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I take it you haven't read the article linked in the opening post? Or does a bank run only count as a bank run when there are queues of anxious looking customers outside High Street banks? By the way, you were a doubting Thomas recently concerning the EU being a CIA project. I went to the trouble of spoonfeeding you with mainstream media links as evidence and, well, you've remained coy ever since.
All banks. This is from the Sky story in the initial post. It shouldn't be difficult to comprehend.
- The growth rate of cash in circulation has more than doubled since January, when it was running at 4% a year, with a sudden acceleration in the weeks following the EU poll. -
Yeah, currency devaluation. The BoE, BoJ, Fed and ECB take turns doing it in a beggar thy neighbour/who can be the ugliest gargoyle competition. Savers, who are the majority, have been rammed for years and will be DP'd going forward by negative interest rates and QE to infinity until there's a financial collapse. From the ashes will come a new world currency. The Economist, in a 1988 article predicted it'll happen in 2018 and it'll be known as the phoenix.
Here's the cheerleading New World Order Economist article. If it was a plan and remains one with the same timeline then don't be surprised should worldwide financial chaos ensue pretty soon. The current fave to be the catalyst is Deutsche Bank going belly up.
GET READY FOR A WORLD CURRENCY
Get Ready for the Phoenix
The Economist 01/9/88
Thirty years from now, Americans, Japanese, Europeans, and people in many other rich countries, and some relatively poor ones will probably be paying for their shopping with the same currency. Prices will be quoted not in dollars, yen or D-marks but in, let’s say, the phoenix. The phoenix will be favoured by companies and shoppers because it will be more convenient than today’s national currencies, which by then will seem a quaint cause of much disruption to economic life in the last twentieth century.
At the beginning of 1988 this appears an outlandish prediction. Proposals for eventual monetary union proliferated five and ten years ago, but they hardly envisaged the setbacks of 1987. The governments of the big economies tried to move an inch or two towards a more managed system of exchange rates – a logical preliminary, it might seem, to radical monetary reform. For lack of co-operation in their underlying economic policies they bungled it horribly, and provoked the rise in interest rates that brought on the stock market crash of October. These events have chastened exchange-rate reformers. The market crash taught them that the pretence of policy co-operation can be worse than nothing, and that until real co-operation is feasible (i.e., until governments surrender some economic sovereignty) further attempts to peg currencies will flounder.
The new world economy
The biggest change in the world economy since the early 1970’s is that flows of money have replaced trade in goods as the force that drives exchange rates. as a result of the relentless integration of the world’s financial markets, differences in national economic policies can disturb interest rates (or expectations of future interest rates) only slightly, yet still call forth huge transfers of financial assets from one country to another. These transfers swamp the flow of trade revenues in their effect on the demand and supply for different currencies, and hence in their effect on exchange rates. As telecommunications technology continues to advance, these transactions will be cheaper and faster still. With unco-ordinated economic policies, currencies can get only more volatile.
In all these ways national economic boundaries are slowly dissolving. As the trend continues, the appeal of a currency union across at least the main industrial countries will seem irresistible to everybody except foreign-exchange traders and governments. In the phoenix zone, economic adjustment to shifts in relative prices would happen smoothly and automatically, rather as it does today between different regions within large economies (a brief on pages 74-75 explains how.) The absence of all currency risk would spur trade, investment and employment.
The phoenix zone would impose tight constraints on national governments. There would be no such thing, for instance, as a national monetary policy. The world phoenix supply would be fixed by a new central bank, descended perhaps from the IMF. The world inflation rate – and hence, within narrow margins, each national inflation rate- would be in its charge. Each country could use taxes and public spending to offset temporary falls in demand, but it would have to borrow rather than print money to finance its budget deficit. With no recourse to the inflation tax, governments and their creditors would be forced to judge their borrowing and lending plans more carefully than they do today. This means a big loss of economic sovereignty, but the trends that make the phoenix so appealing are taking that sovereignty away in any case. Even in a world of more-or-less floating exchange rates, individual governments have seen their policy independence checked by an unfriendly outside world.
As the next century approaches, the natural forces that are pushing the world towards economic integration will offer governments a broad choice. They can go with the flow, or they can build barricades. Preparing the way for the phoenix will mean fewer pretended agreements on policy and more real ones. It will mean allowing and then actively promoting the private-sector use of an international money alongside existing national monies. That would let people vote with their wallets for the eventual move to full currency union. The phoenix would probably start as a cocktail of national currencies, just as the Special Drawing Right is today. In time, though, its value against national currencies would cease to matter, because people would choose it for its convenience and the stability of its purchasing power.
The alternative – to preserve policymaking autonomy- would involve a new proliferation of truly draconian controls on trade and capital flows. This course offers governments a splendid time. They could manage exchange-rate movements, deploy monetary and fiscal policy without inhibition, and tackle the resulting bursts of inflation with prices and incomes polices. It is a growth-crippling prospect. Pencil in the phoenix for around 2018, and welcome it when it comes.
theeconomist-phoenix_get_ready_for_world_currency_by_2018.jpg
The key part.The biggest change in the world economy since the early 1970’s is that flows of money have replaced trade in goods as the force that drives exchange rates. as a result of the relentless integration of the world’s financial markets,
Agreed.
Been considering what two years of 500% annualised inflation would do to Venezuelan citizens holding bolivars as a store of wealth. A 100 bolivar note in 24 months time would have the spending power of four bolivars today. A third year of 500% inflation would reduce that to under one bolivar. In the space of four years during the early 1920s the value of Germany's deutsche mark fell to 0.00 as no-one could be bothered to bend to collect even the highest denominated notes that littered the streets.
Is that scenario all our destiny in the near future to herald in their new world currency? Problem - our dough is worthless, reaction - economy grinds to a halt as no-one's prepared to work for nowt, starvation, riots, mobs raiding homes in search of food, followed by pleas to governments to end this nightmare, solution - here you go, 'ave some of these nice new Phoenix notes, but they will only exist as credits on computer screens.
For those who have been paying attention TB, 'full spectrum domination' has been taking a little bit of a kicking in recent years. Remember Cameron invoking the 'Holocaust' in his passionate pleas to be allowed to carpet bomb Syria. I've been there six times and it was one of the most advanced countries in the Middle East.
I thought central banks were bad at diluting currencies, but the Olympic Games organisers have gone full retard. Gold medals awarded at these games will contain, wait for it, 1% gold content. It would be more honest of them to describe the medal as gold coloured.
http://www.kitco.com/news/2016-07-21...pic-Medal.html
So after the euro not working as a single currency, you really think anyone with any economic sense would be calling for a single currency now? It cant work whilst the world is so different. One day when the world has an equal coverage of wealth around the world it could work. But as is its not even close to becoming a reality. In-time, yes it will happen. But not for a while, the euro has highlighted the failures of such a policy.