Border checks between countries have already been bolstered to help implement these new standards on hard assets. Although these end goals are plausible, there are other clear motivations for governments to target paper money that aren’t as noble.

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:

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By Clint Siegner

The global war on cash rolls on. The cabal of bankers seeking more transaction fees, busybody political leaders, and central bankers who want to experiment with negative interest rates recently threw India into turmoil by eliminating the two largest denomination bank notes.

Now they are preparing a similar assault on Europeans’ ability to transact privately and without giving bankers a cut. European Union officials just published a “Proposal for an EU Initiative on Restriction on Payments in Cash.”

Predictably, the restrictions are being sold to citizens as a means of fighting terrorism – much like a host of other privacy and liberty-destroying power grabs in recent decades. This despite a telling admission contained in the proposal: “There remains the lack of readily available and solid evidence on legitimate versus illegitimate cash transactions.” Ban the use of cash first, ask questions later.

Officials may, however, come to regret the timing of their proposal. Many European citizens will have trouble reconciling why leaders are willing to clamp down severely on cash, but not on the flood of refugees pouring in from the Middle East. Can they really be serious about terrorism?

Anti-EU movements are surging across the continent, with important elections coming this year in both France and Germany. Anger and frustration is already threatening to tear the EU apart. Now EU officials are floating another measure that promises to be controversial.

In Germany, 79% of transactions are done in cash. Many there aren’t going to take restrictions lying down. Some see the war on cash for what it is – bureaucrats using the lever of fear to once again ratchet up controls and restrict privacy.

By Michael Snyder

Their agenda may be on the rocks in the United States at the moment, but that doesn’t mean that the globalists are giving up.  In fact, a major push toward a cashless society is being made in the European Union right now.  Last May we learned that the 500 euro note is being completely eliminated, and just a few weeks ago the European Commission released a new “Action Plan” which instructs member states to explore “potential upper limits to cash payments.”  In the name of “fighting terrorism,” this “Action Plan” discusses the benefits of “prohibitions for cash payments above a specific threshold” and it says that those prohibitions should include “virtual currencies (such as Bitcoin) and prepaid instruments (such as pre-paid credit cards) when they are used anonymously.”

This new document does not mention what an appropriate threshold would be for member states, but we do know that Spain already bans certain cash transactions above 2,500 euros, and Italy and France already ban cash transactions above 1,000 euros.

This is a perfect way to transition to a cashless society without creating too much of an uproar.  By setting a maximum legal level for cash transactions and slowly lowering it, in effect you can slowly but surely phase out cash without people understanding what is happening.

And there are many places in Europe where it is very difficult to even use cash at this point.  In Sweden, many banks no longer take or give out cash, and approximately 95 percent of all retail transactions are entirely cashless.  So even though Sweden has not officially banned cash, using cash is no longer practical in most situations.  In fact, many tourists are shocked to find out that they cannot even pay bus fare with cash.

So most of Europe is already moving in this direction, and now this new Action Plan is intended to accelerate the transition toward a cashless society.  The public is being told that these measures are being taken to fight money laundering and terrorism, but of course that is only a small part of the truth.  The following comes from the Anti-Media…

The European Action Plan doesn’t mention a specific dollar amount for restrictions, but as expected, their reasoning for the move is to thwart money laundering and the financing of terrorism. Border checks between countries have already been bolstered to help implement these new standards on hard assets. Although these end goals are plausible, there are other clear motivations for governments to target paper money that aren’t as noble.

By Rory Hall

Yes governments can steal your gold and kill the people, that doesn’t mean they can control either. Look at what is happening in India…

Prime Minister Narendra Modi’s government spent 16 months trying to persuade Indians to deposit their jewelry in the bank to earn interest, in an effort to curb soaring imports of the precious metal. But the program has only lured a tiny fraction of the $900 billion of gold that families and temples are estimated to have stashed away. On the other hand, Modi’s controversial decision to withdraw all high-value banknotes did the job instead. Source

Taking away their cash has not worked. People are still acquiring gold. Maybe not as much, especially of the “official” persuasion, but they are still adding to their stack every single day.

