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Cranky4u
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December 18, 2016, 10:53:39 PM
 #1

Venezuela is latest country to ban larger notes...chaos erupts!

http://www.news.com.au/finance/economy/world-economy/venezuela-leader-says-cash-crackdown-a-victory/news-story/ea9879dbf760bb35b58e86aef35d3bec

Coutnries banning, or considering banning, larger notes;
1. Australia (banning $100)
2. India (banning R2000 & R1000)
3. Venezuela (banning B100)
4. Denmark (retail can refuse cash - all denominations)

Reuters article in 2015 forewarning of cash crack down and the rise of crypto-currencies, gold, wine & art! http://www.forbes.com/sites/michaellingenheld/2015/05/29/the-crackdown-on-cash/#dcf0fb05dee2

Aussie article https://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=web&cd=5&cad=rja&uact=8&ved=0ahUKEwi1yZTZ6f7QAhVFgbwKHdJ5CS8QFggqMAQ&url=http%3A%2F%2Fwww.news.com.au%2Ffinance%2Feconomy%2Faustralian-economy%2Freserve-bank-defends-100-note%2Fnews-story%2F66b2c2fcafdfa7154435070340f2fdea&usg=AFQjCNHQed6OdNUTRtL-HLffK-ZFAXRK2A&sig2=oeelobTBOFAws3fV2uWWZw

Indian article https://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwjixt7q6f7QAhXMUrwKHWa_DfgQFggcMAA&url=http%3A%2F%2Fwww.news.com.au%2Ffinance%2Feconomy%2Fworld-economy%2Ffive-ways-indians-are-dodging-black-money-crackdown%2Fnews-story%2F69f398efa350f58c23d3416c277bee6d&usg=AFQjCNG-CKHmu3_v_Lr7k0gACF0CaW4gpQ&sig2=hoT_E9fx3_dVU-tUib0BCw&bvm=bv.142059868,d.dGc

Denmark article http://www.reuters.com/article/denmark-cash-idUSL5N0XX2ZQ20150506


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December 18, 2016, 11:06:30 PM
 #2

Venezuela is latest country to ban larger notes...chaos erupts!
 
Coutnries banning, or considering banning, larger notes;
1. Australia (banning $100)
2. India (banning R2000 & R1000)
3. Venezuela (banning B100)
4. Denmark (retail can refuse cash - all denominations)

India banned Rupees 1000 and 500 currency notes and released a new Rupees 2000 and new 500 notes. But the problem is people are finding it difficult to get change nor get money out of our accounts in bank. The ban of Venezuela are put on hold because the people were against the ban and that is what i heard in news.




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December 18, 2016, 11:21:37 PM
 #3

to be fair india and venezuela are more about note replacement than outright abolishment, with a side order of black money punishment, but they've both been handled abysmally.

conditions certainly are riper than ever for authorities to attempt to curtail cash as much as possible and their populations seem way too happy to run towards it as well. there aren't enough people stepping back to think what it could actually mean for them somewhere down the line.
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December 18, 2016, 11:26:00 PM
 #4

I have to point this out:  The US took large notes out of circulation a long time ago, the $500 and above notes.  They weren't demonitized, though.  Is all of this much different than that, or is this a situation where it'd be like taking the US $100 out of circulation? 

People aren't getting robbed by any of this happening, are they?  I assume the concern here is that this is all more steps toward being cashless...am I correct?  I confess I don't read much news.

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December 18, 2016, 11:29:32 PM
 #5

correct. denmark and sweden really ain't too far away from being fully cashless now.

these moves haven't robbed anyone of their money in theory, but they've certainly created a massive amount of needless hardship in india and venezuela. commerce has ground to a halt in a lot of places as they didn't make enough preparations to convert and supply the notes.
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December 18, 2016, 11:55:09 PM
 #6

Summary of events i have been watching for past few years...thoughts welcome.

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Venezuela is latest country to ban larger notes…chaos erupts!

As a long term thinker / futurist, I see patterns and strategies often long before the majority of people around me. I also conduct aspects of this in my professional life as an engineer, developing long term technical strategies and influencers over the 5 ~25 year time frames.

The fiat currency experiment that has been pushed upon the vast majority of citizens around the globe since 1940~1950s, involving the replacement of the gold standard with a promise, has created a massive debt enslavement of both current and future generations. In an effort to squeeze the last few drops of value out of a country’s population, we recently had quantitive easing (QE) which transferred wealth from the middle class to the stock exchange floated business owners. The latest, and probably last attempt – as seen throughout history as we repeat another financial cycle as per the last 3000 years, the governments of the day are choking the last few cents by banning aspects of the fiat they created in an effort to increase financial deposits into the banking sector. The theory being to bring in currency from the black market however the slippery reality is that is leads to more authoritarian oversight of people’s finance and lives. Each deposit attracts a tax and any larger deposits attract extra scrutiny from the tax department, typically a default extra tax is enforced simply as a punishment for withholding cash from the Govt.

