The monetary system is based on TRUST . And NOBODY trusts the privately owned FED or the US who facilitates it anymore!! That’s why 138 countries have signed up to the Belt and Road Initiative and that’s why there was a stampede to join the Asian Infrastructure Investment Bank as founding members when it was launched ! Meanwhile the US DOLLAR is DILUTED, DEVALUED and ARTIFICIALLY INFLATED by the Federal Reserve ! It will soon be over for the US Dollar; there is NO stopping it ! The upcoming currency crisis will be first and foremost a crisis of confidence and the only solution will be non-printable collateral–ie precious metals.
There will be no trust so therefore there will be no credit. Gold will once again prove that it is the foundation of our entire idea of ‘money’. As technology advances, and the world can now be accessed via a handheld smartphone, the way in which we earn, spend and send money is changing, not only through the introduction of cryptocurrencies such as Bitcoin, but now it seems through digital national currencies, something that could change the way we bank forever.
The central banks push all things destructive to society in order to further consolidate their power. China will be the first country to launch a digital currency. China’s digital yuan would be a “potentially fatal challenge” to American hegemony. Honestly, who wouldn’t want all one’s wealth under the total surveillance and control of China’s Communist Government? Sounds like a great idea! This currency is more designed to further repress the local population. A new crypto that gives China even more power over its citizens and over the world economy.
The digital Yuan is going to be just another way for a totalitarian government to watch us. Control over the people via digital currencies is one of the goals of the Great Reset. The ECB too is moving ahead with its own plans for a digital currency by the mid 2020’s. The Chinese have used a lottery to hand out free digital Yuan to test pilot the new system. It has been received well by residents of Shenzhen.
The Chinese government is not going to have to force anyone to adopt digital currency. The Chinese people will love it.China is the most wired place on earth, and they love it. Notice how we already have digital currencies but that isn’t good enough, they need to make cash illegal. They want to keep track of you and control you with the press of a button, cutting off your ability to buy or sell if you step out of line. All countries are going to a digital crypto currency even the US which will release its White Paper this summer. Lagarde is going to do the same this summer.
The UK and it’s 67 million people can buy bitcoin coins through PayPal starting this week. Berkshire Hathaway, the company led by CEO Warren Buffett, has invested $500 million in a pro-bitcoin digital bank. Nubank says it will offer bitcoin investment following its acquisition of brokerage firm Easynvest which offers the trading of Brazil’s first bitcoin exchange-traded fund (ETF). EL Salvador citizens will ALL get $30 worth of BITCOIN on SEPTEMBER 7, official date of Bitcoin as a LEGAL TENDER in the country! Trudeau has already banned cash but it is still being used and will be removed when their central bank is ready to release their digital currency.
There is no forcing at all like Lagarde, she will release the new Euro, ban cash and all existing non crypto euros will be converted to the new one. But to be honest , China did not create the digital yuan to replace the dollar but to use it to avoid sanctions instead of using the old yuan or dollar as the US has used the dollar as a political tool one too many times and the world is slowly retreating from this. China has set up a whole alternate international financial system separate from SWIFT but can be fully integrated if necessary with their own IMF and World Bank.
One of the main points of crypto is to remove governments from the equation, not give them more control of finances. But that’s exactly what will make all cryptos a target of governments who don’t like competition. Wait till it becomes evident to some critical mass of people that the US dollar is kaput and you’ll see them sending out their hit pieces on BC and every other one out there.
The Internet will be blocked from transmitting them (don’t for a second think they can’t do this) and you’ll be forced into exchanging them for official government digi-coins. Dying governments become dangerous so make sure you have something you can hold in your hand other than a USB drive. Take up will be slow and it will be used for the most legitimate purposes. Paying utility bills, paying all government fees and charges, all purchases people are willing to, well, publicly share. People all have their own private peccadilloes they want to keep private, most dietary, candy and alcohol, they will probably pay for healthy groceries with it.
The good citizen spending currency, it is all that it will get used for, except of course by the foolish. Take up will be slow and people will adjust and accept it, as they already should with regard to any credit card use or have they become so gullible to believe their credit card purchases are not already data mined to the nth degree. The taxation service can snag all that data any time they want to and via them federal investigative agencies can get that data and data mine your purchase patterns, want you spent where and when and for what, those patterns can point to all sorts of crimes.
