It’s Happening! A Cashless Society with Big Downsides

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‘No Cash’ signs are popping up everywhere in Sweden as payments go digital. More than 4,000 Swedes have had microchips implanted in their hands to pay for things.

Sweden is the most cashless society.

Last year, the amount of cash in circulation in Sweden dropped to the lowest level since 1990 and is more than 40 percent below its 2007 peak. The declines in 2016 and 2017 were the biggest on record, Financial Post reported.

Sweden’s worried and they are not sure what to do.

The central bank is considering an official digital currency, an e-krona. Riksbank Governor Stefan Ingves has said Sweden should consider forcing banks to provide cash to customers.

Sweden is worried and they don’t yet know what to do.

“When you are where we are, it would be wrong to sit back with our arms crossed, doing nothing, and then just take note of the fact that cash has disappeared,” said Stefan Ingves. “You can’t turn back time, but you do have to find a way to deal with change.”

Swedes almost never use cash.

CHAOS COMING

Central banks warn of chaos.

A gradual phase-out of cash in many countries poses a serious threat to the financial system. Relying too heavily on digital payment systems exposes them to catastrophic failures in the event of cyber attacks.

It’s not only about systemic hacking risks — it’s also about the alienation of vulnerable member of society in a cashless world.

COMMUNISTS AND GLOBALISTS LOVE IT

Phasing out currency and moving towards a digital economy would, over the long term, have “benefits that outweigh the cost,” Columbia University professor and leftist Joseph Stiglitz told attendees of the World Economic Forum’s Annual Meeting in Davos.

He has the usual good reason — to combat dirty money hidden overseas. In other words, the globalists want to be able to tax everyone without worrying about overseas bank accounts.

Cash according to many Davos economists encourages and fosters an underground economy which they no doubt worry about for the purposes of taxation.

“Cash facilitates crime because it is anonymous, and big bills are especially problematic because they are so easy to carry and conceal,” Harvard’s Kenneth Rogoff has written.

Stiglitz, a globalist of gigantic proportions, praised India’s 86% cashless society, leaving the downside out. The downside is the Indian government has withdrawn 86% of the currency in an economy where the people are poor and illiterate and can’t get smartphones or debit cards.  In the least, it’s an extreme inconvenience. These are always the people who get hurt first. The people in power benefit.

Globalists want global taxes and this could help them do exactly that.

Where does the economy go from here and how free will it be? Some say we won’t have physical assets. There is a huge difference between holding material assets and the bankers and government holding your assets – mere numbers on a receipt.

Debit and credit cards cost businesses money, but in a cashless society, they allegedly won’t so they’re on board. Are you? Money is freedom.

PowerInbox
  • The Swedish krona is going the way of the U.S. Dollar, into oblivion. Government backed fiat currencies are soon to be replaced with cyber currencies whose value simply depends upon supply and demand. Impossible to track, difficult to tax they are sweeping the world and bringing an end to the old economic order and replacing it with pure capitalism. Soon, all those implanted chips will be reprogrammed for whatever cyber currency the holder wishes to use.

  • There is always some medium of exchange. During the California Gold Rush it was raw gold. During the Second World War cigarettes and chocolate bars were used. Swedish citizens will find something to exchange.