At the G20 meetings, there were discussions behind the curtain about eliminating currency. This cannot begin in the USA because the dollar is the world currency even physically. We are looking at 2017 being the year for the start of electronic money in some countries. They are adapting a new banking system by September 2017 to provide instant transfers.
The fraud is already moving away into that area and less on the credit card issue. If they can tap into the electronic instant transfers, they will hit a gold mine.
Modi is pushing India against the wall to move into this new world of electronic money, which they hope to have running by 2018. Everything will change. Modi is not doing this in isolation. He is trying to get India up to par with the other countries moving electronic. There are ongoing discussions and India is being watched very closely. If this works in India, they will adopt this forced measure by 2018 in many countries. Europe will probably be next.
The big question is whether Trump will go along with this agenda that Obama began and raise taxes even more.
The year 2017 will bring us a step closer to eliminating physical money through governments assault on the underground economy. I previously reported that Europe had moved forward to make payments electronically on an instant basis. The same system is being turned on next year in Australia. The entire reason the Founding Fathers of the United States prohibited direct taxation was to protect our liberty.
Today, governments need to know absolutely everything, and once they eliminate physical cash they will have the their dream — the quest for the secret of the philosopher’s stone.
They naturally take no responsibility and instead successfully shift the blame for their mismanagement to the rich. They claim they would have no problem if everyone paid every penny on taxes. Of course, it does not matter how much tax they collect — it will never be enough.
Eliminating physical money will lead, they believe, to the philosopher’s stone. By changing the banking system to instantaneous transfer, they can eliminate physical money and track everything we do all the time. There will be the surrender of all liberty and the termination of our civil liberties. This is how empires collapse.
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Livio S. Nespoli has been a broker, registered investment advisor, and financial publisher since 1985.