The banking community, and specifically the Chief Economist and the Executive Director of Monetary Analysis and Statistics at the Bank of England, Andrews Haldane, are again talking up a cashless society. I don’t believe this is to help us, or stimulate the economy. It is about control.
Back in 1969 Dr Richard Day (who worked for Planned Parenthood) gave a lecture to medical students in Pittsburg. He had a long list of predictions, of future developments, to tell the young physicians. (We have covered this speech at length in Gumshoe.) It has been on the internet for years. The following items are relevant on the subject of the cashless society:
- “One statement was, “Inflation is infinite. You can put an infinite number of zeros after any number and put the decimals points wherever you want”, as an indication that inflation is a tool of the controllers. …Money is primarily a credit thing but exchange of money would be not cash or palpable things but electronic credit signal.”
- “…it would be one single banking system, so that when you got paid your pay would be entered for you into your account balance and then when you purchased anything at the point of purchase it would be deducted from your account balance and you would actually carry nothing with you. Also computer records can be kept on whatever it was you purchased …. and determine what you were buying.”
- “The ability to save would be greatly curtailed. People would just not be able to save any considerable degree of wealth.”
- “People would be encouraged to use credit to borrow and then also be encouraged to renege on their debt so they would destroy their own credit.”
- “…and then the next step would be to replace the single card with a skin implant. …implants that would lend themselves to surveillance by providing radio signals. …and could be located at any time or any place by any authority who wanted to find him.”
This was all in the planning before 1969.
The Bank of England’s Andy Haldane was in 2014 named by Time Magazine as amongst the world’s 100 most influential people. He has been tipped as a potential successor to Bank of England Governor Mark Carney. Haldane has written about the inequity of the banking system in the past (“The Doom Loop”). This review cited the excessive fees in the banking sector, and there are many youtube clips of him talking about this unprecedented period of monetary stimulus and the world entering into unchartered fiscal territory.
However, these are the headline-catching ideas Haldane was reported to have said in Northern Ireland a few days ago (reported in the Telegraph):
“Negative interest rates could be necessary to protect UK economy”
“Haldane argues for raising UK’s inflation target in bid to give policymakers more ‘wiggle room’ in fighting downturns –
If the Bank of England set negative interest rates, does this mean savers would be charged for keeping their cash in the bank?
A comment by Francis Grose below the Telegraph article sums up negative interest rates.
“The very statement of this suggests that the fractional reserve banking system, hence the lifeblood of capitalism has effectively died…”
Haldane also suggests…
“Eliminating paper money.”
The Economist (18 September) writes, “…it is hard to see how you could put negative rates on retail deposits; consumers would just keep the money under the mattress. If all money were electronic, an official version of Bitcoin, for example, then negative rates would be possible.
The big question is whether the public would accept it… There might be some gains to the tax authorities as “cash-in-hand” deals disappeared…
“…that one way to stop hoarding would be to replace cash with a state-issued digital currency that would be subject to negative interest rates. By tempting people to spend this would, in theory, boost the economy.
The Guardian writes about Sweden’s cashless society making it sound wonderful. But essentially, the bankers have full control of the people and of government.
Imagine if you went off to do your grocery shopping – only to find that your “card” and “account” no longer functioned. The “authorities” have decided to withhold your funds. You have broken Rule 56. Sub-section B, Part III, and thus your card has been revoked. You are unable to put in a complaint as your online account has been put permanently on hold.