Gold doesn’t pay interest, remember? It is a barbarous relic held by central banks as a “tradition,” so I am little confused as to why the Indian government wants the 20,000+ tons of gold held by the people. Oh yeah, gold is money and represents freedom and independence – two things all governments hate. The Indians like their gold and want to keep it to protect themselves from thieving government officials.

“The government tried, but the people are not coming forward,” Devendra Kumar Pant, chief economist at India Ratings & Research Pvt., the local unit of Fitch Ratings, said by phone from New Delhi. The government is under less pressure to fix it because “the position right now on the current-account side is relatively comfortable.” Source

The Modi government thieves are demanding the people take their gold to an official assay company with a promise to return the gold or cash equivalent at the end of a specified “loan” period. Needless to say the Indians want nothing to do with this latest scheme to steal their gold.

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By Rory Hall

The IMF (International Monetary Fund) or as I like to call them – International Mafia Federation – is showing its true colors and proving beyond question this organization is nothing more than street-corner thugs in high-priced suits.

With the release of this latest working paper on how to enslave nations, steal the remaining sovereignty of the people and nations they have drawn up plans to force a cashless society upon all the people within IMF member nations.

The International Monetary Fund (IMF) in Washington has published a Working Paper on “de-cashing”. It gives advice to governments who want to abolish cash against the will of their citizenry. Move slowly, start with harmless seeming measures, is part of that advice.

In “The Macroeconomics of De-Cashing”, IMF-Analyst Alexei Kireyev recommends in his conclusions:

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Although some countries most likely will de-cash in a few years, going completely cashless should be phased in steps. The de-cashing process could build on the initial and largely uncontested steps, such as the phasing out of large denomination bills, the placement of ceilings on cash transactions, and the reporting of cash moves across the borders. Further steps could include creating economic incentives to reduce the use of cash in transactions, simplifying the opening and use of transferrable deposits, and further computerizing the financial system.

The private sector led de-cashing seems preferable to the public sector led decashing. The former seems almost entirely benign (e.g., more use of mobile phones to pay for coffee), but still needs policy adaptation. The latter seems more questionable, and people may have valid objections to it. De-cashing of either kind leaves both individuals and states more vulnerable to disruptions, ranging from power outages to hacks to cyberwarfare. In any case, the tempting attempts to impose de-cashing by a decree should be avoided, given the popular personal attachment to cash. A targeted outreach program is needed to alleviate suspicions related to de-cashing; in particular, that by de-cashing the authorities are trying to control all aspects of peoples’ lives, including their use of money, or push personal savings into banks. The de-cashing process would acquire more traction if it were based on individual consumer choice and cost-benefits considerations. Source

It doesn’t get much clearer than that – if the people resist, simply change the rules and, as we have stated time and again, simply enact a new law that the majority of people will accept and the remaining 3-5% will be forced into enslavement with the rest.

By Jeff Paul

In November of last year, India banned certain cash notes in a bold move to force businesses into the banking system to better harvest more taxes from its livestock. Now, under the guise of “improving transparency” and forming a “common market,” India has begun targeting gold with new taxes, regulation, and incentives for citizens to turn over their undeclared gold to the financial sector.

Roughly 86% of India’s economic activity happened in cash at the time much of it was banned. Presumably that includes the $19-billion-per-year retail gold industry. Again, it appears that India’s government (central bankers) wants a bigger cut of the action and to better track the private assets of citizens.

Bloomberg has been reporting that India’s government is teaming up with crony gold dealers to plan a complete revamp of its gold policy – which is always code for “control, regulate and tax.”

Bloomberg reports:

India, which vies with China as the top consumer of bullion, is working on new policies to improve transparency and help expand its $19 billion gold jewelry industry, according to people with knowledge of the matter.

The plans being worked out by the finance and commerce ministries along with industry groups should be finalized by the end of March, the people said, asking not to be identified because they aren’t authorized to speak publicly….

The start of a spot bullion exchange, to make gold supply more transparent and help enforce purity standards, is under consideration, the people said. An import tax of 10 percent could also be reduced as the government seeks to eliminate smuggling, they said. The plans also include a dedicated bank for the jewelry industry, according to one of the people.

The overhaul of India’s disorganized and fragmented gold jewelry industry is meant to bolster confidence among consumers, where the gifting of gold at weddings and festivals or its purchase as a store of value are deeply held traditions. Ensuring quality standards and allowing supply chains to be easily tracked are ways to enhance trust.

