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WHO Urges People To Go 'Cashless' Because 'Dirty Banknotes Can Spread The Virus'


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https://www.zerohedge.com/markets/who-warns-dirty-banknotes-may-be-spreading-virus-worldwide.....

WHO Urges People To Go 'Cashless' Because 'Dirty Banknotes Can Spread The Virus'

Profile picture for user Tyler Durden
Wed, 03/04/2020 - 04:15
 

It looks like the Chinese started something...

Following reports that Beijing had "quarantined" dirty cash, the WHO warned on Monday that the virus could survive on banknotes, potentially spreading Covid-19 within communities, and across the world. To reduce the risk of being infected by money, the NGO advised citizens in countries struggling with outbreaks to favor digital payments when possible, the Daily Telegraph reported.

That the WHO is telling the public to avoid cash is hardly a surprise: research has found that coronaviruses have been found to live on surfaces for as long as 9 days.

During the statement, a WHO spokesman referenced a Bank of England study claiming that banknotes "can carry bacteria or viruses" and urged people to wash their hands. Other studies have shown that 90% of US $1 bills had bacteria present, and one Swiss study found that viruses had survive on the faces of Swiss francs for days.

 
 
 

 

2020-02-16_8-27-39_0.jpg

The WHO's warnings follow the People's Bank of China last month started disinfecting currency deposited at Chinese banks using ultraviolet light, before quarantining the bills for a week before releasing them back into circulation.

Brits, and their fellow Europeans, should be increasingly careful as the virus spreads across Europe, the WHO warned, via the Telegraph:

"We know that money changes hands frequently and can pick up all sorts of bacteria and viruses," a spokesman told the Telegraph.

"We would advise people to wash their hands after handling banknotes, and avoid touching their face. When possible, it would also be advisable to use contactless payments to reduce the risk of transmission."

Of course, that one of the world's major NGOs is seizing the opportunity to proclaim the virtues of 'paperless' money is hardly a surprise: the globalist push toward a 'cashless society' has been underway for years now, having had its biggest successes in Scandinavia. Sweden has gone virtually "cashless", and in such a short time, they've already confronted the many drawbacks of relying exclusively on digital money.

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ceive a daily recap featuring a curated list omust-read storiellAs we noted previously, here is what happens next:

...the virus spreads throughout the US and Europe and governments respond the same way China's government has; martial law and full blown concentration camp culture. This would lead to civil war in the US because we are armed and many people will shoot anyone trying to put us into quarantine camps. Europe is mostly screwed.

The establishment then suggests that paper money be removed from the system because it is a viral spreader. China is already pushing this solution now. 

Magically, we find ourselves in a cashless society in a matter of a year or two; which is what the globalists have been demanding for years. Everything goes digital, and thus even local economies become completely centralized as private trade dies.

A viral outbreak is a significant danger to us all, but an even greater threat is the supposed cure. Trading our economic and social freedom in the name of stopping the coronavirus?  No matter how deadly the bug, it's just not worth it.

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https://www.zerohedge.com/commodities/what-sdr-and-will-it-be-next-world-reserve-currency.....Of Interest .....

What Is An SDR And Will It Be The Next World Reserve Currency?

Profile picture for user Tyler Durden
Tue, 03/03/2020 - 23:25
 

Submitted by Jan Nieuwenhuijs for Voima Insight.

There’s no way IMF’s Special Drawing Right, a poorly designed synthetic reserve asset, will replace the U.S. dollar as the world reserve currency.

After several years of monetary madness—artificially lowering interest rates to the extent all asset prices are distorted—the world is slowly waking up to the fact that printing money by central banks is a one-way street. Once central banks enter this trajectory (and they have), they can’t reverse. Markets have become addicted to cheap money, and central banks feel compelled to print more when the economy, or stock market, weakens. The Federal Reserve, the issuer of the U.S. dollar, is trapped too. Possibly, a paradigm shift in the international monetary system will transpire during the coming economic downturn, and the dollar will lose its status as the world reserve currency.

Some analysts proclaim the next world reserve currency is standing ready to replace the dollar. This would be the Special Drawing Right (SDR), issued by the International Monetary Fund (IMF). According to my analysis, though, the SDR isn’t capable of being the world reserve currency. It will never be much more than a unit of account.

If you ask a random financial expert what an SDR is, he or she is likely to say, “It’s a currency issued by the IMF, comprising a basket of the world’s most important currencies.” Based on this definition, some analyst forecast the SDR will replace the dollar. But, from examining the anatomy of the SDR, it appears it’s not a currency and there is no free market to exchange them. Which is problematic.

