Loading ...CASH MUST ALWAYS BE AVAILABLE IN ANY ECONOMY AND ITS USE ENCOURAGED
BOOM FINANCE HAS A GOOD ESSAY ON TOTALITARIANISM AND THE ROLE OF CASH IN KEEPING IT AT BAY
BOOM readers will know that BOOM is a strong advocate for the increased use of physical Cash in all advanced economies. This is important because Cash is originated (created) with no interest cost or bank fees attached. It is Sovereign money and carries the support of all national governments as representatives of the People. It is also a natural buffer against interest bearing money that is originated (created) when a bank loan is made – BOOM calls this Credit Money. Credit Money resides on bank ledgers as a digital record, thus, it has been digital money for many decades.
Credit Money is now 97 – 98 % of fresh new money at origination (creation) in most advanced economies. This means that physical Cash is now only 2 – 3 % of fresh, new money being put into circulation.
In the 1950’s, this ratio was much closer to 50:50 and that resulted in much more stable economies with lower CPI inflation and low but steady economic growth.
https://boomfinanceandeconomics.substack.com/p/boom-finance-and-economics-9th-june?
On February 17, 2022, the Canadian Deputy Prime Minister Chrystia Freeland said in a press conference that financial institutions had started freezing bank accounts and cancelling credit cards in accordance with the Emergencies Act, which the Prime Minister Justin Trudeau had invoked.
The powers granted by the Act allowed banks to also target the accounts of people who had donated to crowdfunding platforms, like the fundraising campaigns on GoFundMe and GiveSendGo.
Freeland said (ominously) —
“We now have the tools to follow the money. We can see what is happening and what is being planned in real time and we are absolutely determined that this must end now and for good”.
BOOM can easily imagine Stalin or Pol Pot saying that.
That was an example of Totalitarianism from a national Government where they chose to block some targeted citizens’ access to physical Cash and to any bank deposits they had accumulated. In other words the Government of Canada became tyrannical and, in BOOM’s opinion, effectively stabbed the nation in its very heart.
………
Most of us Canadians here will never forget that Day . Personally I scrambled the next Days to get the hell out of the banking system as best I could
I transferred out a RATHER LARGE Deposit from my account to a trusted relative’s account
I set up a new account at a Credit Union and transferred some there TOO
But the most amazing thing was the Day after Freedland’s speech I went to the bank and stood in a long line . I watched as each customer went to one of the 5 Tellers …EVERY ONE OF THEM …was withdrawing funds in cash…large sums
One guy got very animated..he wanted it ALL ( Several Hndred Thousand ) . The Manager had to intervene and he Ordered the cash from head office
After that I went to the bank machine every midnight for a while …often they were out of cash…THIS WAS A REAL “RUN ON THE BANKS”
After about A couple of weeks Obviously the banks petitioned The Turd and Co. to recind the “Emergency” Act LEST THEY RUN OUT OF CASH and theier Balance sheets become unmanagable….
People Power in Action !!
Trust in Banks is at a low now ! Thanks to The Turd and that disgusting vile piece of shit and notorious NAZI Freeland ! LOCK HER UP !
I just hear that the Millions of $s in Donations via Give Send Go have still not been released even though a Federal Court ruled the Emergency Act was completely Illegal….Fucking Pricks
Catherine Austin Fitts has been speaking of this for at least 2 yrs….
she uses only cash on Fridays….
The system as it structured now, provides for no AUTOMATIC AND TIMELY ACCOUNTABILITY.
Just long delayed reactions to constitutional and other violations.
That has to change.
Too much is lost by having justice take its sweet time, and often to merely reverse what happened WITH NO PRICE BEING PAID by those who ran afoul of the law.
People need to KNOW, IN ADVANCE, that if they screw up the BIG STUFF, there is no doubt that THEY WILL PAY DEARLY.
So we need a People’s Court (selected at random, with short tenures just like jury duty). Not to decide. But to review what happens automatically when decisions are revoked on appeal. Those politicians MUST BE DEMOTED INSTANTLY, if not precluded from public office for the remainder of their lives.
Effective deterrence, otherwise our constitutional rights are effectively useless.
Good points, pd. In essence, we need to regain control of our countries, and all the mechanisms that influence and control the just treatment of our citizens.