04/10/2017

Creepy IMF Paper Teaches Governments How To Wage War On Cash

SchiffGold.com

There’s been another shot fired in the “war on cash.” Recently, the International Monetary Fund (IMF) published a working paper offering governments suggestions on how to move toward a cashless society even in the face of strong public opposition.

Over the last several years, we’ve seen a steady push to eliminate, or at least limit, the use of cash around the world. In May of 2016, the European Central bank announced it will stop producing and issuing 500-euro notes by the end of 2018. Not long before the EU announcement, a former Obama economic adviser/ex-Treasury secretary floated the idea of eliminating the $100 bill in the US.

Banks have also gotten in on the act. Last year, Chase capped ATM withdrawals for non-Chase customers at $1,000 per day. Recently, ATMs in Mexico stopped issuing 500-peso notes, leaving the 200-peso note as the highest denomination available. CitiBank Australia stopped handling cash transactions altogether late last year.

Indians also felt the squeeze last fall. On Nov. 8, the Indian government declared that 1,000 and 500 rupee notes would no longer be valid. They gave the public just four hours notice. Why? To force so-called “black money” into the light.

About 90% of all transactions in India are in cash. It is an overwhelmingly cash economy and virtually every Indian has currency stashed away in their home. The government can’t tax transactions using black money. By making the 1,000 and 500 rupee notes valueless, government officials hope to force the black money into the economy so they can get their cut.

Officials always justify their war on cash with talk about “customer preference,” and fighting terrorism and drugs, but the drive toward a cashless society is really about control.

By controlling access to your own money, banks and governments increase their control over you. They can collect maximum taxes and fees, they can track purchases, and they can even manipulate your spending habits by imposing negative interest rates that effectively charge you for saving.

Read full article



You May Also Like:

GOP Tax Bill: A Look At The Finalized Brackets Fox Business

No, GOP Tax Cuts Won't Cause The Economy To Overheat; Here's Why Investor’s Business Daily

After Mysterious 'Insurance Policy' Text, Will Justice Department Reveal More On FBI Agent Bounced From Mueller Probe? Byron York, Washington Examiner

Mueller Should Ask For Help Holman W. Jenkins, Jr., The Wall Street Journal

Who's To Blame For The Moore Fiasco? John McCormack, The Weekly Standard

The Media Are Killing Themselves With Botched Anti-Trump Reporting David Harsanyi , New York Post

Trump Is Fighting The FBI Old-Guard — But Watch How The FBI Academy Reacts When He Takes The Stage [Watch] Benny Johnson, The Daily Caller

Bombshell: Lisa Bloom Sought 6-Figure Payoffs For Donald Trump Accusers John Nolte, Breitbart

Was Paul Ryan The Target Of A Politico Hit Job? Monica Showalter, American Thinker

Constant Hysterics Damage Our Democracy David French, National Review

Why Criminalizing Sexual Harassment Fosters Witch Hunts Maureen Mullarkey, The Federalist

The Case For Alternative Currencies Eric Grover, City Journal

Net Neutrality Isn't Neutral At All Kyle S. Swan, Foundation for Economic Education

Toxic Femininity, Redux Scott McKay, The American Spectator

'Jingle Bells' Rooted In Racism, Boston University Professor Says [Watch] Caleb Parke, Fox News

For More go to the Home Page >>>

Join Our Email List



Bookshelf

FreeMarket Central

Some titles recent, all recommended -

Special Video Feature

FreeMarket Central

Voices From The 2017 International Students For Liberty Conference

In Search Of History

The Reagan Tax Cuts Worked

Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

-- Daniel J. Mitchell,

Shadow Stats Snapshot


FreeMarket Central

ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    FreeMarket Central BLS: 4.12%
    FreeMarket Central Shadow Stats: 21.7%
  • Inflation:
    FreeMarket Central November Year-to-Year: 2.04% (CPI-U*)
    FreeMarket Central Shadow Stats: 9.8%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]