The Continued War on Cash
By Todd Strandberg
November 21, 2016
The heads of government, the mainstream media, and banking institutions have become obsessed with the idea that currency is evil. Because cash cannot be traced or controlled, it is blamed for drug dealing, terrorism, money laundering and tax evasion. The solution to this problem is the introduction of a cashless system that will allow the government to monitor all transactions.
Indian Prime Minister Narendra Modi had the black market in mind when he ordered the withdrawal of current 500 and 1,000 rupee notes from circulation. Modi said that while people could exchange their old notes for new bills at banks or post offices until the end of the year, or deposit them in their accounts—they are now no longer allowed for daily transactions.
“To break the grip of corruption and black money, we have decided that the 500 and 1,000 rupee currency notes presently in use will no longer be legal tender from midnight that is 8 November, 2016,” he said in a televised address to the nation.
Finance secretary Das said there had been a disproportionate rise in the number of 500 and 1,000 rupee notes in circulation in the last five years.
The 500 and 1,000 notes, which are worth around $7.50 and $15 respectively, are the largest bills in use in India. The average Indian only makes about 200,000 rupees or $3,000 a year. Numbers logic would call for the printing of 5,000 and 10,000 notes; but that would make it easier for the criminals to haul around the cash used for their fraudulent schemes.
The sudden move has triggered total panic in the nation. The Indian people are lined-up at banks trying to deposit their cash or exchange it for new notes. All types of business transactions that depend on cash have come to a standstill. The value of the rupee has dropped on foreign exchange markets.
The Indian government has a history of trying to restrict the financial options of its citizen. In 2013, the government imposed a 10 percent import duty on gold to dampen demand for the precious metal in the world’s second biggest consumer.
The rich people of India have no trouble escaping taxes and exchange rules. Their money is safe in Swiss and Singapore bank accounts. Over the past decade, some $439 billion left the country, according to estimates from the Global Financial Integrity group in Washington.
When the dust settles in India, I doubt the government is going to have a large windfall from taxable money that suddenly appears in the bank accounts of their citizens. India’s largest employment sector is agriculture—which employs literally hundreds of millions of people. It is completely exempt from paying income tax. The only people who do regularly file income taxes are believed to be salaried employees at big companies whose bosses file for them.
Despite widespread chaos and economic uncertainty in India following its surprise announcement, UBS Bank analysts think Australia should follow India’s lead and scrap its 100 dollar bank note. UBS supports the move because it would increase bank deposits in Australia by about 4 percent.
One major victim of the war on cash is the 500 Euro note. In May, the European Central Bank said it will no longer produce the 500 Euro note because of concerns that it could help facilitate illegal activities. Politicians and bankers would also like to get rid of the $100 U.S. note, Switzerland’s 1,000 franc note and Britain’s 50 pound note.
I think it is a great danger to allow government to use excuses to restrict access to cash currency. Governments should exist for the pleasure of the people, and not the other way around. It just seems that a demonic spirit is driving the world closer and closer to the point where the financial powers will be able to dictate how we live our lives.
Anyone who has a basic understanding of Bible prophecy should recognize the danger of cashless system. The Bible predicts that the Antichrist will use a financial system that allow him to enslave the world. All who fail to receive the mark of the beast will be locked out of the banking system. Because the 666 mark will occur within the Tribulation hour, believers in Christ have the hope of escaping this sinister financial system.
“And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name” (Rev.13:16-17).