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Title: A New Digital Cash System Was Just Unveiled At A Secret Meeting For Bankers In New York
Source: The Economic Collapse
URL Source: [None]
Published: May 2, 2016
Author: Michael Snyder
Post Date: 2016-05-02 20:52:07 by U don't know me
Keywords: None
Views: 1741
Comments: 22

A New Digital Cash System Was Just Unveiled At A Secret Meeting For Bankers In New York By Michael Snyder, on May 2nd, 2016

Secret - Public DomainLast month, a “secret meeting” that involved more than 100 executives from some of the biggest financial institutions in the United States was held in New York City. During this “secret meeting“, a company known as “Chain” unveiled a technology that transforms U.S. dollars into “pure digital assets”. Reportedly, there were representatives from Nasdaq, Citigroup, Visa, Fidelity, Fiserv and Pfizer in the room, and Chain also claims to be partnering with Capital One, State Street, and First Data. This “revolutionary” technology is intended to completely change the way that we use money, and it would represent 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 unveiled during a secret meeting for Wall Street bankers? Is there something more going on here than we are being told?

None of us probably would have ever heard about this secret meeting if it was not for a report in Bloomberg. The following comes from their article entitled “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.

So it is not just Michael Snyder from The Economic Collapse Blog that is referring to this gathering as a “secret meeting”. This is actually how it was described by Bloomberg. And I think that there is a very good reason why this meeting was held in secret, because many in the general public would definitely be alarmed by this giant step toward a cashless society. Here is 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 alarming is because we are seeing other major moves toward a cashless system all over the planet. In Sweden, 95 percent of all retail transactions are already cashless, and ATM machines are being removed by the hundreds. In Denmark, government officials actually have a stated goal of “eradicating cash” by the year 2030. And in Norway, the biggest bank in the country has publicly called for the complete elimination of all cash.

Other nations in Europe have already banned cash transactions over a certain amount. Here are just a couple of examples…

As I have written about previously, cash transactions of more than 2,500 euros have already been banned in Spain, and France and Italy have both banned all cash transactions of more than 1,000 euros.

Little by little, cash is being eradicated, and what we have seen so far is just the beginning. 417 billion cashless transactions were conducted in 2014, and the final number for 2015 is projected to be much higher.

The global push toward a cashless society is only going to intensify, because banks and governments both tend to really like the idea of such a system.

Banks really like the concept of a cashless society because it would force everyone to be their customers. There would be no more hiding cash in a mattress at home or trying to pay all of your bills with paper money. Under a cashless system, we would all be dependent on the banks, and they would make lots of money whenever we swiped our cards or our “chips” were scanned.

Governments see a lot of advantages in a cashless society as well. They tell us that they would be able to crack down on drug dealers, tax evaders, terrorists and money launderers, but the truth is that it would enable them to watch, track, monitor and control virtually all of our financial transactions. Our lives would become open books to the government, and financial privacy would be a thing of the past.

In addition, the potential for tyranny would be absolutely off the charts.

Just imagine a world where the government could serve as the gatekeeper for who is allowed to use the cashless system and who is not. They could require that we all submit to some sort of government-issued form of identification before being permitted to operate within the system, or it is even conceivable that a loyalty oath would be required.

Of course if you did not submit to their demands, you could not buy, sell, open a bank account or get a job without access to the cashless system.

Hopefully people can understand where this is going. Paper money is a very important component of our freedom, and if it is taken away from us that will open the door for all sorts of abuse.

Even now, cash is slowly being “criminalized” in America. For example, if cash is used to pay for a hotel room that is considered by federal authorities to be “suspicious activity” that should be reported to the government. Of course it isn’t against the law to pay your hotel bill in cash just yet, but according to the government it is something that “terrorists” do so it needs to be closely watched.

It doesn’t take a whole lot of imagination to see where all of this is going. And for those of us that understand what time it is, this is a clear indication that it is getting late in the game.

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#1. To: U don't know me (#0)

Author: Michael Snyder

He has a few bridges for some of the Paultards to buy. Cheap.

I'm the infidel... Allah warned you about. كافر المسلح

GrandIsland  posted on  2016-05-02   20:57:28 ET  Reply   Trace   Private Reply  


#2. To: GrandIsland (#1)

Paultards

I am impressed that an elementary school crossguard,such as yourself, has such sn expansive vocabulary. I am stunned and simutaneously amazed at your ever expanding wit.

buckeroo  posted on  2016-05-02   22:01:28 ET  Reply   Trace   Private Reply  


#3. To: U don't know me (#0)

Governments see a lot of advantages in a cashless society as well. They tell us that they would be able to crack down on drug dealers, tax evaders, terrorists and money launderers, but the truth is that it would enable them to watch, track, monitor and control virtually all of our financial transactions. Our lives would become open books to the government, and financial privacy would be a thing of the past.

