And With It – A Negative Interest Rate Policy
























What is a cashless society? Here is a link to an article about the cashless society recently implemented in Ecuador. What negative interest rate policies will lead to is precisely what they have implemented (perhaps as a test?) in Ecuador.

Like everything else “they” do, this has been tested in various ways. The debit card issued to those receiving welfare benefits was part of the testing process. It was begun in the late 1990s. This article explains how it all began.

Rather than issuing a check or directly depositing welfare funds into a checking account, an amount is credited onto a computer system – we can call it “cybercash,” — no real cash involved. It’s just digital money. It can be overseen by banks (though independent banks will fall by the wayside) or it can be overseen by the Department of the Treasury… or even the Federal Reserve System. The recipient of the funds uses the debit card to pay for food, clothes, etc. If it sounds like the government controls what may be purchased with the card that is correct. And now they are ready to expand the program from welfare recipients to you.

Bitcoin, another form of cybercash, was part of the test. Would people accept and use a non-currency form of “money”? Not only did they accept it, it took off like a rocket… until (as I said would happen) some controls were put in place that limited the use of Bitcoin and its stock fell in value as rapidly as it had risen. The test was a huge success.

There will be no cash. If you leave a tip for a waitress, it will have to be placed on the signed receipt which will be deducted from your bank account… or placed on a credit card. Your bank will automatically transfer you tip to the waitress to her bank account… and she will pay taxes on it. If you pay someone for mowing your lawn, it will be via check (no cash) or credit card (or your checking account debit card)… and it will be automatically placed in the mower’s bank account… and he or she will pay taxes on it. When you buy groceries, you will use a check, credit card, or the debit card. The government will have a complete record of your purchases (including cigarettes, alcohol, and other highly personal articles).

I repeat, there will be no cash. Everything you buy or sell will be done via your bank account and it will be tracked for tax purposes. If you can see a clear road to a barter system and an active black market, you’ve got the idea of what I’m explaining.

As I said, it is a desperation move made by a failed central banking system the greed of which convinced those who run it to believe the debt era could last forever.

If this does not give you a clear picture of just how far over the cliff the United States economy is, nothing will. Go to the beginning of this article and read about our debt. Read the article about the cashless society in Ecuador. Then prepare for the only logical future that can result from these economic circumstances. Start a new business that lends itself to being a good source for bartering for food, clothes and shoes.

NIRP and the cashless society will be about as successful as quantitative easing was. If you are prepared, you will make it through. If you are not prepared, you will curse yourself for not paying more attention.

2016 Marilyn M. Barnewall – All Rights Reserved