Introduction

The SDR is a “supplementary international reserve asset” that was created by the International Monetary Fund in 1969. At first, it was defined as 0.888671 grams of gold. By denominating it in a fixed weight of gold, some thought SDRs were backed by gold. Alas, SDRs were created out of thin air and then given a gold exchange rate, but they could not be redeemed for gold (page 212).

In 1974, after the collapse of Bretton Woods, the SDR’s value was redefined based on a basket of currencies. But, again, the SDR was not backed by these currencies. Rather, the SDR’s valuation was, and is, based on the weights given to the currencies in the basket.

On the IMF website, we can read an illuminating definition of the SDR:

The SDR is neither a currency nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members.

The SDR is not a currency, because it can’t be used by individuals; it’s not a medium of exchange. The word “potential” in the definition of the SDR is crucial. It reveals that any monetary authority holding SDRs, might be able to convert them into “freely usable currencies of IMF members”, or it might not. How come? In the IMF Financial Operations 2018 we can read:

there is no market for the SDR itself in which excess supply or demand pressure can be eliminated by adjustments in the price, or value, of the SDR.

The SDR is a “potential claim” on freely usable currencies, because there is no market for the SDR, and it’s not a liability of the IMF. The result is that possibly SDRs can be exchanged for actual currencies (below is explained how), but there is no guarantee.

How the SDR can function as the backbone of the international monetary system (IMS) if there is not a (highly liquid) market for it? The answer is, it can’t.

From this short introduction, we see that the SDR is essentially a unit of account. In the remainder of this article, we will delve into the anatomy of the SDR, how it’s traded and the likelihood of replacing the U.S. dollar.

What Is an SDR?

The SDR is a supplementary international reserve asset. SDRs can’t be held by private entities or individuals, but only by IMF member countries, and, currently, fifteen organizations approved by the IMF as “prescribed holders” (page 91). Let’s start with a brief introduction of the IMF’s governing structure, as a backdrop to understand how SDRs are created and used. We’ll start with the IMF’s General Department.

IMF%20GOV%20STRUCTURE.png

Courtesy IMF Financial Operations 2018.

The IMF’s resources are mainly held in its General Resources Account, which is managed by the General Department. Each IMF member country is required to transfer financial resources to the IMF based on its “quota”, set according to a member’s relative economic position in the world economy. The General Resources Account is a pool of currencies and reserve assets, mostly built from members’ paid capital subscriptions derived from quotas (page 13).

Balance%20Sheet%20of%20the%20General%20Department.png

Courtesy IMF Financial Operations 2018.

For lending operations (for which the Fund is mostly known for), the IMF does offer SDRs as an alternative to “usable currencies” from its General Resources Account, but in practice, the majority of loans and repayments are made in usable currencies (page 92). (“Freely usable currencies”, according to the IMF are currencies “widely used to make payments for international transactions, and [are] widely traded in the principal exchange markets.”)

Quotas are also tied to an IMF member’s voting power, and they determine the share of SDR allocations. When SDR’s are created by the IMF, out of thin air, they are allocated among all 189 IMF members according to the quotas. The IMF can’t allocate SDRs to itself or to prescribed holders (page 89).

 

Once newly created SDRs are collected, two entries arise on an IMF member’s balance sheet: “SDR holdings” on the asset side, and “SDR allocations” on the liability side.

SDR%20CB%20BS.pngCourtesy Users’ Guide To The SDR: A Manual of Transactions and Operations in SDRs.

Members receive the SDR interest rate on SDR holdings and pay the SDR interest rate on SDR allocations. SDR interest rate transfer system is a zero-sum game. Those having less SDR holdings than allocations pay interest to those with more SDR holdings than allocations. The IMF’s SDR Department, the center of the SDR apparatus, manages all interest rate flows.

So when, say, Norway exchanges SDR holdings for currency via the IMF’s SDR Department, Norway’s SDR holdings will be lower relative to its SDR allocations. Therefore, Norway will pay interest. Norway’s transaction will cause others, in the SDR universe, to have more SDR holdings than allocations who then will receive the interest paid by Norway.

The SDR department receives interest on all outstanding SDR holdings and charges interest on all SDR allocations.


How Is the SDR Value and SDR Interest Rate Determined?

The exchange rate of the SDR, set daily, is based on the weights of the currencies comprising the SDR basket. Today, the basket contains five currencies: the U.S. dollar, Chinese renminbi, the Japanese yen, the euro, and the Great British Pound. In the second column in the table below, you can see what weight, in percentage, is assigned to each currency (“Currency weight”).

