In addition to other wars and rumors of war going around, there is a global war being waged against cash. In 2016 the EU stopped printing €500 euro notes, the US talked about discontinuing to print $100 bills, but got too much push back, India abolished 500 & 1,000 Rupees, Australia is talking about eliminating some larger bills and Citibank of Australia is eliminating cash altogether in 2017. The lists of reasons to eliminate cash are many, but none of them benefit consumers. Banks will save money, governments say it will stop money laundering, and banks and central banks could go as negative as they want with interest rates and there would be nothing bank depositors could do about it. If cash is eliminated your freedom and privacy to buy what you want, go where you want and donate to what you want goes with it .
It is very likely that, someday, governments and banks will eliminate cash, and they have definitely moved in that direction in 2016. The more central banks of the world go negative, the more likely this is to happen. The US is about to raise interest rates in December, like they did last December, and I suspect we will see a similar drop in the stock market, as we did in 2015. This will cause the USD to rise in value, but again like last time that rise won’t last long. The last two or three weeks of December are likely to be very volatile.
The articles and interviews below do a good job of defining the issue, as well as discussing the “what nexts.” This is another financial indicator to watch as banks and central banks prepare and position themselves for the difficulties coming their way. We talk about manipulation, devaluation and how some currencies have little or no real value, but for all its problems, the elimination of currency would be worse.
Rupee Sinks to Record as Foreign Funds Dump Indian Assets on Fed (11-23-16)
What Will India Do With 23 Billion Worthless Banknotes (11-22-16)
A Cashless Society Enslaves You to the System (11-18-16) Glenn Beck | http://www.glennbeck.com/2016/11/17/h1-cashless-society/?utm_source=Sailthru&utm_medium=email&utm_campaign=20161118GBDaily_A&utm_term=Glenn%20Beck?utm_source=glennbeck&utm_medium=contentcopy_link
War on Cash Intensifies Citibank to Stop Accepting Cash at Some Branches (11-16-16) SMC https://www.sovereignman.com/trends/war-on-cash-intensifies-citibank-to-stop-accepting-cash-at-some-branches-20495/?inf_contact_key=4e4c0325ee899b48eb790f97d4b9283fab00b45056f5eae9307ac5efc409333f
The War on Cash Just Escalated Big-Time Says Rickards (11-17-16) Daily Reckoning
Scenes of Panic As Gold Price Skyrockets in India After Currency Ban (11.16.16)
Australia Should Scrap Big-Denomination Bank Notes, UBS Says (11-13-16)
Rupee Note Cancellation Plunges India Into Panic (11.10.16) The Guardian https://www.theguardian.com/world/2016/nov/10/rupee-note-cancellation-panic-in-india-banks-500-1000
India Abolishes 500 and 1,000 Rupee Notes to Fight Corruption (11-9-16)
German Savers Lose Faith in Banks, Stash Cash at Home (9-1-16) WSJ
500 Euro Notes will no Longer be Produced (5-5-16) SMC
Circulation of Switzerland’s 1,000 Franc Note Jumps (2-22-16) WSJ
Is the $100 Bill Endangered (2-17-16) WSJ