In the ongoing saga of Venezuela’s sad economic slide into hell, it came as a strong arm move on the part of President Maduro.
Bank runs are happening in Venezuela, but not to pull money from the banks; rather, to get their 100 Bs. bills into the banks before a 72-hour time limit expires and the notes become outlawed currency that is no longer officially recognized.
Long lines once again, and this time for the opportunity not to lose all the money that these struggling people have been saving up and safeguarding amid this insane and chaotic world of Venezuela:
Thousands rushed to their banks today. The 100 Bs. note will be out of circulation in the next 24h pic.twitter.com/XPFpUQ4x5P
— Mariana Zuniga (@marazuniga) December 13, 2016
via Fusion.net:
Venezuelans are rushing to the banks this week in a desperate attempt to protect their savings from the government’s latest spasm of reckless financial policymaking.
[T]he government gave everyone a 72-hour countdown to turn in all their 100 bolivar notes before they’re removed from circulation.
[…]
The 100 bolivar note, the highest denomination of Venezuelan currency, is currently worth about 3 cents on the U.S. dollar. But Venezuela’s government announced on Sunday that it is removing the bills from circulating because they’re being purchased in bulk by “international mafia groups” that are allegedly trying to “overthrow” the struggling socialist government by hoarding money abroad and starving Venezuela of cash.[…]
Economists say another likely reason for Venezuela’s cash shortages is that people are taking their increasingly worthless money to the border to trade it for dollars to buy essential goods. In Cucuta, a city on the Colombian border, hundreds of exchange houses buy bolivares from Venezuelans who cross into the neighboring country looking for shampoo, rice, flour and other goods that have become scarce in Venezuela thanks to the country´s rigid price controls.
[P]eople lined up outside banks carrying plastic bags and backpacks stuffed with 100 bolivar bills to deposit into their accounts and convert into digital savings before the clock ticks down to zero.
It appears to be a two-pronged measure – one to stop the impact of the hyperinflation of the currency that is being compounded by extremely limited ATM withdrawals, extremely large costs for basic goods – necessitating bags full of money for simple transactions.
On the second score, it is also a way to force everyone back onto the system, and to transform a peasant’s cash-based market economy into one operating digitally and inside the banking structure. There is growing dissent, anger and resentment; and the proliferation of the black market has made government controls futile – but this strong-armed tactic will help re-centralize control.
Global, Cashless, Controlled
Interestingly, this restriction of cash isn’t just happening in Venezuela where an economic collapse is underway, but in other places, too.
Something bigger is in the works.
India just issued a harsh crackdown on currency, and removed large notes from circulation to combat the “black market” (read: offgrid); now Australia has done the same thing, as the race to eliminate cash is accelerating.
In the name of stopping black market transactions, they are forcing people onto a more tightly controlled grid.
The authoritarians are making their moves on all fronts: pic.twitter.com/2r2XC8Mb2c
— Michael Krieger (@LibertyBlitz) December 14, 2016
Things are taking a definitive direction on a global, cashless basis. Let’s see how it changes things, and what can be done to resist the control it creates.
Read more:
These Countries Have Nearly “Eliminated Cash From Circulation”
America’s Quiet War on Cash Fuels Banker Power: “Cracking Down On Paper Money”
Venezuela’s “Collapse Unleashing Hyperinflation” As Worthless Cash Necessitates 200x Bigger Bills
Venezuela Braces for Runaway Inflation As Merchants Weigh “Mountains of Cash” Instead Of Counting It
They need to kill their leaders and start over.
“But Venezuela’s government announced on Sunday that it is removing the bills from circulating because they’re being purchased in bulk by “international mafia groups” that are allegedly trying to “overthrow” the struggling socialist government by hoarding money abroad and starving Venezuela of cash.”
The only International Mob I know of, that likes to crash Currencies are the Bankster (((Tribe))).
It’s a much larger problem. Venezuela is just a test bed for a global tactic.
If someone doesn’t happen between Dec 19 – Jan 20 I don’t know if it ever will.
How long before they start public executions of desenters and black market sellers?
Next year. Maduro wouldn’t want to spoil this Christmas for the kids of the people he intends to shoot.
Afterall he stole 4 million toys so he could be the biggest “Christmas Angel” of all time. 🙂
Better to keep the 100 bolivar bills to wipe their asses with.
0.03 cents a wipe….. Cheaper than Charmin.
Use the money to light the fuse under the ass of the ruling class.
__ Merry Christmas John
__
Right. Did not some one talk about how we in the U.S. are going to lose our one hundred dollar bill.
So, now we know.
