The digital cashless empire took a huge credibility blow Friday as Visa card holders all over Europe were unable to make transactions.
Caused by an apparent ‘hardware failure,’ the widespread network outage affected large portions of the continent---a region that’s already made dangerous moves toward a cashless society.
In the UK, for example, 77% of all retail purchases in October were made with plastic, and Visa manages 95% of all debit cards in the country.
Needless to say, within a few hours, local economies quickly felt the pressure and panic. Ramzi Kozhani, manager of Cafe Brood in London, says he lost £3,000 and was forced to throw out excess stores of unused food.
The centralized nature of these financial behemoths quickly caused several large banks to issue public apologies, including the Royal Bank of Scotland and the Bank of Ireland---another reminder why crypto’s decentralized architecture is far more robust and reliable.
Visa released a statement denying claims that the network outage was caused by rogue hackers, but what if it was an inside job?
This whole debacle could have been a planned test to see how the public reacts when traditional payment systems crash---which you can expect to happen for longer than one day during the next financial collapse.
We do know globalists love cashless societies. Governments have every interest in going 100% digital to eliminate privacy and to put into place a global extortion (tax) dragnet to complete their total subjugation of all humans on Earth.
This will be great for banks of course. Think of all the fees they can charge.
If you pay everything digitally, not only are you dependant on a third party for access to your funds, but your entire life is mapped out, purchase by purchase.
It’s a great boon to the mafia (government) and extortionists (tax collectors), too, ensuring misleaders (politicians) and bureau-rats get a slice of everyone’s cake, all the time.
And there’s another reason. Keynesian style economies always end in complete collapse.
Central banks eventually get into trouble because they constantly have to counterfeit (stimulate) - that is, print large amounts of money – to make up for the planned failure of Keynesian policies.
If there’s a silver lining to the recent Visa crash, it’s the fact that for one day cardholders didn’t have to pay those exorbitantly high transaction fees---something we crypto enthusiasts have enjoyed living without.
To some, the fees may seem worth it for a shiny credit card, and since people are addicted to credit, there are crypto-credit options coming out very soon that will be much more affordable.
There are plenty of reasons to resist a 100% cashless society---and it’s true that if the internet gets shut down, we’re all screwed, be it cardholders or bitcoin HODLers.
For that reason, it’s always smart to keep some gold and silver coins around, and even some fiat cash.
Blockchain developers are working on various ways to decentralize the internet, which will hopefully make it impervious to being shut down by the Powers That Shouldn’t Be.
Once we achieve this, the state’s only option to slow down progress will be to turn off the power. That’s why CONgress often talks about internet kill switches, and the North Atlantic Terrorist Organization and the Department of Offense have been planning for EMP attacks and the power going out.
Because, if it comes down to it, to retain control and stop humanity’s evolution, they’ll probably try that too.
You might want to get some solar panels and generators to go with your crypto and precious metals.
In the meantime, be sure to stay up to date on the latest tools and strategies you need to survive the inevitable collapse of the dollar by subscribing HERE.
About the Author
Anarcho-Capitalist. Libertarian. Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks. Jeff Berwick is the founder of The Dollar Vigilante and host of the popular video podcast, Anarchast. Jeff is a prominent speaker at many of the world’s freedom, investment and cryptocurrency conferences including his own, Anarchapulco, as well as regularly in the media including CNBC, Bloomberg and Fox Business. Jeff also posts exclusive content daily to the new blockchain based social media network, Steemit.