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  1. Link to Post #41
    Avalon Member TrumanCash's Avatar
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    Default World Says YES to Cash

    THE WORLD SAYS YES TO CASH!

    Good news on the banksters' Orwellian push for a cashless world:


    Guardian: German plan to impose limit on cash transactions met with fierce resistance

    “It would be fatal if citizens got the impression that cash is gradually taken away from them.” -- Bundesbank President Weidman.

    "In Germany, such measures clash with deeply engrained habits and social attitudes. According to a recent Bundesbank study, 79% of payments in Germany are made in cash – compared with only 48% in Britain. Even among 14- to 24-year-olds, two-thirds say they prefer paying in cash to electronic means. In a YouGov survey, 72% of Germans said they considered it safer to pay in cash."


    As War on Cash Escalates, Cash Lovers Fight Back

    "Germany’s neighbor to the south, Austria, has similar reservations about the EU’s plans to suppress cash. The Deputy Economy Minister Harald Mahrer recently said that Austrians should have the constitutional right to protect their privacy."

    “We don’t want someone to be able to track digitally what we buy, eat and drink, what books we read and what movies we watch,” Mahrer said on Austrian public radio station Oe1. “We will fight everywhere against rules” including caps on cash purchases, he said.

    "Meanwhile, in tech-obsessed Japan, the country that first popularized mobile wallets and smartphones, cash is king. It is offered and excepted reverentially even when paying for groceries. Every ¥10,000-note is treated with utmost care. As a rule, they’re pristine. Demand for cash remains solid, to the increasing consternation of global credit card companies. In a 2013 report, MasterCard estimated that 38% of the total value of the country’s retail transactions were in cash. That’s almost twice the rate in the U.S. and five times the rate in France."


    Greek Attempt To Force Use Of Electronic Money Instead Of Physical Cash Fails

    "The government has told taxpayers that they will have to spend up to a certain amount of their incomes via bank and card transactions in order to qualify for an annual tax-free exemption."

    "Greek businesses are not ready for the expansion of plastic money through the compulsory use of credit and debit cards for everyday transactions....an estimated half of all businesses do not have card terminals. "


    In the United States Cash Continues to Play a Key Role in Consumer Spending: Evidence from the Diary of Consumer Payment Choice

    "Evidence from the Diary of Consumer Payment Choice (DCPC), conducted in October 2012 by the Boston, Richmond, and San Francisco Federal Reserve Banks suggests otherwise. Not only is cash a very different payment instrument than checks, but consumers choose to use cash more frequently than any other payment instrument, including debit or credit cards. Cash plays a dominant role for small-value transactions, is the leading payment instrument for many types of purchases, and stands as the key alternative when other options are not available."

    "In October 2012, the average American consumer had 59 transactions, including purchases and bill payments, and 23 of these 59 payments involved cash."
    Last edited by TrumanCash; 22nd February 2016 at 12:05.

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  3. Link to Post #42
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    Default Re: War on cash

    Cash is the Currency of Freedom

    As Fed inflates away dollar's value, government gains more control to manipulate taxpayers and savers

    Former Treasury secretary Larry Summers wants to get rid of the $100 bill. But I think he has it exactly backward. I think we need to restore the $500 and $1000 bills. And the reason is that people like Larry Summers have done a horrible job.

    Summers wrote recently in The Washington Post that the $100 bill needs to go. The reason, he says, is that it’s a favorite of criminals, along with the 500 euro note, which is likely to be discontinued. The New York Times editorialized in agreement, writing: “Getting rid of big bills will make it harder for criminals to do business and make it easier for law enforcement to detect illicit activity. ... There is no need for large-denomination currency. Britain’s top bill is the 50-pound note ($72), which has been perfectly sufficient. The United States stopped distributing $500, $1,000, $5,000 and $10,000 bills in 1969. There are now so many ways to pay for things, and eliminating big bills should create few problems.”

    Reading this got me to thinking: What is a $100 bill worth now, compared to 1969? According to the U.S. Inflation Calculator online, a $100 bill today has the equivalent purchasing power of $15.49 in 1969 dollars. Likewise, in 1969, a $100 bill had the equivalent purchasing power of $645.55 in today’s dollars.