SDR%20valuation%20table.png

The SDR is revised every five years. The most recent revision of the SDR basket was in 2015, when the Chinese renminbi was added. After the revision, on October 1, 2016, the new currency weights were set, and the exchange rates between the currencies that day prompted a “Currency amount” for each of them (page 100). The latter is displayed in the third column in the table above and can be seen as a multiplying factor for the SDR’s daily valuation.

Because the exchange rates between the currencies in the SDR basket continuously fluctuate, prevailing rates are used for the SDR’s daily valuation as well. In the fourth column, you can see the prevailing “Exchange rate,” which is multiplied by the currency amount to arrive at a “U.S. dollar equivalent” (in the fifth column). All the U.S. dollar equivalents added up instigate the price of the SDR denominated in U.S. dollars. On February 14, 2020, the value of the SDR was expressed as $1.36751. With the U.S. dollar exchange rate, the SDR’s exchange rate with other currencies can be computed.

So, the SDR is neither a claim on these currencies nor do they fully or fractionally back the SDR. Instead, the currency weights, currency amounts, and exchange rates produce a daily SDR value, which is used when SDRs are exchanged for currency.

The SDR interest rate is set weekly and is based on the 3-months interest rate benchmarks of the five currencies and their respective weights in the SDR basket (page 89). The interest rate benchmarks are:

—US dollar: three-month US Treasury bills

—Euro: three-month rate for euro area central government bonds with a rating of AA and above published by the European Central Bank

—Chinese renminbi: three-month benchmark yield for China Treasury bonds as published by the China Central Depository and Clearing Co. Ltd.

—Japanese yen: three-month Japanese Treasury discount bills

—Pound sterling: three-month UK Treasury bills.

Remarkably, the floor for the SDR interest rate is 0.05%.

How Are SDRs Traded?

Because “there is no market for the SDR itself in which excess supply or demand pressure can be eliminated by adjustments in the price”, SDRs are primarily traded via Voluntary Trading Arrangements (VTAs). Meaning, supply and demand are connected through a managed market at the SDR Department. In the IMF Financial Operations 2018, we read:

The role of the IMF [SDR Department] in transactions by agreement [VTAs] is to act as an intermediary, matching participants in this managed market in a manner that meets, to the greatest extent possible, the requirements and preferences of buyers and sellers of SDRs.

In other words, a country wishing to sell SDRs for usable currency will notify the SDR Department to match the seller with a buyer. Trades are settled through the SDR Department. It’s not prohibited for countries to exchange SDRs for currency, but, again, there’s no market. The SDR is used almost exclusively in transactions with the IMF; for operations between IMF members and the General Resources Account (page 86).

Next to VTAs through the SDR Department, there’s one more way for the IMF to make its members exchange SDRs: the designation mechanism. From the IMF Financial Operations 2018:

In the event there is insufficient capacity under the voluntary trading arrangements [VTAs], the IMF can activate the designation mechanism: IMF members with a strong balance of payments and reserves position may be designated by the IMF to purchase SDRs from members with weak external positions.

In case of emergency, the IMF will designate a member, with a strong balance of payments, to exchange currency for SDRs (page 105). Although, I doubt the designation mechanism has ever been activated, or ever will (page 86 and 93). The IMF states, “the functioning of the SDR Department … is based on the principle of mutuality and intergovernmental cooperation.” As far as I know, there is no judicial framework that can make the IMF command sovereign nations how to disperse their international reserves. In case the proverbial “**** hits the fan”, I’m doubtful members will buy SDRs according to the whims of the IMF.

With respect to IMF loans, things are different. These are based on conditionality, in which case the Fund can exercise significant power over borrowing nations.

Other Deficiencies

According to my analysis, the SDR will never be the main international reserve asset. Not in its current form, nor in any future form. One of its deficiencies that I haven’t addressed extensively is that the essence of the SDR has changed regularly since 1969. First, it was a book entry defined in gold weight. In 1974 its value was redefined as a basket of sixteen currencies. And the SDR interest rate “set semiannually at about half the level of a combined market interest rate that was defined as a weighted average of interest rates on short-term market instruments in France, Germany, Japan, the United Kingdom, and the United States [page 87].” In 1981 the basket was altered to five currencies, and the SDR interest rate was made equal to market rates. In 2000, the basket was brought down to four currencies, and new selection criteria were adopted. In 2015, the last significant change was made when they added the Chinese renminbi. But who knows what an SDR will be in the future?

Now, why would any monetary authority hold most of its resources in an asset which essence can be modified (and its units created boundlessly)? And then to think there is no actual market for them to be exchanged, and Voluntary Trading Arrangements and the designation mechanism presage anything but liquidity.

What Have SDR Scholars Written?