So technically there is no difference in privacy between a fully trackable government digital currency and a credit card, want to keep secrets, use cash, and cash is freedom in capitalism. The only real difference between private and state digital money in this scenario is that the state one can be programmed to have an expiration date. I bet they are going to initiate bigtime controls on it so it doesn’t leave China.
Now that would be horrendous. Most of the cash leaving China is basically smuggled. So the main intention of the expiration date is so nobody can spend the coin if it expires. Not a threat to the dollar. Not at all. It’s like vanishing gold. It would essentially be a hot potato. In fact that is sort of a good idea for a crypto coin, just to make sure nothing ends up missing.
The expired ones get replaced by a new one if not “claimed”. Maybe some more clawbacks from bad transactions too? It would destroy holders. These coins were not set up properly, that’s all I can tell. It is essentially like printing up paper, then sitting on it while other people bid on it after you already printed it. Its like a master ponzi scheme, then you charge them for transactions with the scraps so you never get bit. should call it two-bit coin. If individuals will be able to pay each other with this digital currency, then presumably countries outside of China will be able to use this currency this way too. Countries in Africa might increase their trade with each other using this currency.
This is how the US dollar is often used now. Countries outside of the USA are now using the US dollar to trade with each other. But the transaction costs of using the US dollar are now high, compared to the projected costs of using a digital currency. Because with a digital currency, there is no need for intermediary middle-men to take their cut from such transactions. Everybody deals directly with the Central Bank and not with some middle-men.
This digital currency might replace the US dollar and not just the Euro for international trade between countries outside of Europe and USA. And it’s not just because of decreased cost of transactions. It’s also because of political risk. Both the USA and the EU use their currencies to interfere in trade between other countries for political reasons. And there isn’t much difference in politics between the EU and USA, because they are friends and close allies. But China will provide a real political alternative and enable other countries to diversify their political risk for international trade. Due to the success of the “Yale model” and other related academic paper, there has been prevailing trend to have at least one asset class (in institutional portfolio) that has rather very high beta (but strongly uncorrelated to the Market) However, Bitcoin, at present time, seems to behave as if it is strongly correlated to the Market direction.
Anyway the real question is “if i.e. rather when” is it going to be regulated by the Government agencies. One of the main functions of the Government that gives its legitimacy is Government’s firm control of its currency…thru e.g. central bank. Any Central Bank willing to let loose a maverick in their tightly controlled domain?…(especially in the light of view that 51% attack can be initiated by one country namely China.
Since we now know that there is no rule-of-law there and anyone/entity can be taken away …to be ruled under the control of the Emperor). As a starter for bitcoin to have its proper place, it has to be regulated to address tax evasion, consumer protection and , most importantly, Anti-Money Laundering among others. Is it ever going to be regulated? If so then what happens to its supposedly inherently interesting core features afterward? From Anti-Money Laundering (especially Financing of Terrorisms resulting in heavy collateral damage) perspective, it would be only one dire “incident” away from getting the book thrown at it, rather promptly and with strong world/public condemnation. Still very much a work-in-progress project? A return to digital gold standard will stop peoples wealth being stolen by inflation and they can stop working before they die! This is REAL capitalism!
An important Chinese State-owned enterprise is collapsing; as are multiple Chinese banks. China’s banking sector is showing signs of strain, with more than 13% of 4,379 lenders now considered “high risk” by the central bank. Something is starting to severely crack in China’s financial system. Only three days after we posted a video about the self-destructive doom loop that is lacerating China’s smaller banks, where a second bank run occurred in just two weeks – an unparalleled event for a country where up toearlier this year not a single bank was allowed to fail publicly and has so far this year no less than five banks high profile nationalizations/bailouts/runs .
China is facing the biggest state-firm offshore debt failure in 20 years.China Braces For December D-Day: The unparalleled and Unprecedented Default Of A Massive State-Owned Enterprise. Tewoo , a major Chinese commodity trader, looks poised to become the most high-profile state-owned enterprise (SOE) to default in the US dollar bond market in over two decades. In a fresh sign that Beijing is more willing to allow failures in the politically sensitive SOE sector, Tewoo Group has offered an unparalleled debt restructuring plan that implies deep losses for investors or a trade for new bonds with considerably lower returns. Commodity giant Tewoo Group reportedly could become one of China’s all-time high profiled state-owned enterprises to default on a U.S. dollar bond. «Tewoo Group is very likely to default on its 300 million US dollar bond due December 16 » Bloomberg said in a report citing unnamed buy-side sources linked to the firm’s offshore debt manager.
