These are the last of the good old days.
Of course, the banks could not admit their true goal to the public. They instead used the governments to claim that the measure was being undertaken to restrict crime (money laundering, drug deals, black marketing, terrorism, etc.)
Recently, without any fanfare, ATM’s in Mexico have ceased issuing the 500 peso note US$24). The largest note is now the 200 peso note (US$10).
At about the same time, Citibank in Australia declared that it will no longer accept coins or banknotes.
India has joined those countries that have done away with larger notes. They did so quite suddenly and the effects are already being felt by the Indian people. The elimination of the 500 rupee and 1000 rupee notes has, wiped out 1 billion Indians and their personal wealth.
A problem with the removal surfaced immediately when people using ATM’s were withdrawing far more notes than ever before in order to have enough cash to function normally. The ATM’s were quickly being emptied of the smaller denominations. The people of India cried foul, as 88% of all money in circulation had vanished from the system overnight. The limit for withdrawal per day is 2500 rupees (US$37) – which for some is sufficient to pay for daily expenses, but is most certainly not sufficient to carry on a business or facilitate larger transactions.
Although deliveries of notes to the ATM’s has increased, the banks simply cannot make up for the sudden loss of 88% of the nation’s money. Not only can the delivery trucks not meet the demand, the machines cannot store the volume of notes needed.
The result has been a complete breakdown of commerce. With millions of people beginning each day with insufficient funds to function, one bi-product of the money shortage is that over 9.3 million trucks have simply been abandoned by their drivers. (Nearly two thirds of all freight in India moves by road.)
When those who make the decisions in banking and government try to game the system one time too many, dysfunction sets in and the “soldiers” – the countless minor participants in the system – simply walk away.
The lesson to be learned here is that, in all countries where a War on Cash is being destructively waged, the end will not be a positive one. The people of each country will increasingly become unable to function normally, as in Greece, where there have been riots due to the banking squeeze. Banks and governments have colluded to tie up wealth in order to have their hands on as much of it as possible, as they grow nearer to economic collapse. As the situation drags on, their intent is becoming ever-more transparent to those who have to suffer the difficulties caused by the squeeze.
These are “the good old days”. The direst events to come have not yet begun to surface.
As I’ve mentioned in past articles, the problem reaches its nadir when trucks that move the country’s food come to a halt. As long as sufficient food remains available to us, we treat it as just another commodity. But unlike clothing, hardware, vehicles, etc., when our source of food is cut off, even for a very short period, we become frightfully aware that its level of importance is far beyond that of any other commodity.
The average person abandons his moral inhibitions after three days without food. After this time, an otherwise morally responsible man is literally prepared to kill his neighbor for a loaf of bread.
However, it’s ironic that the War on Cash problem is most pronounced in what was called “the free world” only two generations ago. Many of those countries that we’ve come to regard as being both prosperous and “safe” are becoming less so with great rapidity.
Small wonder, then, that an increasing number of people are exiting these once-choice jurisdictions and seeking those that are not similarly in economic decline. Although we cannot predict how far the elimination of cash will spread, the further you are from the epicentre of the problem, the greater your chances of coming out with your skin on.
One after another, more and more countries – under orders from the central banks and in collusion with the IMF and CFR – will ban cash outright, forcing everyone into electronic banking or die.
At that moment, the Bible passage in revelations becomes true. To eat, to do commerce, to live…you must take the mark of the beast. Already, imprinted just underneath the topcoat of all credit cards is 666, visible with a black light.
We are very close.
The only people surviving in cash bans are those that stored food and precious metals to trade with. Everyone else is terrified and melting down en masse.
These are dark times…
…and the last of the good old days.
source material from Sprott money