    So even if we brought back the discontinued $500 bill, it wouldn’t have the purchasing power today that a $100 bill had in 1969, when larger denominations were discontinued. And carrying around a $100 bill today is basically like carrying around a $20 in 1969.

    And although inflation isn’t running very high at the moment, this trend will only continue. If the next few decades are like the last few, paper money in current denominations will become basically useless.

    Of course, as CATO Institute analyst Daniel J. Mitchell writes, to our ruling class this isn’t a bug, but a feature. Governments want to get rid of cash for two reasons. First, it gives them more control over citizens: They justify it in the name of fighting terrorists and organized crime, but what they really care about is making sure that nobody escapes their scrutiny, for purposes of taxes, regulation and political finagling. Second, if you’re stuck putting your money in a bank, they can force you to spend it (and thus “stimulate” the economy) by subjecting you to negative interest rates, in which money that just sits in the bank shrinks away, providing an incentive to spend.

    The Federal Reserve and various other financial regulatory bodies were sold politically in no small part as protections against inflation. But inflation has run rampant. According to the inflation calculator, today’s $100 bill is worth only as much as $4.18 in 1913, the year the Federal Reserve was established. When you realize that inflation helps debtors and that governments are the world’s biggest debtors, this makes a certain amount of sense — for them.

    But at a time when, almost no matter where you look in the world, the parts of it controlled by the experts and technocrats (like Larry Summers) seem to be doing badly, it seems reasonable to ask: Why give them still more control over the economy? What reason is there to think that they’ll use that control fairly, or even competently? Their track record isn’t very impressive.

    Cash has a lot of virtues. One of them is that it allows people to engage in voluntary transactions without the knowledge or permission of anyone else. Governments call this suspicious, but the rest of us call it something else: Freedom.

    Glenn Harlan Reynolds, a University of Tennessee law professor, is the author of The New School: How the Information Age Will Save American Education from Itself, and a member of USA TODAY's Board of Contributors.
    Last edited by TrumanCash; 1st March 2016 at 06:43.

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  5. Link to Post #43
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    Default Re: War on cash

    Quote Korea shifting to cashless society

    Cash is giving way to credit cards and fintech payments in Korea, slowly losing its significance as a means of trade. And those who have left wallets at home find they can do perfectly well without banknotes and coins, as long as they carry credit cards with their smartphones.

    According to a central bank survey, Koreans carry on average 1.91 credit cards, 2.03 mobile cards and 1.26 check or debit cards. Four out of 10 picked credit cards as the means of payment they use most, up from three out of 10 the previous year. The ratio of those picking cash, meanwhile, continues to fall.

    As Koreans are carrying less cash, with the average standing at 74,000 won last year, down 3,000 won from the previous year, the central bank is also issuing less cash. It released 12.3 percent fewer 10,000 won banknotes last year from the previous year, while the issuance of 5,000 won notes dipped 5.9 percent and 1,000 won bills 3.7 percent.

    The Bank of Korea is planning a "cashless society" by 2020. If a shopper buys a 9,500 won item and pays with a 10,000 won banknote, for instance, the shopper will be credited 500 won to his or her prepaid card instead of getting a 500 won coin in change.

    Korea is not the only country wanting to become cashless.

    "A number of developed countries are turning to non-cash policies to enhance the effectiveness of their economic systems," said Lee Hyo-chan, the head of the research center at the Credit Finance Institute. Sweden, which is one of the pioneers in this move, has a cash payment ratio around 20 percent, much lower than the global average of 75 percent. It restricts using cash for public transportation, and many banks do not handle cash. Some countries, mostly in Europe, ban using cash for large transactions, according to the institute.

    The move comes from the expectation that a cashless society will partly solve the problem of the underground economy, according to Kwak Hyun-soo, an analyst at Shinhan Investment Corp.

    "There are positive aspects of a cashless society," he said. "It can open the underground economy, and thus enhance equivalence in taxation. The shoe box full of 50,000 won banknotes that you see in movies will disappear in reality (with the advancement of a cashless society)."

    Based on a McKinsey report, Kwak estimates the cashless society will cut costs equivalent to between 0.1 and 1.1 percent of GDP. According to the consulting firm, countries where the ratio of payment in cash is below 50 percent were relatively transparent, with the shadow economy taking only 12 percent of gross domestic product (GDP). But countries where cash is used for over 80 percent of payments had the ratio surge to 32 percent of GDP.

