[mattduke]

The spigot is open.

http://www.reuters.com/article/newsOne/ ... 7920081017

[Daniel_Plainview]

"The banking system is going to become addicted to this very cheap money. Unwinding it will be very difficult," said Howard Simons, strategist with Bianco Research in Chicago. "We have effectively allowed the central banks to disintermediate the banking system. Why would I want to borrow from you if I could do it with the central bank, because they can always print it up and say 'here'...and they are in the business now of making sure I stay in business," Simons said.

[ubercrap]

'We have effectively allowed the central banks to disintermediate the banking system. Why would I want to borrow from you if I could do it with the central bank, because they can always print it up and say 'here'...and they are in the business now of making sure I stay in business," Simons said.'

I think we can see where this is headed...

Edit: I see somebody cherrypicked the same paragraph- glad I'm not crazy...

[Cid_Yama]

Actually, it means the electronic equivalent of the printing presses are running 24/7.

Weimar here we come.

link

[nobodypanic]

Actually, it means the electronic equivalent of the printing presses are running 24/7.

Weimar here we come.

link

well i am waiting....

i mean if it has to be weimar, then get to it already so i can pay pay off some of my debts w/worthless money.

[Cid_Yama]

You know how this works, they get to pay off their's, but your's will be 'adjusted'.

[ubercrap]

You know how this works, they get to pay off their's, but your's will be 'adjusted'.

Exactly. They will not let you win that game. They make the rules and change them at will.

[HEADER_RACK]

Until I see semi-trucks backing up to banks to unload physical currency to the banks. I can't see weimar germany happening.
1s and 0s are fine when everything is running smooth but when confidence is gone and people want cash there isn't enough out there to go around.

[ubercrap]

Until I see semi-trucks backing up to banks to unload physical currency to the banks. I can't see weimar germany happening.
1s and 0s are fine when everything is running smooth but when confidence is gone and people want cash there isn't enough out there to go around.

Who knows what will happen. Maybe your pay stays stagnant, but the nationalized banks start tacking zeros onto your account balance periodically A billion dollars in the bank now, debit card still works for a million dollar grocery bill, and now your indexed mortgage is a trillion dollars. Why, I don't see why the runup couldn't be higher and faster without the impediment of physical currency!

[Cid_Yama]

<b>The End of Money</b>

There are currently talks between banks for the conversion to a National Debit Card. In Europe it will be a Pan-European Debit Card under the auspices of SEPA.

Think what that will mean if there is no cash and all your transactions are electronic, and ultimately tracable.

They are also planning on including an RFID device on your card.

It will be the final nail in the coffin of your civil rights.

[frankthetank]

Header Rack-

I did some research and a little math this morning. My results may be interesting to you. I wanted to know how much physical money could be made in a day. My result: $700 million a day in 2007 (after taking into consideration the amount they destroy from old/ripped/etc bills).

About $4 billion a week, $16 billion a month, and about $200 billion a year of physical bills. Now this is all denominations. I guess maybe they could use all the presses to make all $100's? Although i doubt that. They could also work 7 days a week, where now i think they work 5 (government employees).

Still...it would take a long time to actually print all that money with the current equipment, although maybe the extra presses and paper are on their way.

Its a HELL of a lot faster to type the 1's and 0's into a computer and offer a debit card

[Snowrunner]

<b>The End of Money</b>

There are currently talks between banks for the conversion to a National Debit Card. In Europe it will be a Pan-European Debit Card under the auspices of SEPA.

Think what that will mean if there is no cash and all your transactions are electronic, and ultimately tracable.

It will be the final nail in the coffin of your civil rights.

There already is a pan-european chequing card. It has been in use since at least the mid-80s and essentially all accounts are enabled for this (as far as I know). So why a new card?

[Snowrunner]

Still...it would take a long time to actually print all that money with the current equipment, although maybe the extra presses and paper are on their way.

Maybe now would be a good time to invest into Heidelberger?

[frankthetank]

Cid-Yama-

Couple of thoughts.

First the drug trafficking. What would they do?

Another thought is if you did go to debit type system, i hope Microsoft doesn't create the software. I could see foreign governments using hackers to totally rip off the system (Russia, Cuba, Iran, N. Korea). I just read a report on MSNBC last week where people are putting scanners on gas station machines to read your debit card and that they say to use either cash or credit card when you pay for gas.

[Cid_Yama]

I believe the conversion to a national and eventually transnational debit card has been a goal for years before this crisis. It is another move towards <b>CONTROL</b>.

If they can track your transactions and your location, and be able to put a stop on your card at any time, they've got you by the balls.

[Jotapay]

It is another move towards <b>CONTROL</b>.

I gotta say I agree with you there.

[Cid_Yama]

Note that the name of the card is Maestro. If you look at the definition/derivation of the term it is MASTER. Somebody's sick joke?

[Cid_Yama]

<i>There already is a pan-european chequing card. It has been in use since at least the mid-80s and essentially all accounts are enabled for this (as far as I know). So why a new card?</i>

In continental Europe, Maestro is, de facto, the successor to the Eurocheque system, since most European banks issued Maestro cards after the Eurocheque card had been discontinued. link

1984, knocking on your door
will you let it come
will you let it run your life?

It's time you started thinking inside your head
that you should stand up and fight
Just where will you be when your freedom is dead
You're never out of their sight

link

link

link

[TheDude]

Thanks for the excellent link on the Weimar economy, Cid.

First the drug trafficking. What would they do?

The organized crime per se has been having a ball with the housing bubble and financial instruments. Maybe the more savvy could launder the physical cash from the dealers, dunno. Or perhaps they'll take up using scrip. Or this is a NWO scheme to privatize/corpratize all forms of drug use?

[frankthetank]

tHEdude-

Or junkies will start trading scrap metal for their next fix? Bag of rice for some heroin?