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Tag Archives: physical cash
Swedish Central Bank Makes U-Turn on Cash as NIRP is Ending
Swedish Central Bank Makes U-Turn on Cash as NIRP is Ending Cash is less of a threat to central bank policies when interest rates rise above zero. 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 […]
Backlash Against War on Cash Reaches the Bank of Canada
Backlash Against War on Cash Reaches the Bank of Canada A cashless society could have “adverse collective outcomes.” In recent months, a slew of political and financial institutions have raised concerns about the march toward a cashless economy. They include: The ECB warned that a phase-out of cash could pose a serious risk to the financial system. […]
“Ice Nine” Comes to China
“Ice Nine” Comes to China The war on cash has been going on for decades. The U.S. abolished the $500 bill in late 1969. (The old $500 bill featured a portrait of President William McKinley, by the way. I remember seeing a few when I was a kid.) Today’s $100 bill is only worth 10 […]
Silicon Valley Joins War On Cash: Tim Cook Seeks “Elimination Of Money”
Silicon Valley Joins War On Cash: Tim Cook Seeks “Elimination Of Money” Apple CEO Tim Cook has one big hope for the future – that he lives to see the end of money. “…I’m hoping that I’m still going to be alive to see the elimination of money.” Speaking at a meeting for Apple shareholders […]
66% of the Economy is Already Electronic & 99% of Money is Electronic
66% of the Economy is Already Electronic & 99% of Money is Electronic QUESTION: I loved your mention of how our money is not “printed”. You are THE ONLY financial expert to mention this. And you can’t understand our economy without understanding Electronic Money. I researched this 3 or four years ago and came up […]
Myths Behind the War on Cash
Myths Behind the War on Cash The attacks on physical cash from a phalanx of economists, central bankers, commercial banks, and politicians have not diminished in recent years. On the contrary, in the face of the worldwide increase in terror attacks, particularly in Europe, and ongoing pressure on public budgets, the cash ban issue is […]
Cyberattacks & the Vulnerability of a Cashless Society
Cyberattacks & the Vulnerability of a Cashless Society QUESTION: Cyberattacks vs. Cash elimination – an argument against eliminating cash. Hello Mr. Armstrong, it is quite apparent that no government, no financial institution, Anti-virus software developer, or either ‘whatever’ is is really capable to stop cyberattacks. Now these people want to eliminate cash, make larger cash amounts […]
India: Why its Attempt to Go Digital Will Fail
India: Why its Attempt to Go Digital Will Fail India Reverts to its Irrational, Tribal Normal (Part XIII) Over the three years in which Narendra Modi has been in power, his support base has continued to increase. Indian institutions — including the courts and the media — now toe his line. The President, otherwise a […]
It’s time to become your own banker. Here’s how–
It’s time to become your own banker. Here’s how– Sometimes I wonder why most of the giant mega-banks are based in New York. They should be here in Las Vegas, the gambling capital of the world. Because that’s precisely what they’re doing with your money. Actually it’s not even your money. From a legal perspective, […]
It’s a revolution: German banks told to start hoarding cash
It’s a revolution: German banks told to start hoarding cash Just stunning. German newspaper Der Spiegel reported yesterday that the Bavarian Banking Association has recommended that its member banks start stockpiling PHYSICAL CASH. Europe, of course, has been battling with negative interest rates for quite some time. What this means is that commercial banks are being charged […]
The Global Run On Physical Cash Has Begun: Why It Pays To Panic First
The Global Run On Physical Cash Has Begun: Why It Pays To Panic First Back in August 2012, when negative interest rates were still merely viewed as sheer monetary lunacy instead of pervasive global monetary reality that has pushed over $6 trillion in global bonds into negative yield territory, the NY Fed mused hypothetically about […]
It’s Official: Cash is Now Public Enemy Number One
It’s Official: Cash is Now Public Enemy Number One First Major Offensive in War on Cash Terrorists are no longer public enemy number one. Nor are drug lords, people traffickers, arms dealers, cyber terrorists, or any other unsavory do-badder. Today, the biggest threat to global peace and security is physical cash, a means of exchange […]
Germany Unveils “Cash Controls” Push: Ban Transactions Over €5,000, €500 Euro Note
Germany Unveils “Cash Controls” Push: Ban Transactions Over €5,000, €500 Euro Note It was just two days ago that Bloomberg implored officials to “bring on a cashless future” in an Op-Ed that calls notes and coins “dirty, dangerous, unwieldy, and expensive.” You probably never thought of your cash that way, but increasingly, authorities and the powers that […]
The International War on Cash
The International War on Cash Back in 2008, I began warning of increasing capital controls that we would see in the future, as a component in the decline of Western economies (Western in the broad sense, including Japan, Australia, etc.) Along the way, it occurred to me that, at some point, governments might collectively attempt […]
Who Exactly is Trying to Kill off Cash?
Who Exactly is Trying to Kill off Cash? In the Irish city of Cork, business leaders recently launched a three-month pilot project to encourage consumers to abandon the archaic use of cash by offering the chance to enter into a prize draw if they use electronic means of payment. It is a cheap, almost insulting inducement, but […]