Another core deficiency of the SDR was addressed by Eswar S. Prasad, former Chief of the Financial Studies Division at the IMF’s Research Department, in The Dollar Trap (page 280):

In principle, SDRs can be exchanged for “freely usable” currencies but cannot be used directly in private transactions. Thus, increasing the stock of SDRs does not increase the total liquidity of the global monetary system.

Because SDRs are not backed by anything and are not a medium of exchange, creating SDRs doesn’t create more “total liquidity of the global monetary system.”

Now, what is the true value of these SDRs as they’re not backed by currency and there is no market to exchange them? The reality is that the SDR’s true value “derives from the commitments of members to exchange SDRs for freely usable currencies [page 86].” Consequently, when members aren’t committed to exchange SDRs, its true value drops to zero. Surely, a fictional exchange rate will continue to be published—to serve as a unit of account—but its true exchange rate would be zero.

The economist Fred Hirsch, senior adviser to the IMF (1966-1972), published an essay in 1974 titled “An SDR Standard: Impetus, Elements, and Impediments.” Hirsch wrote that it was “generally recognized in both academic and official circles, [that] SDRs in their present form are inadequate … [as] a secure and controlled base for world monetary reserves.” To continue, “a more comprehensive SDR system would represent a substantial step toward a world central bank.”

I agree. Maybe the SDR can succeed if its essence is changed once again, the world would fully financially integrate, and all countries would be subordinate to one world central bank that could control all of its members’ monetary policy. But that’s not going to happen. First, it makes no sense. Second, the current trend is financial disintegration. Look at Brexit and the trade war between China and the U.S. Are we really to believe that the world will submit under a new global central bank that will issue the “SDR 11.3.4”? And all nations will surrender their monetary sovereignty? I don’t think so.

Additionally, central banks are buying gold or repatriating gold. The motivation to buy gold is to diversify away from what can be printed boundlessly. Repatriating gold was called “economic nationalism” by the Executive Director of the Austrian central bank in 2015, Peter Mooslechner. Which is a fitting description for the present trend.

Hirsch also stated integration wasn’t feasible, nor, in his view, desirable:

At present [1974], however, the integrationist objective is not generally regarded as feasible on a global basis (and some, including myself, would not regard it as desirable).

Why China Is Promoting SDRs

Some of you might think, “so what was all the fuss about when the renminbi was added to the SDR? Financial blogs were speaking of a new paradigm! What about the Governor of the People’s Bank of China (PBoC), Zhou Xiaochuan’s paper from March 23, 2009—Reform the international monetary system—in which the SDR was discussed?”

Yes, Zhou wrote the IMS should be less centered around the U.S. dollar, and more towards, as an example, the SDR. From Zhou about the SDR:

A super-sovereign reserve currency managed by a global institution could be used to both create and control the global liquidity.

Special consideration should be given to giving the SDR a greater role.

This will require political cooperation among member countries.

Zhou’s remarks boil down to an SDR overhaul and a world central bank, as mentioned by Hirsch. Not feasible.

In my view, Zhou mentioned the SDR as a decoy. There are two reasons why the Chinese like to talk about SDRs.

One, the SDR is about symbolism. China’s goals are to internationalize the renminbi as a trade currency, and have it globally accepted as a reserve currency. In the end, to leverage the Chinese economy, equal to the extent economies of international currency issuers such as the U.S. and the eurozone have advantaged. Adoption into the SDR gave the renminbi a seal of approval as world reserve currency. This is one reason why China is cheering about the SDR.

Two, the Chinese want to diminish the role of the U.S. dollar in every way possible. Hence, China currently publishes its international reserves denominated in U.S. dollars and SDRs. For the Chinese, the more attention is diverted from U.S. units of account, the better.

China%20USD%20SDR.png

China’s international reserves in 2019, denominated in U.S. dollars and SDRs.

In 2016, the weight of the Chinese golden Panda coin changed from 1 troy ounce to 30 grams. Effectively, the coin’s weight went from 31.103 grams to 30 grams. This change was symbolic as well as strategic: to use as few U.S. units of account as possible. Similar to denominate value as much as possible, “not in U.S. dollars.” The Panda weight adjustment also streamlined it to be traded on the Shanghai Gold Exchange, where the gold price is quoted in yuan per fine gram (not troy ounce).

Next to symbolism, China also develops concrete methods to gain international market share at U.S.’s expense. By, for example, launching international commodity trading in renminbi such as the Shanghai Gold benchmark and Shanghai Oil.

Consider that since Zhou’s paper was published, in March 23, 2009, the PBoC added 520 million SDRs to its international reserves and 1,348 tonnes of gold. Measured in their own units of account (irrespective of the change in the gold price), China’s SDR reserves went up by 95%, and its gold reserves by 225%.

