This article was written by Michael Snyder and originally published at his Economic Collapse blog.
Editor’s Comment: Gee, I wonder who benefits from a system designed and launched in secret for and by bankers? The most notorious such meet was at Jeckyll Island just over a century ago to create the Federal Reserve system. Half way through WWII, there was Bretton Woods, establishment dollar reserve status, the IMF and the World Bank.
Today, there is the equivalent meeting happening for a world that is ready to leave cash behind, and with it, all freedom that is tied to economic anonymity. How will this play out next?
A New Digital Cash System Was Just Unveiled At A Secret Meeting For Bankers In New York
by Michael Snyder
Last month, a “secret meeting” that involved more than 100 executives from some of the biggest financial institutions in the United States was held in New York City. During this “secret meeting“, a company known as “Chain” unveiled a technology that transforms U.S. dollars into “pure digital assets”. Reportedly, there were representatives from Nasdaq, Citigroup, Visa, Fidelity, Fiserv and Pfizer in the room, and Chain also claims to be partnering with Capital One, State Street, and First Data. This “revolutionary” technology is intended to completely change the way that we use money, and it would represent a major step toward a cashless society. But if this new digital cash system is going to be so good for society, why was it unveiled during a secret meeting for Wall Street bankers? Is there something more going on here than we are being told?
None of us probably would have ever heard about this secret meeting if it was not for a report in Bloomberg. The following comes from their article entitled “Inside the Secret Meeting Where Wall Street Tested Digital Cash“…
On a recent Monday in April, more than 100 executives from some of the world’s largest financial institutions gathered for a private meeting at the Times Square office of Nasdaq Inc. They weren’t there to just talk about blockchain, the new technology some predict will transform finance, but to build and experiment with the software.
By the end of the day, they had seen something revolutionary: U.S. dollars transformed into pure digital assets, able to be used to execute and settle a trade instantly. That’s the promise of a blockchain, where the cumbersome and error-prone system that takes days to move money across town or around the world is replaced with almost instant certainty.
So it is not just Michael Snyder from The Economic Collapse Blog that is referring to this gathering as a “secret meeting”. This is actually how it was described by Bloomberg. And I think that there is a very good reason why this meeting was held in secret, because many in the general public would definitely be alarmed by this giant step toward a cashless society. Here is more on this new system from Bloomberg…
While cash in a bank account moves electronically all the time today, there’s a distinction between that system and what it means to say money is digital. Electronic payments are really just messages that cash needs to move from one account to another, and this reconciliation is what adds time to the payments process. For customers, moving money between accounts can take days as banks wait for confirmations. Digital dollars, however, are pre-loaded into a system like a blockchain. From there, they can be swapped immediately for an asset.
“Instead of a record or message being moved, it’s the actual asset,” Ludwin said. “The payment and the settlement become the same thing.”
Why this is so alarming is because we are seeing other major moves toward a cashless system all over the planet. In Sweden, 95 percent of all retail transactions are already cashless, and ATM machines are being removed by the hundreds. In Denmark, government officials actually have a stated goal of “eradicating cash” by the year 2030. And in Norway, the biggest bank in the country has publicly called for the complete elimination of all cash.
Other nations in Europe have already banned cash transactions over a certain amount. Here are just a couple of examples…
As I have written about previously, cash transactions of more than 2,500 euros have already been banned in Spain, and France and Italy have both banned all cash transactions of more than 1,000 euros.
Little by little, cash is being eradicated, and what we have seen so far is just the beginning. 417 billion cashless transactions were conducted in 2014, and the final number for 2015 is projected to be much higher.
The global push toward a cashless society is only going to intensify, because banks and governments both tend to really like the idea of such a system.
Banks really like the concept of a cashless society because it would force everyone to be their customers. There would be no more hiding cash in a mattress at home or trying to pay all of your bills with paper money. Under a cashless system, we would all be dependent on the banks, and they would make lots of money whenever we swiped our cards or our “chips” were scanned.
Governments see a lot of advantages in a cashless society as well. They tell us that they would be able to crack down on drug dealers, tax evaders, terrorists and money launderers, but the truth is that it would enable them to watch, track, monitor and control virtually all of our financial transactions. Our lives would become open books to the government, and financial privacy would be a thing of the past.
In addition, the potential for tyranny would be absolutely off the charts.
Just imagine a world where the government could serve as the gatekeeper for who is allowed to use the cashless system and who is not. They could require that we all submit to some sort of government-issued form of identification before being permitted to operate within the system, or it is even conceivable that a loyalty oath would be required.
Of course if you did not submit to their demands, you could not buy, sell, open a bank account or get a job without access to the cashless system.
