Revealed: The Hidden Agenda of Davos 2016 — NIRP & the War on Cash Accelerates

• Revealed: The Hidden Agenda of Davos 2016
  by Nick Giambruno, http://www.internationalman.com/  
  … That’s where the global power elite gather to discuss the big issues of the day. The most important world leaders attend. As do the CEOs of the largest companies, leaders in the mainstream media and top academics. Central bankers attend, too, along with a wide assortment of celebrities. Three types of meetings happen in Davos, according to the BBC: 
  –
  1. Public meetings, which anyone can attend.
  2. Closed meetings, which you can only attend by invitation.
  3. Secret meetings, which are unannounced. The public doesn’t know the agenda or who attends.
  –
  The biggest and most important deals take shape in these secret meetings. And this year, I think there was one secret meeting with huge historical significance.
  –
  I think world leaders decided to dramatically escalate the War on Cash, making it easier for them to impose negative interest rates. Negative interest rates mean the lender pays the borrower for the privilege of lending him money. It’s a bizarre, upside-down concept.
  –
  Negative rates could not exist in a free market. They can only exist in an Alice in Wonderland economy created by central bankers.
  …
  … their harebrained scheme is not working. Switzerland, Denmark and Sweden all have negative interest rates. But consumer spending is not being “stimulated” in those countries. It’s totally (and predictably) backfiring on the central planners. And it’s easy to see why.
  …
  Producing more than you consume and saving the difference has always been the basis of prosperity. Prudent saving and thriftiness are supposed to be good things. However, negative interest rates destroy the incentive to save. That’s just one of the reasons it’s such a toxic concept. But there’s another important reason to fear negative interest rates…
  –
  If you don’t like the sting of negative interest, you can withdraw your money from the bank and stash the cash under your mattress. The more it costs to store money at the bank, the less inclined people are to do it.
  ….
  After Davos, the War on Cash Goes into Overdrive
  For weeks, Haruhiko Kuroda, the head of Japan’s central bank, repeatedly denied plans to adopt negative interest rates.
  –
  Kuroda was at the January 20–23 summit in Davos. A few days later, on January 29, he decided to impose negative interest rates in Japan for the first time ever. Something must have changed his mind. I don’t think this was an isolated incident. I’m quite sure global leaders secretly discussed ramping up the War on Cash in Davos. There was a flurry of related activity during and immediately after Davos. Here are some of the most noteworthy incidents:
  –
  January 20: Deutsche Bank CEO John Cryan predicted cash won’t exist in 10 years.
  January 22: Norway’s biggest bank, DNB, called for the country to stop using cash.
  January 29: The editorial board of Bloomberg published an article titled “Bring On the Cashless Future.” It called for the elimination of physical cash.
  February 4: The Financial Times ran an op-ed titled “The Benefits of Scrapping Cash.” It advocated the elimination of physical money.
  February 8: Peter Sands, president emeritus of Harvard, issued a paper titled Making it Harder for the Bad Guys: The Case for Eliminating High Denomination Notes. It advocates removing large bills from circulation to help fight the various made-up wars…the war on crime, the war on drugs, the war on terror…
  February 15: Mario Draghi, head of the European Central Bank (ECB), announced that he has essentially decided to phase out the €500 note. These notes represent around 30% of the physical euro notes in circulation. With the use of physical cash curtailed, J.P. Morgan estimates the ECB could ultimately bring interest rates as low as negative 4.5%.
  –
  read more.

end