The Pandemic Has Killed Cash

[haidut]

Actual article title. I don't think the "pandemic" has fully killed cash as an exchange token but it does seem to have put a serious dent in its usage. We have had various discussions on the forum about the goal of the elite to achieve full "digitization" of society, targeting health and finances above all else. Peat also talked in a recent podcast about the, now officially advanced by the Fed, goal of digitizing the dollar and maybe even the Fed doing direct banking with the citizens. Similar projects are underway in China and India, and the latter recently nullified large bills in circulation in order to prevent citizens from stocking up on cash.
Cash chaos in India: An unprecedented ban on large bills backfires on the poor
https://greatdemocracyinitiative.org/wp-content/uploads/2018/06/FedAccountsGDI.pdf
Fed Digital Dollars Are Part of Debate Over Coronavirus Stimulus
The pandemic has killed cash
"...The pandemic has been quietly accelerating the steady slog towards a cashless Britain. A decade ago, cash accounted for 58 per cent of payments across the UK. Since then, national cash usage has plummeted – overtaken by digital payments in 2018 – to less than a quarter of all transactions last year. Now, Covid-19 has propelled us into a future where notes and coins are even scarcer. ATM withdrawals dropped 60 per cent when lockdown began in March, according to Link, the UK’s largest ATM provider. Constituency data obtained from the GMB trade union shows that cash machines are vanishing at a breakneck rate, with an 8.9 per cent drop across the country from April to June. Throughout lockdown 9,000 ATMs disconnected from Link’s network at some point – a result of public places closing during the peak of the first wave, or neighbouring machines being removed to promote social distancing. As of July, only 33 per cent of these had been reconnected. While withdrawal volumes picked up once restrictions eased, figures from as recently as September 20 show that usage is still 40 per cent lower than it was this time in 2019."

@Drareg @Regina @ecstatichamster @boris

 

[TheBeard]

Yep, over the fallacy that physical contact will spread their imaginary Corolla, they are fulfilling their satanistic agenda of a cashless society that is fully at the mercy of whoever distributes and allows the new means of exchange and payment.

 

[not_James_Bond]

It might hasten the demise of cash here in the UK but LINK has 34 members and is backed by the Bank of England. A member is going to be less competitive in the market if they close ATM, consumers would (most likely) change their Bank or Building Society if they did, for the under 30's a cashless society won't be such a problem, but for older generations it's an unnecessary 'stress'.

Of course the EU has/is trying to quash nationalism, example being the € replacing members currency, thank God we kept the Pound. A countries currency is a most important symbol, and should be defended.

 

[haidut]

Yep, over the fallacy that physical contact will spread their imaginary Corolla, they are fulfilling their satanistic agenda of a cashless society that is fully at the mercy of whoever distributes and allows the new means of exchange and payment.

I think this is one of the reasons the attacks against Bitcoin continue. If the elite wants a fully digital currency, it would be inconvenient to have an "alternative" that they cannot fully control. I would not be surprised if one or more of the cryptos get banned at the state level in some countries. Especially the more anonymous ones like Monero. It is probably not a coincidence the IRS here in the US is offering $1m to whoever manages to compromise that currency. Of course, there could be a more sinister goal behind that project - i.e. to identify the people capable of compromising digital currencies and keep them "on a leash" (or worse) when the world goes fully crypto at the state level.
IRS offers grants for software to trace privacy-focused cryptocurrency trades | ZDNet
IRS Will Pay $625,000 to Anyone Who Can Crack Monero, While Binance Offers $100,000,000 to Coders Building on DeFi | The Daily Hodl

 

[haidut]

It might hasten the demise of cash here in the UK but LINK has 34 members and is backed by the Bank of England. A member is going to be less competitive in the market if they close ATM, consumers would (most likely) change their Bank or Building Society if they did, for the under 30's a cashless society won't be such a problem, but for older generations it's an unnecessary 'stress'.

Of course the EU has/is trying to quash nationalism, example being the € replacing members currency, thank God we kept the Pound. A countries currency is a most important symbol, and should be defended.

Yep, the article does mention people over 60 have serious problems with digital currency and pushing back. But those people will slowly die off and soon the world will have a population that has always had Internet and is intimately familiar with digital currencies and having their lives entirely online. That may be the main reason we have not yet seen a full-on replacement of paper currency - i.e. 30%+ of the population opposes it but that percentage will dwindle to single digits in the next 10 years.