Tianjin-based Tewoo has businesses in infrastructure, logistics, mining, autos, and ports, its website said, with presence in the U.S., Germany, Japan, and Singapore. In 2017, the unlisted firm reportedly generated an annual revenue of $66.6 billion and housed more than 17,000 employees. Dollar bonds? It’s the FEDs problem then. This is HUGE! Welcome to Atlantis Report. Tianjin-based Tewoo Group Co is owned by the local government and operates in a number of industries, particularly as regards of infrastructure, logistics, mining, autos, and ports, as reported by its website. It also has footprints in countries, including the US, Germany, Japan, and Singapore.
The trader ranked 132 in 2018’s Fortune Global 500 list, higher than many other conglomerates, including service carrier China Telecommunications Corp and financial titan Citic Group Corp. It had an annual revenue of US$66.6 billion, profits of about US$122 million, assets worth US$38.3 billion, and more than 17,000 employees as of 2017, according to Fortune’s website. Sixty-six billion in revenue but only 122 million in profits ; something is wrong.
The loans are all US dollar loans, so it’s America’s problem. All companies in China are state owned. They get a 51% stake in everything. People are better off not working for the state and just growing their own food, and staying at home, let the government starve. Make them come and take 51% of your rice. The firm is neither listed on any stock exchange nor rated by the top three international rating companies.
Tewoo Group’s financial difficulties came to the fore in April when it sought debt extension from its lenders and sold copper below market rates amid a cash crunch. That month, Fitch Ratings slashed the company’s credit score by six notches in one go to B- to reflect its weak liquidity and higher-than-expected leverage. Tewoo’s likely default suggests that Beijing is finding it increasingly hard to bail out troubled SOEs, let alone private firms, after the worst economic slowdown in three decades. It also heightens issues over Tianjin, where it’s based, following a series of rating downgrades and financing difficulties endured by some of the city’s state-run firms. The metropolis near Beijing also has the topmost ratio of local government financing vehicle bonds to GDP in China.
Investors anticipate high debt levels to limit the Tianjin authorities’ capacity to lend support to the city’s distressed firms, inducing them to reject the latter’s debt. Tianjin Binhai New Area Construction & Investment Group Co postponed plans to sell a three-year dollar bond offering in July amid such concern.
While bond defaults in China’s local market are approaching the record level high last year, there have been relatively fewer missed payments offshore. Fitch withdrew its rating on Tewoo Group in July due to insufficient information to maintain the ratings. It last rated the issuer at B-. Neither S&P Global Ratings nor Moody’s Investors Service rates the firm. Bondholders must decide whether to accept the exchange/tender proposal by Dec 9 and 10, respectively, with the settlement date owed on or around Dec 17.
Investors are also watching closely to see if Tewoo Group’s troubles could cascade to other Tianjin companies. As well as raising concerns over the level of support state firms can expect to receive from Beijing. The Chinese bond market is invigorating itself for an unparalleled shock: a major, Fortune 500 Chinese commodity trader is assured to become the most conspicuous and highest-profile state-owned enterprise to default in the dollar bond market in over two decades. In what Bloomberg labeled the latest sign that Beijing is more prepared to allow failures in the politically delicate State Owned Enterprises sector .
Moreover that, or China is just no longer able to monitor the side-effects from its cracking $40 trillion financial system . Commodity trader Tewoo Group ; the largest state-owned enterprise in China’s Tianjin province – has offered a record breaking debt restructuring plan that involves deep losses for investors or a trade for new bonds with considerably lower returns.
Being state-owned in China no more means being endorsed by the state if the case of a troubled commodities trader is anything to go by. Tewoo Group Corp suggested Friday that investors either endure losses as much as 64% or accept overdue repayment with dramatically reduced coupons on $1.25 billion of dollar bonds. as well as another $1.6 billion worth of bonds lacking such protection, Tewoo subsidiaries have also struggled to make local debt payments, including a missed coupon for a 1.2 billion yuan note in July and another note in June.
China is undergoing the worst economic slowdown in three decades, and such events signal a greater willingness by top authorities to allow state-owned enterprises to default – a stark contrast to past assumptions of implicit guarantees. The government is already undergoing additional measures that could ease market stress, including a planned $6 billion U.S. dollar fundraising and multiple cuts to key interest rates. I bet it feels like your walking through a fireworks factory smoking a cigarette in many places in China right now.
