AuthorTopic: WAR ON CASH THREAD  (Read 4987 times)

Offline azozeo

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Re: WAR ON CASH THREAD
« Reply #30 on: July 25, 2018, 01:54:23 PM »
This whole system is about protection money.
Like I pointed out to Surly yesterday, "the shit's in everything" with Ben & Jerry's laced with monsanto puke.

You just can't get away from it unless you have the ability to walk out the back door & never ever look back. Few can do this !

It seems everything with a positive intent initially, gets corrupted with this dark energy, then we create a cause to combat it & IT
gets corrupted.  :coffee:

Unless your from Vienna of course  :icon_sunny:
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline azozeo

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Re: WAR ON CASH THREAD
« Reply #31 on: July 25, 2018, 02:07:47 PM »
case in point right here. Jesus H. Criminey


https://www.naturalblaze.com/2018/07/gmo-basf-unveiled-member-organic-trade-association.html
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline azozeo

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WAR ON CASH - Global ATM "Cash-Out" Forthcoming
« Reply #32 on: August 18, 2018, 01:15:47 PM »
Cyber criminals are planning a highly-coordinated attack on cash machines around the world that could see millions of dollars withdrawn from customer bank accounts, the FBI has warned.

A confidential alert sent to banks stated that the scheme, known as an "ATM cashout", could take place in the space of just a few hours, most likely on a weekend after banks have closed. The scheme involves cloned cards, together with a hack on a bank or payment processor in order to facilitate the fraudulent withdrawal of funds by gangs of cyber criminals.


https://www.independent.co.uk/life-style/gadgets-and-tech/news/worldwide-atm-bank-hack-millions-stolen-withdrawn-warning-fbi-a8489931.html
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline azozeo

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Re: WAR ON CASH - Global ATM "Cash-Out" Forthcoming
« Reply #33 on: August 18, 2018, 01:17:25 PM »
Cyber criminals are planning a highly-coordinated attack on cash machines around the world that could see millions of dollars withdrawn from customer bank accounts, the FBI has warned.

A confidential alert sent to banks stated that the scheme, known as an "ATM cashout", could take place in the space of just a few hours, most likely on a weekend after banks have closed. The scheme involves cloned cards, together with a hack on a bank or payment processor in order to facilitate the fraudulent withdrawal of funds by gangs of cyber criminals.


https://www.independent.co.uk/life-style/gadgets-and-tech/news/worldwide-atm-bank-hack-millions-stolen-withdrawn-warning-fbi-a8489931.html



<a href="http://www.youtube.com/v/jSoe__2G6QE&fs=1" target="_blank" class="new_win">http://www.youtube.com/v/jSoe__2G6QE&fs=1</a>
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline azozeo

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WAR ON CASH - Can You Say money laundering ?
« Reply #34 on: August 18, 2018, 01:27:09 PM »
<a href="http://www.youtube.com/v/9pKMY2gHLAk&fs=1" target="_blank" class="new_win">http://www.youtube.com/v/9pKMY2gHLAk&fs=1</a>
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline azozeo

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WAR ON CASH THREAD
« Reply #35 on: September 02, 2018, 01:46:31 PM »
Belarusian designer Andrey Avgust has turned American banknotes 90 degrees and created graphics for the new format, in this conceptual take on the country's currency.

Avgust's project sees the country's one, five, 10, 20, 50, and 100 dollar bills imagined as boldly coloured polymer banknotes.



https://www.dezeen.com/2018/06/19/andrey-avgust-reimagines-us-dollar-bills-vertical-illustrated-designs/
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline azozeo

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WAR ON CASH - Swede's Make U Turn on Cash
« Reply #36 on: October 28, 2018, 12:27:35 PM »

Cash is less of a threat to central bank policies when interest rates rise above zero.
By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET.

Sweden’s Riksbank has become the first central bank in the 21st century to take concrete measures to ensure that cash does not disappear as a means of payment from the financial system. To that end, the Riksbank proposes, in a document published on its website, to make it mandatory for all banks and financial institutions to offer cash services.

