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The War on Cash: A Country by Country Guide
TOPICS:BankingJames Corbett
January 28, 2016
By James Corbett
Corbett Reporteers will be no stranger to the war on cash. I’ve made videos discussing it, conducted interviews about it, written articles examining it and dissected it on the radio.
The war has been waged through mainstream propaganda outlets, TV advertisements and even children’s games.
We’ve heard cash is dirtied by drug dealing, tarnished by terrorism, tainted by tax evasion (heaven forbid!) and just plain dirty. Not to mention sooooo outdated.
Just this week Norway has jumped aboard the cashless society agenda with DNB, the country’s largest bank, calling for a total end to cash. The story only sounds shocking because people haven’t heard the similar stories from Sweden or Denmark or India or Israel or any of the dozens of other countries whose banksters and (bankster-controlled) governments have openly lusted after a world of completely trackable, completely bank-controlled transactions.
But all of these stories, reported piecemeal here and there over the years, doesn’t give the full story about how this “war on cash” is being waged on every continent and in every country by the same banksters that stand to benefit from a cashless world. Let’s fix that by compiling a list of examples from around the world of how cash payments are being regulated, restricted and phased out. The list below will be updated as new stories come in.
If you have a link to relevant news from your own country or know of such news from another country, please let us know. Corbett Report members are invited to contribute to the list by logging in and leaving links to the relevant info in the comments below.
DENMARK – In the 1990s about 80% of Danish retail purchases were made with cash, but these days it’s more like 25%. But if the Danish government has its way, that number will be 0% by 2030. That’s the year the Danish government has set for the complete elimination of paper money in Denmark.
FRANCE – In the wake of the Charlie Hebdo attacks last year, the French government stepped up its war on cash. In March of last year, French Finance Minister Michel Sapin declared it necessary to “fight against the use of cash and anonymity in the French economy” in order to combat “low-cost terrorism.” As of September 2015 it is illegal for French citizens to make purchases exceeding 1000 euros in cash.
INDIA – India is one of the most cash-dependent economies in the world with a cash-to-GDP ratio of 12% almost four times that of fellow BRICS nations Brazil and South Africa). But it won’t be for long if the Indian government has its way. Last June the Indian Ministry of Finance posted a [url=http://finmin.nic.in/suggestion_comments/Draft Facilitating Electronic Transactions.asp]draft proposal[/url] to its website for facilitating the rise of cashless payments in the country. In his 2015 budget speech the Finance Minister [url=http://finmin.nic.in/suggestion_comments/Draft Facilitating Electronic Transactions.asp]declared[/url]: “One way to curb the flow of black money is to discourage transactions in cash. Now that a majority of Indians has or can have, a RUPAY debit card. I therefore, proposes to introduce soon several measure that will incentivize credit or debit card transactions and disincentivize cash transaction.”
ISRAEL – In 2014 a special committee headed by Israeli Prime Minister Benjamin Netanyahu’s Chief of Staff Harel Locker released [url=http://www.boi.org.il/en/PaymentSystem/Documents/The Committee to Examine Reducing the Use of Cash in Israel%E2%80%99s Economy.pdf]a report[/url] examining how to reduce the use of cash in the country. The report advocates reforms (including restrictions and limits on cash transactions) as part of a strategy whose aim is “reduced use of cash, reduced use of endorsed checks, and increased use of electronic means of payment.”
NORWAY – Late last week Trond Bentestuen, a senior executive at Norway’s largest bank, complained to the VG Newspaper that the Norwegian central bank “can only account for 40 percent” of the Norwegian kroner in circulation, meaning “that 60 percent of money usage is outside of any control.” There’s only one conclusion, according to Bentestuen: “There are so many dangers and disadvantages associated with cash, we have concluded that it should be phased out.” Don’t worry, though, the nation’s Finance Ministry says it has “no plans to change the law in this area”…for now.
SWEDEN – Last year Stockholm’s KTH Royal Institute of Technology released a report stating that the country is on track to completely eliminating cash transactions in the foreseeable future. Noting that there are now only 80 billion Swedish crowns in circulation in the economy (down from 106 just six years ago), the report highlights how digital person-to-person payment technology “Swish” (developed in collaboration with Danish banks) is already transforming the country’s banking sector, where there are now entire banks that do not accept cash.
http://www.activistpost.com/2016/01/the-war-on-cash-a-country-by-country-guide.html
TOPICS:BankingJames Corbett
January 28, 2016
By James Corbett
Corbett Reporteers will be no stranger to the war on cash. I’ve made videos discussing it, conducted interviews about it, written articles examining it and dissected it on the radio.