But because a unit of gold is more expensive, and its price has gone up since 2009, the amount of gold added by the PBoC since then is worth 50 billion SDRs at today’s prices, which is 9,491% more than the 50 million in SDR reserves increment.

Did Zhou mean to shift the IMS towards the SDR? Did he saw value in the SDR? If so, why didn’t he put his money where his mouth is?

Or, was Zhou’s message simply to ditch the dollar, but he preferred not to speak about gold, as this would put steroids on the gold price? An escalating gold price would make the PBoC able to buy less gold in the process of diversifying its foreign exchange reserves. I think this is why Zhou mentioned SDRs.

It’s always best to look at what central bankers do, not what they say. Across the globe many central banks have been shifting towards gold since 2009, not SDRs.

Conclusion

From all the deficiencies concerning the SDR—it’s not a currency, there is no market, no liquidity, it’s essence can be changed, etc.—I think the SDR will continue to play a marginal role in international economics. At most its use as a unit of account will be expanded.

In the near future I expect gold’s role in the IMS to increase. When economic growth declines, countries will (likely) devalue their currencies, and when “economic nationalism” increases, reserve asset managers will prefer to hold the only universally accepted financial assets that doesn’t have counterparty risk and can’t be printed: gold.

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The Coronavirus has single handedly promoted one of Trump's most important policies - Immigration Reform. Ain't it funny how the Leftist and Democrats in this country complained and whined like a 3-yr old playing a violin about every change that has been made by this administration. Now, they have to sit back and watch changes made, all under the guise of protection of America.

 

Indy

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13 hours ago, blueskyline said:

WHO Urges People To Go 'Cashless' Because 'Dirty Banknotes Can Spread The Virus'

Profile picture for user Tyler Durden

 

Who ? :blink:

 

:D  :D  :D 

 

 

 

LINK

World Health warns of the "Corona" transmission of healthy people by touching paper currencies

 

%D9%85%D9%86%D8%B8%D9%85%D8%A9-%D8%A7%D9
 
 
15:27 - 04/03/2020
 
 

A new danger looms about the possibility of the transmission of the new "Corona" from its sufferers to the healthy ones, through a bridge of dealing in paper currencies. Foliar, so it recommends that you wash your hands immediately after touching any paper currency, because "Corona" may be transmitted through it from one person to another, and suggested using different methods of financial handling because the emerging "Coronian" virus may remain for several days on the surface of the fiat currency.

Last month, banks in China and South Korea started clearing and isolating the securities used to prevent the deadly virus from staying in them. Values of the Chinese Central Bank stated at a press conference that the bank uses UV rays or high temperatures to purify and sterilize the securities, then Isolate it in quarry for 14 days before recycling it.

The measures of the Central Bank come in parallel with the increasing hesitation of the Chinese to use the currency for fear of catching the infection, although most securities dealers have used their smartphones to pay their dues and the price of their daily purchases for years, but the Chinese Central Bank has put up sterile 4 billion yuan in securities. (53 million euros) in the province of Hubei, where the epicenter is the epicenter.

Yesterday, a WHO spokesman told the British Daily Telegraph: “The money moves between our hands frequently and can pick up all kinds of bacteria and viruses (..) so we advise people to wash their hands after dealing with them, and avoid touching their faces when possible, to reduce From the risk of transmission, ”he says.

It is not yet known, and definitively, how long a new corona can live outside the human body, with an almost certain possibility that it can remain contagious for contaminated objects for up to 9 days at room temperature, according to what was indicated by the analysis of 22 previous studies of viruses Similar. However, antiseptics can be removed quickly, and they may also be destroyed by high temperatures.

Also, a warning was issued by experts of the "Russian Federal Authority for Consumer Protection" summarizing that securities "are the most common way to transmit a pathogenic infection, including influenza, as its virus can stay on the paper currency for two weeks, and it can be infected upon receiving the salary, whether through the treasury or Via ATMs "and advised that it is necessary to completely move away from" antibiotics "because they are not useful in combating viral infections. As for protection from "Corona", the hands are washed well after contacting the paper currency.

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Well i dont believe that here the US to marry have to worry about getting the virus from Iraq dinar, most of us probably haven't touch it in year because its worthless and collecting dust in the back of our safes or dressers. But if it was toilet paper on the other hand now thats a different story. We all would be worried shiteless.

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Hey Blue skyline..... Thanks for article and here is how I believe it’s going to work... it’s been in the works for over 30 years and the rabbit is about to be pulled out of the hat due to this virus


It’s called the inter ledger protocol and it was donated to the W3c by Ripple. It is similar to the way HTTP:// works but it will be the Internet of transferring value instead of data. 
 