 

[Tarmander]

This is why silver is a good idea now

Built in antimicrobial

 

[tankasnowgod]

Actual article title. I don't think the "pandemic" has fully killed cash as an exchange token but it does seem to have put a serious dent in its usage. We have had various discussions on the forum about the goal of the elite to achieve full "digitization" of society, targeting health and finances above all else. Peat also talked in a recent podcast about the, now officially advanced by the Fed, goal of digitizing the dollar and maybe even the Fed doing direct banking with the citizens. Similar projects are underway in China and India, and the latter recently nullified large bills in circulation in order to prevent citizens from stocking up on cash.
Cash chaos in India: An unprecedented ban on large bills backfires on the poor
https://greatdemocracyinitiative.org/wp-content/uploads/2018/06/FedAccountsGDI.pdf
Fed Digital Dollars Are Part of Debate Over Coronavirus Stimulus
The pandemic has killed cash
"...The pandemic has been quietly accelerating the steady slog towards a cashless Britain. A decade ago, cash accounted for 58 per cent of payments across the UK. Since then, national cash usage has plummeted – overtaken by digital payments in 2018 – to less than a quarter of all transactions last year. Now, Covid-19 has propelled us into a future where notes and coins are even scarcer. ATM withdrawals dropped 60 per cent when lockdown began in March, according to Link, the UK’s largest ATM provider. Constituency data obtained from the GMB trade union shows that cash machines are vanishing at a breakneck rate, with an 8.9 per cent drop across the country from April to June. Throughout lockdown 9,000 ATMs disconnected from Link’s network at some point – a result of public places closing during the peak of the first wave, or neighbouring machines being removed to promote social distancing. As of July, only 33 per cent of these had been reconnected. While withdrawal volumes picked up once restrictions eased, figures from as recently as September 20 show that usage is still 40 per cent lower than it was this time in 2019."

@Drareg @Regina @ecstatichamster @boris

While I don't doubt that reducing (or eliminating) the use of cash was the goal of some entities during this so called "pandemic," the 40% lower usage is probably still in line with business closures and restrictions. Restrictions may have "eased," but they aren't anywhere near 100% gone in the vast majority of places. And even those places are suffering from lower inventory, due to international slow downs.

Ben Fulford mentioned that as long as you have physical reality, you can never fully get rid of cash. Things like gold, silver, diamonds, Rolexes, old coins, sea shells and scrip can always be used. Although maybe part of the goal of these lunatics at the top is to destroy physical reality.

And while the articles mention the declining demand for central bank promissory notes in physical form, the article fails to mention the increased demand for precious metals. I was listening to a long time gold and silver trader talk recently, and he mentioned that deliveries taken from the COMEX are up drastically. In fact, the deliveries taken in a single month during the "pandemic" have equaled the deliveries taken for all of 2019. Someone is very interested in having physical money, and physical money not made by a central bank at that.

The same trader also mentioned that Gold was recently reclassified as a Tier 1 asset (whereas US Treasuries were the only Tier 1 asset for decades), and a RICO investigation launched against JP Morgan. He mentioned these as the two biggest events of his entire career. Is someone out there looking to launch an asset backed currency, like the Hunt Brothers were trying to do back in the 1970s? Who knows, but all sorts of interesting financial stories have been obscured by the 24/7 COVID propaganda.

 

[haidut]

The same trader also mentioned that Gold was recently reclassified as a Tier 1 asset (whereas US Treasuries were the only Tier 1 asset for decades), and a RICO investigation launched against JP Morgan. He mentioned these as the two biggest events of his entire career.

I am surprised gold was not Tier 1 asset before. I guess when the dollar was decoupled from the gold standard the govt wanted to keep pushing people away from it and this is what spurred the demotion in official status. Not that it did any good, as now it is back in vogue.
Do you know what the RICO investigation against JP Morgan is about and how it is related to gold? Are they hoarding gold in violation of some laws?

 

[tankasnowgod]

Do you know what the RICO investigation against JP Morgan is about and how it is related to gold? Are they hoarding gold in violation of some laws?

JP Morgan has been hoarding Silver for a while now. I've heard it estimated between 800 million to 1 billion ounces. JP Morgan was one of the big silver price manipulators on the COMEX. This was possible as so few people actually took delivery of gold or silver contracts. That's one reason why the increased deliveries are so significant, essentially someone (or a group of people) are calling out the COMEX. They don't have anywhere near the physical silver or gold to back up the contracts.

I think the RICO investigation has to do mainly with gold and silver price manipulation, and then JP Morgan acquiring silver at an artificially low price. It is potentially huge news, as RICO laws are what are used to bring down organized crime. I'll have to re-listen to the interview, maybe I can find a good source on the JP Morgan investigation.

 

[haidut]

JP Morgan has been hoarding Silver for a while now. I've heard it estimated between 800 million to 1 billion ounces. JP Morgan was one of the big silver price manipulators on the COMEX. This was possible as so few people actually took delivery of gold or silver contracts. That's one reason why the increased deliveries are so significant, essentially someone (or a group of people) are calling out the COMEX. They don't have anywhere near the physical silver or gold to back up the contracts.

