The elimination of cash is being pushed globally in a bid to make bankers even more powerful.
The “war on cash” as it is sometimes called has been going on for some time in nearly every country with a privately-owned central bank. This “war” seeks to eliminate all cash, forcing the populace of a particular country or economic zone (in the case of the European Union) to depend on bank cards and online banking transfers for any and all purchases. No economic expertise is necessary to see that this move would give banks even more power over the world’s populace, allowing banks to track all purchases and have complete control over a person’s access to their own money. Physical cash is much harder for banks and governments to steal via taxes, bail-outs, and negative interest rates. The plan is a nightmare for impoverished countries or countries where wealth inequality is particularly pronounced. In these nations, many stores and vendors do not accept bank cards and many citizens do not have or use bank accounts, essentially alienating them from economic activity. However, the elimination of cash is exactly what is taking place right now in India.
India took an unprecedented step last week by eliminating 500 and 1,000 rupee bank notes from circulation. Though the bills may sound like large denominations, 500 rupees is worth less than $8, making the government’s decision akin to the elimination of $10 or $20 bills in the US. The Indian government’s decision caused the bills to lose their status as legal tender immediately, giving Indians only 50 days to exchange them for smaller denominations or to deposit the equivalent in their bank accounts. Indian Prime Minister Narendra Modi echoed the same defense of eliminating cash used by central banks, claiming that the decision was made in order to “crack down” on corruption and black market money. However, considering that the Indian government is notoriously corrupt and involved in black market activities themselves as are the bankers who support the move. It’s obvious that there is more to this than they openly admit.
The consequences of this act have struck at the heart of India’s economy, particularly in rural areas where bank account use is minimal. One official said that there is “chaos everywhere” following the cash ban and many politicians have accused Modi of targeting the country’s poor. Nearly half of all of India’s ATMs were shut down in the first week, causing local markets to close as the ATMs ran out of money and few people had cash on hand. Another unexpected consequence affected India’s gold market as local suspicion regarding the government’s motives has led to a surge in Indian gold demand.
Though some spectators outside of India may view this push to eliminate cash as an isolated phenomenon, this banker-backed initiative has been occurring worldwide for years. The European Central Bank (ECB) voted in February to scrap the €500 note, which then accounted for 30% of the total European paper currency in circulation by value. In the US, a similar push has been led by Larry Summers, former Treasury Secretary under Bill Clinton. Summers nearly became chairman of the Federal Reserve before significant public outcry convinced Obama to give the position to current chairwoman Janet Yellen. The outcry largely centered around Summers’ role as the architect of the repealment of the Glass-Steagall act during Clinton’s presidency, which enabled banks to gamble on assets leading to the 2008 economic crisis. Summers, who is strongly connected to elite banking interests, has called for the elimination of the $100 bill saying that “a moratorium on printing new high denomination notes would make the world a better place.” Though Summers failed to elaborate on why the US would be a “better place” for eliminating 78.5% of all the US currency in circulation, we can assume that he meant a “better place” for the financial industry, not for average citizens. If the “cashless society” contagion continues to spread, we can expect that during the next financial crisis the banks will have a much easier time executing massive wealth transfers since all of the money will be under their control.
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This is the best move ever taken by any governmental organization. In India, Central bank is controlled by the Govt directly. This move will surely wipr out the black money & double the tax revenue for the government. All the people who are stealing tax now will have to pay it after this move. Cash transactions don’t leave any footprint& are untraceable, but if we start to pay via bank, our records can be kept and no one can spend their black money. Black money will be use less as it can’t be deposited in banks.
With higher tax revenue, Govt will lower the tax rate and with large amount of money in banks, banks will give cheaper loans to the people which is beneficial for the market. Economy will boost like never before.
I know US has different perspective for banks & govt but some govts are good and India currently has one. If your leader is true and he can control all the govt bodies, then nothing can stop your nation.
India will be great again & it will become the largest economy in the world.
Are you guys mad?
The current government is ACTUALLY the government consisting of the most non-corrupt political party in India.
This step was to destroy the black money of those people who hide bundles of notes illegally without paying taxes, etc.
Seems like anonhq.com is turning into rubbish as many news over here is totally wrong, just posted with added flavours to attract more people.
Was the guy who posted this shit an Indian?
No. Then how on earth can you say that this is the absolute truth?
People here are in short trouble as new 500 and 1000 rupee notes are being circulated to take place of the old ones. Even in this trouble they support the prime minister’s step (excluding those who owned millions of illegal cash).
India is not eliminating currency. It is replacing its currency in an effort to sweep the market of black money.
The link that you have posted claiming the present Indian government is “notoriously corrupt” is OUTDATED. It is of the time when the last government was of another political party (ie Congress) which was in power till April 2016. After Narendra Modi’s win this corrupt political party was reduced to such a less number of seats that it was not even eligible to be set up as an opposition party until the law was changed to accommodate them. As regarding Narendra Modi and his central govt., there has been no corruption charges put against them.
And how is India’s central bank privately owned?
We are in anyway doomed with the Hindutva majority and more clean bags of shit.
Once in a blue moon the BJP comes, does some stuff, offends people and always leaves blue faced.
Better luck next time?