End of cash as central banks look to limit withdrawals
Duncan Richardson, News Editor
23 Feb 2016, 4:27 p.m.
Don’t be fooled, the new trend by central banks to eliminate high value bank notes has done nothing to do with protecting you from terrorism or fighting the war on drugs, and has everything to do with protecting the banks. If only a fraction of the population withdrew their money out of their accounts the banking system would fail.
Last week the European Central Bank announced their intention to remove the 500 euro note from circulation and on the 16th Feb a former U.S Treasury official called for the $100 bill to be scrapped.
No doubt western powers will call for a ban on the premise of tackling terrorism and making the world a safer place. If banning cash helps reduce terrorism why was not this implemented years ago? Of course this is fallacy and just an excuse to implement capital controls on a population which is waking up to the absurdity of central banking.
By controlling the currency central planners are controlling your freedom by limiting your ability to choose what you do with your money. Negative interest rates are on the horizon and by eliminating large dominated bank notes central bankers are making it harder for you to simply hold cash under your mattress.
Banning cash and implementing negative rates will not protect you from terrorism or criminals, but is an attempt to herd a population into doing what the government wants you to do and to save the banking system.