Trust is the most basic form of money. It is also quickly becoming very rare and difficult to find. It does not matter how secure someone thinks their virtual, fiat, or physical assets are without a great deal of trust in people. Everything shuts down. Another reason that the world economy is facing headwinds from all directions. The complete reorganization of the European car industry, particularly Germany, will have consequences with less employment. Along with BREXIT kiss of death as Britain holding tons of debt paid for by Gulf States (QATAR) under pressure from Iran and Iraq in chaos.
All these factors will impact the US economy; a stronger US dollar points to zero US interest rates. This is why China is pushing for the de-dollaring of the world. They want to print their own debt and dump it on the earth like they do with their cheap trinkets. The biggest problem for Red China is the Chinese Communist Party. They have absolutely no clue when it comes to economic issues. They built this monstrosity on debt, and now that banks and businesses are failing, they are like deer in the headlights. Sure, they can bail some out, but what about the debts that reach in all directions. Will other businesses get paid on time by the one that’s about to go under. Total China printed local currency equals $37 trillion. Total US currency circulation equals $1.5 trillion. Total Global gold valued equals $7 trillion.
China subsidizes everything except real property. The Chinese have painted themselves in a corner. They’ll collapse faster than a happy ending at a Chinese massage parlor. But wait!!! Buy more cheap Chinese crap today with Black Friday’s sale prices and help save The Chinese from total despair. The way that China prints are dependent on net exports. Every unit of foreign currency that comes into China is seized by the government, and a proportional amount of Yuan is printed and distributed to the rightful recipient of that foreign currency. If their exports dry up, they can’t print anymore. Without those foreign currency reserves, they don’t have any cash to shore up their banking system nor to support their corrupt system.
This whole thing is about to explode. And this is mere smoke from the fissure. What you will not see until later is how immediate the impact on 1000’s of municipalities across China that will no longer get handouts or loans from the CCP. Already an untold number of build-out projects have been halted and left to ruin. A small bank in Austria collapsed in 1929 and led to the Wall Street crash in about two and a half months. In today’s fast action systems, the crash from China will take six working days.
The Chinese real estate market (bubble) is immense. Prices of investment flats in “empty cities” are dropping like a rock. If that bubble popping triggers a banking collapse by people walking on their second investment home mortgage, it will tube a bunch of “social scores.” And, it may trigger the worldwide market and currency reset. If China collapses, how exactly do you think that will play out. The world will probably enter into a new dark age. The global economy would almost certainly collapse without Chinese production and consumption. You would have 1 Billion+ people in chaos.
There would be hundreds of millions of people moving around on a continent that already has another billion+ people on it. There would be refugees of all kinds, and the levels of stress on surrounding countries in all ways would lead to a cascading effect of problems and almost certainly regional wars.
There would be starvation on a monumental scale that would make Africa look like party planning gone wrong. The consequences would be horrific and far reaching, and if you don’t think It would cast America into chaos as well, then you’re just not thinking it through.
Sadly, a crash is inevitable. Quarterly annualized GDP growth projected at 0.3%. Manufacturing in it’s third quarter of recession. Farm debt at a record high. Farm bankruptcies up 24%. Investment down. While a staggering number of Americans live paycheck to paycheck with little savings, they also owe massive amounts of money that many will never be able to pay back.
The Fed Reserve is pumping hundreds of Billions into the Repo market. Quarterly annualized GDP growth projected at 0.3% for Q4. Oh, yeah, things are doing great. The industry is bloated with debt. Debt destroys them every time because as the debt monster grows, it incentivizes them to sell more. Then they have to induce sales by more stupid crap that people want, but don’t need. Prices go up and up. Executives get paid more and more. The market becomes flooded, people get tapped out, and the industry goes bust. We live in debt based system. A debt system where the debt must ever expand. And since the entire industry is built on that debt system, it must ever expand. Any contractions will severely damage the global debt system. Downturns lead to layoffs. Layoffs lead to bankruptcy. Bankruptcy leads to less sales, and less sales lead to layoffs.