XRP is the settlement mechanism token.  R3 Corda settler was supposed to go live in Italian banks in March 2020 so I find it curious that Italy is complete lockdown for two weeks.  
 

Have a great Saturday. Off to work while they still let me ;) 

 

 

95B8E05F-CDBB-4E4D-BCD4-860052531B27.jpeg

12904CB0-7CA2-41BC-A5EE-2358C5BFB8EE.jpeg

Edited by NEPatriotsFan1
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My biggest concern is the money exchanging hands at the turnpikes. 
Here in Oklahoma, the turnpike is one of the main arteries of the US. Yesterday morning, the lady working the booth was extremely sick and handing out money. 
I personally feel this should be a huge concern for the government. 

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7 hours ago, NEPatriotsFan1 said:

Hey Blue skyline..... Thanks for article and here is how I believe it’s going to work... it’s been in the works for over 30 years and the rabbit is about to be pulled out of the hat due to this virus


It’s called the inter ledger crypto wallet" rel="external nofollow">ledger protocol and it was donated to the W3c by Ripple. It is similar to the way HTTP:// works but it will be the Internet of transferring value instead of data. 
 

XRP is the settlement mechanism token.  R3 Corda settler was supposed to go live in Italian banks in March 2020 so I find it curious that Italy is complete lockdown for two weeks.  
 

Have a great Saturday. Off to work while they still let me ;) 

 

 

95B8E05F-CDBB-4E4D-BCD4-860052531B27.jpeg

12904CB0-7CA2-41BC-A5EE-2358C5BFB8EE.jpeg

Thanks for the information and I hope so as I bought a lot more XRP yesterday at .15 cents..lol..I have read and researched also and thank you for all your knowledge so hopefully one day XRP will payoff even higher then the dinar RV when it happens!!

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2 hours ago, Dinarrock said:

Thanks for the information and I hope so as I bought a lot more XRP yesterday at .15 cents..lol..I have read and researched also and thank you for all your knowledge so hopefully one day XRP will payoff even higher then the dinar RV when it happens!!

I hope so too, Dinarrock! glad you got some so cheap. I paid .54 .41 .30 most of my bag at .25 cents So I’m significantly down, but I believe that xrp will rise from the ashes. Brad Garlinghouse the CEO of Ripple said he expects 99% of Crypto’s to disappear so hopefully the cream will rise to the top here soon. 

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https://www.sovereignman.com/finance/invaluable-lesson-bank-confiscation-cyprus-13858/

 

Quote

Cypriots went to bed on Friday thinking everything was fine. By the next morning, they had no way to pay bills or buy food.

It’s certainly a chilling reminder of how quickly things can change. And why.

The entire crisis sprang from a mountain of debt. The government had accumulated too much debt. The banking system had accumulated too much debt.

And banks had lost a lot of their customers’ money making risky, stupid bets on things like Greek government bonds.

By March 2013, Cypriot banks were almost entirely devoid of cash.

Sure, customers could log on to a website and check their bank balances.

But there’s a huge difference between a number displayed on a screen, and a well-capitalized bank that actually holds abundant cash.

The government was too insolvent to bail anyone out. And as a member of the eurozone, Cyprus didn’t have the ability to print its own money.

So they did the only thing they could think of– confiscate customer deposits.

And they imposed capital controls on top of that to make sure that people couldn’t withdraw their remaining funds out of the banks as soon as the freeze was lifted.

It was a truly despicable act. But again, even though it all unfolded overnight, the warning signs were building for at least a year. Especially the debt.

 

 

That is the danger of a cashless society.

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13 hours ago, navira said:

Those invested in cryptos can be waiting for a very long time to gain back profits...if ever


As Will Investors In Bumfuq EGYPTos Or Any Other Exotic Foreign Currency ... :bananacamel:

:D  :D  :D 

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On 3/14/2020 at 8:58 AM, gregp said:

My biggest concern is the money exchanging hands at the turnpikes. 
Here in Oklahoma, the turnpike is one of the main arteries of the US. Yesterday morning, the lady working the booth was extremely sick and handing out money. 
I personally feel this should be a huge concern for the government. 

This is how a controlling group Bring about changes in the minority group. Create something that causes fear in large communities and promote it for a couple of months and eventually the people come around And start to believe. Don’t worry about all the things you touch and pick up flu viruses cold viruses and various other things that cause you problems. Think about the gym and you touch their door knobs the restaurant you go to or the restaurant workers will bring you food and things they touch and sneeze and cough. How about the handrails turn styles walking to the subway people touch everything then you touch it. The flu kills more people annually worldwide than this things even infected in the last four months. 