In addition, the potential for tyranny would be absolutely off the charts.

Just imagine a world where the government could serve as the gatekeeper for who is allowed to use the cashless system and who is not. They could require that we all submit to some sort of government-issued form of identification before being permitted to operate within the system, or it is even conceivable that a loyalty oath would be required.

At least in the case of Bitcoin, Digital currencies actually ARE cash, so it's not accurate to say that a society that uses Bitcoin is a cashless society. While there is no fiat paper making up the cash, Bitcoin allows all the anonymity of using cash, and it's therefore not possible for governments to act as gatekeepers to control who can pay who for what.

Perhaps this digital currency the article discusses would be different in identifying the owners of all digital cash to a central authority. However, if that is true, then an unintended consequence of a digital USD would be to set the stage by conditioning society for any kind of digital currency to compete with the USD. Bitcoin is one contender but there could be others. There are hundreds of digital currencies that have been created. And though most might be experimental in nature which have no value, a few might be. And if the USD can be so converted in this way, so could any other currency of any other country, which could eliminate the US as the World Reserve currency.

Pinguinite  posted on  2016-05-02   23:31:08 ET  Reply   Trace   Private Reply  


#4. To: buckeroo (#2)

I am impressed that an elementary school crossguard,such as yourself, has such sn expansive vocabulary. I am stunned and simutaneously amazed at your ever expanding wit.

Childish name calling seems to be the highest intellectual capacity possible for retired law enforcement.

Pinguinite  posted on  2016-05-02   23:32:53 ET  Reply   Trace   Private Reply  


#5. To: Pinguinite (#4)

In the case of fyreisland, he sucks and deserves complete humiliation.

buckeroo  posted on  2016-05-02   23:38:09 ET  Reply   Trace   Private Reply  


#6. To: GrandIsland, Officer safety, Job number 1 (#1)

Officer safety is job #1 on Trump Construction site, as guest worker and security personnel demonstrate teamwork.

The earmuffs are so that he's not distracted from his work, by the officers screams.


The D&R terrorists hate us because we're free, to vote second party
"We (government) need to do a lot less, a lot sooner" ~Ron Paul

Hondo68  posted on  2016-05-03   0:15:20 ET  (1 image) Reply   Trace   Private Reply  


#7. To: hondo68 (#6)

Otherwise, this is called, "co-operation."

buckeroo  posted on  2016-05-03   0:26:27 ET  Reply   Trace   Private Reply  


#8. To: Pinguinite (#3)

if that is true, then an unintended consequence of a digital USD

It is intentional. We will end up with the mark of the beast foretold in revelation chapter 13. Hopefully a long time from now.

A K A Stone  posted on  2016-05-03   6:58:13 ET  Reply   Trace   Private Reply  


#9. To: hondo68 (#6)

What works better is turning the saw upside down. Then one person hols it with the blade guard pulled. Then you use it like a mini table saw. Works quite well.

A K A Stone  posted on  2016-05-03   6:59:58 ET  Reply   Trace   Private Reply  


#10. To: buckeroo (#2) (Edited)

I am impressed that an elementary school crossguard,such as yourself, has such sn expansive vocabulary.

GrandSphincter has the intelligence of lint.

Even after 5 years, he's still suffering from (Ron) Paul Derangement Syndrome.

Unlike many other illnesses, PDS isn’t at all difficult to identify. The Paulophobe’s discourse on all matters pertaining to Ron Paul, or at least to Ron Paul’s presidential candidacy, is replete with, not just inconsistencies, but glaring inconsistencies, contradictions that are so profound that even a college freshman enrolled in an introductory logic course couldn’t help but to be pained by them.

To anyone remotely attuned to reality or possessed of a modicum of reason, the Paulophobe’s utterances can’t but sound like the babblings of a baby: indecipherable noises intending to signify we know not what.

“Truth is treason in the empire of lies.” - Ron Paul

In a Cop Culture, the Bill of Rights Doesn’t Amount to Much

Americans who have no experience with, or knowledge of, tyranny believe that only terrorists will experience the unchecked power of the state. They will believe this until it happens to them, or their children, or their friends.
Paul Craig Roberts

Deckard  posted on  2016-05-03   8:14:53 ET  Reply   Trace   Private Reply  


#11. To: A K A Stone (#9)

What works better is turning the saw upside down. Then one person hols it with the blade guard pulled. Then you use it like a mini table saw. Works quite well.