They will have to figure out how to hand out money to keep the Ponzi going. But then, what’s the point if you are just paying yourself to keep a ponzi going. Wasn’t the trump tax cut supposed to result in corporate investment, rising wages, and new jobs. Too bad the stock buybacks and artificial growth of the stock market were more important to his corporate overlords. There may be jobs, but real wages have stagnated under Trump. And it’s a fact that the manufacturing sector is in recession and business investment is at a seven-year low. People may be spending for Christmas, but what happens in January 2022 will be more predictive. And hey, if we aren’t heading for recession, let’s raise those interest rates to keep up with inflation and offload some of that balance sheet. So buckle up and hold on tight, because it certainly looks like we are in for a very bumpy ride in the months ahead.
If the FED already did 2 “insurance cuts” and plans to do more, that pretty much means we are already in recession. You can’t have it both ways. A distinct feature of this bubble is that corporations have taken on unsustainable levels of debt. When that blows up, household names will be waving bye-bye along with jobs and capital. Creative Destruction! Corporations do not create jobs. Corporations destroy jobs. Get the government entirely off of small business, and jobs will be created. Just get the government off of small businesses’ backs and no more free dollars. Small businesses will figure out the rest. Get rid of 99% of the government, and we will be just fine. What we have today is fascism. Will take a war or a comet to do that, but there’s hope. In 2001, countless tech companies had rounds of layoffs in the tens of thousands at a time (Nortel, Cisco, Ericsson, Broadcom etc. We’re not there yet, but signs are pointing down for sure. The first rounds are starting from what I see, so we might start seeing the more significant layoffs beginning in 6 months more or less. 50 CEOs told Gary Cohn to his face they had NO intention of giving raises or doing any hiring just because the government wanted ta provide them with a tax gift. And by the GOP’s very own admissions in December 2021, their tax “reform” was first and foremost, PAYBACK to their campaign investors. Thanks, Citizens United! A bill that was the epitome of the DC swamp. Most of the people who lost their jobs in 2009 didn’t get another one. Retired people who weren’t working in 2009 were forced to get jobs since NewYork decided we needed lower interest rates, and savings accounts went to paying 18% on deposits.
When you look at the numbers of actual employed private-sector workers, you find a number virtually unchanged since 2008, despite ten years of supposed job gains. Wages do not increase at the same rate as the funny money supply. The houses are not worth more than they were, neither are the cars. The money is worth less and you are getting paid less relatively. It’s just bigger numbers so you feel better about it. What you’re hearing and what you’re seeing is not what’s happening. That is basically what the government does, to convince you that everything is peachy-king in the U.S. economy, like the unemployment figures were only 3.5% when you have more than 95.5 million are out of work, (which is almost 39% of the entire working-age population), or that the GDP growth is 2%, when they forget to mention it is in negative territory and needs to be multiplied by 10., or the CPI being at 0.2% when cost of living and inflation is a geometric weighing is a mathematical adjustment, not a model of consumer behavior, or actual expenses.
The government is trying desperately to hide the fact we are indeed in a recession. The workers that are the most vociferous about what’s needed to turn the company around and/or improve shareholder value are usually the first to be caught up in “the layoffs.” Management is self-preserving first and foremost. If they’re the ones that lasted long enough to be the last one out the door, they’ve won the game. The guy that’s charged with selling off capital equipment and office furniture is the champion. Zero is not the bottom. There is no bottom. The Central Banks will all just go Negative Interest rates. It’s the next “logical” step for them- and they’ll get away with it too. Never before has the world gone into recession with interest rates so low They could go with inflation or negative rates or helicopter money. Or some other tactic that we have yet to consider.
Who saw TARP or QE or mark to market coming? Anything that preserves the status quo and costs the elite nothing is fair game. Just give the elite a heads up, and they’ll work the rest out. The Power That Be will do anything to bring about their evil one world order, NWO, the beast system of government, and eventually religion as well, under a digital banking and exchange system. If they come into agreement, then they will probably crash the stock market and collapse the banking system next Fall, or at least try their best to do so, in order to cause people to NOT vote their conscience, but vote their pocketbooks based on the lies and propaganda of the left. The problem for them is doing a “controlled” collapse, as if it gets out of hand, and there are riots around the nation, along with a revolution and killings associated; then look out because D Trump can declare martial law, and remain in power for an unlimited amount of time, and it could very well be that that is what God will ordain to happen. We just do not know. We can only speculate that things will get very rocky and that there will be mass shaking for America, as in the figurative spiritual kind, and as in the literal physical kind as well. Twenty is going to be pivotal, to say the least. The end game is pretty straight forward. And it’s pretty much GOING to happen one way or another — no need for useless blather.
