Why do the U.S. and EU REALLY want to eliminate high denomination currency?

By George Miller

The U.S. eliminated large bills years ago. The Franklin – $100 bill is now the largest. But, now they want to ban those and go down to $20 bills. The largest EU (European Union) bill is €500 (Euros) and they want to drop that down to €100. The only problem is that the vast majority of currency value thought to be outstanding is in those same large bills.

Why eliminate them?  Two reasons, it seems. The U.S. claims that high denomination bills facilitate crime and tax evasion. It wants visibility and control of all transactions to be forced through banks and trackable electronic transactions. Banks will attempt to levy a toll on all such activity, of course. This also gives the government enormous power over people, for good or evil and eliminates all financial privacy and much control over the funds. This may be just a waystation for the elimination of all physical cash- for your convenience and efficiency, of course.

But another bigger, nearer and dearer-to-the-heart reason for both U.S. and EU is forcing “ZIRP” on us. And what is ZIRP, you ask?  Zero interest rate policy.

Because the  worldwide economy has tanked so badly in the last decade, central banks have reacted by lowering interest rates, until the interbank rate was 1/4% or less. This is theoretically  supposed to stimulate economic activity. It hasn’t worked too well. The Federal Reserve is a private banking cartel unconstitutionally licensed by the U.S. Congress to create and manage the currency. It taking on an increasingly wide range of U.S. financial policy. It may have to retreat on its highly ballyhooed recent 1/4% increase in the interbank lending rate, which might be justified by a health and growing economy, which isn’t quite happening.

But, it’s even worse- banks want to “pay” you negative interest rates- NIRP, which we warned you about nearly a year ago.  In other words, you would be forced to pay them for the privilege of banking with them. This is no joke. It is already in place in Japan and a few U.S. banks are charging a deposit fee and paying little or no interest on certain very large accounts, where no other options may be readily available to customers, since no one in his right mind would “invest” in negative returns.  The bankster geniuses think that this is the new economic R_x.

But, of course, when real inflation is factored in, most people are already getting negative returns. This just makes it worse. So, look for people to spend faster or put their money into hard assets which don’t depreciate so much. That’s getting pretty hard, too, since many hard assets, such as iron, steel, oil, copper, and more, have been crashing due to lower worldwide economic activity.

Read about the central banks’ plot to gain much greater control of currency -and why- in investing channel.com

Largest bank banning use of cash and paying negative interest rates?

By George Miller- JP Morgan Chase, the largest bank in the U.S., will be paying negative interest rates- yes you read that right- and banning cash, for many transactions. No, this is not the Twilight Zone- it is for real and it may be just the tip of the iceberg. The financial-savvy blog  ZeroHedge wrote […]

April 24, 2015

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George Miller is Publisher of Citizensjournal.us and a “retired” operations management consultant, active in civic affairs, living in Oxnard.

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