The prevailing global financial system, which is based on pure unmitigated fraud, is imploding and the gullible global sheeple (human mass) is hardly aware. Finance as the supremo of all economic activities (in the world) has managed to destroy, almost singlehandedly, entrepreneurship as well as the larger physical biosphere. ‘Fractional Reserve Banking’ underpins the current financial system. This is a system where banks are allowed to create money out of thin air, mostly to benefit the parasites of the system (those who are closer to spigot and do not earn their keeps) at the expense of the working stiff! The insatiable greed of banksters coupled with debt hooked (un-payable to be sure) nation-states is what perpetuates the prevailing legalized fraud!
The built-in malice of the prevailing financial system is beyond belief. The ongoing protracted crisis of the world system didn’t come with yesterday’s rain, so to speak. It is the result of imbalances built throughout the ages. The last half a century saw unhinged global currencies saturating economies by encouraging waste via phony money creation. The result: the whole capitalist system or more precisely, ‘crony capitalism’ is at the precipice! Sovereign debts (bonds), the ultimate back stoppers of collaterals in our universe of debt are in deep, deep trouble, to say the least! As if that is not enough, the system now wants to confiscate or monopolize wealth, income, accounts, etc., of individuals under the pretext of digitalization! In other words, the prevailing financial regime is determined to disfranchise the sheeple. The ongoing rage about abolishing paper currencies (starting with large denominations, like Euro 500 or Rupee 1000, etc.) is not only about terrorism, drug dealings, tax avoidance, etc., but is very much about the forfeiting of individual’s right in matters of financial discretion/decision!
In 1971, the issuance of currencies (by nation states) was detached from anything of real value (the collapse of the Bretton Woods agreement, re: gold convertibility). Today, this same crooked financial system wants to digitalize paper currencies to further control individual’s financial activities. If paper currencies are abolished, individuals will become fully dependent on banks and banksters. The poorer sheeple of the world system might not like the new arrangement that is being shoved through its throat, as it will disempower individuals, while giving the upper hand to the parasitic banks/banksters. To be sure, paper currencies themselves don’t mean much, since they are not backed by anything real and are only based on trust (the trusting of issuers, i.e., states). If an issuer goes bankrupt, its currency will be useless! Nonetheless, paper currency gives a semblance of relative freedom to its immediate holders, however precarious the whole scheme is. Today in France, Italy, Greece, etc., individuals are not allowed to take out more than Euro 2000 from banks, irrespective of their bank balances. This is because the global banking system is in serious trouble. The issue is; unless the right to claim value via paper currencies is abolished, the banks will not and cannot become whole! Take away the right of individual to decide on their accumulated wealth (up to now via paper currencies), then the banks/banksters control all financial transactions, by extension, all global wealth. This is the real reason why states are desperately trying to abolish paper currencies, even though paper currencies themselves have been devoid of real values when their convertibility to gold was abrogated (via the US dollar)!
About half a century ago the US abandoned dollar-gold convertibility, soon the rest of the world followed suit, without much complaint. Since states were let free to profusely print their own currencies without backing them with gold, they implicitly favored the new situation. This act was another of the major imbalances created by the reigning financial order! Unlike the abandonment of currency-gold convertibility, however, the digitalization project might not work going forward, unless of course all countries decide to digitalize at the same time. If a country like India, for example, wants to go it alone, then there is a risk of its populous going underground, so to speak. People might just decide to use other nation states’ currencies for their day-to-day transactions, particularly if there is a relatively large economy next door. Or they might resort to the old barter system or use precious metal for storing value, if not exchange. Obviously the states will promptly ban such activities, but the question is; will they be able to enforce the ban effectively? The experiment that is being tried in places like India, Northern Europe, etc. is worth following closely. How digitalization can store all values under the exclusive custody of establishment institutions (without being inconvenienced by the sheeple’s behavior) is something that remains to be seen! Without a doubt, the foremost executioners of the cashless project will be the banks/banksters. One thing is clear; once value, which so far has been represented by paper money, itself a creation of the banksters, vanishes from an economy, the sheeple will become fully dependent on the state or on the organizations that are going to manage the digitalization project. This is an outright disempowerment of the global sheeple. As a result, there will be all sorts of reaction from the grassroots population (not all peaceful).
The fundamentals of finance must be thoroughly revisited, if humanity is desirous of peace and stability. Trust can only come about if everyone in the game is honest about the rules of the game. As Adam Smith put it; ‘all money is a matter of belief’. Unfortunately, from the very beginning, finance has been a wicked enterprise and not much has changed since Jesus Christ kicked out the notorious moneychangers from his ‘fathers’ temple’. Massive global evidences suggest the current global financial architecture is aggressively criminal. Akin to the enterprises of the Mafiosis, fraudulent finance is now beyond interrogation. Here is how one establishment guru phrased it: “You are killing yourself academically if you touch the money system.” Paul Krugman (Nobel Laureate). Good Day!