    On top of decreasing crimes where cash is involved, such as tax evasion, drug transactions and bribery, Lee says going cashless can help monetary policy. For example, some countries have adopted the minus interest rate to stimulate their economy, but it will not work if people continue holding cash in their safes. When cash becomes electronic, people will have to spend it to avoid losses from the minus interest rate.

    "To accelerate the transition into a cashless society, there should be more tax benefits for non-cash transactions while increasing costs and burdens for those holding or managing cash," Lee said.

    The internet-only banks, to be launched by Kakao and KT, will also accelerate the cashless society. Following Apple Pay and Samsung Pay, LG Pay will be launched soon to replace wallets, and the competition is heating up, with diverse players jumping into the new payments market. Gartner, a U.S. IT research firm, expects the global mobile payments market to reach $720 billion 2017.

    But the cashless society is not without side effects, according to Kwak. "If cash disappears from our hands, all of the monetary transactions will be done on the Internet. Just like freedom is accompanied by duty, convenience is followed by a cost called surveillance. The end of cash means the start of the ‘Big Brother' era. At the core of the Big Brother era, of course, is IT."
    http://www.koreatimes.co.kr/www/news...88_199146.html
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    Default Re: War on cash

    Failure of the War on Cash by Jeff Thomas

    Some years ago, when I suspected there would be a War on Cash at some point, everything in the behaviour of the central banks pointed to the idea—it fit exactly into their own informed, yet unrealistic, pattern of logic. I therefore decided that it would be a likely development and would take place at a time when they had tried everything else and had run out of other ideas. As to a date when this might happen…I had no idea.

    When several countries had begun to limit the amount of money that a depositor could take out of a bank, I decided that the first shots in the War on Cash had been fired and began to publish my prognostications as to what shape it would take. First, there were the benefits to the bank (the elimination of cash transactions, which would assure that virtually all monetary transactions, large and small, would have to be passed through banks, allowing them to effectively “own” all deposits, charge for every transaction and even refuse transactions). The governments would also benefit. In approving the banks’ monopoly on monetary transactions, they’d benefit primarily through the new ability to tax people by direct debit, ending any remnant of voluntary payment of taxation.

    What I didn’t anticipate at that time was that, within a few months, the War on Cash would be escalated quickly—more quickly than was safe for them to do, as it could alarm depositors. (As in the old analogy of boiling a frog, it’s always best to turn up the heat slowly, to lull the victim into complacency as he’s being done in.)

    This indicated to me that the central banks had decided that they’d already waited too late and had better hurry up the programme to assure that it was in place before a currency crisis could heat up.

    Since then, someone came up with an excellent name for the phenomenon, one that succinctly describes the plan in a nefarious way, as it deserves to be described—the War on Cash. Today, anyone who is paying attention is aware of the War on Cash and what it might do to him. As each new salvo by the banks and governments is uncovered, attentive observers are publishing such developments on the Internet.

    However, there’s another facet to the War on Cash that no one (to my knowledge) has yet addressed. The war is still new, and those who will be attacked are understandably still scrambling for their muskets and hurrying to the ramparts. (Musing on how a war will play out usually comes later, as it’s winding down and a victor seems apparent. However, in my belief, it’s wise to examine what the landscape will look like after the war is over, as it can serve to inform us as to what battle tactics should be employed.)

    So, let’s have a look. First off, we know that whenever there’s a coming monetary collapse, major banks look forward to employing their political influence to assure that legislation and emergency government measures protect them in a way that results in putting upcoming competitors out of business. We can expect the same this time around. These smaller banks arise during boom times by creating many small branches—the type seen in strip malls and shopping villages. Typically, they have only 1,000 or so depositors per bank—just barely enough to create profit, but, as “convenience banks,” they can count on a steady business from those who live nearby.

    Larger banks also tend to create numerous branches during good times, in order to hold down the rising competition; however, they resent the need to create endless less-profitable entities that tie up funds that could otherwise go out as directors’ bonuses. Consequently, when a monetary crisis occurs and the government steps in to help out the major banks, many of the smaller competitors are driven under, as they don’t receive the same governmental support. At such times, we see the edifices in the city remain, whilst the little banks in the strip mall disappear. The majors can now be rid of them. During a banking crisis, a country returns to 19th-century banking in terms of available institutions. Want to make a deposit? Make a trip into the city.