In addition to a 10% import tax on gold, which authorities admit causes smuggling, India recently placed a 3% nationwide goods and services tax on gold that goes into effect on July 1st. Grateful slaves celebrated the event as a “lower than expected rate” and as creating a “common market,” Bloomberg reported when the tax passed:

India fixed the duty at 3 percent over the weekend, lower than the 5 percent expected, Ketan Shroff, joint secretary at the India Bullion and Jewellers Association Ltd., said Monday. The goods and services tax, to be implemented from July 1, will replace more than a dozen domestic levies including excise tax and state tariffs, drawing India for the first time into a common market.

By Clint Siegner

Indian Prime Minister Narendra Modi launched a surprise attack on cash in late 2016. He gave Indians a few days to convert the two largest denomination bills then circulating to bank deposits, after which point any undeposited notes would become worthless. The move was intensely controversial. Transactions completed using cash represented the vast majority of economic activity in the country.

In order to sell the program Modi employed a familiar strategy. He vilified the users of cash as tax cheats and criminals. He promised the measure would punish black marketeers, boost the Indian economy, and increase tax revenues. The latter may be true – forcing transactions onto the grid is good for nosy bureaucrats trying to impose taxes and controls.

But it now appears Modi’s claims about the amount of criminal activity tied to cash and promises of economic growth were nonsense.

The official argument was that cash is an indispensable tool for black marketeers. The reform would catch many of these “criminals” with piles of cash they would be unwilling to declare and deposit. That argument fell apart last week when the Indian central bank reported that 99% of the outlawed bills were converted to deposits. Turns out very few “criminals” were punished.

Meanwhile the Indian economy is paying the price. Growth has slowed significantly and some estimate as many as 5 million jobs have been destroyed by the demonetization of cash. More and more Indians are angry.

They didn’t enjoy the upside promised by Modi. Instead, they suffered massive economic disruption and loss of privacy. Perhaps India’s experience will provide an object lesson elsewhere in the world where bankers and the political elite are waging a similar war on cash.

Clint Siegner is a Director at Money Metals Exchange, the national precious metals company named 2015 “Dealer of the Year” in the United States by an independent global ratings group. A graduate of Linfield College in Oregon, Siegner puts his experience in business management along with his passion for personal liberty, limited government, and honest money into the development of Money Metals’ brand and reach. This includes writing extensively on the bullion markets and their intersection with policy and world affairs.

By Jay L. Zagorsky, The Ohio State University

A world without cash seems wonderful at first glance since it is convenient and fast. You don’t need to withdraw dollars or euros ahead of time. You don’t have to worry about money being lost or stolen. Paying for things with your phone is a breeze.

Many countries around the world are steadily shifting away from cash. Canada, the United Kingdom and Sweden have already largely embraced a cashless society. The U.S. is also steadily making the move, with people holding smaller amounts of cash.

However, the recent string of natural disasters and security breaches at major financial entities exposes a huge flaw in this trend: When the power goes out, telephone lines shut down or account information is stolen, it is impossible to use ATMs, credit or debit cards or mobile payments – no matter how rich you are.

In other words, giving up cash increases the chance of the kind of economic catastrophe that results when people can no longer easily trade for the goods they need and want. The solution to this national security issue is simple: bring back the currently maligned large denomination bills like the $500, which was discontinued in 1969.

President William McKinley was the last face to adorn the $500 note before it was discontinued in 1969. National Numismatic Collection, National Museum of American History

Countries going cashless

Recently, some prominent economists have suggested countries should move to a cashless society, with actions like eliminating the $100 bill.

Kenneth Rogoff, a Harvard professor who was also chief economist of the International Monetary Fund, wrote in the Wall Street Journal that going cashless reduces crime by ensuring tax cheats, drug lords, gangs and terrorists cannot easily fund their activities.

If only small bills are allowed, then people making illegal payments need briefcases stacked with huge numbers of small denomination bills like $5 and $10s. This is much more difficult than discreetly using a small envelope filled with a few very high value notes.

By Stefan Gleason

Recent high-profile cyber security breaches at Equifax and other financial institutions highlight the perils of an all-digital economy. When wealth can be evaporated or expropriated at the stroke of a key, how secure can your finances really be?

