Cash Is No Longer King: The Phasing Out Of Physical Money Has Begun



Zero hedge: As physical currency around the world is increasingly phased out, the era where “cash is king” seems to be coming to an end. Countries like India and South Korea have chosen to limit access to physical money by law, and others are beginning to test digital blockchains for their central banks.

The unprecedented collusion between governments and central banks that occurred in 2008 led to bailouts, zero percent interest rates and quantitative easing on a scale never before seen in history. Those decisions, which were made under duress and in closed-door meetings, set the stage for this inevitable demise of paper money.”

Opinion: The blockchain is seen as the main technological innovation of Bitcoin, since it stands as proof of all the transactions on the network. A block is the ‘current’ part of a blockchain which records some or all of the recent transactions, and once completed goes into the blockchain as permanent database.

If that sounds to you like an economic twilight zone you are in good company.

Mario Draghi, the European Central Bank president, threw fuel on the soaring stock market this past week with this headline in the UK Guardian: “Markets soar as ECB extends QE programme until December 2017″.

Socialism has so weakened the economies of the EU that it did what former PM Thatcher said it would do: run out of other people’s money.  So to keep the party going, Mario( the dragon), keeps filling the punch bowl with an addictive cocktail loaded with stimulants called QE, printed money.

One hedge fund manager remarked: “More methadone is not going to help, a form of cold turkey [is] needed, but no central bank is going to do that,” he added. He warns governments’ debt-to-GDP levels have risen.”

The markets love it. Interest rates will stay at zero or lower and the banks will be stuffed with phony money. It is hard to wrap one’s mind around the idea that while stocks and real estate prices keep rising the value of money is decreasing because of new money being created.

The hope in the US financial markets is that Trump-onomics will magically solve the problem with massive economic growth due to a rollback of the economically destructive policies of the past eight years.

The amazing thing about this is that with all the talk of the demise of paper money and the potential for a global Venezuela style hyper-inflation, there is no talk about the prophecies that were written over 2000 years ago:

The Rider on the Black Horse (Rev 6:5-6) says it will take a day’s wages to buy a day’s food (hyperinflation), but the rich (represented by oil and wine) will not feel the pain until after the mid-point of the 7 year tribulation, as described by James 5:1-6:

Come now, you rich, weep and howl for your miseries that are coming upon you! Your riches are corrupted, and your garments are moth-eaten.  Your gold and silver are corroded, and their corrosion will be a witness against you and will eat your flesh like fire. You have heaped up treasure in the last days.  Indeed the wages of the laborers who mowed your fields, which you kept back by fraud, cry out; and the cries of the reapers have reached the ears of the Lord of Sabaoth. You have lived on the earth in pleasure and luxury; you have fattened your hearts as in a day of slaughter. You have condemned, you have murdered the just; he does not resist you.”

Once cash is abolished and a single currency established, the final dictator will be in control of the global economy:

“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, 17 and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.” Rev. 13:16-17

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