War on Cash, Bank of England Planning Hyper QE, Scrapping Cash for Digital Currency
Interest-Rates / Central Banks Sep 22, 2015 - 10:25 AM GMTBy: Nadeem_Walayat
The Bank of England announces its latest cunning plan in its ongoing 'War on Cash' under the cover of Europe's refugee crisis that is witnessing Eastern European hypocrisy, such as that of Hungary forgetting its own past of sending hundreds of thousands of refugees westwards for over 60 years, and the most recent wave of 1 million or so of economic migrants many of whom receive in work benefits such as tax credits, nevertheless balk at the thought of giving refuge to a single refugee and instead have mobilised their crack troops against defenseless men, women and children.
However, if the UK followed Hungary's example in the way it treats migrants / refugees then the UK would by now be bussing convoys of Hungarian economic migrants back to Hungary. At the end of the day the economic migrant crisis is as a consequence of the welfare state and benefits culture which encourages economic migration. We see this when the economic migrants are asked why they want to get to England or Germany, the answer is usually "because I will get everything, money, big house, healthcare and education", where many of the young migrants express expectations of wanting to study at Oxford University.
Of course migrants on arrival in the Britain will likely be in for a rude awakening because the UK is already buckling and breaking under the weight of the recent 4 million eastern european migrants as illustrated by the exponentially worsening housing crisis or rather catastrophe that many people in Britain face. That illustrates the fundamental issue that England is far more densely populated / over crowded then any other european nation as my recent article covered (03 Sep 2015 - EU Migration Crisis and Population Density) where for instance Hungary would need to settle over 28 million new migrants to reach the population density of England.
Anyway the Bank of England has taken the refugee crisis as a cue to accelerate the time table for targeting abolishing cash and therefore this video in the 'Illusion of Democracy and Freedom' series focuses upon the 'War on Cash', what it is, what it means and what it is trending towards and what all people need to do to protect themselves against the potential risks of not just theft of their hard earned life time of savings that in the future could be just a mouse click away from being legally stolen, but the risks of being financially deleted as western democracies are trending towards becoming financial totalitarian states.
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By Nadeem Walayat
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Nadeem Walayat has over 25 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.
Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk
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