“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. This is nothing yet! Two of them (airliners) went bankrupt in the EU last two weeks (Adria and Thomas Cook), more expected by the end of 2019, and some at the beginning of 2020. If tourism and airliners are to be considered the tip of the iceberg, then it began melting recently. EU started to feel the beginning. Now we are waiting to see something real as 2008 -2012; it was nothing. For crying out loud, EVERYTHING since 2008- 2009 has been predicated on CENTRAL BANKS having monkeys pressing the zero key on keyboards to FLOOD the system with fiat currency.I won’t even call it money because it’s NOT.
This time is different. This time we will end up with tens of millions of people living under bridges and starving to death. Going forward, there will only be two classes of people – the haves and the have not’s. It is really that simple. It won’t be that difficult to be a have as all you’ll need are some assets – stocks, bonds, Precious Metals, and especially tools. If you have some of that, then you’ll be fine. If you are currently in debt and do not have assets;then you and your family going forward will be living in abject poverty. Get used to it. when you have complete totalitarianism, anything can be commanded to be done – until the plebes’ revolt – and we are a long way from that – the stupid people are still fat dumb and happy. Every recession is the same. People lose income. Oil companies make a bundle, and Banks rake in record profits.
Banks get money from the FED for almost no interest, yet charge consumers through the nose and pay precious little interest. Ask JP Morgan, which made a bundle recently. Same as it ever was. The FED wants to control each and every dollar, who gets it, where it goes, how much of it is paid in taxes, how many times it’s taxed, and, more importantly, what it is worth in terms of buying power. The exact same thing the masters of the universe do with data. All data must flow through them for final dispensing to its correct political agenda. Ultimately their agenda and the FED’s are the same. We have to go to hard money. We need tax incentives NOT to have children; population decrement policy.
We should focus on looking after the frail and elderly. All roads lead back to the fiat money system: Broken countries. Broken trade. Broken bond markets. Broken manufacturing. Broken businesses. Broken housing markets. Broken Labour markets. Broken people. Mal-investments. Wealth inequality. Big Government. Mass immigration. Wars. Even climate change. End the FED. End the ECB. End the BOJ. End the PBOC. End the BOE. End the SNB. End the RBA. Bring back The Classical Gold Standard. Rich people can’t withdraw money from hedge funds — end of the story. The bail-ins have begun.
Will the Future Global Society be Cashless? — War on Cash
Cashless payments are on the rise. They are fast, easy, and convenient. Worldwide, cashless transactions have become the norm. All over the western world, banks are shutting down cash machines and branches.
They are trying to push you into using their digital payments and digital banking infrastructure. Sweden Is On The Verge Of Going Completely Cashless. India and China are following the trail. The Swedish central bank, predicts that cash transactions will make up less than 0.5% of the value of all payments made in the country in 2020 Now in China, in places like food courts and some McDonalds, you cannot use cash.
With the rapid increase in technologies ranging from debit and credit cards to technologies like Apple Pay and Samsung Pay, hard and fast cash is becoming redundant and thus a day is not far when we will do away with cash and checks. And thus this society which doesn’t use cash is also termed as check-less society. Talking a bit further, the obvious advantages are:- Firstly, we would able to track our money right to the last cent, penny or paise which we find cumbersome with currency notes and coins. Finally you won’t lose 25 paise buying a commodity which costs ₹ 75.75.( Americans and Europeans won’t mind that much as they are still able to use their cents and pennies but still who hates convenience) Secondly, convenience. It’s so liberating to not desperately counting your money in front of the shopkeeper.
Safety. You don’t risk losing your money and in case even if you lose your debit card or phone, no one can misuse it without your pin code or even better fingerprint(maybe even without your iris). And even better you can simply block your cards promptly and thus no one can use the cards even if they are hackers. You can obviously not block someone from using hard cash. Go green..! Not just green it would free up quite a bit of man power and natural resources which are utilized in minting money. Disadvantages- One would sorely miss the smell of freshly minted notes and the reliability and comfort hard and fast cash provides. Sure, physical cash is just a vessel of the perceived value we as a society have agreed upon.
