A New Digital Cash System Was Just Unveiled At A Secret Meeting For Bankers In New York

By Michael Snyder, the Economic Collapse Blog.

Secret - Public DomainLast month, a “secret meeting” that involved more than 100 executives from some of the biggest financial institutions in the United States was held in New York City.  During this “secret meeting“, a company known as “Chain” unveiled a technology that transforms U.S. dollars into “pure digital assets”.  Reportedly, there were representatives from Nasdaq, Citigroup, Visa, Fidelity, Fiserv and Pfizer in the room, and Chain also claims to be partnering with Capital One, State Street, and First Data.  This “revolutionary” technology is intended to completely change the way that we use money, and it would represent a major step toward a cashless society.  But if this new digital cash system is going to be so good for society, why was it unveiled during a secret meeting for Wall Street bankers?  Is there something more going on here than we are being told?

None of us probably would have ever heard about this secret meeting if it was not for a report in Bloomberg.  The following comes from their article entitled “Inside the Secret Meeting Where Wall Street Tested Digital Cash“…

On a recent Monday in April, more than 100 executives from some of the world’s largest financial institutions gathered for a private meeting at the Times Square office of Nasdaq Inc. They weren’t there to just talk about blockchain, the new technology some predict will transform finance, but to build and experiment with the software.

By the end of the day, they had seen something revolutionary: U.S. dollars transformed into pure digital assets, able to be used to execute and settle a trade instantly. That’s the promise of a blockchain, where the cumbersome and error-prone system that takes days to move money across town or around the world is replaced with almost instant certainty.

So it is not just Michael Snyder from The Economic Collapse Blog that is referring to this gathering as a “secret meeting”.  This is actually how it was described by Bloomberg.  And I think that there is a very good reason why this meeting was held in secret, because many in the general public would definitely be alarmed by this giant step toward a cashless society.  Here is more on this new system from Bloomberg

While cash in a bank account moves electronically all the time today, there’s a distinction between that system and what it means to say money is digital. Electronic payments are really just messages that cash needs to move from one account to another, and this reconciliation is what adds time to the payments process. For customers, moving money between accounts can take days as banks wait for confirmations. Digital dollars, however, are pre-loaded into a system like a blockchain. From there, they can be swapped immediately for an asset.

“Instead of a record or message being moved, it’s the actual asset,” Ludwin said. “The payment and the settlement become the same thing.”

Why this is so alarming is because we are seeing other major moves toward a cashless system all over the planet.  In Sweden, 95 percent of all retail transactions are already cashless, and ATM machines are being removed by the hundreds.  In Denmark, government officials actually have a stated goal of “eradicating cash” by the year 2030.  And in Norway, the biggest bank in the country has publicly called for the complete elimination of all cash.

Other nations in Europe have already banned cash transactions over a certain amount. Here are just a couple of examples

As I have written about previously, cash transactions of more than 2,500 euros have already been banned in Spain, and France and Italy have both banned all cash transactions of more than 1,000 euros.

Little by little, cash is being eradicated, and what we have seen so far is just the beginning. 417 billion cashless transactions were conducted in 2014, and the final number for 2015 is projected to be much higher.

The global push toward a cashless society is only going to intensify, because banks and governments both tend to really like the idea of such a system.

Banks really like the concept of a cashless society because it would force everyone to be their customers.  There would be no more hiding cash in a mattress at home or trying to pay all of your bills with paper money.  Under a cashless system, we would all be dependent on the banks, and they would make lots of money whenever we swiped our cards or our “chips” were scanned.

Governments see a lot of advantages in a cashless society as well.  They tell us that they would be able to crack down on drug dealers, tax evaders, terrorists and money launderers, but the truth is that it would enable them to watch, track, monitor and control virtually all of our financial transactions.  Our lives would become open books to the government, and financial privacy would be a thing of the past.

In addition, the potential for tyranny would be absolutely off the charts.