    In keeping with the War on Cash, ATMs will also be eliminated. All transactions will be by plastic card or smartphone.

    Certainly, as a result of the dangerous position the banks will already be in, we shall witness a steady increase in the charges by banks for the privilege of having them control depositors’ economic worth. Worse, we shall witness the outright confiscation of deposits (as in Cyprus in 2013) and the control of how much a depositor may debit his account in any given week (as in Greece today). It’s at this point that a universal trend to get around the banks’ control will unquestionably take hold. This, I believe, will manifest itself in two ways: top down and bottom up.
    Top Down

    As I write, bank branches—all of them in small towns—are already closing in “lesser” countries like Romania. This will both grow and spread eventually, to more prominent countries. Banking will be increasingly difficult for depositors, as the ability to actually talk to individuals at the bank will dry up. The bank will become more like a faceless authority that holds power over depositors’ money and will grow to be hated in a relatively short time. (Most of the people of the world have already learned to be deeply distrusting of banks and bankers; outright hatred would not be a major next step.)
    Bottom Up

    In the Eastern provinces of Mexico, the Campesinos already eschew banks, choosing instead to store their money privately. (Chiapas Province is in a virtual economic war with Western Mexico. They value the Libertad as East Indians value gold.) Those Mexicans who live further to the west regard their eastern brothers as somewhat lawless and uncivilised at present. However, when the Campesinos prove to be surviving the crisis better than their western neighbours are, the western provinces will, of necessity, follow their lead. Mexico will be amongst the first countries to return to precious metals as the primary (if not sole) currency, setting the stage for other countries.

    Countries such as Romania and Mexico will serve as an early-warning system. The solutions they and other “fringe” countries employ will spread quickly to the larger world. In order to keep from being controlled by banks, the average person in the EU, U.S. and other “civilised” jurisdictions will learn quickly that, if other forms of trade (alternate currencies, precious metals, barter, etc.) allow him to feed his children when the banks restrict him, he’ll resort to any and all forms of black market dealing that he can find.
    The Treaty of Versailles

    Following World War I, the victors decided to economically cripple the losers—the Germans. The Treaty of Versailles was ruthless in its purpose—to strip Germany of all possibility of future prosperity, so that it could never rise again.

    Of course, what happened was the opposite. Following an economic collapse just five years after the war, the German people, now desperate, chose to follow a new leader who promised that he would “make Germany great again.” The more arrogant he became, the more support he received. The oppression of the treaty failed, as Germans, pushed to the wall, came out fighting.

    I believe that the War on Cash will end without such an extreme, but, just as with the Treaty of Versailles, will be stopped by the people of the world as a result of a monetary stricture that is simply too oppressive to be tolerated. This will by no means be a pleasant historical period to travel through. Many people will have their savings wiped out. Many will literally starve. But the anger that’s created in them will reveal the banks as the clear “enemy” in this drama, and those citizens who are presently respectful of the laws of their country will increasingly defy the enemy. They will resort to an alternate system. This is historically what has always occurred when people have been squeezed to this degree, and it will repeat itself this time around. [Source: International Man]
    Last edited by TrumanCash; 6th April 2016 at 18:07.

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    Default Re: War on cash

    JAPAN IMPLEMENTING CASHLESS FINGERPRINT PAYMENTS

    Starting this summer, the government will test a system in which foreign tourists will be able to verify their identities and buy things at stores using only their fingerprints.

    The government hopes to increase the number of foreign tourists by using the system to prevent crime and relieve users from the necessity of carrying cash or credit cards. It aims to realize the system by the 2020 Tokyo Olympic and Paralympic Games.

    The experiment will have inbound tourists register their fingerprints and other data, such as credit card information, at airports and elsewhere.

    Tourists would then be able to conduct tax exemption procedures and make purchases after verifying their identities by placing two fingers on special devices installed at stores.

    The Inns and Hotels Law requires foreign tourists to show their passports when they check into ryokan inns or hotels.

    The government plans to substitute fingerprint authentication for that requirement.

