Norway’s Biggest Bank Demands Cash Ban

I have written about how the propaganda to criminalise cash jobs was just a ploy to criminalise cash full stop. Not being able to pay with cash will make it impossible to stay independent of the system and will make it easy to keep charging you fees and taxing every transaction you make!

Now Norway’s biggest bank has joined the choir!

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The war on cash is escalating faster than many had imagined. Having documented the growing calls from the elites and propagandist explanations of the “benefits” to their serfs over the last few years, with China, and The IMF entering the “cashless society” call most recently, International Business Times reports that Norway – suffering from its own economic collapse as oil revenues crash – has joined its Scandi peers Denmark and Sweden in a call to “ban cash.”

By way of background, as we explained previously, What exactly does a “war on cash” mean?

It means governments are limiting the use of cash and a variety of official-mouthpiece economists are calling for the outright abolition of cash. Authorities are both restricting the amount of cash that can be withdrawn from banks, and limiting what can be purchased with cash.

These limits are broadly called “capital controls.”

Why Now? Why are governments suddenly so keen to ban physical cash?

The answer appears to be that the banks and government authorities are anticipating bail-ins, steeply negative interest rates and hefty fees on cash, and they want to close any opening regular depositors might have to escape these forms of officially sanctioned theft. The escape mechanism from bail-ins and fees on cash deposits is physical cash, and hence the sudden flurry of calls to eliminate cash as a relic of a bygone age — that is, an age when commoners had some way to safeguard their money from bail-ins and bankers’ control.

Forcing Those With Cash To Spend or Gamble Their Cash

The conventional answer voiced by Mr. Buiter is that recession and credit contraction result from households and enterprises hoarding cash instead of spending it. The solution to recession is thus to force all those stingy cash hoarders to spend their money.

And the benefits of a cashless society to banks and governments are self-evident:

 1. Every financial transaction can be taxed.

2. Every financial transaction can be charged a fee.

3. Bank runs are eliminated.

In fractional reserve systems such as ours, banks are only required to hold a fraction of their assets in cash. Thus a bank might only have 1 percent of its assets in cash. If customers fear the bank might be insolvent, they crowd the bank and demand their deposits in physical cash. The bank quickly runs out of physical cash and closes its doors, further fueling a panic.

The federal government began insuring deposits after the Great Depression triggered the collapse of hundreds of banks, and that guarantee limited bank runs, as depositors no longer needed to fear a bank closing would mean their money on deposit was lost.

But since people could conceivably sense a disturbance in the Financial Force and decide to turn digital cash into physical cash as a precaution, eliminating physical cash also eliminates the possibility of bank runs, as there will be no form of cash that isn’t controlled by banks.

So, when the dust has settled who ultimately benefits by this war on cash – government and the central banks, pure and simple.

Which explains why Norway’s biggest bank, DNB, has called for the country to stop using cash which is just the latest move in a country that has been leading the global charge toward electronic money in recent years, with several banks already not offering cash in their branch offices and some industries seeking to cut back on paper currency.

DNB’s proposal suggests eliminating the use of cash would cut down on black market sales and crimes such as money laundering.

“Today, there is approximately 50 billion kroner in circulation and [the country’s central bank] Norges Bank can only account for 40 percent of its use. That means that 60 percent of money usage is outside of any control. We believe that is due to under-the-table money and laundering,” Trond Bentestuen, a DNB executive, told Norwegian website VG, the Local reported.

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20 thoughts on “Norway’s Biggest Bank Demands Cash Ban

  1. Dr Jim Willie, of “Golden Jackass.com” makes an important point: If the elite, bankers and governments outlaw “cash,” they will simultaneously be outlawing all illegal activity such as; shipping type heists, drug smuggling, prostitution, illegal political campaign contributions, bribes, payoffs, skimming, all sorts of gambling and para-mutual betting, and all illegal economic activities. The entire black budget world would become an open book. As Dr. Jim Willie said, whoever thought of a cashless society has not thought about the implications very long. It might sound good to curtail the activities of Robin Hood and his merry middle class band of cash hording renegades, but it will bring down the current economic system.

    • No it will not it will bring down but rather empower the current economic system.

