and posted in Economy, Money-Currency

Bitcoin

Bitcoin
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain.

According to the following report, we are getting closer to becoming a cashless economy.  We move closer towards it every day when we use debit/credit cards to pay for food and items at the store instead of using cash or a checkbook. We pay most or all our bills online with a debit card/credit card.  Many of us receive our paycheck electronically, and we move money around electronically from one account to another.C

With all of the convenience of electronic credit and online payments, we forget what it was like to pay bills with a check, cash or a money order; sometimes being a pain in the neck to find a place that sells them.  How often do we need to visit the bank in person when most everything we need to do can be done online with your computer, tablet, iPad, or cell phone?

Despite the convenience of electronic shopping and so forth, there is a huge disadvantage to consider. According to the second report below, a cashless economy means the government could control and manipulate money. For example, having restrictions on cash itself means they see where the money goes (food storage and survival items, guns, ammo, and so forth) so we cannot hide money or the things we buy; literally, it will eliminate an underground economy.

A cashless economy does have the benefit of eliminating the underground economy and preventing a banking crisis. A cashless economy also lays the foundation for the new age of Economic Totalitarianism that confronts us. As the article below states, “Considerations of their arguments have shown how governments can seize all economic power are destroy cash in the process eliminating all rights. Physical paper money provides the check against negative interest rates for if they become too great, people will simply withdraw their funds and hoard cash. Furthermore, paper currency allows for bank runs. Eliminate paper currency and what you end up with is the elimination of the ability to demand to withdraw funds from a bank.”

Let me conclude with this, a report in 2015 warned us about an electronic economy but in 2017-2018 it seems will be closer to being a reality.

We Can’t Rein In the Banks If We Can’t Pull Our Money Out of Them

The central banks are … planning drastic restrictions on cash itself. They see moving to electronic money will first eliminate the underground economy, but secondly, they believe it will even prevent a banking crisis. This idea of eliminating cash was first floated as the normal trial balloon to see how the people take it. It was first launched by Kenneth Rogoff of Harvard University and Willem Buiter, the chief economist at Citigroup. Their claims have been widely hailed and their papers are now the foundation for the new age of Economic Totalitarianism that confronts us. Rogoff and Buiter have laid the groundwork for the end of much of our freedom and will one day be considered the new Marx with hindsight. They sit in their lofty offices but do not have real-world practical experience beyond theory. Considerations of their arguments have shown how governments can seize all economic power are destroy cash in the process eliminating all rights. Physical paper money provides the check against negative interest rates for if they become too great, people will simply withdraw their funds and hoard cash. Furthermore, paper currency allows for bank runs. Eliminate paper currency and what you end up with is the elimination of the ability to demand to withdraw funds from a bank.

The central banks are … planning drastic restrictions on cash itself. They see moving to electronic money will first eliminate the underground economy, but secondly, they believe it will even prevent a banking crisis. This idea of eliminating cash was first floated as the normal trial balloon to see how the people take it. It was first launched by Kenneth Rogoff of Harvard University and Willem Buiter, the chief economist at Citigroup. Their claims have been widely hailed and their papers are now the foundation for the new age of Economic Totalitarianism that confronts us. Rogoff and Buiter have laid the groundwork for the end of much of our freedom and will one day be considered the new Marx with hindsight. They sit in their lofty offices but do not have real-world practical experience beyond theory. Considerations of their arguments have shown how governments can seize all economic power are destroy cash in the process eliminating all rights. Physical paper money provides the check against negative interest rates for if they become too great, people will simply withdraw their funds and hoard cash. Furthermore, paper currency allows for bank runs. Eliminate paper currency and what you end up with is the elimination of the ability to demand to withdraw funds from a bank.

A report in 2015 warned us about an electronic economy but in 2017-2018 it seems will be closer to being a reality.

The Government Can Manipulate Digital Accounts More Easily than Cash

Moreover, an official White House panel on spying has implied that the government is manipulating the amount in people’s financial accounts.

If all money becomes digital, it would be much easier for the government to manipulate our accounts.

Indeed, numerous high-level NSA whistleblowers say that NSA spying is about crushing dissent and blackmailing opponents … not stopping terrorism.

This may sound over-the-top … but remember, the government sometimes labels its critics as “terrorists“.  If the government claims the power to indefinitely detain – or even assassinate – American citizens at the whim of the executive, don’t you think that government people would be willing to shut down, or withdraw a stiff “penalty” from a dissenter’s bank account?

If society becomes cashless, dissenters can’t hide cash.  All of their financial holdings would be vulnerable to an attack by the government.

This would be the ultimate form of control. Because – without access to money – people couldn’t resist, couldn’t hide and couldn’t escape.

And see this:

Leave your Comment