Report: UK Moving Away From ‘Peak Cash’

(TruNews)

 

Cash Is Projected To Be Used In Just 21 Percent Of Transactions By 2026.

According to a new report out of the United Kingdom, consumers are quickly moving away from cash as the means of conducting business transactions.

ALERT: Conspiracy Theorists, you’re being lied to

The DOD (Department of Defense) is the largest single employer in the world, at 3.2 Million.  As a percentage of any large corporation, some of their funding goes into marketing.  But, after World War 2, think tanks advised the DOD to change its name from the “Department of War” to the “Department of Defense” – this is today common corporate branding advice.  War has so many bad connotations (like killing, destroying, maming, polluting, etc.); defense is so much more noble.  The DOD is defending the homeland from invaders (although, no one ever ‘invaded’ the United States except the Canadians once, but DOD isn’t drafting any plans to invade Canada).  

Was There A Run On The Bank? JPM Caps Some ATM Withdrawals

Under the auspices of “protecting clients from criminal activity,” JPMorgan Chase has decided to impose withdrawal limits on certain ATM transactions. As WSJ reports, following the bank’s ATM modification to enable $100-bills to be dispensed with no limit, some customers started pulling out tens of thousands of dollars at a time. This apparent bank run has prompted Jamie Dimon to cap ATM withdrawals at $1,000 per card daily for non-customers.

The Antichrist’s Cashless Utopia: War on Cash in 2016

(TRUNEWS) The push for a cashless society has begun to gain steam around the globe, with nearly every major nation taking strides to adopt digital currencies, centrally governed cash controls and incentivize cashless transactions.

A Bloomberg Op-Ed published on January 31^st called for the end of paper currencies, touting that “cash had a pretty good run for 4,000 years or so,” but was “dirty, dangerous, unwieldy and expensive, antiquated and so very analog.”

Now though each of these reasons all have some merit of truth behind them, such as paper currency serving as a vector for disease, incentivizing physical robberies, and complicating P2P long distance transactions, the existence of physical legal tender has an equal set of priceless characteristics.

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In the Book of Revelation, God forewarned his people through the Apostle John, that during the Tribulation period the global system will be dictatorially ruled by a single political authority, known as the antichrist. In Chapter 13 verses 16-17 the antichrist’s control over the economy is described as absolute: “He also forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead, so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name.” Cashless technology and centralized restrictions of transactions fit this warning.

ECB To Keep Greece On Hold Until Wednesday When Balyasny Sees Rioting Begin

As we have repeated since January, and certainly on numerous occasions over the weekend, at this point the only variable is what the ECB will do: will it give insolvent Greek banks more aid, or will it increase its ELA collateral haircut (or even withdraw it altogether), the ramifications of which action would have a dire impact on contagion within the rest of the periphery but most certainly on both the Greek financial system as well as Greek society which is now facing an indefinitely period of capital controls.

Greece ‘48 Hours Away From Unrest’

Please see the source link for the video.

 

Greek Prime Minister Alexis Tsipras probably has 48 hours to resolve a standoff with creditors before civil unrest breaks out and ATMs run out of cash, hedge fund Balyasny Asset Management said.

Fund managers are questioning how the International Monetary Fund and Europe’s leaders can seal a deal with Athens following the “no” vote in a Greek referendum on Sunday. Sixty-one percent of voters rejected austerity, increasing the likelihood of an exit from the euro area.

EL-ERIAN: If the Greek ‘no’ vote wins, prepare for a global stock market sell-off

They’re still counting the votes, but so far the “No” vote has the lead. In other words, “No” the Greek people do not want to accept strict fiscal austerity measures in exchange for desperately needed bailout money.

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In a post on Facebook, Allianz’s Mohamed El-Erian offered a brief preview of things to come should the “No” vote win.

“IF this historic “no” win is confirmed, look initially for a general selloff in global equities, along with price pressures on the bonds issued by Greece, other peripheral Eurozone economies and emerging markets,” he wrote.

The Troika Turns Europe Into A Warzone

So now they do it. Now the IMF comes out with a report that says Greece needs hefty debt restructuring.

Mind you, their numbers are still way off the mark, in the end it’s going to be easily double what they claim. Not even a Yanis Varoufakis haircut will do the trick.

