The freedom to engage in P2P cash transactions is under threat – and for now, the ordinary citizen is powerless to stop it. Once again, we’re on our own against the Surveillance State, the tax bureaucrats, and the 3%
There is something bubbling away gently on the oven-stove pressure cooker formerly known as financialised globalist capitalism. It’s not as yet on the average person’s radar, but that doesn’t mean it’s down a rabbit hole. Rather, it’s on a small back-light tenderising the pound of flesh ready to be surgically removed from you. For you are the sick patient, not the system: the hospital’s being bombed and the nurses have all got Münchausen proxy syndrome. But you’re the thing – the pesky insect – that needs a revitalising course of DDT.
You have been reading Lesson One in the exclusive series ‘Metaphor mixing for MPs’. Buy the whole set now – available from Slogpostal Bargains for just $24.99 down, and then just one slightly vital organ per quarter.
I am however making a point. The subject is “demonetization” – they’re on the trail of it in France, and almost there in India. It’s like demonisation, only much less fair.
Everything is so f**ked up these days, it has to have either a very long or exceeding ugly name or both. Financialised globalist neocon mercantile capitalism: did we get everything in that party-bag? Should we maybe add ‘gushup wealth’ and ‘nutjob infantile’ just to capture the entire spectrum of goodies?
And the latest ugly sister is demonetization. Here’s my best take so far on the why and how of moving from holding-folding to electronic plastic.
People have been talking about the ‘cashless society’ for at least 45 years. I know, because I was there, working for my client Barclays on the marketing development of point of sale electronics (EFTPOS) and ATMs.
The rationale back then was extremely simple: it cost the old clearing banks group a fortune in security and transport to shift cash around and employ staff to count the stuff. Having so much cash you need staff to count it is the kind of problem most of us aren’t at all equivocal about: we’d like to have that sort of problem and many more like it, thank you. But bankers start from a base level called ‘More money than everyone else’, and if the multiple gets lower than 100, they start to look for ways to reduce the headcount.
‘Headcount’ is Accountant-speak for human staff. Accountants are in the business of upping the amount of money to count, and downsizing the number of heads counting it. The clue is in the name – Accountant. An ironic fact is that one anagram of their occupation is ‘a can’t count’: it’s a telling anagram, because most corporate accountants have no idea what really counts in a business. There are many other anagrams for them featuring the vowel ‘u’ but this is a family show, so let’s move on.
The rise and rise of the
A C+NATO CUNT accountant in multinational corporations has been a slags to bitches tale of uninterrupted terrible ideas. Because numbers come first, customers come a poor second, and staff are so last that every day could be their last, most global outfits today either have no culture, a dysfunctional culture, no ethics, hypocritical ethics, and few if any staff there to provide help with the software they sold that can’t make an online password work more than twice in a row.
The jobs that were there for the indigenous workforce are moved offshore. It sounds great for the jobs – they live on the water, swim regularly, eat a fish diet and pay no tax – but for the workers left behind, and the new ones doing the offshore jobs, it is something of a crock. The former wind up on welfare, and the latter on at best a staple diet. Although high in iron, staples are hard to digest and bad for the bowel.
Now there are two thoughts you need to hold at this point: governments having to cough up more welfare; and pissed-off workers wondering why they pay more taxes to get less welfare while the top 3% just seem to get richer and richer.
History isn’t quite that simple: I’m doing satire here. But when it comes down to the bare essentials, the outcome is what I’ve written….governments pay out more taxpayers’ money to support those heads who no longer count, and all those countless heads still have enough sense inside them to say “screw this for a game of marbles, I’m going to find a way not to pay any tax at all”.
[A brief divagation here if I may. Bear in mind that (1) the government money to support the jobless was taken off their fellow citizens (2) while those citizens pay an average tax rate of around 17%, those moving the jobs offshore pay an average of 4.5%, and (3) when faced with these realities, Western governments punish the People rather than the Guilty. See Greece, Great Britain, the US, Portugal, Spain, Italy etc]
Thus what every so-called ‘developed’ economy has – especially in the eastern and southern EU – is a lot of employers screwing workers, and a lot of workers moving into the Black Economy….which is 100% cash and 100% tax free.
But also – and this is particularly important – we have a preponderance of fractional reserve banking (FRB) in place. Under a fully-electronic money system, FRB – a scam by which banks double their money on every loan transaction – becomes an open invitation to treat money as something you make in every sense of the word.
