The global financial system continues to groan under the strain of the accumulated weight of trillions of dollars worth of debt and derivatives, which have built up to even more fantastic levels than those that precipitated the near collapse in 2008, thanks to the policy of solving liquidity problems near-term by creating even more debt and derivatives, Quantitative Easing being the most obvious example. However, while the majority consider the situation to be hopeless, there is actually "light at the end of the tunnel".

If only a way could be found to freely tap the funds of savers at will, by imposing duties or taxes on bank accounts, with the additional option to appropriate savers' funds on occasion as required, then the systemic liquidity problems will be solved. Banks need never fear solvency problems again and they can simply fall back on the account holder's funds to meet any obligations. There are in fact already names for these restorative operations, they are called "bails-ins" and NIRP (Negative Interest Rate Policy).

Unfortunately, any immediate attempt to implement bail-ins and NIRP on a large scale will backfire because, faced with being charged significant sums for the privilege of keeping their money in the bank, savers will simply withdraw their funds and keep them as cash at home, or maybe even invest in Precious Metals. It is, therefore, imperative that these escape routes are blocked off.

We have already seen an interesting "trial balloon" in recent years with respect to bails-ins. This was the celebrated Cyprus bail-in. When Cyprus banks were about to go belly-up a couple of years ago, they saved themselves by raiding customers' accounts, which is more palatably described as a bail-in. The reaction of global savers to this action by the Cyprus banks was one of horror and revulsion and they made it plain that they weren't going to stand idly by and watch banks plunder their funds – they would withdraw them as cash if any such threat should appear over the horizon. This reaction set the great minds of the banking community to work on how to stop savers withdrawing their funds in the face of these threats. The solution was and is simple – abolish cash! Thus we have seen a production of the 500 Euro note in the European Union stopped so that it gradually fades into oblivion and in the US Larry Summers has proposed the abolition of the $100 bill, which accounts for most of the money in circulation. The idea is to implement the policy for a global cashless society in stages – if it is done all at once the public will revolt. They need to be trained to go cashless and this will take time. By starting with high denomination notes you actually remove most of the currency in circulation at a stroke, but the masses can still buy cigarettes and candy bars at street corner shops with small denomination notes. The excuse given for the removal of the notes is that it impedes organized crime and money laundering etc, which is, of course, a convenient smokescreen.

With plans for a cashless society already well advanced, it was time for another trial balloon. India was selected. Anxious to demonstrate his credentials as a card-carrying member of the New World Order, and oblivious to the effects of the operation on the hapless citizenry of his country, Indian Prime Minister Narendra Modi went ahead with the withdrawal of two key banknotes. This caused chaos across the country, especially in rural areas where many don't even have bank accounts, and citizens often had to travel long distances to get to banks to change these banknotes, only to find that the banks had in many cases run out of smaller denomination notes. Despite the economic dislocation and suffering experienced by the masses including some deaths, the experiment was deemed a success by the elites, as they had gotten away with it, with the cowed and impotent citizenry accepting it as their fate – what they should have done is rioted until the measures were withdrawn. Globally, the plan, therefore, is to keep chipping away at it until the cashless society is universally accepted, the only cash likely to remain being small denomination notes and coins suitable for paying street vendors and bus fares etc.