Obviously, there is a big difference between wealth you can tangibly hold and wealth that exists only in electronic form.

One advantage of paper cash is that it can’t be hacked or stolen digitally. Paper money isn’t by any means hard money like gold and silver, but it does at least provide some of the privacy and convenience features that come with tangible assets. That’s why bankers and bureaucrats want to ultimately ban the use of paper Federal Reserve Notes and force all cash transactions to go online.

A recent story in the Wall Street Journal suggested, “reducing the supply of cash in the U.S. could help lower crime and make the Fed’s job easier.” Limiting our access to cash… to help monetary central planners do their job – somehow it didn’t occur to the Founders to enshrine that principle into the Constitution!

Kenneth Rogoff, former chief economist at the International Monetary Fund, says eliminating $50 and $100 bills is necessary to reduce tax evasion and black-market transactions.

According to Rogoff,

Another advantage of eliminating large bills would be the effect on monetary policy. The Federal Reserve should be able to implement negative nominal interest rates vastly more effectively in the absence of large bills, which could prove quite important as a stimulative tool in the next financial crisis.

A negative interest rate policy is effectively a tax on holding cash in a bank. But the policy doesn’t work so well when people can hold paper cash and thus escape the negative rate exaction.

The war on cash is proceeding in small steps, with lots of nudging from corporate America. Visa has launched a “Cashless Challenge” to incentivize small businesses to stop accepting paper currency. “Visa is helping lead the cashless movement by working to reshape how people pay and get paid,” the credit card giant boasts.

Meanwhile, digital crypto-currencies such as Bitcoin continue to proliferate even as they risk being targeted by government regulators. Higher Bitcoin prices raise the incentives for hackers and cyber terrorists to try to break into and disrupt Bitcoin exchanges. As more capital flows into the underground asset class, governments become more interested in regulating or banning it. The banking system becomes more interested in combating or co-opting it.

One of the banking establishment’s biggest guns is JPMorgan Chase CEO Jamie Dimon. He recently bashed Bitcoin as a “fraud.” The manager of the world’s largest hedge fund, Ray Dalio, unleashed similar language on the crypto-currency.

The anti-Bitcoin message sent by financial titans has undoubtedly been received by the U.S. Treasury Department and Federal Reserve. U.S. regulators have thus far taken a mostly hands-off approach to cyber currency markets. But that could change at any time.

In September, China moved to ban crypto-currency exchanges. Following China’s crackdown, U.S. politicians threatened a regulatory attack on Bitcoin as part of an economic sanctions package against North Korea.

Massachusetts Senator Ed Markey (D) said in a CNN interview,

The only answer is to go to final sanctions on the North Koreans… The crypto-currency Bitcoin, which they are using to supply funding to their economy – all of it should be shut off.

The advantage of “low-tech” free-market currencies such as gold and silver coins is that they cannot be shut down. They are completely off the electronic financial grid.

Secret $1.8 Million Cryptocurrency Script

Precious metals could be subject to conventional regulatory attacks, to be sure. The U.S. has a sad history of banning the private ownership of gold.

But in the era of digital currencies, online banking, and smartphone-enabled day trading, physical gold coins aren’t even a drop in the bucket. They’re more like a drop in the ocean relative to the tens of trillions of dollars in wealth that could be seized digitally.

It’s not a question of whether or not to participate in the digital economy at all. Almost all of us do to some extent (including whenever we use debit or credit cards). The question is whether or not or to be 100% reliant on digital finances without any grounding in tangible wealth.

We don’t foresee a day when that will become safe or prudent. As long as we live in uncertain times, the timeless value of physical gold and silver should command a prominent place in your personal finances.

Stefan Gleason is President of Money Metals Exchange, the national precious metals company named 2015 “Dealer of the Year” in the United States by an independent global ratings group. A graduate of the University of Florida, Gleason is a seasoned business leader, investor, political strategist, and grassroots activist. Gleason has frequently appeared on national television networks such as CNN, FoxNews, and CNBC, and his writings have appeared in hundreds of publications such as the Wall Street Journal, TheStreet.com, Seeking Alpha, Detroit News, Washington Times, and National Review.

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