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You don't know what that means. Paper (fiat) money didn't exist when that was written. When credit cards became more common, that bible verse was cited. If Sweden is trying to eliminate most of their currency (they are down to about US$700 in banknotes per person today), but that doesn't mean Sweden is more vulnerable to the beast. The USA is circulating well over a trillion dollars in Benjamins. Do you think that if we reissue the $500 and $1000 banknote that the country will be free of global currency manipulation?
Back in the 19th century as paper currency was becoming more commonplace, there was a proposal to print an expiration date on the banknotes. Even back then, they understood about the government's desire to keep money moving.
What's the structural difference between coins and paper money?
When I was a black cab driver in London, I would accept cash or CC, but not cheques, (checks in the U.S.).
As it was a cash oriented business, I found myself using cash more than cards, as I was taking more cash than CC work.
If I ran low on diesel, I'd pay with cash when I filled the tank, if I went in for a service, or needed new tyres, (tires), I'd usually pay with a card.
The advantage of taking cards was illustrated one morning when I was third cab on the rank at The Berkeley Hotel, Wilton Place, SW1.
I was happily into a good book, when the doorman appeared at my window, "Do you take credit cards pal?", he said, "only there are four yanks who want to go to Windsor castle, spend an hour or more there, then come back, I've told them it'll probably go around £180, depending how long they stay there, and the two cabs in front don't take CC, cash only."
I was overjoyed, and practically dragged our American cousins into the back, the two dinosaur cab drivers ahead of me were almost in tears, "It's b***ards like you, taking CC, that are killing the job, why don't you just take coin of the realm?" they said.
"Because I wouldn't be able to do a good job like this one, would I?" I said.
What's the structural difference between coins and paper money?
Paper Money is a liability on the ledgers of a central bank. Coins, at least in the USA are not a liability. There is no expectation that you can turn them in at any point.
I am saying that the bible verse refers to a powerful being who will be able to control your ability to buy and sell. The increasing use of electronic transactions is frightening to some people who feel that it is a harbinger of that future. But paper money is just IOUs of a kind. There may come a time when in order to use paper money you will be required to produce an identification card, or "number of the beast".
Every country in the world is increasing their supply of paper banknotes in circulation, and normally at much higher rates than population growth and inflation. Sweden's currency supply peaked in 2007 and they have managed to eliminate roughly half of the value of currency in circulation. But in the first 5 years, they only eliminated 16%, so the bulk of that reduction has been in recent years.
I think it still remains to be seen what effect this will have on personal freedom. Proponents argue that it will increase personal safety and increase efficiency by reducing the labor involved in handling money.
Quote:
Originally Posted by Return2FL
Why are Europeans willing to give their freedom away so easily? Once there is no cash, you can be broke with the click of a mouse. At that point, you are fully owned by your government. You would be well advised not to be so trusting. Aside from that, what happens in times of natural disaster, war, power failures?
For starters elimination of cash is not common in Europe at all. The Euro has essentially stabilized, but through most of it's history the amount has been increasing at exponential rates. The national currencies circulated only the equivalent of 380 billion Euros in the year 2000 (1,239€ per capita). In the Eurosystem as a whole the volume of banknotes contracted in 2001 by about 110 billion Euros to about 270 billion Euros. However, within 18 months (by June 2003) the Euro banknotes in circulation were worth 380 billion Euros again. Since December 2014 there is in excess of a trillion Euro banknotes in circulation. There is more than €400 billion in the €50 banknote, the most commonly used banknote in Europe.
Switzerland voted to leave the gold standard so they could print more money. Britain is greatly increasing it's cash supply. Only Norway has stablized it's currency in circulation over the last five years, and Sweden is the only country which is radically eliminating it's cash.
Last edited by PacoMartin; 08-29-2016 at 01:11 AM..
Paper Money is a liability on the ledgers of a central bank. Coins, at least in the USA are not a liability. There is no expectation that you can turn them in at any point.
I am saying that the bible verse refers to a powerful being who will be able to control your ability to buy and sell. The increasing use of electronic transactions is frightening to some people who feel that it is a harbinger of that future. But paper money is just IOUs of a kind. There may come a time when in order to use paper money you will be required to produce an identification card, or "number of the beast".