Hopefully people can understand where this is going. Paper money is a very important component of our freedom, and if it is taken away from us that will open the door for all sorts of abuse.
Even now, cash is slowly being “criminalized” in America. For example, if cash is used to pay for a hotel room that is considered by federal authorities to be “suspicious activity” that should be reported to the government. Of course it isn’t against the law to pay your hotel bill in cash just yet, but according to the government it is something that “terrorists” do so it needs to be closely watched.
It doesn’t take a whole lot of imagination to see where all of this is going. And for those of us that understand what time it is, this is a clear indication that it is getting late in the game.
*About the author: Michael Snyder is the founder and publisher of The Economic Collapse Blog. Michael’s controversial new book about Bible prophecy entitled “The Rapture Verdict” is available in paperback and for the Kindle on Amazon.com.*
“F” this….
Bring back the barter system and let them play with their digital money…..
Yeah, and citizens of the world need to meet in secret also, to discuss turning greedy, criminal elite into digital software.
I guess bankers and governments WOULD like the idea of digital money… it means we would be living in “1984” scenario–pure, f— fascism/totalitarianism!!! “OFF WITH THEIR F… HEADS!!!!”
Got gold (or silver)?
And if don’t mean paper gold.
“Digital dollars, however, are pre-loaded into a system like a blockchain. From there, they can be swapped immediately for an asset.”
This is a red herring. Think about your social security check, or ANY check on direct deposit. The instant it is transferred it is spendable. The ONLY thing they are talking about here, is suspending the verification process on transactions, which they don’t need anyhow.
You buy something from Amazon, they instantly check your account at the time you authorize the transaction, and put a hold on the amount of your purchase. Then they transfer the amount just before they ship it. So all they’ll be doing, really, is making the transaction at the same time they authenticate it. The same thing applies, whether your account is a credit card or debit card account.
The only reason they put a hold on a paper check, is because of people writing checks that aren’t theirs, and writing checks on money they don’t have in their account.
Not really. There are some jobs now that require you to take your pay in direct deposit, no checks, no cash. Don’t want to do that? Want to pay a small fee and get a check instead? Nope. Walk on. Ebt cards are similar, a bank account that is seen and controllable. Much more transparency on the users side. I agree on the holds, that was about fraud, but even the politicians are saying they want cashless to stop the evil “tewworwists! hehhehehehe… be vewy quiet!” And tax evaders (which is anyone who doesn’t pay all sales tax, property tax, income tax (and income tax on items received for work – trade.) And yeah, with newer systems the process is faster and more secure, ON THE SURFACE. If you get ahold of the background machines/network, all the encryption in front don’t do &^%$.
Like the DNA game the police are playing “put your DNA in our bank and you’ll never be accused of a crime you didn’t do…!” Except, some tech screws up and your name and info are the same as some jagoff AND his rap sheet is now attached to your DNA. Or some person comes along and cracks the DNA database, now they an switch all the DNA info to different ids. Yeah you’re safe now!
Cashless society, isnt that what barter is?
Thats what it will be for those of us who don’t wish to comply. Gonna get tough for those who value liberty.
I will deal with it,
Who is John Galt!
I am. For 11 years so far.
Barter is potentially cashless–except for passing along anything valuable to be used as money, such as gold, silver, copper, etc. But, barter is uncontrolled by others, especially not by banks or government–unless people cause history to repeat itself by falling back into that banking and governmental system.
Barter is totally freely-transacted business. That’s why government effectively outlaws (declares war on those who practice) barter–and, or by taxing it (demanding tribute from those who practice it) anyway, as if it were bound to their money system, by forcing barterers to participate in the money system by selling some of their wares for money to pay taxes.
The kind of “cashless” society digital finance involves makes everyone TOTALLY dependent on using banks in order to do any financial business–and no other will be allowed, by “law” (which is gotten passed by being bought and paid for by the banking “industry’s” legislative lobbyists and, which is a declaration of war against any who don’t surrender by obeying it). Hence: “And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” (Revelation 13:16-17)
People waging war against government will give government something else to do besides easily waging war against the people to make them surrender to being governed by others. Equality and equity will then come, to everyone.
“And I heard another voice from heaven, saying, Come out of her, my people, that ye be not partakers of her sins, and that ye receive not of her plagues. For her sins have reached unto heaven, and God hath remembered her iniquities. Reward her even as she rewarded you, and double unto her double according to her works: in the cup which she hath filled fill to her double. How much she hath glorified herself, and lived deliciously, so much torment and sorrow give her: for she saith in her heart, I sit a queen, and am no widow, and shall see no sorrow. Therefore shall her plagues come in one day, death, and mourning, and famine; and she shall be utterly burned with fire: for strong is the Lord God who judgeth her. And the kings of the earth, who have committed fornication and lived deliciously with her, shall bewail her, and lament for her, when they shall see the smoke of her burning,,,, (Revelation 18:4-9)
There will always be drug dealers and money launderers, they are part of the ruling class with names like “Bush”.
