Cash Ban is All about Control-Bill Holter… “The whole system is going to collapse. We are going to have a bank/financial system holiday where institutions are outright closed.”
Greg Hunter
USAWatchdog.com
February 21, 2016
Financial writer Bill Holter says there is a good reason some are pushing the idea of doing away with cash. Holter contends, “It’s not about the drug trade. It’s not about tax evasion. It’s really about capital controls. It’s about corralling the public’s funds into the banks. Then you go one step further, and they already put bail-in legislation into effect pretty much throughout the West. So, what they are doing is ring fencing your capital. If they really do away with all cash and all your funds have to be in the banking system, then basically you are completely controlled. . . . Individuals can be shut off because the state doesn’t like them.”
So, when will the powers try and go cashless? Holter thinks, “I don’t think the public would accept it if all of a sudden ‘boom’ they flip the light switch and say that’s the end of cash. . . . I think the public would revolt, and it’s not doable. I also don’t think there is enough time left in the markets to get it done. The cashless society will result from either a war or a collapse in the system. It will be part of the new system. That’s how they will implement it. It will be after something big happens.”
Holter says that “something” is going to be a global financial calamity worse that the Depression. Holter explains, “The whole system is going to collapse. We are going to have a bank/financial system holiday where institutions are outright closed. You are going to see bankruptcies and bonds going poof—just going away. This is what 2008 would have been had the Fed not spread $16 trillion all over the globe and probably much more than that. Now there is no central bank on earth that can ride in and save the system like they did in 2008. They have already shot all their ammunition. . . . When this collapse comes, there is nothing there to reflate the system. This is the greatest fear of central bankers since the 1930’s, and that is to have a deflation they can’t reflate.”
It gets worse because cashless will also mean negative interest rates. Holter says, “If we are in a cashless society, where are you going to go. You won’t be able to get your money out. . . .Banks will recapitalize themselves with bail-ins. If they would go to negative interest rates with a society that still has cash, then you would have people pulling cash out of their bank and putting it under their mattress. These central banks that are talking about negative rates are telling you they want to, and have to, debase the currency.”
On more rate hikes from the Fed, Holter says, “That’s true rocket science, no more rate hikes. Look what happened with just one rate hike. The wheels are coming off the car with just a quarter of a point hike.”
On gold, Holter says, “If you go back and look at it on a chart, gold and silver began their upward movement right about the time Japan started negative interest rates. The big scare was the Fed is going to tighten. The Fed is going to tighten, which is ridiculous. Even if they tighten 3% or 4%, which they can’t do because they would kill the economy, it’s still not competition for real money. You are looking at a currency that is debasing by that amount per year. Negative interest rates are telling you, you’ve got to get your money out of the banks because it’s a guaranteed loss.” Some of that money is finding its way into precious metals.
Join Greg Hunter as he goes One-on-One with financial expert Bill Holter of JSMineset.com.
(There is much more in the video interview.)