The war has been waged through mainstream propaganda outlets, TV advertisements and even children’s games.
We’ve heard cash is dirtied by drug dealing, tarnished by terrorism, tainted by tax evasion (heaven forbid!) and just plain dirty. Not to mention sooooo outdated.
Just this week Norway has jumped aboard the cashless society agenda with DNB, the country’s largest bank, calling for a total end to cash. The story only sounds shocking because people haven’t heard the similar stories from Sweden or Denmark or India or Israel or any of the dozens of other countries whose banksters and (bankster-controlled) governments have openly lusted after a world of completely trackable, completely bank-controlled transactions.
But all of these stories, reported piecemeal here and there over the years, doesn’t give the full story about how this “war on cash” is being waged on every continent and in every country by the same banksters that stand to benefit from a cashless world. Let’s fix that by compiling a list of examples from around the world of how cash payments are being regulated, restricted and phased out. The list below will be updated as new stories come in.
If you have a link to relevant news from your own country or know of such news from another country, please let us know. Corbett Report members are invited to contribute to the list by logging in and leaving links to the relevant info in the comments below.
The Cashless Society List
CANADA – In 2007 the Canadian government stopped allowing payment of taxes in cash at government service centers. In 2010 Passport Canada followed suit. In 2011 56% of Canadians polled said they were happy to live in a bankster-controlled cashless society so the country killed the penny in 2012 and the Royal Canadian Mint started pimping the “MintChip” as a new form of electronic payment that will be “better than cash.” The Mint ended the program in 2014 but the Great White North is still on track to be a cashless society in the coming years.DENMARK – In the 1990s about 80% of Danish retail purchases were made with cash, but these days it’s more like 25%. But if the Danish government has its way, that number will be 0% by 2030. That’s the year the Danish government has set for the complete elimination of paper money in Denmark.
FRANCE – In the wake of the Charlie Hebdo attacks last year, the French government stepped up its war on cash. In March of last year, French Finance Minister Michel Sapin declared it necessary to “fight against the use of cash and anonymity in the French economy” in order to combat “low-cost terrorism.” As of September 2015 it is illegal for French citizens to make purchases exceeding 1000 euros in cash.
INDIA – India is one of the most cash-dependent economies in the world with a cash-to-GDP ratio of 12% almost four times that of fellow BRICS nations Brazil and South Africa). But it won’t be for long if the Indian government has its way. Last June the Indian Ministry of Finance posted a [url=http://finmin.nic.in/suggestion_comments/Draft Facilitating Electronic Transactions.asp]draft proposal[/url] to its website for facilitating the rise of cashless payments in the country. In his 2015 budget speech the Finance Minister [url=http://finmin.nic.in/suggestion_comments/Draft Facilitating Electronic Transactions.asp]declared[/url]: “One way to curb the flow of black money is to discourage transactions in cash. Now that a majority of Indians has or can have, a RUPAY debit card. I therefore, proposes to introduce soon several measure that will incentivize credit or debit card transactions and disincentivize cash transaction.”
ISRAEL – In 2014 a special committee headed by Israeli Prime Minister Benjamin Netanyahu’s Chief of Staff Harel Locker released [url=http://www.boi.org.il/en/PaymentSystem/Documents/The Committee to Examine Reducing the Use of Cash in Israel%E2%80%99s Economy.pdf]a report[/url] examining how to reduce the use of cash in the country. The report advocates reforms (including restrictions and limits on cash transactions) as part of a strategy whose aim is “reduced use of cash, reduced use of endorsed checks, and increased use of electronic means of payment.”
NORWAY – Late last week Trond Bentestuen, a senior executive at Norway’s largest bank, complained to the VG Newspaper that the Norwegian central bank “can only account for 40 percent” of the Norwegian kroner in circulation, meaning “that 60 percent of money usage is outside of any control.” There’s only one conclusion, according to Bentestuen: “There are so many dangers and disadvantages associated with cash, we have concluded that it should be phased out.” Don’t worry, though, the nation’s Finance Ministry says it has “no plans to change the law in this area”…for now.
SWEDEN – Last year Stockholm’s KTH Royal Institute of Technology released a report stating that the country is on track to completely eliminating cash transactions in the foreseeable future. Noting that there are now only 80 billion Swedish crowns in circulation in the economy (down from 106 just six years ago), the report highlights how digital person-to-person payment technology “Swish” (developed in collaboration with Danish banks) is already transforming the country’s banking sector, where there are now entire banks that do not accept cash.
http://www.activistpost.com/2016/01/the-war-on-cash-a-country-by-country-guide.html
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