A K A Stone

I once had a small skilsaw that would fit (upside down) in a 5 gallon plastic bucket. Wedge open the trigger and blade guard, and presto, -- a mini table saw.

Dangerous as hell if you tipped it over, but rocks in the bottom of the bucket helped.

tpaine  posted on  2016-05-03   8:22:39 ET  Reply   Trace   Private Reply  


#12. To: U don't know me, *Bill of Rights-Constitution*, *The Two Parties ARE the Same*, *Crime and Corruption*, *Bang List*, *Science and technology*, *Economic News*, *Politics and Politicians* (#0)

The global push toward a cashless society is only going to intensify, because banks and governments both tend to really like the idea of such a system.

Of course they like it. They are the only ones that will benefit from it. The banks will have total control over the money,and the governments will have total control over the citizens.

Anyone the government deems to be a disruptor can be instantly zotted by a single key stroke on a government computer. Not only every dollar you have will disappear,but so will you. If your government-issued Citizen ID number disappears,so do you for all practical purposes. No money to pay your bills and not even any money to eat with or buy a bus ticket to go talk to your local alleged representative about the unfairness of it. The ONLY thing you will be able to do is make a toll free call to the police to tell them were you are so they can come and pick you up.

The day they announce America will become a cash-free nation is the same day I will pick up my rifle and go into politics.

BOYCOTT PAYPAL AND CLOSE YOUR PP ACCOUNTS NOW! ENCOURAGE OTHERS TO DO SO,TOO!

ISLAM MEANS SUBMISSION!

Why is democracy held in such high esteem when it’s the enemy of the minority and makes all rights relative to the dictates of the majority? (Ron Paul,2012)

American Indians had open borders. Look at how well that worked out for them.

sneakypete  posted on  2016-05-03   9:33:32 ET  Reply   Trace   Private Reply  


#13. To: buckeroo (#2)

They are just random terms he throws out there. He doesn't really understand what any of it means.

BOYCOTT PAYPAL AND CLOSE YOUR PP ACCOUNTS NOW! ENCOURAGE OTHERS TO DO SO,TOO!

ISLAM MEANS SUBMISSION!

Why is democracy held in such high esteem when it’s the enemy of the minority and makes all rights relative to the dictates of the majority? (Ron Paul,2012)

American Indians had open borders. Look at how well that worked out for them.

sneakypete  posted on  2016-05-03   9:34:39 ET  Reply   Trace   Private Reply  


#14. To: Pinguinite (#3)

At least in the case of Bitcoin, Digital currencies actually ARE cash, so it's not accurate to say that a society that uses Bitcoin is a cashless society.

Neil,you ain't getting it. Bitcoins will be useless as money because there will be no system in existence where anyone can buy anything with Bitcoins. The bankers will control the world's economy,and the people in government THINK they will be controlling the bankers. Of course the reality is the bankers will also control them,but they are too stupid to realize that.

The most insidious part of this plan is that they will sell it to the 'murikan peepuls by doing nothing more than telling the absolute and unabridged truth,which is that "A cashless society will end crime and corruption because only digital money will be accepted as payment for goods and/or services". What they won't be saying is that nobody will be able to do any side or weekend work off the books because every digital transaction will be recorded. You won't even be able to sell your old riding mower without the taxman dipping his beak into the well,or even the local EPA rep.

NOTHING you do will escape the scrutiny of the local,state,and feral authorities. NOTHING. If you are cheating on your wife or girlfriend and buy a package of condoms,the government will have a record of your purchase that has the date,location,price,and description of the item or items bought.

Most citizens will erupt with joy at the announcement that it will end violent and drug crimes because cash is the engine that powers those crimes. They will be as giddy as schoolgirls at a Beiber concert at the thought they no longer have to worry about being mugged and robbed. Giddy enough they won't bother to stop and think about what the effect will be in other areas of their daily lives.

BOYCOTT PAYPAL AND CLOSE YOUR PP ACCOUNTS NOW! ENCOURAGE OTHERS TO DO SO,TOO!

ISLAM MEANS SUBMISSION!

Why is democracy held in such high esteem when it’s the enemy of the minority and makes all rights relative to the dictates of the majority? (Ron Paul,2012)

American Indians had open borders. Look at how well that worked out for them.

sneakypete  posted on  2016-05-03   9:45:03 ET  Reply   Trace   Private Reply  


#15. To: sneakypete (#12)

" The day they announce America will become a cash-free nation is the same day I will pick up my rifle and go into politics. "

Make sure you are already stocked up on ammo & other needed supplies before hand ;)

Si vis pacem, para bellum

Those who beat their swords into plowshares will plow for those who don't

Rebellion to tyrants is obedience to God.

