WEF Pushes for ‘End of Cash’ amid Banking Crisis

The World Economic Forum (WEF) is hailing the opportunity presented by the global banking crisis to advance toward its goal of a “cashless society.”

Klaus Schwab’s WEF believes that the recent collapse of several large banks has created an ideal argument for “the end of cash.”

The WEF has teamed up with key banking elites to present plans for eradicating the traditional monetary system and replacing it with centralized digital cash.

The idea has been promoted by the WEF for some time as part of its “Great Reset” agenda.

The globalist organization has laid out its plan for the ultimate demise of physical cash in an article on the WEF website authored by Deutsche Bank Macro Strategist Marion Laboure.

Laboure, a WEF member, focuses on the World Economic Forum’s plan for “the end of cash” by ushering in central bank-issued digital currencies (CBDCs) on a global level.

CBDCs are a centralized model favored by globalist governments and economic elites, but they should not be confused with decentralized cryptocurrencies such as Bitcoin.

As Slay News has reported, concerns have been mounting over the push for government-controlled CBDCs.

As we’ve recently seen with governments censoring citizens on Big Tech platforms, CBDCs would give authorities a disturbing level of control of individuals’ lives.

The public’s spending habits could be tracked by the government and those who dissent could be easily penalized or even cut off.

The WEF singles out Sweden, Brazil, and China as those countries that have made particular strides in moving toward digitized versions of CBDCs.

In fact, such is the enthusiasm that the WEF’s Deutsche Bank official sees the future dominance of CBDCs, taking over at the expense of cash as something “inevitable.”

The pandemic is “credited” with expediting matters on this front, particularly in Sweden.

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Meanwhile, the rate at which governments are advancing toward CBDCs is either alarming or impressive, depending on how you view the trend.

The WEF article notes that 90% of central banks around the world are now in the process of creating and/or trialing a CBDC.

That number has doubled in just one year.

While CBDSs are considered highly controversial by a significant number of privacy and security experts, Laboure suggested that governments should “sell” their use to the public by claiming they offer better physical safety.

It seems that the pandemic was not the only force driving Sweden to be turning away from cash, but also powerful appeals to emotions delivered by public figures.

ABBA’s Bjorn Ulvaeus apparently believes that the presence of cash is the reason homes get burgled.

Ulvaeus says it was his own son’s experience with burglars that prompted this “anti-cash evangelism.”

However, most burglaries involve the theft of property rather than money as it’s rare that people keep large sums of cash in their homes.

Ulvaeus was not alone, because the Swedish government has been fully on board for at least a decade now.

And the desired results were inevitable.

“According to a 2020 survey by Riksbank, from 2010 to 2020, the proportion of people in Sweden who used cash fell from around 40% to less than 10%,” the WEF’s Deutsche Bank strategist writes.

In China, these figures show decreased circulation of money to 8.2% of GDP in 2022, from 11% in 2012.

High-interest rates also affect lower amounts of cash in circulation, Laboure writes.

But now, geopolitical moves and decisions are producing high inflation, which tends to have the opposite effect.

However, the WEF admits that its ultimate goal of ending cash may be some way off, despite the recent “trend toward a cashless society.”

Nevertheless, the WEF appears to be convinced that it’s only a matter of time before cash is eliminated.

“Despite the trend toward a cashless society and CBDCs’ progression, the end of cash is still far in sight and will still be used as a store of value and means of payment for some time,” the WEF article warns.

In the meantime, cash, physical assets, and decentralized crypto remain the only way for people to preserve their privacy and have full control over their finances.

READ MORE: WEF Banker: Eliminating Cash Gives ‘Absolute Control’ over Population

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By Frank Bergman

Frank Bergman is a political/economic journalist living on the east coast. Aside from news reporting, Bergman also conducts interviews with researchers and material experts and investigates influential individuals and organizations in the sociopolitical world.

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