You may well by now be catching on to why big business, banks and government are signing up to the idea of abolishing cash.
I have to fess up and say that, until quite recently, I though that the idea of soi-disant élites trying to vapourise cash in favour of electronic money would never work because the citizen backlash would be potentially destabilising for every sovereign State, and it would simply make the horrendous slush of funny-money debt wandering about even worse.
But you see, that’s my problem right there: I have a normal brain. Occasionally the red mist comes down, but usually my left cranial hemisphere uses instinct and experience to make judgements on the good idea v bad idea choice.
This is how I lost £50,000 in a Scottish Widows Bond scam, £150,000 on stock market Bear notes, and €15,000 expecting that the dental profession might actually do something apart from wreck my ability to chew stuff. I assumed they’d think about the consequences, the ethics, and the practicalities involved. But I was wrong – and this learning experience has informed all my actions since that time.
Faced with centuries of realisation that those above them variously waste, embezzle or give away the taxes they raise, a growing number of people in mittel and southern Europe remain unwilling to pay anything beyond the barest minimum in tax. The arrival of Eastern migrants in the UK, France and Germany has meant a growing size in the Black market that exists entirely via cash transactions that cannot be traced by the bloodsuckers.
In Greece, the mad Troikanauts screwed the sovereign/haute bourgeois stolen money out of the lower orders – who never saw any of it anyway – by indirect taxes on everything. In Cyprus, they got it via a mass customer-paid bank bailin. Although Wolfie Wheelchair and Jeroan Diselbang think this lunacy is sustainable, nobody else does.
Which is why the Troika moved 15 months ago to reduce the maximum payable to a supplier in France from €10,000 to €1,000. As a preparatory step towards demonitization, they want to ‘wean France off’ its addiction to the Black market. It’s a joke, frankly.
And now in India – where the “problem” of tax evasion is endemic – Government shock-troops took the black economy by surprise with the swiftness of its withdrawal of high-value Rupee banknotes. Economist Ravi Bansal explains:
‘Several billion dollars worth of rupees will essentially vanish from the shadow (black) economy, due to the very tight window to convert the black money to some other valued asset. Let’s assume $50 billion worth of rupees are destroyed because they cannot be converted to alternative assets like gold or some other hard currency; this essentially is wealth tax on the holders of black money. What is remarkable, and less understood, is that it also writes-down (lowers) the debt of the government by the amount of notes destroyed by the demonetisation. If roughly 25 percent of the notes are not converted then the debt write-off is about $50 billion. That is about 2.5% of the Indian GDP’
Which just goes to show what a close partnership between politicians and their
masters bankers can achieve when it’s swiftly applied. Banks get more deposits and better chances to electronically fiddle the books, while governments get a huge, effortless reduction in sovereign debt. Result!
One of the most obvious features of my life during the last four years has been the way in which every attempt I make to recover stolen monies is cut off. Get cheaper labour (themselves better off in a mutual nod and wink) and the amount you can pay in cash is slashed by 90%. Try and do it in small withdrawals, and the public Treasury demands access to you bank account withdrawal record. Try to make money on £/€ rates, and the anti-Brexit markets attack Sterling. Try to earn interest on the money, and Zirp is introduced. Try to maximise interest on long-term savings, and a limit is introduced on the amount of money that is ‘safe’ in the event of yet another banking cockup. Use £s to invest in the euro rise, and the risk to the currency from its woeful finances and bond spikes stays one’s hand.
Now the idea is to extract every last penny and cent from every one of us. To renounce our State pension rights, reduce unemployment benefits required through no fault of our own, destroy our access to free healthcare, produce asset bubbles that make life impossible for young wannabe home-makers, and reduce the indigenous employment rate by importing vast swathes of cheap East European labour.
Free movement my arse: the only beneficiaries of that system are capital, multinational tax evaders, banks and shareholders. It is a ‘right’ designed to dilute EU wages further still, in order that the mercantile maniacs can pursue their dream of competing with Asia.
Meanwhile, sell-out Democrats and pinhead-angel Leftlibs provide an Opposition completely lacking in any viable electoral base. Black US voters stay home, desperate Labour heartlands desert to UKIP….and in March, France decides.
You can have no Opposition, or you can have Trump, Corbyn and Le Pen. Good luck with that one.