Cashless Society Will Make Bank Runs Impossible

[singular_me]

Cashless Society Will Make Bank Runs Impossible as Nations Begin to Collapse
Tuesday 5th May 2015

[Ares]

Which is why they are pushing so hard for a cashless society. Digital 1's and 0's are much easier to create and supply the masses.

I like digital currency, which is a form of cashless. With that said, it's also not under banker control, nor can it be created at will to meet a demand.

[Ponce]

Nothing that I haven't written about years ago, and now just because someone else talks about is a WOWWWWWWWWWWWWW. And what about food? only an extension of control over you and me.....did I say "me?".

V

[Carl]

The key to understanding is found in the history of money, which extends well beyond the stupid smart people's stunted memory that has it originating in the early 1990's, when credit first gained acceptance as a form of payment via the innovation in electronic banking and the 'debit card' which made credit a viable and standard use medium of exchange.

1100 - 1854
Gold, Silver = Money
Tally Sticks/Paper = A Proxy For Money
Credit = Debt

1787 - 1834
Gold, Silver = Money
Paper = A Proxy For Money
Credit = Debt

1834 - 1933
Gold = Money
Paper = A Proxy For Money
Credit = Debt

1933 - 1990
Paper gets Promoted = Money (Fiat)
Credit = Debt

1990 - Present
Paper = Money (Fiat)
Credit = Debt + A Proxy For Money

In Progress
Credit/Debt gets Promoted = Money = Perpetual Debt

*A Proxy currency can be used in place of the money, but money is still owed with its use.

The paper Federal Reserve Note is, by government decree and law, the money. it was put into circulation to replace the U.S. notes that promised to pay gold (and in 1933, the gold), that were already in circulation as money. Banks already held a supply of money that belonged to their depositors and even today, every deposit account is representative of the money that is supposed to be in supply. (That's why the Fed counts deposits as being part of the money supply, even though there is no money in them.)

The FRNs in circulation is not determined by loans, it is determined by public demand for the notes, and while you may request notes with a loan, they are not loaned into circulation. Anyone with a deposit account can get FRNs because they are the Legal Tender Money and deposit accounts represent that Money being held for depositors. Fractional Reserve Banking means that banks are only required to hold a small portion of Money in reserve to meet customer demands for that money. Demand deposit accounts represent, both in law and by contract, their obligation to Give You Your Legal Tender Money Upon Demand. Every deposit account is bank DEBT. And what makes deposit accounts bank debt, is the legal tender law, which defines the money, the medium that banks are legally obligated to maintain on you behalf. And, unlike bank generated credit, FRNs and US coin are Your Legal Tender Money, not theirs. Get it? Your money, their DEBT.

*The abolition of cash means the banks get out of the debt they owe to their depositors, while turning the digital markers for that debt into 'the money'.

[Glass]

Our treasury publishes a break down of the money supply. It details government money (tax payer debt), private money (mortgagee debt/business debt/consumer credit). It also details circulating money - bank notes. The discrepency between bank notes and private money/public money is enormous. We are a small economy compared to US but its billions (govt) compare to trillions (private) to tens of millions (actual cash).

No correlation between physical money in circulation and actual debt levels.

[singular_me]

Denmark moves step closer to being a cashless country
Thursday 7th May 2015

The Danish government has proposed getting rid of the obligation for selected retailers to accept payment in cash, moving the country closer to a “cashless” economy.

Nearly a third of the Danish population uses MobilePay, a smartphone application for transferring money to other phones and shops, and Sweden, Denmark and Finland lead the European Union in credit card payments per inhabitant.

The Danish government said as of next year, businesses such as clothing retailers, petrol stations and restaurants should no longer be legally-bound to accept cash.’
http://www.telegraph.co.uk/finance/e...s-country.html

[Carl]

Ban cash, credit becomes the money. The Federal Reserve, along with Fractional Reserve Banking, become instantly obsolete. If the ban on cash extends globally, all central banking, the ECB, the BIS, the IMF, all of it would be rendered obsolete as well. No government anywhere will have to borrow or tax to pay their bills ever again, as the very act of writing and depositing a government check creates the 'payment in full'.

Of course, if they want digital/credit money to retain any semblance of value, then they would also have to ban a bank's ability to create credit, and they may have to include Wall Street in that credit creation ban as well.

[Neuro]

Ban cash, credit becomes the money. The Federal Reserve, along with Fractional Reserve Banking, become instantly obsolete. If the ban on cash extends globally, all central banking, the ECB, the BIS, the IMF, all of it would be rendered obsolete as well. No government anywhere will have to borrow or tax to pay their bills ever again, as the very act of writing and depositing a government check creates the 'payment in full'.

Of course, if they want digital/credit money to retain any semblance of value, then they would also have to ban a bank's ability to create credit, and they may have to include Wall Street in that credit creation ban as well.

Why don't you think they ban the governments right to pay without backing?

[Carl]

Why don't you think they ban the governments right to pay without backing?

What do you mean?

This is the backing.
http://morgenthaucenter.org/wp-conte...ry-600x350.jpg

[Jewboo]

https://randazza.files.wordpress.com...2/not-sure.png

Our ID Card will be how we electronically buy everything...our new convenient money.