There are no Carthaginian terrorists.

President Obama is the greatest hoax ever perpetrated on the American people. --Clint Eastwood

"I am concerned for the security of our great nation; not so much because of any threat from without, but because of the insidious forces working from within." -- General Douglas MacArthur

Stoner  posted on  2016-05-03   10:31:50 ET  Reply   Trace   Private Reply  


#16. To: sneakypete (#14)

Neil,you ain't getting it. Bitcoins will be useless as money because there will be no system in existence where anyone can buy anything with Bitcoins. The bankers will control the world's economy,and the people in government THINK they will be controlling the bankers. Of course the reality is the bankers will also control them,but they are too stupid to realize that.

No, Sneaky, Bankers cannot control cryptocurrencies, and therefore, cannot control it's value, and governments cannot control what is purchased with them. While it may sound contradictory, cryptocurrencies are fully anonymous in that payments cannot be tracked to owners, but at the same time fully secure, in that payments cannot be questioned after they are made. It is why bitcoin is used in illegal activities such as ransomware which hijacks PC's via encryption and only decrypts after bitcoin payment is made. (I'm not highlighting ransomware as a great thing of course, only showing how it's use is uncontrolable by banks & governments).

The most insidious part of this plan is that they will sell it to the 'murikan peepuls by doing nothing more than telling the absolute and unabridged truth,which is that "A cashless society will end crime and corruption because only digital money will be accepted as payment for goods and/or services". What they won't be saying is that nobody will be able to do any side or weekend work off the books because every digital transaction will be recorded. You won't even be able to sell your old riding mower without the taxman dipping his beak into the well,or even the local EPA rep.

If the USD is digitized, I'm sure this will be a highly undesirable feature. But if the person has a choice to sell the lawnmower and accept bitcoins or digital USD, and the only difference is one means tax reporting and regulation compliance and the other does not, then bitcoin will be easy an easy choice.

Most citizens will erupt with joy at the announcement that it will end violent and drug crimes because cash is the engine that powers those crimes. They will be as giddy as schoolgirls at a Beiber concert at the thought they no longer have to worry about being mugged and robbed. Giddy enough they won't bother to stop and think about what the effect will be in other areas of their daily lives.

Cryptocurrencies can be backed up for safety, yet only spent once. Solid state memory such as used in flash drives and cell phones is very reliable against failure, but currency could still be backed up onto other medium very cheaply, but still can be spent only once. Unlike all fiat currencies, there is no limit to how small a payment could be made in bitcoin. Spend 0.000000000000001 bitcoins if there's a willing seller at that price.

A cell phone could hold $1 billion dollars or a fraction of a penny, and it could be encrypted so police inspecting it could not tell how much is there, and could not seize it even if they take the phone (assuming you have backup which would need to be a part of a cryptocurrency world).

Pinguinite  posted on  2016-05-03   11:11:24 ET  Reply   Trace   Private Reply  


#17. To: Pinguinite (#16)

They will criminalize encryption. To fight terrorists of cource.

A Pole  posted on  2016-05-03   12:49:23 ET  Reply   Trace   Private Reply  


#18. To: Pinguinite (#16)

No, Sneaky, Bankers cannot control cryptocurrencies, and therefore, cannot control it's value, and governments cannot control what is purchased with them.

You still ain't getting it. You can't buy Happy Meal at McDonalds or a used bicycle from a neighbor using 10 lbs of bit coins IF THEY ARE NOT WILLING TO TAKE THE BITCOINS IN PAYMENT BECAUSE THEY CAN'T BANK OR SPEND THEM.

You use the same arguments the "Run for your lives,the world is going to end" people make when they keep screaming at people to buy gold to use to purchase needed supplies once the country collapses into chaos. Things are still organized and buzzing right along right now,so how about you take your bit coins or a bag of gold dust to your local supermarket and try to buy groceries with it?

EVERY deal needs a willing seller as well as a willing buyer,and make no mistake about it,the penalties are going to be harsh for anyone that deals in black market commerce.

While it may sound contradictory, cryptocurrencies are fully anonymous in that payments cannot be tracked to owners, but at the same time fully secure, in that payments cannot be questioned after they are made.

Which is why the penalties will be severe for those who are caught.