What makes this cycle different is the traditional method for retaining personal wealth during the final stages of an economy life cycle, being gold / wine / art / gems, are also being squeezed as the digital age seeks to make personal holdings difficult (discouraged) through to illegal. These are being replaced with “managed, tracked and taxed” paper (nigh fiat) management practices which enforce taxations at the dictated levels.

For the majority of people, this might not sound so bad so far. Both history and recent actions tell us this is just the tip of the iceberg and whether you are a grade A money launderer or average Joe on the street, you both will be treated the same.

Already this year we have seen at least four countries take steps to commence banning of larger denominations of their currencies in an effort to force currency back into their systems.

Countries banning, or considering banning, larger notes;
1. Australia (banning $100)
2. India (banning R2000 & R1000)
3. Venezuela (banning B100)
4. Denmark (retail can refuse cash – all denominations)

What has me really concerned is that this is a very slippery slope to full financial control and oversight of every purchase you make. “So what?!?” some people will say…Every transaction from the sunday newspaper through to your adult sex-shop purchasing preferences. Compounding this, if you upset the government, it would be conceivable for them to turn off your complete profile; effectively removing any access to the civil system – money, bill payment, fuel and even food from the shops until you comply.

Some think this is crazy talk, well China has already started invoking such a system under the guise of a “social credit” rating system. Going back to 2012, the Cyprus financial hair cut took 10% of all funds stored within their banking system.In 1933, the good old US of A, conducted Executive Order 6102 by President Franklin D. Roosevelt “forbidding the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States” resulting in people being forded to exchange those goods for promisary notes.

For myself, this future is very clear. As I explained in my opening, the majority of people cannot think beyond one or two stages of a future, let alone string together a complex system or collection of events. For those few whom can, it is like looking into a nightmare and not being able to awaken…

Not wanting to conclude on a “1984 style doomsday is nigh” theme, the future can be redirected however it requires the majority to do something. Doing nothing will result in a dark future where your options and true freedoms are reduced to a sequence of default options that attempt to cerate a perception of choice. I urge people to do something positive in creating a future they want for themselves and their children, push back against the demonitisation and regain your freedom to choose how to spend your money without someone looking over your shoulder!

burning-dollar-sign-cos

Source articles below.

    Reuters article in 2015 forewarning of cash crack down and the rise of crypto-currencies, gold, wine & art!
    China social credit
    Cyprus hair cut
    Executive Order 6102 (USA)
    Venezuela
    Aussie
    Indian
    Denmark

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December 19, 2016, 12:14:41 AM
 #7

correct. denmark and sweden really ain't too far away from being fully cashless now.

these moves haven't robbed anyone of their money in theory, but they've certainly created a massive amount of needless hardship in india and venezuela. commerce has ground to a halt in a lot of places as they didn't make enough preparations to convert and supply the notes.
Yeah, that sounds more like governments not thinking things through enough--not surprising.

There is so little resistance to going cashless, it's crazy.  People could fight this if they wanted to, but they don't.  The plebians themselves hate carrying cash!  I don't, but I'm in the minority.  We've been headed this way for decades now.  How much more debased can our currency become?  There's not even any precious metals left in our coinage.  Now our money isn't even going to physically exist!  LOL

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December 19, 2016, 12:17:04 AM
 #8

well China has already started invoking such a system under the guise of a “social credit” rating system.

i was reading about this not long back. it sounds insanely scary even if they're calling it optional for now and it's very clever of them to include peer pressure as an element in it. pair that with total control over your money and that's something that orwell wouldn't even have imagined.


Now our money isn't even going to physically exist!  LOL

it's already the case for 90 something per cent of it anyway but i wonder what people are gonna think when the last real coin and note is gone. i use cash a lot. i think whether the population accepts it is alot to do with individual countries and their demographics. it'll be too late anyway when it does happen and i'm sure it will.
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December 19, 2016, 12:20:36 AM
 #9

You forgot to mention Sweden, which is on the forefront of killing physical currency since years. As the fiat debt money scam is nearing its inevitable collapse, governments around the world are increasingly desperate to squeeze out their citizen even further.

The demonetization of physical cash is a measure directed towards the enforcement of negative interest rates and higher taxes, leaving no financial escape route for the citizen. This scenario is horrific, because it maximizes the despotic power of governments, providing for total dictatorship.

We should consider ourselves extremely lucky to have Bitcoin as a life boat.

ya.ya.yo!
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December 19, 2016, 12:22:56 AM
 #10

We should consider ourselves extremely lucky to have Bitcoin as a life boat.

but unless bitcoin becomes a largely closed loop in time, they'll be able to massively restrict the people's ability to get in and out of bitcoin.
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December 19, 2016, 12:40:33 AM
 #11

We should consider ourselves extremely lucky to have Bitcoin as a life boat.

but unless bitcoin becomes a largely closed loop in time, they'll be able to massively restrict the people's ability to get in and out of bitcoin.

