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Nowhere to Hide: IMF Advocates a Cashless World

Posted: Mon Apr 24, 2017 5:39 am
by bitkilo
“The European Central Bank (ECB) does not want that depositors to keep their money under the pillow. If any bank in Europe goes bankrupt, then depositors have a guaranteed right that the state will return them the amount of up to 100,000 euros. But not more,” the economist told Sputnik Germany. ... ian-dream/

The banks and the IMF should have no say whatsoever how any of us decide to hold our money.

Re: Nowhere to Hide: IMF Advocates a Cashless World

Posted: Sat Apr 29, 2017 5:27 am
by Possum577
The article is very short, but this is a really thought provoking headline.

At first I thought, we'll the ECB just wants to regain confidence in the Euro and European banks - given the insurance policy up to 100,000 worth of deposits.

But there's also an economic stability or stimulation intent here, if in fact the idea is to keep people spending, which is much easier to do when not using cash.

There's also a bank stability or stimulation intent, the more money that's in banks the more money they can loan out and charge interest (and therefore earn revenue) on.

Finally, there's a government monitoring, "big brother", intent. If all of our transaction are "online" the government can track how everyone spends their money. This is a tad conspiracy theory, but anything on the network can be recalled and tracked.

The reality, however, is that the money IS created by governments and the paper we call money IS owned by the government. A government can decide to take it away and the people can decide to use a different currency as a consequence.

Don't get bitter, get smart. Make decisions with your money and buying. It WILL change government and business behavior.