The Financial Times Calls for Ending Cash, Calls it a “Barbarous Relic”

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Earlier this week, as the financial world was mesmerized by a min-stock market crash, the Financial Times published a dastardly little piece of fascist propaganda.

There is no more egregious anti-liberty economic policy imaginable than banning cash. I covered this earlier in the year in the post, Martin Armstrong Reports on a Secret Meeting in London to Ban Cash. Here’s an excerpt:

At this point, anyone paying even the slightest bit of attention to the central planning economic totalitarians running the fraudulent global financial system is aware of the blatant push in the media to acclimate the masses to accepting a “cashless society.”

In the mind of an economic tyrant, banning cash represents the holy grail. Forcing the plebs onto a system of digital fiat currency transactions offers total control via a seamless tracking of all transactions in the economy, and the ability to block payments if an uppity citizen dares get out of line.

While we’ve all seen the idiotic arguments for banning cash, i.e., it will allow central planners to more efficiently centrally plan economies into the ground, Martin Armstrong is reporting on a secret meeting in London with the aim of getting rid of any economic privacy that remains by ending cash.

Three months later,  the Financial Times publishes an article titled, The Case for Retiring Another “Barbarous Relic.”  When you start to see increased propaganda about banning cash, you know the status quo is very scared and things are getting very serious. You’ve been warned.

From the FT:

The fact that people treat cash as the go-to safe asset when banks are teetering is heavy with historical irony. Paper money was once the symbol of monetary irresponsibility. But even as individuals have taken recent crises as reasons to stock up on banknotes, authorities would do well to consider the arguments for phasing out their use as another “barbarous relic”, the moniker Keynes gave to gold. 

Already, by far the largest amount of money exists and is transacted in electronic form — as bank deposits and central bank reserves. But even a little physical currency can cause a lot of distortion to the economic system.

So what about the reasoning for ending people’s ability to physically hold on to their own money? Wait, you’ll never guess, yes, it’s apparently necessary in order to give the least democratic, most destructive entities on planet earth, Central Banks, more power.

The existence of cash — a bearer instrument with a zero interest rate — limits central banks’ ability to stimulate a depressed economy. The worry is that people will change their deposits for cash if a central bank moves rates into negative territory. The Swiss, Danish and Swedish central banks have pushed rates lower than many thought possible; but most policymakers still believe in an “effective” lower band not far below zero.

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Naturally, it’s all about state power, control and the ability to make sure the slave population is easily and efficiently milked.

Electronic money also permits innovations to reward law-abiding businesses. Value added tax, for example, could be automatically levied — and reimbursed — in real time on transactions between liable bank accounts. Countries that struggle with tax collection could go a long way in solving their problems by restricting the use of cash. Greece, in particular, could make lemonade out of lemons, using the current capital controls to push the country’s cash culture into new habits.

Of course, if cash were  involuntarily”ended,” there would be a surge in demand for physical gold and silver, which would then necessitate a ban on those items. Then the cycle of economic and financial tyranny would be complete, and crawling our way out of it, nearly impossible.

For related articles, see:

Martin Armstrong Reports on a Secret Meeting in London to Ban Cash

Why Fiat Money is Immoral

JP Morgan Spews “Cashless Society” Propaganda in TV Ad

Mexico Bans Large Cash Transactions…Oh and They Store Their Gold in London!

In Liberty,
Michael Krieger

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21 Comments

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  1. yeah much easier to put and take trillions on the books,besides the $ ain’t worth the paper it’s printed on so they will save money by getting rid of it

    • This is insidious extortion. This violates the constitition and biblical principles. If we allow this, we will regret it forever. These corrupt criminal need to be stopped.

  2. Castor and Polyups

    Hey, here’s an alternative idea.

    Let’s see if we can make the “lemon” of fascist tyranny into the “lead” of sovereign individual liberty.

    Suck on this, FT.

    • It won’t work unless they take our guns first, which is why it is imperative to never ever give up our firepower.

