The Control Plan: Governments’ Cashless Society

helicopter-ben_bernanke
Perpetual Debt Slavery
Ecuador’s plan to create “bitcoin-like money” is misleading, insofar as bitcoin’s model as money, like gold’s model, is its supposed scarcity in supply, while any money created by government is far more likely to become infinite in both supply and debt to be retired in taxation.
Also consider that Ecuador is not alone in the monetary policy move into digital cashless society… ~Ron

Bitcoin-Like Money Is Ecuador’s Latest Dollar-Saving Plan

By Nathan Gill Bloomberg News Tuesday, August 5, 2014

QUITO, Ecuador — After mortgaging most of Ecuador’s oil and gold to finance spending, President Rafael Correa is planning to create virtual money to pay the nation’s bills.

Congress last month approved legislation to start a digital currency for use alongside the U.S. dollar, the official tender in Ecuador. Once signed into law, the country will begin using the as-yet-unnamed currency as soon as October. A monetary authority will be established to regulate the money, which will be backed by “liquid assets.”

Less than six years after repudiating $3.2 billion of its dollar-denominated debt, Ecuador has dwindling oil reserves, with current-account deficits that are draining dollars from the economy and financing needs at a record. While using virtual money to pay government workers and contractors would help conserve hard cash, the currency may prompt Correa to boost spending even more and undermine the nation’s ability to repay long-term bonds, according to Landesbank Berlin Investments.

“This is usually the start of debasement, inflation, and depreciation,” Lutz Roehmeyer, who helps manage about $1.1 billion of emerging-market assets at Landesbank Berlin, including Ecuadorean debt, said in a telephone interview. […]

Read More: bloomberg.com

RELATED:
https://ronmamita.wordpress.com/2014/06/20/another-devious-plan-by-bankers/
https://ronmamita.wordpress.com/2013/11/28/hidden-agendas-forced-to-use-digital-currency-but-wait-crypto-currencies-are-good-right/
https://ronmamita.wordpress.com/2014/07/24/banksters-another-round-of-social-engineering/
https://ronmamita.wordpress.com/2014/03/16/economic-reset-a-glimpse-of-part-of-the-plan/
https://ronmamita.wordpress.com/2013/12/11/more-about-bitcoins-and-manipulation/
https://ronmamita.wordpress.com/2013/12/05/more-bad-news-for-bitcoins/
https://ronmamita.wordpress.com/2013/11/19/do-the-feds-love-bitcoin/
https://ronmamita.wordpress.com/2013/05/16/the-multipurpose-biometric-national-identity-smart-card/

________________________________________________________

About

Want Worldwide PEACE and Prosperity. We are the solution we have been searching for... Free People of Earth will solve our crisis and create an era of Creativity. Be at Peace; Be Aware; Be Creative; Be Active; Be Free and Alive; and then Share it. LOVE & Peace AMOR y Paz

Tagged with: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Posted in Freedom-Expressed
2 comments on “The Control Plan: Governments’ Cashless Society
  1. RonMamita says:

    Portugal Announces $6.6 Billion Banco Espirito Santo Rescue
    Joao Lima and Anabela ReisAug 04, 2014 5:09 am ET

    (Updates with investor comment in fourth paragraph.)

    Aug. 4 (Bloomberg) — Portugal’s central bank took control of Banco Espirito Santo SA, once the country’s largest lender by market value, in a 4.9 billion-euro ($6.6 billion) bailout that will leave junior bondholders with losses.

    The Bank of Portugal’s Resolution Fund will move Banco Espirito Santo’s deposit-taking operations and most of its assets to a new company, Novo Banco, which it will own outright. The fund will finance the rescue with a Treasury loan to be repaid by Novo Banco’s eventual sale. Subordinated debt plunged today as junior bondholders and shareholders will be left with the most “problematic” assets, including loans to other parts of the Espirito Santo Group and the lender’s stake in its Angolan operation, the central bank said yesterday.

    Banco Espirito Santo, which tapped shareholders for funds less than two months ago, has been forced to take public money after regulators uncovered potential losses on loans to other companies tied to Portugal’s Espirito Santo family. Bank of Portugal Governor Carlos Costa had sought to find private investors to inject cash, and said government funds would only be a last resort. The Portuguese government has about 6.4 billion euros remaining from its European Union-led bailout in 2011 to fund the injection.

    “I was very surprised that they went down the route of a state bailout so quickly,” said Lutz Roehmeyer, who helps manage 10 billion euros including senior bonds of Banco Espirito Santo at Landesbank Berlin Investment. “That suggests that the bank’s situation was much worse than described.”

    Bailing in “is the route the EU will take from now on,” he said.

    ‘Full Contribution’

    The bank’s 750 million euros of 7.125 percent subordinated bonds fell 15.3 cents on the euro to 20.5 cents to yield 40.7 percent at 10:07 a.m. in Lisbon, according to data compiled by Bloomberg. Its senior, unsecured 4 percent notes surged 10.8 cents to 99.8 cents on the euro, to yield 4.06 percent.

    “Shareholders, subordinated debt holders, as well as board members or former board members directly involved in the more recent events, and not the taxpayers, will be called to shoulder the losses incurred by a banking business they failed to adequately oversee,” the Finance Ministry said in a statement. […]
    Read More:
    http://washpost.bloomberg.com/Story?docId=1376-N9QQ7P6KLVR801-5JHUQ9V1B4OBIF9E3DJT2FANO1

  2. RonMamita says:

    SILVER: the biggest trading anomaly of all

    James C. McShirley August 23rd, 2014

    Market analyst and GATA consultant James McShirley calls attention today to the almost constant knockdown of the silver futures price upon the 6 p.m. Eastern time opening of the access market.

    McShirley writes: “Virtually every evening for the last three years at precisely 6 p.m. ET something very odd has happened: Comex silver offers swamped the bids to the tune of a 3-10 cent decline. For this to happen for three consecutive weeks would be strange. If it were to happen for three straight months it would be bizarre. Only MOAMOPE — Mother of All Management of Perspective Economics — can describe when it occurs for three straight years. …

    “Silver has had a near-iron clamp imposed on it commencing with the access trade reopen. How severe is this iron clamp? From September 1, 2011, to the present, 621 out of the 744 6 p.m. access trade opens have been lower. All manipulation denialists take note: That’s an astounding 83.5 percent.”

    “I was stunned to stumble on to the biggest trading anomaly of all: the MOAMOPE – the mother of all management of perspective economics.
    MOAMOPE is quite simply the stunningly high percentage of lower opens on the 6:00 PM silver access trade open. Perhaps some have noticed the oddity in the form of a Kitco 3 day chart.”

    Read more: http://news.goldseek.com/GoldSeek/1408983846.php

Please Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 280 other followers

The Worldwide Wave of Action
Peaceful Global TransitionApril 4th, 2014
Exercise freedom and creativity for all Earth’s inhabitants to explore ready breakthroughs in Self Organizing Communities, economics, and technology. This is a D.I.Y. project
State Sponsored Terror
The Big Day ReportFebruary 2nd, 2014
Institutions of crime Big days have come and gone (government Elections, and Tax filing). Search for what is hidden and for what is not spoken. Be Aware of the next big Day for fraudulent institutions.
RonMamita
Peace Today

Peace Today

RonMamita’s Blog
August 2014
S M T W T F S
« Jul   Sep »
 12
3456789
10111213141516
17181920212223
24252627282930
31  
All posts here
Whole-Community
Audio coming soon!
%d bloggers like this: