I saw this article on http://moneyweek.com/wp/hands-off-our-cash- and have copied it below.
Whatever our personal political or economic ideas are, a Cashless Society is a Sign of End Times!
OK, not exactly the Mark of The Beast or a One World Economy quite yet. But one of the precursors to it? Perhaps.
If you care, please share this post. Please, also sign the petition that moneyweek.com have organised. See link below.
Hands off our cash
Join 13,928 people who have already signed our petition to prevent the Government from abolishing cash
How would you respond if the authorities here in Britain abolished cash from use in the UK economy?
Would you be angry? Upset? Concerned about your savings?
If so – you’re not alone.
In fact, after a recent speech by the Bank of England’s chief economist Andrew Haldane, in which he explained why he’d like to abolish cash entirely in this country… thousands of people have been writing in to us to express their dismay at his plans.
So we’ve decided to take action.
Let me explain…
Haldane’s word carries a lot of weight with the authorities. And last month he let the cat out of the bag: he’s coming for your cash!
Haldane gave a speech a couple of weeks ago where he explained that central banks have a problem. He calls it the ‘zero lower bound’, or ZLB. In simple terms, the ZLB is the lowest point central banks can push interest rates to without people pulling their money out of the bank and stuffing it in their mattress.
Think of it as the point where people say: “enough”.
This is a problem for people like Haldane. He sees the ZLB as a constraint on policy – it stops the Bank of England pushing interest rates into negative territory.
He thinks that would be a good idea. I mean it sounds like a great plan, doesn’t it? The bank can then incentivise (read: force) people to go out and spend their money instead of saving it for the future. All that spending helps the economy grow. The bank’s genius economists save the day!
The problem is, he sees the ZLB as an obstacle to his grand plans.
From Haldane’s speech (emphasis mine):
A more radical proposal still would be to remove the ZLB constraint entirely by abolishing paper currency.
As well as solving the ZLB problem, it has the added advantage of taxing illicit activities undertaken using paper currency, such as drug-dealing, at source.
A third option is to set an explicit exchange rate between paper currency and electronic (or bank) money. Having paper currency steadily depreciate relative to digital money effectively generates a negative interest rate on currency, provided electronic money is accepted by the public as the unit of account rather than currency.
All of these options could, in principle, solve the ZLB problem. In practice, each of them faces a significant behavioural constraint. Government-backed currency is a social convention, certainly as the unit of account and to lesser extent as a medium of exchange. These social conventions are not easily shifted, whether by taxing, switching or abolishing them.
One interesting solution, then, would be to maintain the principle of a government-backed currency,but have it issued in an electronic rather than paper form. This would preserve the social convention of a state-issued unit of account and medium of exchange, albeit with currency now held in digital rather than physical wallets.
But it would allow negative interest rates to be levied on currency easily and speedily, so relaxing the ZLB constraint.
Note that he never uses the word cash. Instead it’s just ‘paper currency’.
What all this comes down to is the fact that the great and good of the financial world believe they know how to control and perfect the economy. Like doctors treating a sick patient, they know what the economy ‘needs’ to get better. And what the economy needs is negative interest rates.
The upshot: They are coming for your cash.
What can you do to stop them?
Well, that’s where we come in. We recently launched a campaign to challenge the authorities on this. We’re fighting back. And we need your help.
More than 13,000 people have already signed our petition. Hundreds of them have shared it on Twitter, Facebook and online.
If you’re concerned about this issue and you want your voice to be heard – I’d urge you to join us.
Please sign our petition :
“I am fed up with politicians abrogating their responsibilities and allowing unelected incompetent and often conniving central bankers and their friends run things to suit themselves.”