    A total of 300 souvenir shops, restaurants, hotels and other establishments will participate in the experiment. They are located in areas that are popular among foreign tourists such as Hakone, Kamakura, Yugawara in Kanagawa Prefecture, and Atami in Shizuoka Prefecture.

    The government plans to gradually expand the experiment by next spring, to cover areas including tourist sites in the Tohoku region and urban districts in Nagoya.

    It hopes to realize the system throughout the country, including Tokyo, by 2020.

    Introducing the system is part of the government’s efforts to increase the annual number of foreign tourists to 40 million by 2020.

    It is also aiming to demonstrate the country’s advanced technology by having tourists use the system when they visit Japan for the Tokyo Olympics and Paralympics.

    Data concerning how and where foreign tourists use the system will be managed by a consultative body led by the government, after the data is converted to anonymous big data.

    After analyzing tourists’ movements and their spending habits, the data is expected to be utilized to devise policies on tourism and management strategies for the tourism industry.

    However, there are concerns that tourists will be uneasy about providing personal information such as fingerprints.

    The experiment will examine issues including how to protect one’s privacy and information management.

    Attempts to put similar systems into practical use are under way at a bank and a theme park in Japan.

    In October last year, the Huis Ten Bosch theme park in Sasebo, Nagasaki Prefecture, introduced on a trial basis a similar system in which visitors can make payments with just their fingerprints at about 30 stores and restaurants.

    An official from the theme park said, “The system has been well received by customers, including those with children, since it saves them the trouble of taking their wallets out.”

    By the end of this month at the earliest, Tokyo-based Aeon Bank will become the first bank in Japan to test a system in which customers will be able to withdraw cash from automatic teller machines using only fingerprints for identification and omitting the use of cash cards.

    “The system is also superior in the area of security, such as preventing people from impersonating our customers,” an official from the bank said.

    COMMENT: I wonder how many people will end up losing a finger before they rethink this one.

    QUESTION OF THE DAY: Which would you rather have stolen by a criminal?

    A. your credit card;
    B. your cash; or
    C. your finger


    (Please choose one of the options above)
    Last edited by TrumanCash; 9th April 2016 at 14:14.

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    Default Re: War on cash

    Lyin' Larry Summers pushes the war on cash in this recent Financial Times article entitled:

    Europe is right to kill off the criminals’ favourite banknote

    They keep pushing the very transparent lie that only criminals need large denomination "bills" when this is blatantly false. Also, the large denomination bills keep losing value as prices rise so people actually need even higher denomination bills.

    (Actually, we need real money but that's for another thread.)

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    Default Re: War on cash

    PayPal's Ceo, Daniel Schulman, had this to say about cash:

    http://video.cnbc.com/gallery/?video=3000481335

    "But the biggest competitor that I see is cash. 85 percent of the world's transactions are still in cash today. And cash is an incredibly inefficient form of currency so this secular tail wind towards digital payments, towards mobile payments, the big enemy is really going after cash and seeing that move toward the digital payment. But with the world moving toward mobile phones, they have all the power of a bank branch in the palm of your hand right now. I think its sort of a matter of time before we start to crack that element of cash which is a very stubborn piece of the monetary system."
    Last edited by TrumanCash; 10th May 2016 at 17:19.

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    Default Re: War on cash

    Insertion of a layer into reality, no matter how thin or transparent, is key to suspending and breaching the given reality....to make it what one will.

    Without anyone ever noticing.

    Cash, was and is one of those thin transparent 'tricks'.

    A cashless society is an even greater 'x' value insertion. where x can be whatever they want it to be.


    A cashless society is a good thing.

    a cashless society is a bad thing.

    Both are true.

    The trick is to walk away from cash or 'monetary value' as having any value in any system, whatsoever. If one clings to the idea of monetary value, in anything, then one is destined for manipulation via that lever.
    Last edited by Carmody; 10th May 2016 at 17:37.
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    Default Re: War on cash

    Quote Posted by TrumanCash (here)
    So, presto, ban cash. This theme has been pushed by the likes of Bank of England chief economist Andrew Haldane and Harvard’s Kenneth Rogoff, who wrote in the Financial Times that eliminating paper currency would be “by far the simplest” way to “get around” the zero interest-rate bound “that has handcuffed central banks since the financial crisis.” If the benighted peasants won’t spend on their own, well, make it that much harder for them to save money even in their own mattresses.
    Kenneth Rogoff, a former senior fellow for economics at the Council on Foreign Relations (CFR), and currently Professor of both Public Policy and Economics at Harvard University, and the current CFR President Richard Haass, continue to advocate for a nearly cashless society. They recommend removing the $100, $50 and $20 bills from the US, leaving just $10 and under bills and coins, for small purchases.

