a reply to: keenasbro
Too, the value of all bonds were wiped out in the hyperinflation of 2019. Governments closed stock and bond markets, nationalised all corporations and
declared a moratorium on all debts. World leaders initially explained it as an effort to ‘buy time’ to come up with a plan to unfreeze the
markets, but over time, they realized that trust and confidence had been permanently destroyed, and there was no point in trying.
Wiped-out savers broke out in money riots soon after but were quickly suppressed by militarised police who used drones, night vision technology, body
armour and electronic surveillance. Highway tollbooth digital scanners were used to spot and interdict those who tried to flee by car.
By 2017, the US government required sensors on all cars. It was all too easy for officials to turn off the engines of those who were government
targets, spot their locations and arrest them on the side of the road.
In compensation for citizens’ wealth having been destroyed by inflation and confiscation, governments distributed digital Social Units called Social
Shares and Social Donations. These were based on a person's previous wealth. Americans below a certain level of wealth got Social Shares that entitled
them to a guaranteed income.
Those above a certain level of wealth got Social Donation units that required them to give their wealth to the state. Over time, the result was a
redistribution of wealth so that everyone had about the same net worth and the same standard of living. The French economist Thomas Piketty was the
principal consultant to the G-20 and World Central Bank on this project.
To facilitate the gradual freezing of markets, confiscation of wealth and creation of Social Units, world governments coordinated the elimination of
cash in 2016. The ‘cashless society’ was sold to citizens as a convenience. No more dirty, grubby coins and bills to carry around!
Instead, you could pay with smart cards and mobile phones and could transfer funds online. Only when the elimination of cash was complete did citizens
realise that digital money meant total control by government. This made it easy to adopt former Treasury Secretary Larry Summers’ idea of negative
interest rates. Governments simply deducted amounts from its citizens’ bank accounts every month.
Without cash, there was no way to prevent the digital deductions.
The government could also monitor all of your transactions and digitally freeze your account if you disagreed with their tax or monetary policy. In
fact, a new category of hate crime for ‘thoughts against monetary policy’ was enacted by executive order. The penalty was digital elimination of
the wealth of those guilty of dissent.
The entire process unfolded in small stages so that investors and citizens barely noticed before it was too late. Gold had been the best way to
preserve wealth from 2015–18, but in the end, it was confiscated because the power elites knew it could not be allowed.
First, they eliminated cash in 2016. Then they eliminated diverse currencies and stocks in 2018. Finally came the hyperinflation of 2019, which wiped
out most wealth, followed by gold confiscation and the digital socialism of 2020.
By last year, 2024, free markets, private property and entrepreneurship were things of the past. All that remains of wealth is land, fine art and some
The only other valuable assets are individual talents, provided you can deploy them outside the system of state-approved jobs.
for Money Morning