More moves towards a cashless society

[Lilly 90]

How long before this is foisted on the rest of us? Sigh :(

Scandinavian banking bank Nordea will stop handling cash in its Norwegian branches from Monday, in the latest move towards a cashless society in the Nordic region.

"Announcing the plans on Friday, Norway's number two bank said the move was prompted by falling demand. Only one payment in twenty in Norway is made using notes or coins. This is fewer even than in neighbouring Sweden, which has attracted global attention for its rapid move towards electronic transactions.

The bank described the move in a statement on Friday as an “important strategic step into the digital world”. Handling cash exposes bank staff to security risks and makes it hard for banks to comply with money laundering laws, it claimed."

 

A plan to cut cash out of shopping could see Denmark become the first country to ditch notes and coins altogether.

"The Danish government has proposed that most stores could dump their cash registers from January 2016.

Essential services, such as hospitals, pharmacies and post offices, would still have to accept cash under the plan, which is some way from becoming law.

Denmark, with its Scandinavian neighbors Norway and Sweden, is leading the global trend towards electronic money.

Nearly 40% of the population use Danske Bank (DNSKY)'s MobilePay, which allows money transfers between people, as well as purchases in stores or online.

Norway and Sweden tell a similar story.

Scandinavians rely on cash for less than 6% of all payments made. By contrast, around 47% of U.S. payments are still made with cash, according to the Norwegian central bank."

 

Citi Economist Says It Might Be Time to Abolish Cash

"When economic conditions worsen, they react by reducing interest rates in order to stimulate the economy. But, as has happened across the world in recent years, there comes a point where those central banks run out of room to cut

In a new piece, Citi's Willem Buiter looks at this problem, which is known as the effective lower bound (ELB) on nominal interest rates.

Fundamentally, the ELB problem comes down to cash. According to Buiter, the ELB only exists at all due to the existence of cash, which is a bearer instrument that pays zero nominal rates. Why have your money on deposit at a negative rate that reduces your wealth when you can have it in cash and suffer no reduction?

Cash therefore gives people an easy and effective way of avoiding negative nominal rates."

[Han sole 472]

I worked in this field for year. I am one of only 3 people in the world that knows everything about this. The only plan in the world to make this happen is mine. The CFO of lowes was fired because he couldn't understand how much money big companies will lose if this happens. 

I am talking 500 million a year. I showed them why they shit themself in the room. 

The cia makes half of its budget from sell drugs in cash. No cash to money yo the CIA. 

[grav]

I tried to get a substantial amount out of my own bank. They didn't have enough in the vault. It wasn't even that much! They said they don't need to keep money to meet customer demand.

Yes, we should put all our assets into the good hands of banks and the Federal Reserve. We must trust the financial system. It has never failed us before, right?  

Good to see you back, Lilly.

[counterintelligence 773]

Interesting that Sweden of all places is going cashless, since that's where all the elites are going to stuff everything so the governments don't get it.

Maybe they're already set up for this sort of thing.

Would the elites be shooting themselves in the foot?  Most likely we know they wouldn't be.

The whole deal about the cashless society is that your money becomes a unsecured loan to the bank.  So if the bank defaults, your money ain't yours any more.  They claim your loan as an asset to the bank, and it won't even be insured by the FDIC.  So much for all the stock market N-rigging (obama), brokerage houses out there that even in their skull duggery still collapsed and needed to be bailed out. 

[Lilly 90]

Hey grav

Some more on Sweden

So ubiquitous are digital payments in the country that attempting a paper money transaction at a Swedish bank might provoke a suspicious stare or a report to the police. That’s according to Niklas Arvidsson, a professor at Stockholm’s KTH Royal Institute of Technology.

And Australia is geared up too

New research by Westpac has predicted that Australia's reliance on smartphones will see the nation be cash free by 2022

[Han sole 472]

55 minutes ago, counterintelligence said:

Interesting that Sweden of all places is going cashless, since that's where all the elites are going to stuff everything so the governments don't get it.

Maybe they're already set up for this sort of thing.

Would the elites be shooting themselves in the foot?  Most likely we know they wouldn't be.

The whole deal about the cashless society is that your money becomes a unsecured loan to the bank.  So if the bank defaults, your money ain't yours any more.  They claim your loan as an asset to the bank, and it won't even be insured by the FDIC.  So much for all the stock market N-rigging (obama), brokerage houses out there that even in their skull duggery still collapsed and needed to be bailed out. 

They will be. As I say above its not going to happen. The only way is if everything I changed. Every company doing this is going to lose 100s of millions. That's fact. 

[counterintelligence 773]

Just now, Han sole said:

They will be. As I say above its not going to happen. The only way is if everything I changed. Every company doing this is going to lose 100s of millions. That's fact. 

People still have money under their mattress that the bank will never get either. 

[counterintelligence 773]

If they use some biometric thing to identify us and everything we have, but if a crime is being committed, well gee, we can't figure out who committed it. 

Bill gates states that only the sccialism disease can save the planet:

http://i100.independent.co.uk/article/bill-gates-says-that-capitalism-cannot-save-us-from-climate-change--b1xNpbL8O_x

Hm....the government can't account for where it spends it's money, so socialism is the answer!

Edited November 2, 2015 by counterintelligence

[Han sole 472]

4 minutes ago, counterintelligence said:

People still have money under their mattress that the bank will never get either. 

As I said above I know this stuff better than about 2 other people on this earth. It can't happen. It's the end of the system. You don't need a bank anymore. You have to have all cell phone companies work with you are banks working with you all credit card proses sing companies working with you and the shops that's before you get the people to work with you. One more set of people need to work with you as well. 

[Last1oftheJedi 329]

29 minutes ago, counterintelligence said:

People still have money under their mattress that the bank will never get either. 

Not unwise, but when shtf, it's still toliet paper at best.

[Guest]

6 hours ago, Lilly said:

Handling cash exposes bank staff to security risks and makes it hard for banks to comply with money laundering laws, it claimed."

too funny. I guess keeping correct records is too difficult?

[YaKnow2.0 347]

I thought this thread was goin to be about the barter system!LOL.i work mad hours everyweek and live paycheck to paycheck.no need for a bank account or credit card!!have money saved for an emergency!i donknow people who do have money and they dont use credit cards so that would be stupid for a cashless system