The Real Reason Why Global Elites Are Implementing a Cash Ban
by Phoenix Capital
ZeroHedge.com
Dec 10, 2016
Those who think the War on Cash is a new phenomenon are missing the Big Picture.
The War on Cash has been unfolding since at least 2013 if not earlier. And it’s not really a War on Cash… it’s a desperate attempt to prop up failing financial institutions.
Let’s wind back the clocks…
Back in 2013, the small European country of Cyprus implemented a “bail-in.”
This means that the bank STOLE savings (cash) from depositors, to shore up its balance sheet.
You see your cash, the money you keep at a bank, is considered a “liability.” The reason for this is that, technically speaking, you can withdraw this money at any time.
So if the bank has made a bunch of stupid loans to failing businesses… and those loans are defaulted upon… the bank NEEDS your cash to stay afloat. If a large number of depositors were to take their money out during this situation, the bank would quickly go bust.
THIS IS THE REAL WAR ON CASH.
If cash remains solely in electronic form, it never really leaves the financial system. But if you take it out in physical form, it’s out.
This is why whenever the next major banking crisis hits, the next step will be Bank Holidays and Bail-ins.
If this seems ridiculous, consider that back in 2012, the FDIC implemented plans that stated should a another crisis hit, “systemically” important financial institutions could be taken over with bank accounts frozen and used in “bail-ins.”
2012… FOUR years ago and a year before the Cyprus bail-in was implemented.
The Rest…HERE