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Let me expound on something that was brought to my attention, in addition to COVID-19 (now this acronym is adding the letter I when it was never in the original). Add this to what is going on now around the world. 

 

Feds arrest over 600 alleged Mexican cartel members

Agents culminated a six-month investigation into the CNJG gang with high-level arrests that brought investigators closer to finding the gang's leader

Mar 11, 2020


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Michael Balsamo
Associated Press

CHANTILLY, Va. — In the darkness, the team suits up quietly, putting on their helmets and tactical gear. Federal agents lug battering rams, bolt cutters and heavy weaponry by foot up a hill on a residential California street that's softly aglow from street lamps. Then the agents turn onto the walkway of their target's home.

“Police! Search warrant!” one officer yells as agents bang on the front door. “Police search warrant!” And then three thunderous bangs as the task force breaks down the front door.

 

In early-morning raids Wednesday, federal agents fanned out across the U.S., culminating a six-month investigation with the primary goal of dismantling the upper echelon of the Jalisco New Generation Cartel, known as CJNG. (Photo/AP) In early-morning raids Wednesday, federal agents fanned out across the U.S., culminating a six-month investigation with the primary goal of dismantling the upper echelon of the Jalisco New Generation Cartel, known as CJNG. (Photo/AP)

Moments later, a reputed member of the Jalisco New Generation Cartel, known as CJNG, is walked out in handcuffs.

In early-morning raids Wednesday, agents fanned out across the United States, culminating a six-month investigation with the primary goal of dismantling the upper echelon of CJNG and hoping to get closer to capturing its leader, one of the most wanted men in America. There's a $10 million reward for the arrest of Nemesio “El Mencho” Oseguera.

The gang controls between one-third and two-thirds of the U.S. drug market. It is so violent that members leave piles of bodies in streets and hanging from overpasses in Mexico, and they fill the city of Guadalajara with mass graves. They carry machine guns and hand grenades. They once used rocket launchers to shoot down a Mexican military helicopter.

More than 600 people have been arrested during the operation in recent months, more than 15,000 kilos of meth was seized and nearly $20 million taken as search and arrest warrants were executed. About 250 were arrested Wednesday.

“El Mencho and his associates prey on the addicts, and they prey on small towns where they can act as bullies and infiltrate these small towns,” said Wendy Woolcok, the special agent in charge of Drug Enforcement Administration's special operations division. “They promise hope, and they deliver despair.”

For the U.S, combating Mexico’s fastest-growing and most violent gang is a top priority. Law enforcement officials believe the gang has drug distribution hubs in Los Angeles, New York, Chicago, Houston and Atlanta. It is believed to have a presence in 24 of Mexico’s 32 states.

Unlike other cartels, CJNG shows no reluctance in directly attacking police and army patrols and is blamed for the deadliest attacks against law enforcement forces in Mexico. In eliminating rivals, it has carried out spectacular acts of violence.

“Their propensity to violence is a big part of it, they're very violent organization, they're a well-armed organization, but really the gasoline that was thrown on the fire was synthetic drugs,” said Bill Bodner, the special agent in charge of the DEA’s field office in Los Angeles.

The Associated Press had exclusive access to the raid outside Los Angeles and the national command center. In California, about a dozen team members prepped early Wednesday for their target. They searched the home, a stately, salmon-colored Spanish Colonial-style with a large chandelier in the foyer, palm trees in the front yard, and crawled on the ground to look under cars, including a black Lexus, in the driveway. No shots were fired.

Victor Ochoa, 34, was arrested on drug charges. The DEA alleges he acts as a stash house manger for the cartel. It wasn't clear yet whether he had a defense attorney.

At the command center tucked inside a nondescript government building in northern Virginia, a group of a dozen analysts and agents sat behind computer screens inside a conference room that’s been converted into a command center. As agents were banging down doors across the country, the phones rang at the command center and analysts recorded the number of arrests and amount of drugs seized on printed worksheets.

An analyst entered the information into a DEA computer screen as other analysts ran phone numbers, addresses and nicknames found inside the homes being searched.

The special agent in charge of the special operations division assembled with her team in front of a heat map — red dots glowing darker and darker as more arrests are made, primarily in Texas, California and New Jersey. By 9 a.m., more than 60 people had been taken into custody.

Assistant Attorney General Brian Benczkowski, head of the Justice Department's criminal division, called the operation “the most comprehensive action to date in the Department of Justice’s effort to disrupt, dismantle and ultimately destroy CJNG”

While Mexican drug cartels made their money predominantly from marijuana in past decades, the market has somewhat dissipated with the state-level legalization of cannabis in dozens of states across the U.S.