Just imagine a world where the government could serve as the gatekeeper for who is allowed to use the cashless system and who is not.  They could require that we all submit to some sort of government-issued form of identification before being permitted to operate within the system, or it is even conceivable that a loyalty oath would be required.

Of course if you did not submit to their demands, you could not buy, sell, open a bank account or get a job without access to the cashless system.

Hopefully people can understand where this is going.  Paper money is a very important component of our freedom, and if it is taken away from us that will open the door for all sorts of abuse.

Even now, cash is slowly being “criminalized” in America.  For example, if cash is used to pay for a hotel room that is considered by federal authorities to be “suspicious activity” that should be reported to the government.  Of course it isn’t against the law to pay your hotel bill in cash just yet, but according to the government it is something that “terrorists” do so it needs to be closely watched.

It doesn’t take a whole lot of imagination to see where all of this is going.  And for those of us that understand what time it is, this is a clear indication that it is getting late in the game.

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  • yEshUA ImmAnUEl

    “Know the Divinity that is within you,
    That you may know the Divine One,
    Of which your Soul is but a ray.”

  • yEshUA ImmAnUEl

    “Value kindness and helping others above all. When life seems to be moving backwards, help others.”

    “Every man is guilty of all the good he did not do.”

    “Let us remember that the material life of man is only one second of his existence, and that it is one of the most unprofitable things in the world to be selfish. Selfishness is the road to the Hells of the soul world. Evil on earth produces suffering in the next world as all accounts must be balanced.”

  • yEshUA ImmAnUEl

    “The body is frail and almost lifeless but if the soul can gain knowledge and experience then the soul will learn what it is and its relation to all. The soul will learn that through its relationship to divinity is immortal only when the whole, the two rays(alpha/omega) of the Divine Ego, are joined and blended as as one.”
    “Only illumination could arouse the dormant organs of the spiritual brain, thereby, causing the soul to vibrate and set in motion the vitalizing currents to the spiritual portion of the brain.”
    “When the wonderfully developed soul gains the supremacy over the brain then the greatest change will manifest.”

  • yEshUA ImmAnUEl

    “Becoming a monarch of unsurpassed power and magnificence is an empty bubble or child’s toy to him who hungers and thirsts, day and night for wisdom and for the knowledge of the more inner secrets of Nature.”

    “The more intensely I yearn heavenward, the more shall I bring down heaven to dwell in my soul.”

  • yEshUA ImmAnUEl

    Genesis 13:13
    Now the people of Sodom were wicked and were sinning greatly against the Lord.

    • yEshUA ImmAnUEl

      “I tell you again, and of a truth, no dogma is real that is not spiritual. If it be true, and yet seem to you to have a material signification, know that you have not solved it. It is a mys­tery: seek its interpretation. That which is true, is for spirit alone.”

    • unheilig

      Pink.

      • yEshUA ImmAnUEl

        “Conscience has become eclipsed by self-interest, mind obscured by matter, and man’s percipience of his higher nature and needs suppressed in favour of his lower. The rule of conduct among men is fast becoming that of the beast of prey : — self before all, and that the earthly, brutish, and ignoble self. Everywhere are the meaning and uses even of life seriously called in question ; everywhere is it sought to sustain humanity by means which are in them selves subversive of humanity ; everywhere are the fountains of the great deep of human society breaking up, and a deluge is seen to be impending, the height, extent, and duration of which no one can forecast.”

  • nick quinlan

    And the time for revolution draws closer all the time

  • Nick

    This is not up to the standard of this website’s usual commentary. A better article would be: Banks creating their own version of Bitcoin, digital currency is the last battle ground for our freedom.

  • Marilyn Shealy

    So under this type of system what would you do when you need your lawn mowed or someone to shovel your snow? My favorite slot machine would be excepting my bank card-lol! What if you share your money with someone else. Its all about power and control of the people and puts a total tracker on everything you do for sure. Our right to privacy will be gone. They could also limit what you use or take out at once.

  • Laura Green

    So, now we will be controlled even more. Where we go, what we eat and where we eat.