The many recent headlines about doing away with the 500 Euro Bill and the $100 Federal Reserve Note, serve as confirmation of my January 28th Essay: Digital Currency: The Key Tool of 21st Century Monolithic Nanny State Tyranny.
The Powers That Be are pushing to go cashless sooner rather than later. In this new era of negative interest rates, there is no point in leaving funds in a bank. However, this could create a shortage of physical cash, and since less than 1% of the money supply is in physical bills (the rest is just electronic ledger entries) there is a possibility of a “cash panic”, if even just a small minority of depositors pulled out their funds and demanded cash. My advice: Don’t be what economist Dr. Gary North calls The Third Guy In Line. Panic early and avoid the rush. Pull some money out of the bank, while you have the chance. Don’t dawdle. Hedge your bets; ask for some of your withdrawal in the form of rolls of nickels. Buy some pre-1965 mint date circulated 90% silver dimes and quarters. (Pay for those coins in cash locally, and don’t leave a paper trail!) Also consider buying some Swiss Francs, especially if you do any overseas travel or hold a second passport. You can buy Swiss Francs at most major airports. (Bring U.S. cash.) I predict that the Swiss Franc may be the veritable “Last Man Standing”, after the other currencies have gone digital. This could mean huge gains (in relative buying power) for holders of Swiss Francs. By the way, there are shortages of Swiss franc notes, so then get Swiss Franc-denominated Traveler’s Checks.
The War On Cash is analogous to the ongoing War On Guns. The same Statists who want to limit you to nothing more than archery equipment and harsh language for self defense, also want to limit you to just 0’s and 1’s in some computer for your currency. The bottom line: Digital currency is all about control. (As I’ve mentioned before, the ability to instantly zero out someone’s account is the ultimate form of control over The Sheeple.)
One closing thought: Digital currency will be worthless in the event of a power grid collapse. The only people still able to transact some basic business and feed their family will be those who hold the old fashioned alternatives!
Wake up, folks! Don’t delay on securing these hedges. – JWR