Now, they’ve turned to methamphetamine and fentanyl, selling it at almost 14 times the price it cost to make and flooding the streets of the U.S., fueling homelessness and the opioid crisis, and leaving behind another trail of bodies: from overdoses.

The Jalisco Cartel was formed in 2010 from a wing of the Sinaloa cartel based in the western city of Guadalajara. While it once specialized in producing methamphetamine, like most Mexican cartels it has expanded into multidrug shipments including fentanyl, cocaine, meth and heroin.

The cartel is led by the elusive Oseguera, whose bodyguards once shot down a Mexican military helicopter to prevent his arrest. In recent weeks, prosecutors have brought charges against his son, Nemesio Oseguera, also known as “El Menchito” and his daughter, Jessica Johanna Oseguera.

And officials say he’s more dangerous than reputed Mexican drug kingpin and escape artist Joaquin “El Chapo” Guzman, who as leader of the Sinaloa cartel ran a massive drug conspiracy that spread murder and mayhem for more than two decades.

“I think the threat from El Mencho and CJNG is greater right now because in my opinion, at the time Chapo was captured or at the time he was kind of at his at his heyday, so to speak, the Sinaloa Cartel was fractured, it was a little broken up,” Bodner said.

El Chapo was a little flashier, but Mencho and the Jalisco gang see their drug business as just that -- business, Bodner said.

“They have a little bit more discipline. They're not necessarily into the partying and living the good life, it's just about the business of drug trafficking and control, and that's what makes them scarier, Bodner said.

The Jalisco cartel is also known for brazen tactics such as driving around in convoys of pickup trucks marked with the letters “CJNG” and for circulating videos of heavily-armed cartel gunmen in military-style dress. While Mexico says it is no longer concentrating on detaining drug lords, the Mexican government has extradited Oseguera’s son and has detained some of his associates.

 

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And to show history:

2020 Democrats Ignore Mexican Drug Cartel Violence That Killed Nine Americans

 
NOVEMBER 6, 2019 By Tristan Justice

Nine Americans were slaughtered in broad daylight Monday in an apparent ambush by a drug cartel in Northern Mexico. The LeBaron family, with ties to Utah who lived in the La Mora Mormon fundamentalist community located in Mexico’s Sonora state were traveling in a caravan of three SUVs that were attacked by the cartel, with a dozen family members still missing who were likely kidnapped.

At least six children and three women were killed in the attack, and several of them, including a pair of infant twins were burned to death when one of the cars blew up.

The episode highlights the escalating violence happening just across the U.S.-Mexican border, where massive drug cartels have launched a growing insurgency against a failing state. Democrats running on the presidential campaign trail however, have remained eerily silent. Not one of the seventeen Democrats still in the race issued a statement on Monday’s attacks.

President Donald Trump on the other hand, voiced outrage over the attacks on Twitter, condemning the violence and calling on the Mexican government to come down harder on the cartels.

“This is the time for Mexico, with the help of the United States, to wage WAR on the drug cartels and wipe them off the face of the earth,” Trump wrote.

 

This is the time for Mexico, with the help of the United States, to wage WAR on the drug cartels and wipe them off the face of the earth. We merely await a call from your great new president!

 
 
 
 

 

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A wonderful family and friends from Utah got caught between two vicious drug cartels, who were shooting at each other, with the result being many great American people killed, including young children, and some missing. If Mexico needs or requests help in cleaning out these.....

 

....monsters, the United States stands ready, willing & able to get involved and do the job quickly and effectively. The great new President of Mexico has made this a big issue, but the cartels have become so large and powerful that you sometimes need an army to defeat an army!

 
 
 
 

 

The Mexican military however, has been losing the fight. Just last month, a drug cartel defeated Mexican military forces in Culiacan, Mexico, located in the northwestern part of the country.

Meanwhile, the epidemic of terrorism along the southern border runs counter to the Democratic narrative resisting the need for stronger border security. Instead, Democrats chasing their party’s presidential nomination have looked the other way from the growing crisis on the border and have focused on the deteriorating conditions of U.S. migrant shelters being overrun by migrants fleeing the violence.

The Federalist’s political editor John Davidson written extensively on the violence taking place across the Rio Grande. Reporting last month on the Mexican military’s defeat, Davidson explained the horrific reality facing the Mexican government:

What’s happening in Mexico right now is more like an insurgency. Yes, drug-trafficking is one of the things the cartels do, but it doesn’t nearly describe what they are or what role they’re playing in the disintegration of civil society in Mexico. Indeed, over the past decade cartels have diversified their economic activities to include everything from oil and gas production to industrial agriculture to offshore commercial fishing.

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