I think the RICO investigation has to do mainly with gold and silver price manipulation, and then JP Morgan acquiring silver at an artificially low price. It is potentially huge news, as RICO laws are what are used to bring down organized crime. I'll have to re-listen to the interview, maybe I can find a good source on the JP Morgan investigation.

Is this the JP Morgan scandal you had in mind?
JPMorgan Is Set to Pay $1 Billion in Record Spoofing Penalty

 

[ecstatichamster]

I disagree that the gold or silver market is manipulated to much effect. Over a short time maybe, but over months, nah.

Virtually all the gold that has ever been mined is in above-ground stores, so it is a difficult market to manipulate. Silver is a thin market and easier to manipulate for a short time (remember perhaps the "corner" attempt on silver by the ultra rich Texans, the Hunt brothers, which ultimately failed...)

I believe in gold a lot, more than in bitcoin. I think central banks are going to come up with digital cash with their own blockchain and use it to put UBI into people's accounts directly, to create inflation. I think that this will result in a huge market for alternate payment methods including barter and crypto of course.

More than likely they will let people keep cash but more and more places will refuse to accept it until it's gone. The coin "shortage" is a prelude to that.

And it's always fascinating how central banks have held onto and increased their gold reserves. They see gold as the foundation of money and don't want to give it up.

One big change that's gone on recently is the movement from "paper gold" (futures) moving the market, to ETF gold, which is physical gold. When gold prices go up or down, the ETF must purchase more gold, or sell gold, and this may make price swings more volatile. It's how many people are choosing to own gold rather than have to deal with futures. I think it has a big positive impact on the gold price.

 

[tankasnowgod]

I disagree that the gold or silver market is manipulated to much effect. Over a short time maybe, but over months, nah.

The people who claim that both the gold and silver markets are rigged allege that it's been happening for DECADES. For example-

https://www.adamseconomics.com/post/the-undeniable-manipulation-of-the-silver-market

"How Manipulation Occurs

The difficult-to-explain price disparities between the current market price and the estimated prices based on money supply and physical above-ground stockpile dynamics suggests and add substantial weight to the allegations that the precious metals markets such as silver which is controlled through centralised commodity exchanges such as the COMEX (as part of the CME Group) and London Bullion Market Exchange (otherwise known as the LBMA) are being manipulated and do not reflect genuine price discovery based on real supply and demand forces.

Of those organisations and individuals who claim that silver market manipulation is indeed occurring, they also suggest that the manipulation is occurring through multiple forms and mechanisms including:

• the placement of significant numbers of unbacked sell orders (or shorts) in the silver futures market, meaning that the silver paper sell orders are without the requisite physical silver bullion to deliver on the contract (otherwise known as ‘naked shorts’);
  
  
• the placement and withdrawal of fake trades in the gold and silver futures market (this practice is known as spoofing);
  
  
• rigging of rules at the commodity exchanges such as the COMEX and LBMA which allow for futures contracts to be settled in cash rather than requiring the delivery of the requisite physical silver;
  
  
• the rehypothecation of physical silver bullion which means that the same ounce of silver is used as collateral in multiple loan and lease agreements including with ETFs such as SLV; and
  
  
• the use of dark pools of money such as the US Government Treasury Department’s Exchange Stabilisation Fund which is liquid enough to fund the manipulation and suppression of the prices of critical commodity markets such as gold and silver.
  

JP Morgan Labelled a ‘Criminal Enterprise’

Moreover, accusations of market manipulation have been given more credence in recent months when in September 2019, the US Department of Justice pursued JP Morgan Chase, including the bank’s Global Head of Base and Precious Metals Trading, for market manipulation of multiple precious metal markets including the silver market under the Racketeer Influenced and Corrupt Organisations (RICO) Act.

In their indictment, the US Department of Justice labelled JP Morgan Chase’s ‘Metals Desk’ as a ‘criminal enterprise’[9].

These allegations were based on a 2018 confession received by a former JP Morgan Chase precious metals trader who confessed that he engaged in market manipulation via spoofing between 2009 and 2015 with the full knowledge of his superiors[10].

At the time of writing of this article in December 2019, the criminal probe into trading activities of JP Morgan Chase remains ongoing, although some criminal charges have been brought forward already."


The confession of the JP Morgan trader indicates that it was at least going on for at least 6 years recently. It doesn't seem to be a question of whether or not the price of precious metals are manipulated, but rather by how much and for how long.

 

[Regina]

Is this the JP Morgan scandal you had in mind?
JPMorgan Is Set to Pay $1 Billion in Record Spoofing Penalty

That's not even 1 days profit.
When you have the dominant control of all the world's gold, it doesn't really matter to them if they hold the price down or up.

