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 "fake" 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:
“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—crypto currencies, 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.
The spillover effect has
affected new forms of investment, like Bitcoin, which witnessed an astronomical rise over the last months and has
been brought back into the discussion as a viable alternative to fiat
currencies. Of
course, the E.U. Commission is also attempting to impose similar limitations on crypto currencies to
make sure no transactions fall outside of their domain. The ECB and BOJ are
working towards a trojan horse blockchain network that will serve only to
entrap those naive enough to
trust it.
Former Treasury
Secretary Larry Summers wrote last
year that the E.U. would likely be the trailblazer of the West towards this new
digital model:
“But
a moratorium on printing new high denomination notes would make the world a
better place. In terms of unilateral steps, the most important actor by far is
the European Union. The €500 is almost six times as valuable as the $100. Some
actors in Europe, notably the European Commission, have shown sympathy for the
idea and European Central Bank chief Mario Draghi has shown interest as well.”
Since the public’s attention
has been drawn to emotional manipulations and political stunts, the threat the
war on cash represents has gone unrecognized. Instead
of feeding energy into systems meant to divide and conquer, individuals must
educate themselves to secure their own financial futures. By submitting to the
hive mind and following the media down whichever rabbit hole they choose, the
most important issues of today will go unnoticed. The value of advocating for decentralized and physical alternatives
to the banking system may not be easily grasped by the activists of today, but
few other things have the potential to erode freedom on such a massive scale.
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