Goodbye $100 bill

The US currency is now only printed in bills in seven denominations: $1, $2, $5, $10, $20, $50, and $100. But previously, when the country was still free, there were also five larger denominations: $500, $1,000, $5,000, and $10,000.

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The modern Monopoly game still has the $500, and older editions have the $1,000 bill.

The U.S. stopped printing the $1,000 bill in 1946. The $500 bill was banned in 1969 and now the government is gearing up to ban the $100 bill.

In 1930 the average cost of new car was $640.00. You could buy a brand new car with a single $1,000 bill and get change back.

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In 2015, the average cost of a new car was $33,560 according to USA Today.

After they ban the $100 bill, you will have to carry 672 fifty dollar bills with you to buy a new car.

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When buying and selling cars, I only deal with individuals. This means only cash because any form of cashiers check, certified check or money order can be easily faked. If it is not fake it is easy to stop payment on it once you get the goods. So cash is still very important.

This should raise red flags because since the illegal and unconstitutional Federal Reserve (which is not federal and has no reserves) was created in 1913, our currency has been devalued by 95%.

The larger bills buy you less and less each year, but the government keeps whittling down the larger bills anyway.

Between the founding of America and 1913, the U.S. dollar was a real store of wealth. Except during wartime periods, inflation within the United States was essentially zero. If you saved one dollar in 1800, a hundred years later you could still purchase approximately the same amount of goods with your savings.

But in 1913 the Federal Reserve was created and the U.S. dollar started down a long, steady road of devaluations. Using the U.S. government’s own figures, to obtain the same amount of purchasing power of $100 in 1913, you would need over $2,000 today.

If you are paying attention this is really about banning cash, not about stopping terrorists. How many terrorists did we have in 1946 or 1969?

How much louder can the “ban cash” calls get?

Banning physcial currency is the only way to ensure that depositors can’t protect themselves under a low or zero rate regime.

Put simply, if interest rates get too low, depositors will simply take their cash money out the bank and put it in the mattress or the safe where interest rates are always low no matter what central bankers do.

Let’s say consumer spending is stagnating. No problem, take rates to -20%. We bet they’ll start spending then – either that or see their desposits haircut by 20%.

In short, no cash means no effective lower bound and with no lower bound, the Orwellian economy can be completely centrally planned – for all intents and purposes.

Consumers not spending? No problem. Just tax their excess account balance. Economy overheating? Again, no problem. Raise the interest paid on account holdings to encourage people to stop spending. Citi, Harvard, Denmark and Peter Bofinger, member of the German Council Of Economic Experts are all onboard and Sweden (already one of the leaders in the cashless society movement) is looking to phase out a series of new bank notes it just introduced last year and mover ever closer to the cashless utopia.

“Last year Sweden introduced a series of new banknotes replacing its old kronor notes. But figures suggest these too could be gone from circulation in half a decade if the development towards a cashless society continues,” The Local reports,” continuing that “cash transactions today represent no more than two percent of the value of all payments made in Sweden, [and that estimate] will drop to below 0.5 percent within the next five years.

Some welcome the trend – big banks, big governments, and credit card providers, for instances – others have reservations. ““It is happening at a furious rate. And it’s important to many older people to be able to use cash. I mean, today it is legal tender and you have to be able to use it until parliament decides otherwise,” Christina Tallberg, chairwoman of Swedish pensioners’ organization PRO, told Swedish Radio on Friday.

Well, until parliament or perhaps more appropriately, until The Riksbank and Sfean Ingves decides it. Because at -0.55, it’s a “how much lower can you go type scenario.”

Well, if you go kronor-less, that question ceases to make sense. The “problem” simply goes away.

“Sometimes you have to learn new things. It’s a little awkward for a transitional period, but I think it’s going to be so simple that you pretty soon realize that this is a lot easier and better than having cash,” said working environment ombudsman Krister Colde of the Commercial Employees’ Union (Handels).

Famous last words Krister.

That no one will be able to buy or sell, except the one who has the mark, either the name of the beast or the number of his name. Revelation 13:17

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About avirginiapatriot1776

I hope we have once again reminded people that man is not free unless government is limited. There’s a clear cause and effect here that is as neat and predictable as a law of physics: as government expands, liberty contracts. — Ronald Reagan
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