 

[Drareg]

Actual article title. I don't think the "pandemic" has fully killed cash as an exchange token but it does seem to have put a serious dent in its usage. We have had various discussions on the forum about the goal of the elite to achieve full "digitization" of society, targeting health and finances above all else. Peat also talked in a recent podcast about the, now officially advanced by the Fed, goal of digitizing the dollar and maybe even the Fed doing direct banking with the citizens. Similar projects are underway in China and India, and the latter recently nullified large bills in circulation in order to prevent citizens from stocking up on cash.
Cash chaos in India: An unprecedented ban on large bills backfires on the poor
https://greatdemocracyinitiative.org/wp-content/uploads/2018/06/FedAccountsGDI.pdf
Fed Digital Dollars Are Part of Debate Over Coronavirus Stimulus
The pandemic has killed cash
"...The pandemic has been quietly accelerating the steady slog towards a cashless Britain. A decade ago, cash accounted for 58 per cent of payments across the UK. Since then, national cash usage has plummeted – overtaken by digital payments in 2018 – to less than a quarter of all transactions last year. Now, Covid-19 has propelled us into a future where notes and coins are even scarcer. ATM withdrawals dropped 60 per cent when lockdown began in March, according to Link, the UK’s largest ATM provider. Constituency data obtained from the GMB trade union shows that cash machines are vanishing at a breakneck rate, with an 8.9 per cent drop across the country from April to June. Throughout lockdown 9,000 ATMs disconnected from Link’s network at some point – a result of public places closing during the peak of the first wave, or neighbouring machines being removed to promote social distancing. As of July, only 33 per cent of these had been reconnected. While withdrawal volumes picked up once restrictions eased, figures from as recently as September 20 show that usage is still 40 per cent lower than it was this time in 2019."

@Drareg @Regina @ecstatichamster @boris

It will start with cash still available, give it a decade and they will find another "crisis" for the complete removal of cash ,it’s looking like several different digital coins and token types from regular monetary currency to tokens for the internet of things devices etc

They are using the narrative and language magic of humanitarianism and "inclusivity" to justify the expanded financial tyranny, that why they are all over African nations and poorer villages in India trialing it.
The blockchain is another magic buzzword, it’s basically just a digital ledger that was around since the late 70’s, many of the apps we have now that claim to be blockchain based are run on regular code.
They are also using closed monetary systems for cross boarder payment speed, trillions will be freed up by speeding up cross boarder payments and this narrative will be one of many to justify crypto currency, oh look we can all be rich we found this money tied up in the system, you know that money we make up anyway......
The thing is this money will funneled to "new green" projects and "inclusive humanitarian" projects all run by the ruling class.

There is a lot of chatter the FED app goes live before Christmas, let’s see.

 

[tankasnowgod]

That's not even 1 days profit.
When you have the dominant control of all the world's gold, it doesn't really matter to them if they hold the price down or up.

The fines are meaningless. But did you notice this part of the article?

"The pending spoofing case against JPMorgan follows criminal charges filed last year against several of its employees, including former head of the precious metals desk, Michael Nowak. In that case, the Justice Department used racketeering laws more commonly used in mafia and drug gang prosecutions, alleging the precious metals desk effectively became a criminal enterprise for eight years.

Nowak and three others accused in the case pleaded not guilty and are seeking to have the charges dismissed. Two other former traders have pleaded guilty to conspiracy claims and are cooperating.

Shortly after Nowak was charged, JPMorgan learned it was the focus of a separate but related criminal investigation into the bank’s trading of Treasury securities and futures, according to another person familiar with the matter. JPMorgan, which disclosed that investigation earlier this year, said it’s cooperating with authorities."

One of the reasons band fraud keeps on happening is that no one ever goes to jail. Make $10 Billion from elicit activities and only have to pay a $1 Billion fine? Simple cost of doing business. But, if bank employees are facing criminal charges, along with years/decades of prison time........ that's different. @haidut, I believe it's the criminal charges against Nowak and such that the trader was referring to.

 

[amd]

Bitcoin was one way to attract people to digital currencies, later on the governments will ban all competing digital currencies, but their own.

The global movement to a cashless society, in the minds of politicians, would eliminate tax evasion, black markets, and most importantly, bank runs.

Once your money is safe in the hands of banks/governments, politicians can tax all they want.

 

[docall18]

It might hasten the demise of cash here in the UK but LINK has 34 members and is backed by the Bank of England. A member is going to be less competitive in the market if they close ATM, consumers would (most likely) change their Bank or Building Society if they did, for the under 30's a cashless society won't be such a problem, but for older generations it's an unnecessary 'stress'.

Of course the EU has/is trying to quash nationalism, example being the € replacing members currency, thank God we kept the Pound. A countries currency is a most important symbol, and should be defended.

Bank of England is looking into launching 'Britcoin'. But what is it?

What would the difference be between Britcoin cryptocurrency on your phone and sterling in your pocket?

www.euronews.com