Have you noticed that there’s a war on cash? In Europe, the €500 note will be taken out of circulation. Speculation is that the $100 bill will also be removed from circulation in the USA.
People are being herded towards using digital money. Your salary gets wired directly into your bank account. Your bills are paid directly from your bank account. You pay for goods and services with a credit or debit card. All digital money.
“But I can go into a bank and withdraw cash any time,” you say. Try taking out $5,000 in one go. It’s your money but you’ll be treated like a terrorist, a criminal or a drug dealer; i.e. with suspicion. You’ll have to provide identification (even if you’re well known to your teller), answer questions, fill in forms, talk to other bank officials and maybe have to wait a few days before the money will be provided.
This is all to prevent illegal money laundering we’re assured. But the upshot is that banks are wresting more and more control over our money from us. Every digital transaction now incurs a fee, which a cash transaction does not. Every transaction is recorded in detail, which is not the case with cash transactions.
“Hey, but I can withdraw a $1,000 from the ATM!” you say. Yeah…but try withdrawing another thousand and you’ll be told that you’ve reached your daily limit. You’re being told you don’t have 100% control over your own money. And those ATM daily limits can be easily changed. Maybe the daily limit will be dropped to $300 because who needs more than that for gas and groceries each day?
Banks and the government want to control, charge for and record every transaction. It’s a gross invasion of privacy but people are blindly walking down the alley to the slaughterhouse in this regard.
On foot of this will come SDRs, essentially a world currency issued by the IMF, according to Jim Rickards. In the above interview, he discusses the state of the world economy, the likely introduction of the SDR world currency and the war on cash, and how it’s already been won by the banks and government.
According to Investopia…
An SDR is essentially an artificial currency used by the IMF and is basket of national currencies. The IMF uses SDRs for internal accounting purposes. SDRs are allocated by the IMF to its member countries and are backed by the full faith and credit of the member countries’ governments.
A fuller description of SDRs is available here.
At 30:27, Rickards describes how demand for gold is now greater than supply (demand is about twice the supply). This means that gold supplies are going to dry up and there’ll be long wait times before what you ordered will actually be delivered. And rising demand will push up prices. If you wait to see when the price of gold starts to continuously rise, it’ll be too late to buy. The time to buy is now!
Back in 1988, The Economist ran an issue with this cover which predicted the rise of a “Phoenix” world currency from the ashes of national fiat currencies such as the Dollar and Pound Sterling (the Euro wouldn’t make an appearance for another 11 years). Hyperinflation would have destroyed those currencies. Prescient or not?