The (((elite/2%))), create hyperinflation. Then, they tell us to bring our large bills to the banks. They’re just trying to stabilize the money and stop hyperinflation. It’s not a diabolical plan to get us on a cashless, tracking system. Where they control every transaction. Where they can turn off or deny your card, whenever they choose. Just like it was predicted in the bible 2,000 years. That’s how long these people have been plotting to control everything.
__ Merry Christmas
__
__
They should change the currency from Bolivar to Maduro. Put Maduro’s picture on the front of the bill. Bolivar doesn’t deserve the shame but Maduro does!
Like that !!! 🙂
How soon will this happen here? As I agree keep them to wipe with.
Some Wise person on this sight once said it is better to keep smaller bills than larger bills for just this reason.
Sgt.
Other wiser persons on here said trade most all your paper fiat IOU’s, for Gold or Silver PM’s.
As stated on here 1 Oz of silver purchases 6 Months of food in Venezuela.
Who’s to say they ban all cash over a weekend. Bank Holiday.
“India just issued a harsh crackdown on currency, and removed large notes from circulation; now Australia has done the same things, as the race to eliminate cash is accelerating.”
I can cross check the Indian crackdown, but cannot verify such actions by Australia. Is there a source? Two would be nice.
India doesn’t seen to be trying to go cashless, yet, just trying to get all the tax cheats out in the open.
Venezuela is just plain screwed due to bad policies and until they kill the socialists they won’t ever recover.
Australia following India’s example… say goodbye to the $100: http://www.news18.com/news/world/australian-minister-hints-at-following-indias-example-demonetise-100-note-1322899.html
Hey Mac,
Thanks for the source.
I paid for my gas today with a $100 bill, so I would have some change for the kettle bell ringers.
The Indian clerk behind the counter kissed the $100 bill several times before putting it in the register and was muttering something I couldn’t understand.?
all this negative shit from the elites is going to bring really bad karma for out planet… negative vibrations (greed and lies) will bring apocalypse… just like in the Bible
It looks like the “one world currency” has found its beginning in 3rd world nations with a currency grab. I can’t believe a country as advanced as Australia would go for this after the 90s gun grab! Jesus, I’m moving to Argentina!
It won’t matter where you go , it will only delay the inevitable.
This is the preview of what is to come to a neighborhood near you, sooner than you realize.
All in the name of “Protection”, “Security”, “for the Benefit of…”, and more.
Not pretty, but very effective – for those in power.
Went thru a self checkout at HD today and the one I got said, “this unit does not accept cash, do you wish to continue?”
I did because the place was busy. Not next time. This sucks.
None of the stores I shop at have self checkout. I’m glad, because I would be so tempted to scam them with tricks I’ve read about in 2600 Magazine.
The self serve machine for stamps at the U.S.P.S no longer accepts cash either. You used to be able to put in a 20 bill, get a book of stamps and change would be in dollar coins which some find collectible. Apparently bills AND coins are on the radar.
Got gold? (or silver)
I don’t use $100 bills, as the ATMs only put out $20 bills. I try to keep my cash in ones and fives, along with a load of change. I keep all the nickels and all the pre-1982 copper pennies separate. Silver and gold is another story.
I don’t have any $10 bills in #10 cans though.
In the near future 100s and 50s will be banned and don’t hide $20 bills under your mattress cause they will have to be turned in because they have a racist white guy on them and you will be reissued new ones with a more politically proper black woman on them, so just hoard 10s and 5s. Trekker Out.
I will become very.. very.. Very worried when the EU pulls or ‘recalls’ any high denomination note………. Or have I missed something? When we hear that sort of talk (smoke) about that kind of thing (fire)from TPTB Del Los Estados .. my my what a thriller of a dance that will be.
Gold will only be good to a certain point
1. Government decides it wants all gold turned in
2. The dollar fails which means food stores are closed which means everyone with a gun is outside looking for food which means you aint going no where and trade nothing….
3. Power goes down and your not gonna leave after first day when people relize it isnt coming back on and the food store wont be open anymore YOUR NOT GOING ANYWHERE..
Where would you trade gold that others without arent waiting to kill your for your stuff cause after all your smarter than they are….
Unless the $100 recall begins within the next four weeks it won’t happen for years.
Banks may want to do this but the final call will be the next Presidents decision.
If you remember, he likes cash and I think unlikely to do this.
But ya never know until it happens, so not going to get worked up about it.
Oh, on the gold confiscation, that too is trumps decision and a very unlikely one.
If no one obeys money stays in circulation. Hoard cash gold silver etc no one turns it in
Who is going house to house to enforce it. Then make sure the banks stay a ghost town.Why
Willingly comply this is the people’s house! Venezuela needs to start banking at home!