    Doug Casey calls our Haass and Rogoff in this article: Doug Casey on the Self-Identified Elite, in which he denounces a new Haass article in the Wall Street Journal (I don't find a link for this Haass article offhand), and an even worse article by Rogoff, also in the Wall Street Journal, dated 25 August 2016, at The Sinister Side of Cash.

    Jeffrey Folks also posted a rebuttal to the above recent Rogoff article, on the American Thinker, at The Sinister Side of a Cashless Society.

    I stand with Casey and Folks. The people have an inherent right to be free from unwarranted (without specific probable cause) searches of our "persons, houses, papers, and effects", as recognized in the Fourth Ammendment to the US Constitution.
    Last edited by Paul; 17th October 2016 at 16:57.

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    Default Re: War on cash

    A so-called cashless society will give them even more power and control. And that's were it's at for these gutless beings.

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    Default Re: War on cash

    In a news article in a major financial magazine, Fortune, Apple CEO Cook joins the call for a cashless society: Apple’s Next Goal Is Killing Paper Money Once and For All:

    ===========
    Apple CEO Tim Cook has an idea for the future—eliminating cash.

    Apple Pay could be the “catalyst” that ultimately gets the world to switch from cash to digital payments, he told the Japanese news service Nikkei in an interview published on Monday.

    “We would like to be a catalyst for taking cash out of the system,” Cook said. “We don’t think the consumer particularly likes cash.”

    Apple AAPL released Apple Pay, a digital payment service, in 2014. Users who store their credit cards, debit cards, and gift cards with the service can pay at checkout in stores by waving their iPhones near a terminal. Taking out cash or a credit card is unnecessary. Apple Pay’s top competitors in mobile payments include Samsung and Google.

    The challenge initially for Apple was to get banks and retailers to sign onto the service. But in the last two years, Apple has recruited a number of new banks, stores, and ATM locations. Recently, Apple announced that Apple Pay will work with FeliCa, a mobile-payment standard in Japan that allows Apple to quickly roll out Apple Pay in the country.

    It’s unclear how Apple could achieve Cook’s goal of eliminating cash. Apple Pay must be linked to plastic to work, and while smartphones and payment terminals are ubiquitous in the U.S., that’s not the case in most other countries. And even then, Apple Pay is only compatible with Apple’s own products, leaving the more than a billion people worldwide who use Android-based handsets out of luck. And that says nothing of people whose phones use other operating systems and people who don’t own smartphones.

    Therefore, the idea that Apple Pay could replace cash seems unlikely in the near term. Even if Apple is one of several companies offering a mobile-payment option, it’s far more likely that credit and debit cards would be the first casualty to mobile payments. Cash, if it ever dies, would likely be killed off sometime after.

    Still, Cook’s comment on Apple Pay is notable. Apple Pay competes in a fledgling market and isn’t generating substantial revenue for Apple. Cook’s hopes for a cashless future suggests he’s bullish on the technology’s potential and believes Apple Pay could eventually become a major part of Apple’s business. Apple is believed to take a 0.15% cut on all Apple Pay transactions in the U.S. Rates vary elsewhere around the world. The notoriously secretive Apple hasn’t publicly shared the fees it charges banks on Apple Pay transactions.

    But Apple Pay might not be the only tool that Cook believes will make a big impact on Apple. He told the Nikkei that artificial intelligence, a technology that allows computers to think more like humans, will play a major role in the company’s future. Cook said that Apple would like to see artificial intelligence used to “increase your battery life” and “help you remember where you parked your car,” for example. Last week, Apple announced that it would open an artificial-intelligence-focused research-and-development center in Yokohama, Japan.
    ===========

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    Default Re: War on cash

    Ho ho ho, how the heck am I going to pay my fortnightly pittance to the window cleaner, or to the poor guy who mows my lawn for next to nothing? One of them has no mobile phone. The other is a technophobe, so am I really, keeping up with apps at my age without constant pep-talks with young folk is impossible. Bottom line is a vast tranche of people deliberately cut out of society, as we are not profitable? 😡
    The only useful thing above is to enable me to remember where I parked my car, but my keyring bleeps me to it... 🙄
    Last edited by avid; 18th October 2016 at 20:34.
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    Default Re: War on cash

    In a fiery address to the Indian nation, PM Narendra Modi just took a major step in the war on cash that is being waged worldwide. Talking tough on fighting corruption and the black market economy, Modi decreed that the INR500 ($7.50), and INR1000 ($15) bills will no longer be legal tender and that ATM withdrawals will be limited to INR2000 ($30) for some.



