Saturday, August 27, 2016

The Sinister Side of Cash

The Bible tells us that during the Great Tribulation every one on earth will need to have a mark on their arm or forehead in order to buy or sell anything.  You won't be able to use it will be a cashless system.

Today we are the first generation to have the technology available to make that 2000 year old prophecy come to fruition.

Negative interest rates will play a big part in bringing it on, because when people start pulling their cash to store in their safes rather than pay the bank to hold it....the Central Banks would risk losing control of monetary policy so will have to do away with cash.  This is already happening in Japan.

And finally, it will be argued that cash is bad for society because it is expensive to print, expensive to transport, spreads germs all over the world on dirty paper and is always used to pay for crime, drugs, sex slaves and everything else criminal.

Today we find this article in the Wall Street Journal.

The Sinister Side of Cash

Paper money fuels corruption, terrorism, tax evasion and illegal immigration—so the U.S. should get rid of the $100 bill and other large notes

When I tell people that I have been doing research on why the government should drastically scale back the circulation of cash—paper currency—the most common initial reaction is bewilderment. Why should anyone care about such a mundane topic? But paper currency lies at the heart of some of today’s most intractable public-finance and monetary problems. Getting rid of most of it—that is, moving to a society where cash is used less frequently and mainly for small transactions—could be a big help.
There is little debate among law-enforcement agencies that paper currency, especially large notes such as the U.S. $100 bill, facilitates crime: racketeering, extortion, money laundering, drug and human trafficking, the corruption of public officials, not to mention terrorism. There are substitutes for cash—cryptocurrencies, uncut diamonds, gold coins, prepaid cards—but for many kinds of criminal transactions, cash is still king. It delivers absolute anonymity, portability, liquidity and near-universal acceptance. It is no accident that whenever there is a big-time drug bust, the authorities typically find wads of cash.
Cash is also deeply implicated in tax evasion, which costs the federal government some $500 billion a year in revenue. According to the Internal Revenue Service, a lot of the action is concentrated in small cash-intensive businesses, where it is difficult to verify sales and the self-reporting of income. By contrast, businesses that take payments mostly by check, bank card or electronic transfer know that it is much easier for tax authorities to catch them dissembling. Though the data are much thinner for state and local governments, they too surely lose big-time from tax evasion, perhaps as much as $200 billion a year.
To be clear, I am proposing a “less-cash” society, not a cashless one, at least for the foreseeable future. The first stage of the transition would involve very gradually phasing out large denomination bills that constitute the bulk of the currency supply. Of the more than $4,200 in cash that is circulating outside financial institutions for every man, woman and child in the U.S., almost 80% of it is in $100 bills. In turn, $50 and $20 bills would also be phased out, though $10s, $5s and $1s would be kept indefinitely. Today these smaller bills constitute just 3% of the value of the currency supply.
The point of getting rid of big bills is to make it harder to carry and store large amounts. A million dollars in $100 bills weighs approximately 22 pounds and can fit comfortably into a large shopping bag. With $10 bills, it isn’t so easy. Think of lugging around 220 pounds in a giant chest. Hoarders and tax evaders would find small notes proportionately costlier to count, verify, handle and store. The use of cash could be further discouraged by putting restrictions on the maximum size of cash payments allowed in retail sales.
Now here is the exciting part and also the good news!!....Jesus told John in Revelation that the final cashless society will fall under the control of the Antichrist DURING the Great Tribulation.  So if we can see this clear sign today of something that will happen during the Great Tribulation...and Jesus comes and calls His bride to meet him in the clouds AT LEAST 7 YEARS much closer are we to hearing that trumpet blow and the voice of the archangel?
Hat tip to Tim H.


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