It is why bitcoin is used in illegal activities such as ransomware which hijacks PC's via encryption and only decrypts after bitcoin payment is made.

Yes,but that sort of foolishness will be eliminated for the most part,come the cashless society,because the cashless society will be a partnership between the government and the bankers,both of whom want a financial and actual dictatorship with them sitting in the catbird's seat.

At first,anyway. Once the dust settles the so-called political bosses will be seen being buried or picking cotton in Louisiana. The international bankers are working on controlling the whole damn world,not just a nation,and they will tolerate no resistance from their employees.

BOYCOTT PAYPAL AND CLOSE YOUR PP ACCOUNTS NOW! ENCOURAGE OTHERS TO DO SO,TOO!

ISLAM MEANS SUBMISSION!

Why is democracy held in such high esteem when it’s the enemy of the minority and makes all rights relative to the dictates of the majority? (Ron Paul,2012)

American Indians had open borders. Look at how well that worked out for them.

sneakypete  posted on  2016-05-03   13:56:01 ET  Reply   Trace   Private Reply  


#19. To: A Pole (#17)

They will criminalize encryption. To fight terrorists of cource.

They may try. But encryption is already a matter of routine use, and the nature of it is such that anyone can do it as easily as they can pen an email, once they have the software to do it.

Pinguinite  posted on  2016-05-03   14:04:00 ET  Reply   Trace   Private Reply  


#20. To: sneakypete (#18)

You still ain't getting it. You can't buy Happy Meal at McDonalds or a used bicycle from a neighbor using 10 lbs of bit coins IF THEY ARE NOT WILLING TO TAKE THE BITCOINS IN PAYMENT BECAUSE THEY CAN'T BANK OR SPEND THEM.

True. But cryptocurrency doesn't need to be banked, and if they can spend them, then they would be willing to accept them. It does require a suitably broad market interest in the currency. I can accept paypal payments but only in limited quantity because there are limited numbers of things I can buy with paypal. But I still accept it.

You use the same arguments the "Run for your lives,the world is going to end" people make when they keep screaming at people to buy gold to use to purchase needed supplies once the country collapses into chaos.

Sorry but the article I'm refuting sounds to me a lot like "the world is going to end".

Things are still organized and buzzing right along right now,so how about you take your bit coins or a bag of gold dust to your local supermarket and try to buy groceries with it?

It's not here yet. My point is that ushering in USD digital will open the door more broadly to accepting, first digital Euros and digital yen, and after that pure cryptocurrency. In time....

EVERY deal needs a willing seller as well as a willing buyer,and make no mistake about it,the penalties are going to be harsh for anyone that deals in black market commerce.

I could accept bitcoins for my consulting work, if I wanted. There is at least one outfit that would accept my bitcoins and give me a debit card that I could use for purchases or withdrawals in USD or whatever currency. Is that black market? I don't think so. My motive for accepting bitcoin is because it's often difficult for people I do work for internationally to pay me. Bank wires are expensive, and some international restrictions make bank wires not available to/from certain combos of countries.

Yes,but that sort of foolishness will be eliminated for the most part,come the cashless society,because the cashless society will be a partnership between the government and the bankers,both of whom want a financial and actual dictatorship with them sitting in the catbird's seat.

By "cashless" you mean lacking paper money. Bitcoin is effectively "cash" though it is not paper cash. It's digital cash, and as trackable as paper cash. Less so, actually. Yes, I'd expect digital USD money to NOT be anonymous, probably recording the ID of everyone who makes a transaction. However, the article makes clear that an xfer of funds from one account to another at the bank is NOT what happens with this new system they propose. What they propose is cash to take a digital form such that, in effect, paying someone is similar to sending them an email, such that the email IS the money itself, not a request or command to xfer funds at the bank.

What they are proposing is bitcoin that IS the USD. They are copying the bitcoin model, but doubtless including identification of persons involved in all transactions. That's bad as we agree. But their being willing to introduce digital currency to the public means they will also get the public used to the idea of bitcoin, not to meantion buynig things in currency other than the USD after the same happens with other international currencies.

Pinguinite  posted on  2016-05-03   14:30:01 ET  Reply   Trace   Private Reply  


#21. To: GrandIsland (#1)

Author: Michael Snyder

He has a few bridges for some of the Paultards to buy. Cheap.

But not for cash.

потому что Бог хочет это тот путь

SOSO  posted on  2016-05-03   14:59:15 ET  Reply   Trace   Private Reply  


#22. To: hondo68 (#6)

lol

VxH  posted on  2016-05-04   10:48:02 ET  Reply   Trace   Private Reply  


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