We don't need to get out of Bitcoin. We need to get in though. And you're right: For Bitcoin to become a truly independent currency, we clearly need a closed-loop Bitcoin only economy.

The problem with the current state of the Bitcoin economy is that it lacks supply from the primary sector. We already have a highly differentiated service sector, but there are almost no farmers, food producers or raw material producers. For Bitcoin to really break through, we must close this gap. People and businesses must be able to buy their daily necessities with Bitcoin only, without being forced to do any fiat conversion.

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December 19, 2016, 07:48:23 AM
 #12

Venezuela is latest country to ban larger notes...chaos erupts!

http://www.news.com.au/finance/economy/world-economy/venezuela-leader-says-cash-crackdown-a-victory/news-story/ea9879dbf760bb35b58e86aef35d3bec

Coutnries banning, or considering banning, larger notes;
1. Australia (banning $100)
2. India (banning R2000 & R1000)
3. Venezuela (banning B100)
4. Denmark (retail can refuse cash - all denominations)

You would think countries would learn from the mistakes of others. The demonitization exercise in India has resulted in total chaos, with the situation not normalizing even after almost 2 months. It is surprising that other countries are venturing out in the same path.
Every misstep by countries with respect to monetary policy is a step up for Bitcoin.
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December 19, 2016, 11:25:01 AM
 #13

--------------
2. India (banning R2000 & R1000)
----------------
I think its R500 and R1000 notes they have banned and released new R500 and R2000 notes with complete new design.

Many countries are now slowly banning their bigger notes to digitized their economy however this have resulted lots of panic throughout the country and situation in india is still worst, news are coming out that most of the ATM is running out of cash within few hour.

Venezuelan government however postpones their bans after chaos that they can't handle https://www.theguardian.com/world/2016/dec/18/venezuela-postpones-bank-note-ban-after-chaos-and-cash-shortages

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December 19, 2016, 01:03:57 PM
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Nicolas Maduro which is the president or might i say dictator of Venezuela, said recently that he will let people exchange their money until january 2017, then the ban on the 100 venezuelan dollar thing bills will go in full force which is when we will see some serious shit, so I predict something to happen in january. The Donald Trump election oficially entering in the white house is also a big event to look forward to form arket moves.
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December 19, 2016, 01:12:47 PM
 #15

--------------
2. India (banning R2000 & R1000)
----------------
I think its R500 and R1000 notes they have banned and released new R500 and R2000 notes with complete new design.
Yup that is correct, they indeed replaced the Rs500 note and introduced a new Rs2000 note while completely abolishing Rs1000 note. But many people are not happy about this, as the Gov, did this mainly to curb the black money but many people thing the Rs 2000 note just makes it more easier to store black money. Also the implementation of this was very poor, very less new notes were printed and mostly that too only Rs 2000 which is making it impossible for people to get change, its been over a month now but still there are very few new note sin circulation.
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December 19, 2016, 03:06:33 PM
 #16

--------------
2. India (banning R2000 & R1000)
----------------
I think its R500 and R1000 notes they have banned and released new R500 and R2000 notes with complete new design.
Yup that is correct, they indeed replaced the Rs500 note and introduced a new Rs2000 note while completely abolishing Rs1000 note. But many people are not happy about this, as the Gov, did this mainly to curb the black money but many people thing the Rs 2000 note just makes it more easier to store black money. Also the implementation of this was very poor, very less new notes were printed and mostly that too only Rs 2000 which is making it impossible for people to get change, its been over a month now but still there are very few new note sin circulation.

The gov always make right decision according to them but not for entire citizens, and many people suffer under the average rates of income. At least economics in India not so bad as Venezuela, these situations make things clear about fiat money.
Fiat money isn't that worth to storing so much due to inflation, which mean the value of fiat money constantly to decreases over time compare to goods prices.
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December 19, 2016, 03:40:38 PM
 #17

Nicolas Maduro which is the president or might i say dictator of Venezuela, said recently that he will let people exchange their money until january 2017, then the ban on the 100 venezuelan dollar thing bills will go in full force which is when we will see some serious shit, so I predict something to happen in january. The Donald Trump election oficially entering in the white house is also a big event to look forward to form arket moves.

That's pure speculation. I don't think that the two events mentioned will have any noticeable effect, because they are expected and are therefore priced in.

The extension of the exchange deadline of B$100 bills by socialist dictator Maduro was a reaction on the violent protests of desperate Venezuelans fighting for survival. Maduro is a pathetic corrupted criminal that should be brought before an international court to be convicted for his crimes that caused death and injury to thousands of Venezuelans.

Given the hyperinflation in Venezuela, the government should have already introduced higher denomination bills to support economic activity months ago...

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December 26, 2016, 06:52:05 AM
 #18

I think ur article needs edit .as india banned 1000 and 500 rs notes with replacement of 500 and 2000 rs notes .while on the other hand ther is no venezuala demonetization at all because of the death of 1 person.
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