Sometimes, I’m glad I’m old and won’t have to watch this Orwellian nightmare unfold too much longer.
You may be old and not worried, but what about your kids and grandkids?
I wonder how many bankers now have CCW?
How many bankers now have CCW? Not enough to save their sorry asses when SHTF!!!
People are hanging on to their money, not spending because their future is uncertain, money outside the banks. This is partially being blamed as the reason the economy is tanking. The system greatly fears deflation, I don’t know how that could happen. Isn’t hyperinflation always the result of a financial collapse? So the best thing would be to spend the money you have now? It’s confusing to me.
This will be a hackers paradise/and man made or natural disruptions in the system will render trade to a large degree halted excepting the true barter types.
AJ,you have bills covered for awhile and extra cash would certainly buy items you know you will/do use,say a extra set of boots and other clothing/food/car maintenance/prep supplies,you get the idea.You have a lot of monies in say a bank would buy land/house,govt. can steal it but a lot harder then a keystroke on a key pad like Cyprus/Greece bail ins,they will have to truly fight to steal more,will get costly very quickly for all.You could spend some monies learning a new skill and tools/materials needed to get you going/perhaps the right place a little alt power/heck,list is endless but if it makes sense and can be afforded would certainly “stimulate”the economy.
AMERICA-Planned in hell, born in hell, raised in the pits of hell, and then spit out of hell, because it was too evil, vile, fascist, and disgusting for hell itself.
This sounds to me that the crash has already happened and the only way that they can hide it is to go digital.
This means when I go to yard sales I can’t use cash???? How am I going to get my prep stuff? LOL.
I just wonder if using digital money is going to be easy. For me just mastering some of the little things on the computers is like a Caveman Flying and F16.
We will know when it happens. There will be a bank holiday, Then KATTY bar the door because the Shit Storm is going to hit.
I just wonder how much my Silver, Lead, and Brass will be worth????
Sgt.
“I just wonder how much my silver, lead, and brass will be worth?”
PRICELE$$
Shoot you got to be alive to spend it……………
The more control the establishment tries to exert over the people the stronger the resistance will become.
More are waking up every day
What’s the store hours for the Black Market? Or is that rayciss?
Jacknife
Dusk to Dawn. But wear dark clothing with hoodies to blend in.
Sgt.
I think you’re talking about Looters Strip Mall.
Black market lives matter!
They will outlaw yard sales. I know of one town in central NC that has already passed a law that if you have more than a couple of yard sales a year, you need a business license.
Götterdämmerung = a collapse (as of a society or regime) marked by catastrophic violence and disorder.
music for the SHTF. remember it well. it comes.
https://www.youtube.com/watch?v=wXh5JprKqiU
A cashless society will bring down the economy in a region or country if there is a black out or brown out, or grid goes down from a hack attack or EMP. No transactions can be made digitally to a bank, no credit cards, no EBT cards, no debit cards, no stock trading transactions, no access to accounts.
We had a power outage in out tiny town yesterday most the day and businesses and the banks lost thousands. They turned people away who didn’t have cash or checks at the banks and stores. They were sh*t outta luck, as I saw them come in and go out with nothing.
There will be times we need to thrive on cash, and small banks will take it. Let the big banks fail when they lose the grid which many experts are saying how vulnerable we are.
It’s not only what you mentioned, it’s natural disasters. Think back to Sandy. Two days post-Sandy, you had sheeple in front of television cameras, in utter panic. They had nothing for supplies (I wonder why), nor any kind of plan (I wonder why, again). They are screaming for the Army trucks to come in with cases of water and MREs. Why? The only physical cash they had was whatever they had in their pocket, and the ATMs were out of commission. All their cash is electronic (in a bank), all their purchases are by card. Take that away and they are the definition of screwed.
Now, take that natural disaster to another level, like another New Madrid or Carrington. You’d have Sandy across multiple time zones or the entire country. That’s precisely why you can not do away with physical cash. If the worst-case scenarios become reality, physical cash will still work and allow you to maintain something that resembles a functioning society and economy.
The reality is that the majority of people in the USA dont have a bank account. Either because they dont want one or cant get one due to the new rules. So it will never work except to create a huge black market.
