Economists have been discussing negative interest rates (discounting the value of) paper currencies since the late 1800’s when economist Silvio Gesell first began writing about it.
John Maynard Keynes and Irving Fisher loved the idea of discounting cash as a way to control the money supply and the value of goods it could purchase in the economy.
In 2015, in response to the problems of the mortgage debacle of 2008-2019 and the perceived limits of the current Keynesian debt monetary system, IMF researchers came out with a paper expanding on Gesell’s ideas to implement negative rates on bank money. They would discount cash deposits upon entry into the banking system and also every year thereafter.
Discounting cash would force people to spent it quickly, keeping money flowing in the economy. It would also enable their next step, which is imposition of cashless society. In their words, cashless society allows greater control of the flow of money and would prevent the hyper-inflationary events of past failed paper fiat currency systems.
What is also does is discount the value of cash held by individuals, earned through their labor. In essence, the system being setup by the IMF and world central banks today is an insidious tax on human labor and the ability to save and build wealth. It would be a step toward destruction of personal wealth and therefore liberty.
The technocrats have implemented blockchain and Hashgraph ledgers throughout the banking system which will serve as the backbone of this transition into the cashless society. Most of their work is done, and they have plans to implement this cash discounting system within three weeks after the next recession begins. In other words, the next major step to cashless society may only be months or a couple of years away.
We discuss individual solutions to this problem, which require adjustments in current spending habits as well as organization of resistance at the state and local levels. Acceptance or denial of this new system depends on what everything always does – the consent, or lack thereof, by the people. But the people have to know it is coming first, which is what this video is all about.
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