As I have mentioned in previous articles, 95% of the world’s money is created as debt by private banks and on which they earn interest on every financial transaction we make. To recap, when you use your credit card to buy something the amount that subsequently appears on your statement is how ‘money’ is created.
Your purchase creates money and when you pay of the statement the money disappears. During this process, as we all know, the banks are earning interest. It’s the same thing when you use your card to get cash out of the ‘hole in the wall’. You put your card in and cash comes out but only after the bank has made a thumping charge for the privilege.
However, once you have the cash you can use it to make many transactions and the banks can’t charge you for those. They have just had the one bite at the cherry on that original withdrawal.
Not content with this, they are now focussing their attention on ensuring they get to earn from EVERY interaction we have with money. They are doing it by slowly reducing the use of cash through reducing what they are prepared to allow us to use it for, until it is finally eradicated.
JP Morgan Chase are leading the field in testing and pioneering new policies of their own in cities across America. They will no longer accept cash for mortgage repayments, paying credit card bills or make repayments on car loans. Neither will they allow cash or bullion to be stored in Safety Deposit Boxes. Indeed customers have to sign a declaration that they will not store any cash or coins that are not to be found to have a ‘collectible value’!
It will not be long before other banks and companies follow suit. ‘Plastic’ will enable them to earn on ALL our financial transactions because they will then be able to identify when and where we are spending. (Buying a UK rail ticket is now cheaper if not using cash and many other services are being surcharged in a similar fashion!)
This has all come about through the phenomenon of negative interest rates, where investors pay the banks to look after their investments rather than them paying us! How this has got to the lunacy that is now being perpetrated upon Society is beyond me. Except that it is supported by the cloak of mystery that the banks have always exercised on how our money comes into being and how it is managed and manipulated.
There is also the inevitable propaganda promoted by the banks about how cash benefits crime and the ‘black economy’ because it is difficult to trace and it also encourages terrorism. The constant re-use of ‘paper’ money can promote ill-health and disease!
Isn’t it funny how these same problems (with the exception of the health issue) were headlined when cryptocurrencies, like Bitcoin, first reared their heads? The fact that banks are regularly found guilty of money laundering is allowed to disappear into the ether, along with other dubious practices such as the LIBOR rate fixing scandal but I digress.
What, for me, is of far more sinister concern is that if we lose our rightful ability to financially interact with each other in any way we choose and are restricted to ‘technological transfers’, be they plastic cards or smart phones, we hand over too much power to governments and banks, as another means of surveillance.
Precedents for abuse have already be created with WikiLeaks and Edward Snowden, where their bank accounts and any other means of financial transactions, including PayPal, were illegally shut done. Once the ability is there it only takes a point of view and a consensus, by those in control, to allow this abuse to spread like a cancer into the heart and soul of Society and no one person will be safe from its reach.
This elevates government control to a whole new level which, given current increasingly lax levels of accountability could result in us being denied access to our money for something as trivial as a traffic violation.
No, I don’t think I am being excessive here. The corporate world and governments have shown with both Fracking and TTIP that they have little concern for our status as voters or customers. They are increasingly acting with impunity and the crime that is now being perpetrated upon our finances comes from an arrogance that believes it cannot be touched.
SNP’s leader, Nicola Sturgeon, is a shining example of a new political strength that is speaking with the people, in demanding TTIP be vetoed on corrosive clauses that threaten our democracy. We need more leaders who are prepared to support, what the people can already see as threatening and act with and for the people, rather than the corporate world.
Until the next time.
Thinking from his Book: Global Magna Carta. Returning Power to the 99% . . . If They Want It! By J T Coombes