    "Fake money and terrorism are ruining the nation's fabric," Modi exclaimed, adding that "it was very important to keep this news under wrap. Due to this, RBI and post office have a major task ahead and RBI has also decided that all banks will be shut for the public on November 9."

    "Honest man cannot buy a house, cannot get proper education due to black money."

    "Cash economy aides black money, corruption and makes life difficult for the poor."

    "Government is imposing a limit on high denomination notes. In the history of nations, such a moment comes when you realise that you must be part of this historical moment. This, is one such day. Every common man who is tired of corruption and black money is welcome to contribute to this catharsis. It is very important to cleanse the nation of the corruption."

    "Come, let's all celebrate the festival of honesty"

    [My note: If you were really honest wouldn't you be saying "slavery" instead of "honesty"]

    Read more...

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    Last edited by TrumanCash; 13th November 2016 at 01:04.

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    Default Re: War on cash

    Chaos in the Wake of the Ban

    This is a very interesting article about what happens when cash is banned! (Excerpts below)

    Today India is on the verge of a major social-political crisis, unless either the government backs off from the decision of banning the currency or some real magic happens. There is chaos in the streets and daily life is slowly but surely coming to a full halt.

    What Modi did was not only heavy-handed, hugely arrogant, and of no value, it has been very badly implemented to boot — as everything in India always is — and carries the real potential of escalating and snowballing into something horrific. They could have seen that this was not going to end well by simply using primary school math.

    People are now converting whatever they can into gold, silver, and mostly for the first time into the US dollar and other foreign currencies as well, all of which are trading at huge premiums. Money is also moving out of the country. Gold has shot up to as much as $2,800 per ounce, if you can find it.


    Half of India’s citizens do not have a bank account and around 25% do not even have an ID card. These are the country’s poorest people, who have no way of converting their money – even if they learn how to do it, which is already a nigh insurmountable hurdle. Also, those who are old, disabled or sick have no choice but to suffer, for without personally visiting a bank branch office, one cannot convert one’s banknotes.
    Last edited by TrumanCash; 16th November 2016 at 19:47.

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    Default Re: War on cash

    War on Cash intensifies: Citibank to stop accepting cash at some branches

    Less than a week after India’s surprise move to scrap its highest denomination cash notes, another front in the War on Cash has intensified down under in Australia.

    Yesterday, banking giant UBS proposed that eliminating Australia’s $100 and $50 bills would be “good for the economy and good for the banks.”

    (How convenient that a bank would propose something that’s good for banks!)

    This isn’t the first time that the financial establishment has pushed for a cashless society in Australia (or anywhere else).

    In September 2015, Australian bank Westpac published its “Cash Free Report”, suggesting that the country would become cashless by 2022.

    In July 2016, Australian payments firm Tyro published an enormously self-serving blog post touting the benefits of a cashless society and saying, “it’s only a matter of time.”

    Most notably, two days ago, Citibank (yes, THAT Citibank) announced that it was going cashless at some of its Australian branches.

    The media and political establishments have chimed in as well.

    In February of this year, the Sydney Morning Herald released a series of articles, some of which were written by officials from Australia’s Department of the Treasury, suggesting that eliminating cash will “save billions”, and that “moving to a cashless society is the next step for the Australian dollar”.

    This is how it works.

    The government, media, banks, and even academia have formed a single, unified chorus to push this idea out to consumers that “cashless” is good for everyone.

    Read more...

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    Default Re: War on cash

    Quote Posted by TrumanCash (here)
    Chaos in the Wake of the Ban

    This is a very interesting article about what happens when cash is banned! (Excerpts below)

    [...]
    Reposted here (<---) as well.
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    Default Re: War on cash

    The War on Cash is Not Over… It’s About to Intensify -- Phoenix Capital Research

    The Trump Presidency has distracted from the next major move to be implemented by Financial Elite.

