According to economist Martin Armstrong, there is a secret meeting scheduled for the end of this month. This meeting will occur in London and it will gather representatives from the ECB and the Federal Reserve in order to discuss the details about total elimination of cash.
Armstrong was the one to predict the 1987 Black Monday crash, the 1998 Russian financial collapse, and apparently, now he is the only one to report on this approaching event.
If somebody tried to google this topic, Armstrong’s report would be the first result in the search, and as Armstrong notices, other subjects are simply quoting him.
He also states that Kenneth Rogoff of Harvard University, and Willem Buiter, the Chief Economist at Citigroup are going to be among the participants of the conference and they will give their presentations and support the idea of the world without cash. This means that everything that somebody wants to buy or sell will have to be approved by the government.
Armstrong thinks that the secrecy that has been following this conference the whole time is very strange, yet he cannot explain it.
Willem Buiter, one of the conference speakers, sees the elimination of cash as a solution for the world’s central banks’ problem with negative interest rates, while Kenneth Rogoff believes that this is a good way to stop tax evasion and illegal activities.
Jim Leaviss, a former Bank of England economist, explains in his article that the abolishment of cash will leave only electronic methods of payment, which puts the government in control. All bank accounts will be held at a bank controlled by government, and the government will then be able to monitor everyone’s actions.
There are already some banks in the United Kingdom and the U.S, where dealing with large amounts of cash is considered to be a sign of shady intentions. According to some reports from March this year, the amount of money of 5,000 dollars or more is suspicious and bank employees have the obligation to inform the police when the customer wants to make a withdrawal of that amount of money.
At the same time, France is working on its own measures, and it is getting prepared to enforce new rules from September. The French people won’t be able to use the cash for any payments over 1,000 euros. There is also a possibility that France will have patrols in charge of seizing cash, if they find it in people passing through France.
It looks like the government will soon be able to control all transactions, and to approve or disapprove anybody’s actions. As Armstrong noticed, the time of economic totalitarianism is upon us.