{"id":22258,"date":"2016-12-10T17:10:25","date_gmt":"2016-12-10T22:10:25","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22258"},"modified":"2016-12-10T17:10:25","modified_gmt":"2016-12-10T22:10:25","slug":"cash-is-no-longer-king-the-phasing-out-of-physical-money-has-begun","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22258","title":{"rendered":"Cash Is No Longer King: The Phasing Out of Physical Money Has Begun"},"content":{"rendered":"<h3><a href=\"http:\/\/theantimedia.org\/cash-no-longer-king\/\">Cash Is No Longer King: The Phasing Out of Physical Money Has Begun<\/a><\/h3>\n<p>As physical currency around the world is increasingly phased out, the era where \u201ccash is king\u201d seems to be coming to an end. Countries like\u00a0<a href=\"http:\/\/www.forbes.com\/sites\/patrickwwatson\/2016\/12\/01\/indias-demonetization-could-be-the-first-cash-domino-to-fall\/#6ca320413bb7\" target=\"_blank\">India<\/a>\u00a0and\u00a0<a href=\"http:\/\/www.cnbc.com\/2016\/12\/01\/south-korea-to-kill-the-coin-in-path-towards-cashless-society.html\" target=\"_blank\">South Korea<\/a>\u00a0have chosen to limit access to physical money by law, and others are beginning to\u00a0<a href=\"http:\/\/www.forbes.com\/sites\/laurashin\/2016\/10\/12\/central-banks-explore-blockchains-why-digital-dollars-pounds-or-yuan-could-be-a-reality-in-5-years\/#1b0a66c876d8\" target=\"_blank\">test digital blockchains<\/a>\u00a0for their central banks.<\/p>\n<p>The war on cash isn\u2019t going to be waged overnight, and showdowns will continue in any country where citizens turn to\u00a0<a href=\"http:\/\/reason.com\/archives\/2016\/12\/06\/governments-trash-cash-making-alternativ\" target=\"_blank\">alternatives<\/a>\u00a0like precious metals or decentralized cryptocurrencies. Although this transition may feel like a natural progression into the digital age, the real motivation to go cashless is\u00a0<a href=\"https:\/\/mises.org\/blog\/why-governments-want-central-bank-issued-digital-currency\" target=\"_blank\">downright sinister<\/a>.<\/p>\n<p>The\u00a0<a href=\"https:\/\/www.theguardian.com\/business\/2008\/oct\/13\/creditcrunch-marketturmoil1\" target=\"_blank\">unprecedented collusion<\/a>\u00a0between governments and central banks that occurred in 2008 led to\u00a0<a href=\"http:\/\/money.cnn.com\/news\/specials\/storysupplement\/bankbailout\/\" target=\"_blank\">bailouts<\/a>,\u00a0<a href=\"http:\/\/www.cnbc.com\/2016\/02\/09\/from-zirp-to-nirp-whats-the-feds-next-move.html\" target=\"_blank\">zero percent interest rates<\/a>\u00a0and\u00a0<a href=\"http:\/\/www.economist.com\/blogs\/economist-explains\/2015\/03\/economist-explains-5\" target=\"_blank\">quantitative easing<\/a>\u00a0on a scale never before seen in history. Those decisions, which were made under duress and in closed-door meetings, set the stage for this inevitable demise of paper money.<\/p>\n<p>Sacrificing the stability of national currencies has been used as a way\u00a0<a href=\"https:\/\/www.thestreet.com\/story\/13550156\/1\/era-of-central-banks-propping-up-stock-market-has-come-to-an-end.html\" target=\"_blank\">prop up<\/a>\u00a0failing private institutions around the globe. By kicking the can down the road yet another time, bureaucrats and bankers sealed the fate of the financial system as we know it.<\/p>\n<p>A\u00a0<a href=\"http:\/\/www.forbes.com\/sites\/ralphbenko\/2014\/04\/28\/is-james-rickards-right-about-a-coming-monetary-apocalypse\/#1a38cdca14f8\" target=\"_blank\">currency war<\/a>\u00a0has been declared, ensuring that the U.S. dollar, Euro, Yen and many other state currencies are linked in a suicide pact. Printing money and endlessly expanding debt are policies that will erode the underlying value of every dollar in people\u2019s wallets, as well as digital funds in their bank accounts. This new war operates in the shadows of the public\u2019s ignorance, slowly undermining social and economic stability through inflation and other consequences of central control. As the Federal Reserve leads the rest of the world\u2019s central banks down the rabbit hole, the vortex it\u2019s creating will affect everyone in the globalized economy.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cash Is No Longer King: The Phasing Out of Physical Money Has Begun As physical currency around the world is increasingly phased out, the era where \u201ccash is king\u201d seems to be coming to an end. Countries like\u00a0India\u00a0and\u00a0South Korea\u00a0have chosen to limit access to physical money by law, and others are beginning to\u00a0test digital blockchains\u00a0for [&hellip;]<\/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":[1035,2938,951,536,12394,6189,662,740],"class_list":["post-22258","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cash","tag-collusion","tag-currency","tag-money","tag-physical-currency","tag-physical-money","tag-quantitative-easing","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22258","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=22258"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22258\/revisions"}],"predecessor-version":[{"id":22260,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22258\/revisions\/22260"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}