Every country in the world is increasing their supply of paper banknotes in circulation, and normally at much higher rates than population growth and inflation. Sweden's currency supply peaked in 2007 and they have managed to eliminate roughly half of the value of currency in circulation. But in the first 5 years, they only eliminated 16%, so the bulk of that reduction has been in recent years.
I think it still remains to be seen what effect this will have on personal freedom. Proponents argue that it will increase personal safety and increase efficiency by reducing the labor involved in handling money.
A theological discussion would go too far at this place, but the abolition of cash would be a neccessary foundation for negative interests even for ordinary citizens and delivers you into the hand of the state and central banks, worse enough. On the other hand, cash money won't save you from an inflation also.
A theological discussion would go too far at this place, but the abolition of cash would be a neccessary foundation for negative interests even for ordinary citizens and delivers you into the hand of the state and central banks, worse enough. On the other hand, cash money won't save you from an inflation also.
Have you thought of physical gold and silver as a hedge against both inflation and these "negative interests"?
Have you thought of physical gold and silver as a hedge against both inflation and these "negative interests"?
The possession of gold and silver can be easily banned, as well as the possession of foreign currencies, when they want to introduce negative interests they will do so.
A theological discussion would go too far at this place, but the abolition of cash would be a neccessary foundation for negative interests even for ordinary citizens and delivers you into the hand of the state and central banks, worse enough. On the other hand, cash money won't save you from an inflation also.
I refer to what is happening in Sweden as the highest negative interest rates in the world. The negative interest rates are imposed on banks and the overnight or weekly storage of cash in the central bank. For the last few years this storage has been subject to negative interest rates. The result is that the bank is interested in dealing with as little cash as possible as it is even a bigger money losing proposition than cash normally would be. So banks lobby against any requirement to hold cash (like there is in the USA). No cash transactions are permitted over the counter in almost all Swedish banks.
The government responds by eliminating large denomination banknotes. They begin with the 10,000 kronor banknote in 1991 (equivalent buying power of over US$1000). Sweden has the advantage over USA and Canada in that they are permitted to declare old money invalid. For instance, the USA cannot declare the small headed $100 banknotes "invalid money" so they can wipe the outstanding notes off their books as a liability. The USA and Canada have a policy that once money, always money.
Sweden gradually introduces new security features into their currency (as does every country). However, Sweden only produces a small percentage of replacement bills. When the old banknotes are declared "invalid" they can't be replaced with new banknotes which don't exist. In this Sweden reduced the 1000 kronor banknotes from circulation at about 5 notes per person to their present level of 1 banknote per 4 people.
The gradual elimination of most ATMs, and the cooperative work on a smart phone app that makes it easier for individuals to pay other individuals via phone app accelerates the elimination of cash from every day life. Now many adults under the age of 40 never touch the stuff at all, even for church donations and giving money to beggars in the street or drinking in a bar.
Currently, Sweden is down to the cash equivalent of roughly US$700 per capita. The USA circulates about $634 per capita in the $5, $10, and $20 banknotes. But our notes get much heavier use than they do in Sweden.
The possession of gold and silver can be easily banned, as well as the possession of foreign currencies, when they want to introduce negative interests they will do so.
I think you're seeing this in the context of some eschatological paradigm change in the global monetary system.
Nothing much can be done about that. The question is what protective value these commodities have until that happens.
Banknotes in Europe are circulating at record high. Value of banknotes per capita for each nation/zone converted to Euros
Euro zone € 3,328
Outside euro zone
Switzerland € 7,121
Iceland € 1,579
British Pound € 1,230
Norwegian Kroner € 874
European Union, but no plans to switch to Euros
Danish krone € 1,539
Swedish krona € 480
European Union, under treaty obligation to adopt Euro
Czech koruna € 2,119
Hungarian forint € 1,482
Polish złoty € 1,427
Croatian kuna € 970
Bulgarian lev € 889
Romanian leu € 683
Should the smaller countries switch to digital currency?
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