Trump’s Fed Nominee Wants Cashless Society So Government Can Institute Negative Interest Rates
When it comes to an essential prepper list, there is no doubt that cash stands near the top. If a doomsday scenario were to play out, credit cards, cryptocurrency, and ATMs, would likely be disabled. Only those with hard currencies would be able to participate in essential transactions, for example, buying fuel or purchasing food and water.
There have long existed conspiracies that the ruling class could remove paper currency from society as a way to further enslave the herd. The more reliant the herd, the more in power the ruling class government. Some even believed that cryptocurrency was simply a government tool being used to usher out the use of cash (I don’t buy into such conspiracy – pun intended). In Sweden, there are proposals to remove cash from citizens in the works.
While items such as ammo would be a useful form of trade, the elimination of cash would be terrible for the common people.
And now there is another reason to fear the removal of cash.
Marvin Goodfriend, President Trump’s nominee for the Federal Reserve Board of Governors, has pushed on numerous occasions, the stripping of cash from society. By removing cash from circulation, Goodfriend believes it would allow the government to charge a negative interest rate. This means that you’d be paying the government for your bank accounts.
Goodfriend realizes that any inkling of instituting a negative bank account would cause the masses to remove their cash from banks and essentially safeguard via personal means. This would collapse the banking system.
A Bloomberg article from last December exposed a number of Goodfriend’s theories regarding the matter. In one “decashing theory,” Goodfriend proposes removing large bills to make it more annoying to use cash. He proposed allowing banks to charge fees to consumers for taking out cash. He proposed a 10% cash fee, meaning, if you take out $10, you only get $9.
Goodfriend has even suggested chipping paper currency in a way that allows its circulation through society to be tracked.
Sweden (mentioned earlier), India, Venezuela (look at recent cryptocurrency moves), have all moved towards cashless societies. The writing is on the wall. Venezuela’s issues with a collapsing socialism infrastructure is obvious. Sweden has been in a war with Islam for the last decade and could be the epicenter of a European war. India has existed on one of the most turbulent, war-torn borders in the world for the past several decades and more.
The elimination of cash from society would place all of us at immediate risk. While Goodfriend doesn’t mention societal collapse issues such as potential EMP attacks, civil disruptions such as war, massive earthquakes, and even volcanoes, I’d be hard-pressed to believe that he and other elites don’t have this in mind. One massive Yellowstone volcano in a cashless society and we are all living in FEMA camps.
Additionally, much of the herd has already moved toward being trained to use less and less cash (that includes all of us). Debit cards, Paypal, revolving credit, and now even cryptocurrency, are all digital forms of currency which eliminate the concept of exchanging a paper form of cash for goods and services. Moving into a completely cashless society is more of a small hop than it is a leap, make no mistake about it.
Kentucky Senator Rand Paul is, so far, the only “Republican” to hold up Goodfriend’s nomination.
Author: Jim Satney
PrepForThat’s Editor and lead writer for political, survival, and weather categories.
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