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This problem began and is firmly rooted in the USA. We do not have the same problems here, rather our systems have been infected by Toxic US investments which have fallen in value. Granted, our boys in the City got greedy too, but the origin of this mess is America.
Originally posted by Anonymous ATS
Do you guys have debit all over America yet? In Canada its completely nation wide, and almost nobody carries cash anymore (at least nobody with a steady job). The most common form of payment I see is completely electronic. Straight from the vendor to the bank, no cash involved.
I see this section of the bill as the excuse now to implement electronic currency in America.
Originally posted by EarthCitizen07
reply to post by alphabetaone
Stumason is correct. The american financial system is dangerously reckless. They lend much more than they have aka leverage. Someone earlier in the thread said they can leverage UP TO 9 TIMES "their" holdings
Actually, that is partially correct. After the collapse in 1929, the banks were required to start holding 10% of their money, and could loan out the rest. So them greedy little gnomes started holding ALL of it, and 'only' counterfeiting 9x the amount they had. Previously, they no restrictions on the amount they loaned, reguardless if they had any at all. Greedy little... Anyways, that new 'arrangement' worked well, until last month. With that $700 Billion giveaway, the second attempt by our enemies in the Con- gress had a provision added, allowing the banks to do away with the 90% provision, and go back to freely counterfeiting, with no restrictions. Not even a facade of restraint.
Originally posted by fixer1967
No cash would stop all but store and business trade. Now would you have a yard sell? How would you earn extra money doing odd jobs? Some much trade for goods and services need cash that by removing cash some much would stop the whole system would crash. The whole idea is crazy. I hope I am dead and gone when and if it happens.