  3. Turns out the Financial Times is the “barbarous relic”. [totally useless rag with no redeeming value, that makes the National Enquirer look respectable. Interesting that they still think someone is listening or cares what they have to say…]

  4. There is a Very Unique and Oblique reason for banning cash….its relationship to Total debt…! If you look at total cash in circulation as a % of world wide Debt,it becomes obvious….that’s Why they LIMITED the Amount of CASH that came out of the GREEK ATM’s on a daily basis. In a very Abstract way its this Small amount of OIL(CASH) Running through the Gigantic Debt Engine worldwide..that keeps the belief in it running. However,if enough of it were to Leak out…the engine seizes up..and the giant amounts of DEBITS and CREDITS would no longer run smoothly through the Debt machine nor would people believe in Electronic bank balances anymore. So its time to Change the Oil…er I meant.lol time to totally REMOVE the OIL,thus removing all possibly of Engine failure…..I know its very abstract concept..none the less,still very real..thanks for reading

  5. As disgusted as I get when I read these statist/fascist articles like the one the Financial Times published, I am always relieved when I get to the comments section…in this case there were 21 comments (when I read the original article) and 20 of them basically told the FT to stick their opinion up their a$$.

  6. the sad thing is that most people i see in check-out lines have already gone cashless- whipping out this or that card – even for purchases under $5.-these people would find no problem in the elimination of $cash.

  7. And with that, your silver and gold will be worth what they want it to be worth!

  8. No Cash = No Run On The Banks

  9. “Barbaric relic” is the conclusion we will come by when the Mark of Their Beast is implemented.

    Don’t you love the way liberals label their way of doing things?

  10. This sadly is the direction we are headed. This would be the ultimate form of command and control. Right down to the individual level. The technological apparatus and infrastructure already exists to roll this totalitarian scheme out. Once it is implemented there is no turning back. I wished more people woke up to realize what is happening.

    • the state would totally control the people.
      it would be the end of all civil rights.
      protest the government?
      they take your money card…..post a comment the bankers dont like?
      suddenly your ability to use your money card no longer works….it would be equal to the end of civilization.since every avenue of individuality would be controlled and taken away..at someones whim

  11. How about we bypass both cash and electronic currency, and use Bitcoin. Here is a unique twist I thought of: vending machines that spit out various denominations of gold cards denominated in grams of gold which would be embedded in the card. The vending machines would be powered by Bitcoin. So in one stroke we would have bypassed both paper money and the central banking system. Kind of like an anarchist decentralised currency system.

    • Bitcoin is fiat money. The grams of gold has already been tried. Somewhere, maybe in the States, you can buy gold out of ATMs I don’t know how it is currently doing.

    • Any form of currency can be fiat money, even gold. Look at the gold price – it’s been artificially depressed on the rigged gold markets and yet that artificial price is applied to physical gold. The point is, having something to trade outside of the system, and uncontrolled by the system. You could print your own notes, but that would create hyperinflation as people would churn them out on their own color photocopiers. The problem we are up against is that the regulation of currency has traditionally been done by governments or central banks. Keeping inflation in check is not easy in an anarchistic system. The reason I chose Bitcoin as an example is that the algorithm regulates the money supply. The gold cards, if properly authenticated by the vending machines (they could be deposited in exchange for bitcoins) would be in limited supply as they contain gold which has its own scarcity due to there only being so much of it on the planet. Such gold cards already exist, so could be used as physical currency if a standardised system like banknotes was introduced (ie 1,2,5,10, 20 dollar equivalents in the requisite amounts of grams of gold). But it’s a difficult concept for the average person to accept, I would grant you that.

  12. i do not believe it is possible.
    my guess is there are tens of billions of transactions a day…between peoples around the world that would ALL NEED TO BE DIGITALIZED….PLUS 25 million SENIORS IN THE USA ALONE WHO would not understand turning in all the cash they have stashed away.in their life….lol…the reasons against it seem endless

  13. Just think of all the fun we’ll have when an EMT attack (which is due any day judging by what we read on the interweb) happens and there is no more electricity with which to complete our transactions. Won’t that be fun?

  14. If they really ban cash it would trigger the violent revolution.

  15. So if not cash, what then, tulips?

  16. I guess the people will just have to create their own cash instead to barter with and continue on and ignore these idiots.

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