Back in 1933, Roosevelt implemented Executive Order 6102 “forbidding the Hoarding of gold, coin, gold bullion, and gold certificates within the continental United States.” Now in 2016, they’re coming for your cash.
Earlier this year, Argentina issued a plan to print bills of larger denominations in order to compensate for the loss in value of the peso caused by inflation, while at Harvard, scholars made the case to ban the $100 bill.
The European Central Bank recently announced they have put a plan in motion to phase out the 500 euro note. Like many other counties, the U.S. is experiencing the ramifications of a debased currency; What $20 could purchase in 1913 would cost nearly $500 today.
While I am no proponent of the fractional reserve system and its esteemed printing press, I am however, an advocate of the minting of higher denominations of the Federal reserve notes. This would help compensate for inflation, and give individuals the ability to retain the holding capacity for paper currency.
Due to the effects of inflation, it would make sense for the Treasury to once again print bills in denominations of $500 and $1,000. Legally, the Treasury is required under ‘Section 16 of the Federal Reserve Act,’ to print bills in denominations of up to $10,000:
“In order to furnish suitable notes for circulation as Federal reserve notes, the Secretary of the Treasury shall cause plates and dies to be engraved…and shall have printed therefrom and numbered such quantities of such notes of the denominations of $1, $2, $5, $10, $20, $50, $100, $500, $1,000 $5,000, $10,000 as may be required to supply the Federal reserve banks.”
However since 1945, the Treasury has not printed notes of more than $100. By only circulating small denominations of notes and expanding reporting requirements on cash, the banking cartel has cornered more purchases into operating through computer transactions.
The war on cash is being waged by the banking cartel, which is made up of governments, central banks, and the “too big to fail.” The cartel’s conflict with paper currency is a systematic effort to make it neither convenient nor legal to use cash, in order to transition society into a cashless economy, which can be easily monitored and manipulated through an electronic transaction format.
Cash allows transactions to occur without banks charging additional fees. Without cash, the 43 million individuals without bank accounts will be exiled from the marketplace, and depositors will lose the ability to withdraw their money.
Continue reading “War on Paper Money”