There is nothing stopping us from doing the same with bits of code stored in data centers. It might be difficult in societies like India, China, Brazil, where lots of people still only accept cash, but that will change soon enough. Mobile paying in the US is a hippie’s toy. In China, it is the main currency. So yeah, cashless is viable as long as all parties of the transaction agree to it as an excellent method of accounting for and transferring value, just be careful not to be too eager and eliminate 10% of your cash currency overnight as India did, let adoption spread naturally as it does in China . In China, there is no complete cashless status, but a cashless system is approaching. Nowadays, Chinese people are shopping, saving money, and transferring money, and all these behaviors have no cash participation. Instead, they are using Alipay and Wechat.
In China, fund flows in the two digital ecosystems mentioned above that integrate social media, business, and banking, and are operated by two of the world’s most valuable companies. This contrasts with the United States, where many companies are charging fees for the payment process and handling the payment.
Western bankers and credit card company executives are facing the same anxiety: Without banks and credit card companies, payment may be cheap and easy. Payment Apps such as Alipay and WeChat have rapidly become omnipresent forces in China’s consumer economy, with 520 million and 1 billion monthly active users.
According to the data of payments consultancy AIT Group, the two systems jointly traded $2.9 trillion in transactions in 2016, accounting for half of all consumer products sold in China. Alipay has signed agreements with a number of payment processors in the United States. Some taxi drivers in New York are offering passengers this payment option.
Alipay said its expansion aims to help Chinese tourists, but few in the payments industry believe it will stop there. In addition, Chinese consumers are saving more money on payment apps. In 2013, Alipay began to provide money market accounts. By last year, it had built the business into the world’s largest money market fund with a total value of about $243 billion. For the U.S.bankers, this is another pain point.
They have always held customer savings and used the funds to make external loans to make a profit. If U.S. consumers follow Chinese people, banks will have to find other (and possibly more expensive) sources of funding. In short, even in China, money is not from Alibaba or Tencent; it must be loaded from a bank account. Although the threat is real, U.S. bankers have enough time and choice to implement it. Banks need to try to integrate their payment systems into social media platforms and e-commerce platforms instead of having technology companies do all the work and get all the rewards. We’re almost already there, at least in most Western countries.
Coins and notes are mostly just physical tokens that represent a virtual currency, they’re no less dependent on electronic systems than a credit card, or PayPal is — a few big electromagnetic pulses in London, New York, and half a dozen other places (well, trickier than that since the critical data’s all shielded and redundant, but you get the idea) and the cash in my pocket isn’t worth anything more than what’s in my bank account, on my credit card, etc because it’s not backed by anything.
That’s not really a problem, fiat currency doesn’t need to be backed by anything more than the country issuing it, but it highlights that the coins and notes are unimportant — we only keep them for convenience and familiarity. As we’ve seen recently in Greece (and to a lesser extent elsewhere over the last 7 years), for short term problems (a few days or weeks) it’s essential to be able to have enough cash to live off if there’s (for example) a run on a bank — however the cash is only worth anything during that period because it’s expected that the economy will survive that blip. I cashless society is possible but not desirable.
It is a cold hard reality that the solar storm in 1859 (when there were 1.5 billion people in the world) brought down the newly created telegraph network as sparks were shooting out at operators. Such a storm would cause trillions of dollars in damage, far worse than any cyclone or hurricane. In 2012 (when there were 6.5 billion people in the world), a similar size solar storm as 1859 missed the Earth by six days. The loss of ability to conduct routine transactions even for a week in a modern urban area would make a lousy situation nearly catastrophic.
There is actually a kind of competition between the USA and Euro Zone to increase the value of circulating banknotes. €380 billion: banknotes of 12 national currencies in the year 2000. $564 billion: Circulating USA banknotes in the year 2000. €681 billion: Initial Euro-zone production of banknotes. €806 billion: Circulating Euro banknotes at the end of the year 2009. $942 billion: Circulating USA banknotes at the end of the year 2009. €1,171 billion: Circulating Euro banknotes at the end of the year 2017. $1,571 billion: Circulating USA banknotes at the end of the year 2017. Although the ECB has elected not to include the €500 banknote in the new series, they have ordered more than enough €100 and €200 banknotes to replace the € 500. Many people believe governments are trying to reduce the value of circulating as it is easier to track what their citizens are doing, but in reality, only Sweden and Norway are reducing their circulating cash. so Should societies go cashless? We ordinary citizens do not make these decisions.they are made in dark smoke-filled rooms then the order is passed on to the media to make people think they asked for the action.