The pronouncement comes in response to a recent policy suggestion by the Riksbank Committee that only the country’s six major banks should be obligated to continue offering cash services.

https://wolfstreet.com/2018/10/26/nirp-fades-swedens-central-bank-makes-u-turn-on-cashless-society/
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline Eddie

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Re: WAR ON CASH - Swede's Make U Turn on Cash
« Reply #37 on: October 28, 2018, 01:53:44 PM »

Cash is less of a threat to central bank policies when interest rates rise above zero.
By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET.

Sweden’s Riksbank has become the first central bank in the 21st century to take concrete measures to ensure that cash does not disappear as a means of payment from the financial system. To that end, the Riksbank proposes, in a document published on its website, to make it mandatory for all banks and financial institutions to offer cash services.

The pronouncement comes in response to a recent policy suggestion by the Riksbank Committee that only the country’s six major banks should be obligated to continue offering cash services.

https://wolfstreet.com/2018/10/26/nirp-fades-swedens-central-bank-makes-u-turn-on-cashless-society/

I wonder exactly who the Riksbank Committee consists of?

The Executive Board
The Riksbank is led by an Executive Board consisting of six members. The members of the Executive Board are appointed by the General Council, which in turn is appointed by the Riksdag, the Swedish parliament. Together the Board members are responsible for the Bank’s activities.


The executive board sets interest rates. They are the deciders, but the committtee in question seems to have come down firmly for cash.

I'm telling you they are more worried about crypto than cash.


Excerpt from Riksbank website

The Riksbank also considers it important that the status of cash as legal tender be clarified. For example, it needs to be clear which services, in addition to public medical care, shall be obliged to accept cash.

“The possibility to make deposits shall be included in the concept of cash services. This is a service that consumers can reasonably expect of banks,”
"
Stefan Ingves
Governor
Swedish National Bank


As cash use is declining rapidly, it is important that the Riksdag adopt a position on the issue of what constitutes legal tender in Sweden and its connection to the Swedish krona as a currency. Any legislation should be as technology-neutral as possible in order to also be applicable to any future means of payment issued by the Riksbank.




What makes the desert beautiful is that somewhere it hides a well.

Offline azozeo

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“Your cash is not wanted here”
« Reply #38 on: December 31, 2018, 10:16:49 AM »

“Your cash is not wanted here”, a growing number of retailers and restaurants throughout the US and UK are telling customers. But are reasons being given by companies for the new “cashless” approach — speed, efficiency, and the safety of store employees — valid enough to require something as utterly and downright unAmerican as rejecting cash?

We think not, and unfortunately the trend of “cash not welcome here” establishments is growing, to the point that lawmakers are beginning to take note and could introduce legislation barring the practice, as Massachusetts has done already, and as the New Jersey State House could be set to do next. According to a Federal Reserve survey conducted in 2017 cited in The Wall Street Journal, cash represented 30% of all transactions in America, with 55% of those being under $10.


https://www.zerohedge.com/news/2018-12-29/your-cash-not-welcome-more-retailers-banning-paper-money
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline RE

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💸 Transition to Cashless Society Could Lead to Financial Exclusion
« Reply #39 on: March 18, 2019, 02:33:56 AM »
https://wolfstreet.com/2019/03/14/botched-transition-to-cashless-society-would-lead-to-financial-exclusion-and-system-vulnerability-uk-study-warns/

Transition to Cashless Society Could Lead to Financial Exclusion and System Vulnerability, Study Warns
by Don Quijones • Mar 14, 2019 • 68 Comments • Email to a friend   


“Serious risks of sleepwalking into a cashless society before we’re ready – not just to individuals, but to society.”


By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET.

Ten years ago, six out of every ten transactions in the UK were done in cash. Now it’s just three in ten. And in fifteen years’ time, it could be as low as one in ten, reports the final edition of the Access to Cash Review. Commissioned as a response to the rapid decline in cash use in the UK and funded by LINK, the UK’s largest cash network, the review concludes that the UK is not nearly ready to go fully cashless, with an estimated 17% of the population – over 8 million adults – projected to struggle to cope if it did.