      It will not stop bribes, payoffs, political contributions, or “illegal economic activities” how can it . It is just as easy for the banksters to do larger scale fraudulent deposits into an account and they do this now.
      Or are you so naive you believe $450 million over five years from ACC account will go into “customer service”?! Its called accounting fraud, its widespread for the banksters and their accountants are self regulated.

  2. http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11583057
    I went to my local New World on Monday night to see a large line snaking out the door and asked the supervisor what was going on, she told me and off I went happily doing my shopping. when I came to pay for it, to the disgust of the angry mob I went to the front of the line as I had cash! and have always carried enough cash for 2 weeks groceries since Sept 4 2010, and enough food for 2 weeks in cupboards since Feb 22. I suspect it wasnt an outage as Eftpos claim, but a trail run for when the turds hit the fan.

  3. https://digitalcash.to/index.html

    What is Digital Cash?

    Digital cash is anonymous, untraceable, cryptographically secure money representing actual assets such as gold, silver, national currencies, or other asset types, which circulates in a private global wallet messaging system built on top of XMPP.

    Why Digital Cash?

    First, because privacy. Every form of state-sanctioned electronic money is controlled, monitored, and thoroughly spied upon by governments, either directly or through their many “licensed institutions.” Second, because the choice of what to use as money should be up to the free market, not to the state.

    • Digital cash is not private. With Bitcoin, the banksters prototype digital currency, every transaction is recorded in the blockchain, a public ledger that is shared with every participant in the bitcoin network. There is also a private ledger.

      When you buy bitcoins from an exchange they (or their bank) are supposed to follow know your customer (KYC) and they do this by using “anti-money laundering” protocols to identify you. Once your initial purchase is linked to your identity, every other transfer of Bitcoins can be traced back to you.

      I agree that we should have a different market, free from the central banks, wall st and the corporate monopolies.But I politely disagree that the concept “free market” exists as it was a term coined by the Chicago think tank to make people think they do not have a captured bank run market. Like how voting makes people think they have a democracy and can chose.
      Ultimately a digital currency would be very restrictive, controlling and costly to the people and very profitable to the banks and their govts.

      • “Digital cash is not private. With Bitcoin…”

        https://digitalcash.to/index.html

        Is This Like Bitcoin?

        In a word, no. This is bigger than Bitcoin, which is just one of the assets supporting a form of digital cash. Moreover the architecture of Bitcoin (and other cryptocurrencies) suffers from some significant defects, especially in regard to privacy.

        • Bitcoin digital cash was the bankers test run for digital currency.
          Digital cash is not private.
          Tracking and private legers on the cloud.
          It will only give the banksters more control and more profits.

          • The global banking cabal behind the cashless movement, when it rolls out digital cash, intends to ( imbed or )use the tracking”anti laundering” protocols .
            Best thing is to expose what the cashless digital movement is for =easy confiscations and control.

          • Best thing to do is expose, as without exposure problems go on being unexposed undiscovered.
            A distinction between making the problems worse by having a solution that the problem banksters desire such as a bankster digital currency.

          • You have no evidence that Voucher Safe is a form of bankster digital currency. VS’s stated goal of anonymity opposes the agenda of taxation and control of the banksters.

          • Of course the bankster’s marketed this specific financial product (with a private cloud ledger )to those against bankster and bankster taxation.
            Ironic and twisted .

    • …@uglytuth
      I cannot emphasis this enough digital cash is NOT private.
      Its a huge money maker and control system for the bankers. Bitcoin was just Bankster venture capital’s trial run though it was spun as a ” rebel currency” ironically to be tested and used by people that are wanting to opt out of the monetary system.
      Note: the link below has bankster lies, such as the claim they are regulated etc etc, but the point I wanted to make was showing what they are doing with Bitcoin technology.

      https://thestack.com/cloud/2016/01/21/bank-consortium-r3cev-successfully-tests-bitcoin-tech-in-traditional-bank-transactions/

  4. Yeah the spread is scary, central banks are moving very fast on it as they want to/have to retain control of energy( “currency”) as the world wakes up to the central banking fraud.
    What we need in Norway is DNB bank runs shutting down the banks, coupled with the people’s understanding of why the changes are being made. Knowing their deposits will belong to the bank, their money will be taken may be the a*s kick they need, causing a refusal to move to bankster digital currency. Right now they are just being sheeple about this.
    https://seeker401.wordpress.com/2016/01/23/chinas-central-bank-to-start-its-own-digital-currency/

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