cheech I really enjoy testing the system but how long will it last?
No doubt the time will come when we will be a cashless society - technology will demand this to be the case. In the meantime I'm milking it for all its worth. I'm currently doing some casual work for a start-up operation on a mutually-agreed daily rate. I stated my conditions were to paid with a cash cheque as I dont have a bank account (not entirely true as I have a family trust) however the point being made is that there is still no requirement for an individual to have a bank account - they just assume that you have one. It certainly caused some debate but, at the end of the day, it was only another cheque for them to write so no problem. Call me an anarchist but I'm just exercising my rights (while I still have some) besides if it all goes tits up, try getting "your" money out of the bank
cheers
Cash Dies
(Conspiracy Nation, 3/26/04) -- Is the dollar purposefully being gently crashed, to pave the way for a cashless society?
Several authors have warned about a move to a cash-less society. For example, Gary H. Kah, in his book, En Route To Global Occupation (Huntington House Publishers, 1992. ISBN: 0-910311-97-8), warns of "the establishment of an international currency system." The chances of "going directly to an electronic (cash-less) system are increasing." Writing in 1992, Kah foresaw a "shift toward promoting the debit cards."
The final transition, foreseen by Kah and others, "would be to force each individual to be tagged with a personal identification code without which he would be unable to buy or sell."
Following the strange events of September 11, 2001, legislation was already prepared and standing by: the so-called "Patriot Act." Many concerned persons try to guess what the next terrorist event will be: bio-terror, suitcase nuke, or some other physically violent outrage are theorized. But the truly horrific occurrence of planned economic meltdown is not usually considered.
And waiting in the wings following planned economic terror would be "emergency legislation." If the world's paper currencies were to collapse, why not convert to a modern, electronic currency? So we would be told.
In the past year or so, headlines read "Hope Dies" (after Bob Hope's death) and more tellingly, "Cash Dies" (following the death of Johnny Cash). Given the elite love of symbolism (for example, Sept. 11 yields 9/11 and 911 is the national phone number for emergency services; for example, the Madrid bombings occurred 911 days after the Sept. 11, 2001 terror), a weird synchronicity between the death of Johnny Cash and the death of cash is apparent.
Remain Calm: Banks In "Good Shape"
There is a herd instinct among most financial "experts." They tend to move together in their usually over-optimistic views. Opposed to these supposed experts are the Contrarians, who think that wherever the herd is headed, the truth is generally in the opposite direction.
A leader of the herd mentality is Alan Greenspan, chief of the so-called "Federal" Reserve. In a March 17, 2004 (St. Patrick's Day) Associated Press article ("Greenspan Says U.S. Banks In Good Shape"), the Fed chairman called U.S. banks ""strong and well-positioned to meet customer needs for credit and other financial services."
But consider this: the "Federal" Reserve is not federal. Stock in the "Federal" Reserve as of 1994 was owned by several banks (and who owns those banks?). Chase Manhattan Corp. (Chemical + Chase banks) owned 32.5 percent of the "Federal" Reserve. Citibank owned 20.51 percent of the "Fed" stock. Morgan Guaranty Trust owned 8.87 percent of shares. (Source: Courtesy of the Board of Governors of the Federal Reserve System, qtd. in Who's Who Of The Elite by Robert Gaylon Ross, Sr. ISBN: 0-9649888-0-1)
So we have Alan Greenspan, chief of a "Federal" Reserve that is itself owned by the banks, suddenly assuring the public that the U.S. banks are in good shape.
Contrarian Views Fortunately, not all economic opinion is in lock-step. A minority of dissident financial opinion is out there, but one has to be on the lookout for it, behind the blare of the herd.
Paul B. Farrell at CBS.MarketWatch.com writes that warning signs of an economic crash "are all over, in spite of the pep talks we're hearing from the Fed chairman and the administration." ("Next Crash? Sorry, You Won't Hear It Coming" March 24, 2004) Farrell believes the market will collapse this year. Most investors have a built-in filter: they tend to ignore bad news; they are automatically inclined to favor any optimistic reports.
Jeremy Rifkin, writing in the U.K.'s Guardian newspaper ("The Perfect Storm That's About To Hit Us," March 24, 2004), warns, "Get ready for what might become the economy's version of the perfect storm later this summer. The devastation could quickly spread to the UK and the rest of the world, with dire consequences for the global economy." OPEC reduction of oil production combined with the (purposefully?) weakening dollar could cause gas prices in the U.S. to climb as high as $3.50/gallon this summer. "So we have all the conditions coming together to create the perfect economic storm: record oil prices triggering a restriction in US economic growth and an increase in the federal budget deficit, accompanied by further erosion in the value of the dollar - with increased budget deficits and the diminished value of the dollar leading in turn to higher interest rates to convince foreign investors to lend the US additional money, followed by a further retraction of the US economy as rising interest rates lead to a drop in domestic investment and consumption. The cascade of events touches off a tsunami that engulfs the rest of the global economy, submerging the world in deep recession."
Contrary to Alan Greenspan's "banks in good shape" cheerleading, Michael Edward sees U.S. banks as "giant casinos" ("Cooking the Books: US Banks Are Giant Casinos", World Vision Portal). Banks are not solvent, but this is hidden by massive derivative transactions which "stay off the books and away from the prying eyes of investors and analysts... U.S. banks are merging with each other to hide their derivative losses with 'paper asset' bookeeping that incorrectly shows they are solvent with enough 'assets' to overcome their losses. In reality, this is smoke and mirror accounting, a scam worth $Trillions."
Intriguingly, two of Edward's top-three derivatives-holding banks are Citigroup and JP Morgan Chase, banks implicated by Robert Gaylon Ross, Sr. (op. cit.) as major owners of the "Federal" Reserve and for whom Alan Greenspan cheerleaded last week!