Although the amount of cash in circulation in the UK has surged in the last 10 years from £40 billion to £70 billion and British people as a whole continue to value it, with 97% of them still carrying cash on their person and another 85% keeping some cash at home, most current trends — in particular those of a technological and generational bent — are not in physical money’s favor:

Over the last 10 years, cash payments have dropped from 63% of all payments to 34%. UK Finance, the industry association for banks and payment providers, forecasts that cash will fall to 16% of payments by 2027.

In 2017, there were 13.2 billion debit card payments in 2017, compared to 13 billion cash payments, knocking cash down to second place in the rankings for the first time ever.

The number of LINK ATM cash withdrawals in 2018 fell 5% from 2017, the total value of cash withdrawn fell 3.5%. One obvious reason for this is that ATMs — or cashpoint machines, as they’re termed locally — are disappearing at a rate of around 300 per month, leaving consumers in rural areas struggling to access cash. Banks want to drive consumers toward alternative payment methods that are cheaper and easier for the banks to manage and offer more succulent fees than cash.

The decline in access to ATMs is just the tip of the iceberg. Lessons from Sweden and China suggest that the issue of cash acceptance by merchants and retailers represent an even greater threat than issues around cash access.

Use of contactless cards in the UK grew 99% in 2017, to 4.3 billion payments. It’s particularly popular among the 25-34 age group, as too are mobile payments. By the end of 2017, nearly 119 million contactless cards had been issued in a country of just 66 million people.

Things could soon get even worse for cash. The report identified eight factors that could further dampen its use:

    Increased acceptability of cards.
    Shops and others stop accepting cash.
    Increased use of online shopping.
    Increased use of cards, mobile apps etc on public transport.
    Problems and costs of processing and banking cash for retailers, especially as it becomes less common.
    More of UK covered by broadband and mobile connectivity.
    Accelerated closure of bank branches and ATMs.
    New innovative services that make digital payments even easier, such as biometrics.

By contrast, the authors could only come up with four factors, albeit potentially significant ones, that could drive up cash usage:

    Consumers losing faith in digital payments because of repeated systems failures.
    Increased consumer concern over privacy.
    Significantly negative interest rates.
    Major economic crisis.

Financial Exclusion and System Vulnerability

The UK isn’t alone in facing this challenge of dwindling cash use. Across many advanced economies, from Sweden, Denmark and Finland to the Netherlands, Canada, France, and the United States, cash usage has fallen well below 50%. There are some important exceptions, of course, including Germany, Austria, Italy and Spain, where cash still accounts for over 80% of point of sale purchases.

But where cash usage is falling fastest, major risks are already becoming apparent, including financial exclusion and system vulnerability.

“There are some serious risks of sleepwalking into a cashless society before we are ready – not just to individuals, but to society,” said the review’s chair, former UK financial ombudsman Natalie Ceeney. “We identified risks to the viability of rural communities, the loss of personal independence and increased risks of financial abuse and debt.”

Of respondents to the Review’s survey, 47% said they would struggle to live without cash. While 34% of respondents appeared to be comfortable with the prospect, there is a clear danger of millions of people being left behind, especially the most vulnerable. The elderly are widely perceived as the most reliant on cash, but the authors of the report found that poverty, not age, is the biggest determinant of cash dependency.

There’s also the risk of system vulnerability. Recent IT failures in the UK, from Visa’s day-long outage last June to TSB’s never-ending IT nightmare upgrade, have left chaos in their wake. When a digital or online system goes down cash becomes the automatic fall-back for consumers, since it’s both widespread and works without power or internet. But the less it’s used, the less effective it becomes as a back up. Even now, there’s not enough cash in all the right places to keep a cash economy working for long if digital or power connections go down, warns the report.