    That move is a cash ban.

    Cash, particularly physical cash (as in bills and coins) is a huge problem for insolvent banks.

    Indeed, it is the ONLY problem they have yet to address.

    If you’re a large bank and you’re overleveraged due to excessive assets to capital ratios (particularly assets that are at risk of losing value or default) there are three key issues you need to control.

    You need to be able to value your assets however you please.
    You need access to liquidity without lowering you asset to capital ratios.
    You need to be able to stop bank runs or capital flights.

    The Central Banks have already fixed #1 and #2 by suspending “mark to market” accounting standards and implementing QE, respectively. And thanks to rehypothecation, banks can sell assets to Central Banks via QE and still use those same assets as collateral on their derivatives trades.

    That leaves #3: capital flights.

    At the end of the day, no matter how many tricks the Financial Elites employ via accounting gimmicks and QE programs, depositors can still choose to take their money out of the banks and transfer it to physical cash.

    Hence the call for cash bans, particularly of large bills.

    The Elites claim that they want to do away with $100 bills (or greater denominations) to stop money laundering or other illicit practices.

    The reality is that banning large bills makes it much more difficult for depositors to move their money into cash. Taking out $20,000 or more in deposits when it’s broken down into $100 bills isn’t too difficult.

    Taking out $20,000 in $20 bills or smaller denominations IS.

    In effect, a cash ban is an attempt to stop bank runs. The process is starting with large denominations, but it will be spreading to even small bills. The process is already underway in France, India, Spain, Uruguay, even Australia have begun implementing or preparing to implement similar schemes.

    This is just the start. In the coming months the Fed will be announcing similar plans for a cash ban in the US.

    Read more...

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    Default Re: War on cash

    As reported on a number of websites, the war on cash has increased over the last week.

    For example, in the article War On Cash Just Got Real – India and Citibank In Australia (MaxKeiser.com), Mark O'Byrne opens with this list of points that he covers in his post:
    • War On Cash Goes Global – India, Australia and Citibank
    • India shock cancellation of nation’s two highest-denomination notes
    • India effectively invalidates & removes 86% of cash from circulation
    • India sees “runs on banks” & severe financial difficulties
    • Citi to makes all Australian branches cashless
    • Australian pilot programme restricts 80% of payments on card
    • UBS proposes Australia eliminates $100 and $50 bills
    • What can we do about this?
    • Conclusion
    This "War on Cash" meme might be a partial misdirection.

    I suspect that the war is on the world economy. The economy is first pumped up with excess liquidity (cash, credit, whatever ...), and then it is crashed (taking back the cash, refusing new loans, calling in existing loans, crashing pension funds and stock markets, whatever ...)

    The collapse of a monetary system happens from the outside in. India is further outside than Europe, which in turn is further outside than the US (since the current monetary system is US Dollar denominated.)

    To crash India, you take the cash out of the system. India is now entering into a broad economic collapse, as an immediate result.

    To crash the US, you shut down banks and pull back credit. Our long food supply chains depend on a constant supply of bank credit, and banking transactions, to fund many of the critical production, transportation, distribution, storage and retails sales steps in the process.

    I expect that the "War on Cash" will show up in the US in a different form, not as the primary means to detonate the economic collapse, but rather as part of how "they" get us to exchange our green US Federal Reserve Notes for multi-colored US Treasury Dollars. That exchange will decouple the currency used inside the US from the currency in which the world monetary system is denominated, enabling other major national currencies, SDR denominated debt, and/or gold backed trade notes to become major parts of the world's monetary system.

    Always and forever, to gain control over an economy, whether that be local, national, or global, first "they" over-excite that economy with "easy money" (cash, credit, silver coins, whatever), and then "pull" back that supply and pick up the pieces.

    It's like how one might farm for fruit that grows on trees. First water and fertilize the tree, then when the fruit is ripe, shake the tree hard and pick up the fruit off the ground.

    For centuries, this is how the uber-elite have farmed humanity.

    The "Great Shaking" has commenced.
    Last edited by Paul; 26th November 2016 at 03:00.

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