{"id":16747,"date":"2016-01-20T20:53:47","date_gmt":"2016-01-21T01:53:47","guid":{"rendered":"http:\/\/olduvai.ca\/?p=16747"},"modified":"2016-01-20T20:53:47","modified_gmt":"2016-01-21T01:53:47","slug":"war-on-cash-escalates-china-readies-digital-currency-imf-says-extremely-beneficial","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=16747","title":{"rendered":"War On Cash Escalates: China Readies Digital Currency, IMF Says “Extremely Beneficial”"},"content":{"rendered":"

War On Cash Escalates: China Readies Digital Currency, IMF Says “Extremely Beneficial”<\/a><\/h3>\n
Remember when Bitcoin and its digital currency cohorts were slammed by authorities and written off by the elite as worthless? Well now, as the war on cash escalates, officials from The IMF to China are seeing the opportunity to control the world’s money through virtual (cash-less) currencies.\u00a0Just as we warned most recently here<\/a>,\u00a0state wealth control is the goal<\/strong>\u00a0and, as Bloomberg reports, The\u00a0PBOC is targeting an early rollout of China’s own digital currency to “boost control of money”<\/strong>\u00a0and none other than The IMF’s\u00a0Christine Lagarde added that “virtual currencies are extremely beneficial.”<\/strong><\/div>\n
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By way of background, as we explained previously,\u00a0What exactly does a \u201cwar on cash\u201d mean?<\/strong><\/p>\n

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It means governments are limiting the use of cash and a variety of official-mouthpiece economists are calling for the outright abolition of cash. Authorities are both restricting the amount of cash that can be withdrawn from banks, and limiting what can be purchased with cash.<\/em><\/div>\n<\/blockquote>\n

These limits are broadly called \u201ccapital controls.\u201d<\/p>\n

Why Now?<\/h4>\n
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Why are governments suddenly so keen to ban physical cash?<\/u><\/div>\n

The answer appears to be that the banks and government authorities are anticipating bail-ins, steeply negative interest rates and hefty fees on cash, and they want to close any opening regular depositors might have to escape these forms of officially sanctioned theft. The escape mechanism from bail-ins and fees on cash deposits is physical cash, and hence the sudden flurry of calls to eliminate cash as a relic of a bygone age \u2014 that is, an age when commoners had some way to safeguard their money from bail-ins and bankers\u2019 control.<\/h4>\n<\/blockquote>\n

Forcing Those With Cash To Spend or Gamble Their Cash<\/h4>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

War On Cash Escalates: China Readies Digital Currency, IMF Says “Extremely Beneficial” Remember when Bitcoin and its digital currency cohorts were slammed by authorities and written off by the elite as worthless? Well now, as the war on cash escalates, officials from The IMF to China are seeing the opportunity to control the world’s money […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[4174,1035,1034,124,130,3405,1937,951,4955,383,434,534,954,669,1264,4114,4318],"class_list":["post-16747","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bitcoin","tag-cash","tag-cashless-society","tag-central-banks","tag-china","tag-citibank","tag-corporate-america","tag-currency","tag-digital-currency","tag-great-depression","tag-international-monetary-fund","tag-monetary-policy","tag-money-supply","tag-reality","tag-recession","tag-transparency","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16747"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16747\/revisions"}],"predecessor-version":[{"id":16748,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16747\/revisions\/16748"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}