“It’s no longer good enough to see cash as just a commercial issue. It needs to be treated as a core part of the UK’s infrastructure,” says Ceeney. “We can’t wait long for action. Once infrastructure has gone, or communities have been harmed, rebuilding is very hard. But if we act now, we can take steps to stop harm happening, and prepare for a world of lower cash, without societal and economic damage.”

To that end, the report makes five recommendations for ensuring cash’s continued survival for the foreseeable future, as well as eventually including everyone in a society where digital payments dominate:

Guarantee consumers access to cash. Consumers should be able to get cash wherever they live or work. Crucially, this is about access to cash, not just access to ATMs, as the authors see “huge potential for new ways of providing cash access which could both widen access and help keep the high street alive.”

Take steps to keep cash accepted, whether by a local coffee shop or a large utility provider. If shops and service providers stop accepting cash, the economics of processing it will collapse. This will trigger a domino effect where the costs for the remaining cash businesses climbs and cash use quickly fades, eventually leaving those who rely on cash excluded from those services. Fifty-one percent of survey respondents said it is a good idea to force businesses to accept cash, while just 24% were opposed.

Implement radical change to the wholesale cash infrastructure. This means transitioning from a commercial model to more of a “utility” approach that can help reduce cash handling costs for businesses and banks, as recently proposed in Sweden.

Government, regulators and the industry must make digital inclusion in payments a priority, ensuring that solutions are designed not just for the 80%, but for 100% of society.

A clear government policy on cash, supported by a joined-up regulatory approach which treats cash as a system.

Even on the off-chance that the UK government and financial regulators will take the recommendations on board and turn them into speedy action, they’re going to have their work cut out given the forces stacked against physical money, including some of the world’s most powerful financial institutions, credit card companies and tech giants. By Don Quijones.

Well-connected investors started smelling a rat 10 months before the first disclosure. Read…  Balance Sheet “Error” Wreaks Havoc on UK’s Fastest Growing, Most Popular Bank
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Offline Eddie

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Re: “Your cash is not wanted here”
« Reply #40 on: March 18, 2019, 08:52:12 AM »

“Your cash is not wanted here”, a growing number of retailers and restaurants throughout the US and UK are telling customers. But are reasons being given by companies for the new “cashless” approach — speed, efficiency, and the safety of store employees — valid enough to require something as utterly and downright unAmerican as rejecting cash?

We think not, and unfortunately the trend of “cash not welcome here” establishments is growing, to the point that lawmakers are beginning to take note and could introduce legislation barring the practice, as Massachusetts has done already, and as the New Jersey State House could be set to do next. According to a Federal Reserve survey conducted in 2017 cited in The Wall Street Journal, cash represented 30% of all transactions in America, with 55% of those being under $10.

I thought there already were laws that essentially say that paper fiat is legal tender and has to be accepted for payment. I'm fairly sure that's the case.

It's really more generational and techno-elitist......most people age 30 or under are happy to use their phone app to pay, and the idea that paper cash is going away doesn't bother them in the slightest......they don't even consider the totalitarian implications, since they have grown up in a matrix that sucks their blood painlessly 24/7.

The real fight is going to be between sovereign cashless and non-sovereign cryptos, one of which (probably XRP) stands to become the '" cash of the internet".

In Venezuela and Turkey. people are mostly buying Litecoin in lieu of the worthless sovereign coin (equally worthless in digital or tangible form). If that starts to happen with the USD (which is inevitable, imho) then all of a sudden, things will get really interesting. There are plenty of implications and lots of unknowns..but one likely outcome might be that cryptos become a highly useful workaround that is completely illegal but impossible to stop.

BTC and Litecoin are the main cryptos that are being bought today as a store of value. They have for all intents and purposes replaced gold as a holding among ordinary people...so much more fungible and fast and convenient. But mined coins have hidden flaws that will lead to them falling out of favor eventually. Only geeks understand this, however, and for now it hasn't become an issue.

Until 2018 holding cryptos was purely speculative. Now that's changed since you can get a return...This is a huge development that almost nobody gets, as of yet.

Don Quijones, poor old sod, is fighting the last war.



