Last month, a “secret meeting” that included more than 100 executives from some of the largest financial institutions in the United States was organised in New York City. During this “secret meeting“, a company named “Chain” introduced a technology that converts U.S. dollars into “pure digital assets”. Apparently, there were representatives from Nasdaq, Citigroup, Visa, Fidelity, Fiserv and Pfizer in the room, and Chain also boasts to be partnering with Capital One, State Street, and First Data. This “revolutionary” technology is meant to completely change the way that we employ money, and it would signify a major step toward a cashless society. But if this new digital cash system is going to be so good for society, why was it revealed during a secret meeting for Wall Street bankers? Is there something more going on here than we are being informed?
None of us most likely would have ever been told about this secret meeting if it was not for a report in Bloomberg. The subsequent comes from their post titled “Inside the Secret Meeting Where Wall Street Tested Digital Cash“…
On a recent Monday in April, more than 100 executives from some of the world’s largest financial institutions gathered for a private meeting at the Times Square office of Nasdaq Inc. They weren’t there to just talk about blockchain, the new technology some predict will transform finance, but to build and experiment with the software.
By the end of the day, they had seen something revolutionary: U.S. dollars transformed into pure digital assets, able to be used to execute and settle a trade instantly. That’s the promise of a blockchain, where the cumbersome and error-prone system that takes days to move money across town or around the world is replaced with almost instant certainty.
This is truly how it was explained by Bloomberg. There is a very good explanation why this meeting was performed in secret. Countless in the general public would undoubtedly be alarmed by this giant move toward a cashless society. Here is a tad bit more on this new system from Bloomberg…
While cash in a bank account moves electronically all the time today, there’s a distinction between that system and what it means to say money is digital. Electronic payments are really just messages that cash needs to move from one account to another, and this reconciliation is what adds time to the payments process. For customers, moving money between accounts can take days as banks wait for confirmations. Digital dollars, however, are pre-loaded into a system like a blockchain. From there, they can be swapped immediately for an asset.
“Instead of a record or message being moved, it’s the actual asset,” Ludwin said. “The payment and the settlement become the same thing.”
Why this is so mind boggling is because we are seeing other major moves toward a cashless system all over the globe. In Sweden, 95 % of all retail transactions are currently cashless, and ATM machines are being eliminated by the hundreds. In Denmark, government officials in fact have a stated goal of “eradicating cash” by the year 2030. And in Norway, the largest bank in the country has publicly called for the total eradication of all cash.
Other nations in Europe have currently banned cash transactions over a certain amount. Here are just a couple of examples…
As I have published about in the past, cash transactions of more than 2,500 euros have actually been prohibited in Spain, and France and Italy have both prohibited all cash transactions of more than 1,000 euros.
Little by little, cash is being eliminated, and what we have observed so far is just the beginning. 417 billion cashless transactions were carried out in 2014, and the final number for 2015 is forecasted to be much higher.
The global drive toward a cashless society is only going to increase, due to the fact banks and governments both have a tendency to really enjoy the concept of such a system.
Banks truly enjoy the strategy of a cashless society due to the fact it would force everyone to be their clients. There would be no more concealing cash in a mattress at home or attempting to pay all of your bills with paper money. Under a cashless system, we would all be reliant on the banks, and they would make loads of of money whenever we swiped our cards or our “chips” were scanned.
Governments notice a lot of advantages in a cashless society as well. They explain to us that they would have the ability to crack down on drug dealers, tax evaders, terrorists and money launderers, but the facts are that it would make it possible for them to watch, track, monitor and control virtually all of our financial transactions. Our day-to-day lives would turn out to be open books to the government, and financial privacy would be a thing of the past.
Furthermore, the possibilities for tyranny would be completely off the charts.
Just envision a world where the government could serve as the gatekeeper for who is permitted to utilize the cashless system and who is not. They could demand that we all submit to some sort of government-issued form of recognition before being allowed to function within the system, or it is even feasible that a loyalty oath would be necessary.
Needless to say if you did not submit to their demands, you could not buy, sell, open a bank account or get a job without accessibility to the cashless system.
With a little luck people can comprehend where this is going. Paper money is a very critical element of our freedom, and if it is taken away from us that will open the door for all sorts of maltreatment.
Even today, cash is slowly being “criminalized” in The United States. For instance, if cash is utilized to pay for a hotel room that is deemed by federal authorities to be “suspicious activity” that should be announced to the government. Obviously it isn’t against the law to pay your hotel bill in cash just yet, but based on the government it is something that “terrorists” do, so it requires to be closely monitored.
It doesn’t take a whole lot of creative thinking to notice where all of this is going. And for those of us that comprehend what time it is, this is a clear sign that it is getting late in the game.