Ed
By decree they can make it work. An example is script money issued by US Military bases in war zones. Every so often new and different currency was issued. The old was turned in and the new replaced it. Its difficult for an E-5 to explain $20,000 in old script. One day its announced that in 30 days the present currency will no longer be legal tender. You turn in what you have and you get some computer credit. Oh woe to the Butcher, Baker and Candlestick Maker that hoarded cash. In the end that FRN is a promise of value; otherwise its just a high quality piece of paper with a historic figure on it.
Barter will work for small items locally. Gold and silver with a tad more reach but still severely limited.
The banksters control what money is and isn’t and how much it is worth.
“Let me control a nations money supply (and by extension its physical medium of exchange) and I care not who writes its laws”
Barron Rothschild
It never works. History shows that it always leads to a death spiral of the economy.
Ed – Right…a huge black market so that those who are law abiding citizens are forced to commit a crime to stay alive and to feed their families can go to prison for their “black market crime”, while more actual criminals are either not behind bars where they should be or locked up for too short a period of time and released back into society due to prison overcrowding. Whenever a black market is created good people end up in prison, along with the bad criminals who seem to get out early on some technicality or other bs.
Their reason for going cashless/digital is to give the illusion that the economy has not collapsed when it does, and so it isn’t obvious to most, and this way they can continue with the illusion while hiding the truth.
Psychopaths may or may not have a high IQ, but either way, they are very, very clever, calculating people.
grandee…This is an awesome music specially when played while the banksters bodies are dancing on the rope.
‘Never bet more than you can afford to lose.’
This applies to your money in any bank.
It can be lost instantaneously.
Excellent point, given the talk of bail-in’s. Electronic money would make it so much easier for the banks to steal your money for the purpose of cleaning up their derivatives exposure. They’ll issue shares of their stock, in a brokerage account through their own brokerage operation, in exchange. If they still manage to go bust, you’re screwed.
Keep in a bank account only what you need to get the job done today. Keep the rest as physical cash, metals or barter items that are actually worthwhile (matches, hand tools, etc.)
Wall Street Bankers Meet in Secret To Transform “U.S. Dollars Into Pure Digital Assets”
After the Global Economic Collapse – this will be the “new norm” of money policy when the N.W.O finally integrates itself.
Those who find themselves desperate to exchange their Silver/Gold into Digital Currency will not get Market Value. They will get … what they, the Bankers say you will get.
As usual – the House(bank) Wins, while the Gambler(public) loses.
Met in ‘secret’ yet it’s posted here and other places.
Not much of a secret.
Did you know about it beforehand so you could attend?
FTW,seems then a easy start is to kill the bankers,any who support them including low level personal,advise those folks to quit quickly when things go froggy.
Warchild –
Indeed – in fact … I believe there will be another National Holiday being implemented to the list soon.
“Hang A Bankster Day”
Hell … even a public National Event of …
“Tar,Feather, & Flog your local Politician Day”
THAT ” System ” WILL be the Mark Of The Beast. Not Kidding.
“He who controls the food supply controls the people; he who controls the energy/oil can control whole continents; he who controls the money controls the world.” Henry Kissinger
This a warning from above. Heed it and stock up on stuff.
Hey Snyder, where’s that collapse you been profiting on for years? Absolutely before 12/31/15 wasn’t it? I see you’re still writing the same crap though.
If they succeed in going full digital, that will be the end of all our freedoms. If anyone steps out of line, they will erase your money. If you are depending on money to survive, to that extent, you are vulnerable. I envy the hunters who live in areas where fresh water, lakes, and streams are just outside their home. Where fishing is part of their everyday lives. These people and those on self sustaining homesteads will be ok. But the rest of us, even those who think they are prepared, are going to be under the boot of the oligarchs even more, much more. The oppression of a cashless society would be terrible. That is why they have to take away the guns. And anyone who doesn’t cooperate in giving up their guns will have their digital money stolen.
What guns?
“For example, if cash is used to pay for a hotel room that is considered by federal authorities to be “suspicious activity” that should be reported to the government.”
Last year I was on a trip and stopped at a motel. They said they couldn’t take cash. I told them that it was all I had and that if they couldn’t take it, I would just find another motel. They took the cash then.
The local car rental won’t take cash either. So I will have to buy a card at Wal-Mart so that I can rent a car.
I beLIEve the name for the new digital “cash” is going to be ….RAT – SLAG.
SLAG….being the worthless metal residue left in the bottom of a FURNACE.
RAT….is an acknowledgement of the efforts of the ‘Masters of the Universe’ who engineered the METEORIC trajectory of the US $ into the ABYSS.