Central banks aim to institute “governmental approval” for all purchases and sales
Economist Martin Armstrong claims there is a “secret meeting to end cash” set to take place in London before the end of the month involving representatives from the ECB and the Federal Reserve. Armstrong, who is known for successfully predicting the 1987 Black Monday crash as well as the 1998 Russian financial collapse, expressed his shock that no news outlet has reported on this upcoming conference.
Phi Beta Iota: The government can certainly intercept bulk physical cash but the government is way too stupid and slow to detect and intercept alternative digital currencies. There are many good reasons to move to cashless societies, and there are many good reasons to guarantee anonmnity, identity, privacy, and security. The government and the banks understand the first half, they do not understand nor respect the second half. On balance we support the move to a cashless society in part because the processing power that will come with that could be a foundation for migrating to public understanding of true costs of everything, and an enabler of holistic analytics that wipe out corruption and waste (50% of the economy). If governments do not get a grip on trust as the foundation for all transactions, they run the risk of losing access to taxable transactions.