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Offline RE

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Coming from Da Swedish Goobermint!  Maybe they know something?  ???

RE

Sweden tells citizens to ‘stockpile cash’ in case electronic payments collapse
Rob WaughContributor
,Yahoo News UK•May 6, 2019


Sweden has become a largely cashless society (Getty)

Most of us rely on banking apps and contactless cards and mobile payments – but what if it all suddenly stopped working?

That’s the thinking behind a government agency in Sweden which has urged every household to stockpile ‘cash in small denominations’.

Sweden’s Civil Contingencies agency issued the guidance amid concerns over the potential risk of cyber attacks on banks, or even power cuts.

Stockholm’s Royal Institute of Technology says that only 18% of payments made in Sweden are in cash.

In December, Britain’s Access to Cash Review warned that Britain too was ‘sleepwalking into a cashless society’, the Daily Mail reported.

Chair Natalie Ceeney said, ‘If we don’t take action now in this country, we’re only a couple of years away from Sweden.

‘Sweden’s big message to us is, “Plan now before you get into a mess.” Sweden hit its crisis when its equivalent of the NHS declared it was going cashless.’
« Last Edit: May 08, 2019, 02:43:05 AM by RE »
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Offline RE

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💰 Bank of America CEO: 'We want a cashless society'
« Reply #42 on: June 20, 2019, 05:09:43 AM »
Of COURSE they do!

All your money BELONGZ TO US! 🤑

RE

https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.html

Bank of America CEO: 'We want a cashless society'
Javier E. David
Editor focused on markets and the economy
Yahoo FinanceJune 19, 2019


Bank card readers for payment via a cell phone application are pictured in this picture illustration taken April 4, 2019. REUTERS/Edgard Garrido

Bank of America (BAC) CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has “more to gain than anybody” from the booming trend of non-cash transactions.

“We want a cashless society,” Moynihan, who heads up the second largest U.S. bank, told attendees at Fortune’s Brainstorm Finance conference.

He pointed out that more than half of all money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal (PYPL), Zelle, and digital wallets.

A 2018 San Francisco Federal Reserve report found that “cash continues to be the most frequently used payment instrument, representing 30 percent of all transactions and 55 percent of transactions under $10.”

Still, the combination of cryptocurrencies, cashless payments, and electronic wallets like Google Pay (GOOG, GOOGL) and Apple Pay (AAPL) are slowly eroding the need for hard currency. In particular, consumers have adopted mobile banking more widely, and use debit cards with increasing regularity.

Businesses, and even entire countries like Sweden, have also jumped on the movement, disrupting the hard currency that’s underpinned the modern economy.

Noncash transactions are forecast to grow by a compounded annualized growth rate of 12.7% through 2021, according to a 2018 study produced by BNP Paribas and Capgemini. Those vast volumes put financial intermediaries in a prime position to benefit from processing those transactions.

The banking sector has “already digitized,” Moynihan said on Wednesday. “The business has moved digitally and it will continue to move that way. It’s just figuring out how to add the value.”

Javier is an editor for Yahoo Finance. Follow Javier on Twitter: @TeflonGeek
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Offline RE

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💰 What China's nearly cashless society looks like
« Reply #43 on: June 23, 2019, 09:50:12 AM »
The Chinese leading the way to the future!

RE

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Offline Eddie

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Re: WAR ON CASH THREAD
« Reply #44 on: June 23, 2019, 10:31:48 AM »
This is something else I've been studying.

 Right now there are smart people developing a very similar coin to Facebook's Libra that is going to challenge the way Chinese spend money and challenge the dominance of WeChat. I give it a much higher chance of success than Libra, It will probably show up on Voice,, which is the new blockchain based competitor to WeChat, and run of the EOS blockchain,

This area of payment solutions is very interesting to me, altthough XRP's pursuit of global settlement is ultimately gonna be bigger dollars....er, yuan.

The Chinese are already paying for just about everything with their phones. Which makes China a very hot area for Digital currency breakthroughs. Stay tuned.
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