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Why go through 5 months of ‘negotiations’ with Greece in which you refuse any and all restructuring, only to come up with a paper that says they desperately need restructuring, mere days after they explicitly say they won’t sign any deal that doesn’t include debt restructuring?

Wake up and smell the collapse: Greece shutters banks for 6 days… no more withdrawals… panic grips the Eurozone… total meltdown approaches

(NaturalNews) The bank holidays have begun in Greece as the banks are now shuttered for the entire coming week. As Sky News reports, “The drastic move comes after people rushed to withdraw their cash amid panic ahead of the referendum on bailout terms.”

Greek citizens are now “hoarding gasoline and groceries,” reports the New York Times, and long lines are the new norm at ATMs and gas stations.

Greeks drain ATMs as Prime Minister Alexis Tsipras calls referendum to decide country’s fate

Greece’s banks may need an injection of fresh emergency funds to operate on Monday as people rushed to pull out money after Prime Minister Alexis Tsipras called a referendum that could decide his country’s fate in the euro.

Two senior Greek retail bank executives said as many as 500 of the country’s more than 7000 ATMs had run out of cash as of Saturday morning, and that some lenders may not be able to open on Monday unless there was an emergency liquidity injection from the Bank of Greece. An official with Greece’s Capital Markets Commission, the markets’ regulator, also warned that the Athens Stock Exchange may be unable to operate on Monday without a cash injection into the banking system. A Greek central bank spokesman said it was making efforts to supply money.

Greece imposes capital controls, banks to remain shut

Greek banks will remain shut for an unspecified time and the country is imposing restrictions on bank withdrawals following a recommendation by the Bank of Greece, the country’s prime minister said Sunday.

Sunday’s move comes after two days of long lines forming at ATMs across the country, following Prime Minister Alexis Tsipras’ sudden decision to call a referendum on creditor proposals for Greek reforms in return for vital bailout funds.

“The Collateral Has Run Out” – JPM Warns ECB Will Use Greek “Nuclear Option” If No Monday Deal

In Athens on Friday, the ATM lines began to form in earnest.

Although estimates vary, Kathimerini, citing Greek banking officials, puts Friday’s deposit outflow at €1.7 billion. If true, that would mark a serious step up from the estimated €1.2 billion that left the banking system on Thursday and serves to underscore just how critical the ECB’s emergency decision to lift the ELA cap by €1.8 billion truly was. “Banks expressed relief following Frankfurt’s reaction, acknowledging that Friday could have ended very differently without a new cash injection,” the Greek daily said, adding that the ECB’s expectation of “a positive outcome in Monday’s meeting”, suggests ELA could be frozen if the stalemate remains after leaders convene the ad hoc summit. Bloomberg has more on the summit:

Dorothea Lambros stood outside an HSBC branch in central Athens on Friday afternoon, an envelope stuffed with cash in one hand and a 38,000 euro ($43,000) cashier’s check in the other.

She was a few minutes too late to make her deposit at the London-based bank. She was too scared to take her life-savings back to her Greek bank. She worried it wouldn’t survive the weekend.

“I don’t know what happens on Monday,” said Lambros, a 58-year-old government employee.

ECB raises emergency funding cap for Greek banks

Saved… for now.

 

The European Central Bank (ECB) has raised the funding cap on its Emergency Liquidity Assistance (ELA) for Greece’s banks, according to a CNBC source.

The decision, made in a conference call Friday and first reported by Reuters, followed a meeting of the euro zone’s finance ministers on Thursday, where the ability of the country’s lenders to open up for business next week was questioned.

It comes as a specter of a run on Greek banks is looming, after yet another round of failed rescue-for-reforms talks.

Greece introduces tax on bank withdrawals as elitists seek to criminalize cash

(NaturalNews) The Greek financial crisis continues to escalate, as the government recently put in place a controversial revenue-generating policy aimed at improving its economic position at the expense of its citizens.

The government will introduce a “surcharge” — really, just a tax on cash — for all cash point withdrawals, such as at banks or at ATMs, in what is proving to be a last-ditch, desperate attempt to prevent citizens from taking their money out of beleaguered financial institutions altogether.

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Amid Greece debt crisis now GERMANY runs out of cash as strikes trigger crisis

STRIKING workers in Germany have triggered a cash crisis and a looming threat to the European powerhouse economy.

On Monday, train drivers began a seven-day long walkout that has left transport and supply chains in the country in chaos.