It's happening. That's a quote from former Secretary of Treasury Lawrence Summers. If you put any value on your privacy and your economic freedom you know Summers and his monetary henchmen need to be stopped dead in their tracks.
This is a global move to further enslave people most likely moved to the front burner by things like Brexit and the recent U.S. election. These are academic elites and they care nothing about you and your life. They always do this in their efforts to protect the rest of us from harm. They're such an altruistic crowd. That's pure BS. They want to tax, control and track every dime you make and how you spend it and they will do that by doing away with currencies. Then gold. This should be put to the people, not an arbitrary decision made by distant, indifferent government bureaucrats.
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The global elites are using negative interest rates and inflation to make your money disappear. The whole idea of the war on cash is to force savers into digital bank accounts so their money can be taken from them in the form of negative interest rates.
One way to avoid negative interest rates is to go to physical cash. They can’t impose negative interest rates on cash.
In order to prevent people from using that option, the elites have launched a war on cash, as recent events have borne out. The war on cash is old news, but it is escalating rapidly...
India’s decision to make 1,000- and 500-rupee notes worthless is having devastating ripple effects in the Indian economy and the market for gold.
The consequences of the decision are both appalling and encouraging — appalling because they show governments’ ability to destroy wealth, and encouraging because they show the ingenuity of individuals operating under the thumb of an oppressive government.
One immediate consequence of the cash ban was that paper money began trading at a discount to face value. The entire banking system in India has been running out of cash and alternative forms of payment such as gold and barter have been emerging.
In plain English, you might be able to sell your illegal 1,000-rupee note to a middleman for 750 rupees in smaller denominations. You would get legal tender for your worthless 1,000-rupee note. The middleman presumably has some connection with the banks that allows him to deposit the funds without being harassed by the tax authorities.
In plain English, you might be able to sell your illegal 1,000-rupee note to a middleman for 750 rupees in smaller denominations.
It’s not unusual for bonds to trade at a discount due to changes in interest rates or credit quality, but this is the first time I’ve ever seen cash trading at a discount (although I did predict this development in Chapter 1 of my new book, The Road to Ruin.)
The second distortion is that gold is selling in India for over $2,000 per ounce at a time when the world market price is under $1,200 per ounce. This is because Indian citizens are rushing to buy gold for cash.
The gold dealers can then deposit the cash for full value. This is just another form of discount on the face value of the cash. It’s not that gold is more valuable; it’s just that your $2,000 is worth less than $1,200 (in rupee equivalents) when it comes time to buy the gold.
marketslant.com/articles/cash-almost-dead-gold-next-jim-rickards
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