Highly-paid spin doctors seem to have control of the thinking of the masses. If you pay attention to this thing they call trending we have millions who live by the code of monkey see monkey.It is a little late to worry about the future as you have minimal effect on your future. I am deeply suspicious of this whole notion of going entirely cashless. Think about this from another angle. What if the power grid fails? If even from a natural disaster or terrorist attack.
How is a cashless society going to handle that? Think about how social media platforms have progressed. Everyone has been enthralled by this newfound power to connect to the world and share ideas and have new ways to do business. But; Have not the creators of these fantastic new tools thrown us all under the bus, so to speak, by abusing their newfound superpowers by making banks by selling our private information and data? What makes you think for one minute that a utterly cashless system is safe? And then there is AI, artificial intelligence. This technology is already progressing at an alarming rate, and we have never had the necessary conversations about the regulation of it.
A cashless society will also become a society where government plays a more prominent role as tracking bribes, and illegal payments will be impossible. In a country like India, where cash is still the king, struggles to control corruption, the move to a cashless society would mean a massive changeover. In a country like Sweden, where much of life has become cashless, it becomes increasingly difficult for merchants and people still wishing to live in a cash-payment society to even receive banking services.
Not surprisingly, Swedish banks are slowly turning cashless. What we are now saving and investing are now binary digits. In a world, however, where even the most secure sites, like the NSA or Yahoo, are not above being hacked, the prospect for a new and much more dangerous type of digital crime is obvious. Cashless depend on IT for handling payments. In a world without cash, everyone needs to use services provided by banks and credit/debit card companies. Thus, secret service agencies can monitor and observe all money transactions. If you go shopping, you‘ll need to use some sort of banking/cash card or a smartphone with a payment app. Obviously, IT security would become an even more critical issue. All payment service providers would probably charge their customers for each money transaction, but shops may offer to cover these costs to attract consumers.
We all will be dependent on (central) banks and governments. For example, if the FED decides to introduce negative interest rates or a bank decides to charge a new fee, nobody can avoid this problem. Hence, politics needs to introduce new laws and regulations to ensure trust by all parties and protect customers. Another example might be the limits of how much money you can transmit in a payment.
Since every financial transaction is based on cashless payments, it is much easier for the individual to keep an eye on all her expenses and incomes. But if your smartphone battery were empty or you forgot to take your cards with you, you‘d face a severe problem. Thus, biometrics will become an essential technology that enables a customer to use biometrics for authorization and authentication instead of digital means.
Today, some small shops, single entrepreneurs, or shop owners cannot afford to provide cashless payment to their clients. It will also make their life much more complex, which is usually not an issue for big(ger) companies. The government may regulate the market to address this challenge, such as limiting fees and costs. Supermarkets or gas stations will automate their shops so that all items are electronically identified and charged. Let us pray that there is no issue with the transaction software. It might be challenging to deal with system errors. Who really wants to live in a world where Russian hackers have invaded the financial system?
– How to identify prophesies coded in the visions of four men whom God revealed information about the latter days to.
– How to survive each day with little necessities of life like little food, no technology as there will be no electricity, and sometimes poor housing.
– How to preserve medication and food at home without chemical preservatives or a refrigerator.
– How to identify biological weapons and chemicals thrown your way, understanding how they affect your body and what to do about it and also how to avoid it and stay safe.
– How to make protective clothing to shield you against chemical weaponry using simple household items. This covers you when an attack is imminent and you do not have the necessary gear or did not have time to buy required gear.
– How to craft a plan to survive even when times become challenging. Here, Cain explains simple military science to help you survive at home. You will need to use simple equipment and substances available at home.
– How to distinguish clean water and food from ones that have been contaminated after an attack. This keeps the family safe and free of diseases that may be caused by contaminated food or water.
End Of Days Survivors
Trust and obey. Don’t worry. We’ll get through it. If you are one of these end of days survivors, having a skill or service to barter in a cashless society will likely assist in survival until God’s victory (how the Bible teaches it) is fulfilled.
READING ARTICLES IS NOT ENOUGH. YOU ABSOLUTELY NEED THIS BOOK TO UNDERSTAND WHAT IS HAPPENING IS YOU ARE TO SURVIVE WHAT IS COMING.