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A radical test of the cashless future is coming to Japan this summer…
The Japan News reports foreign tourists will use their fingerprints to buy goods and check in to hotels in Japan.
Three hundred entities in the country’s favorite tourist destinations—including shops, restaurants, and hotels—will participate.
If successful, the government hopes to roll out a nationwide system by 2020.
The experiment joins Tokyo-based Aeon Bank’s new fingerprint-only ATM system. Bank members must scan their fingerprints to use the machines.
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Regular Daily readers know this is a key “implementation step” in the global War on Cash…
Central banks worldwide have moved interest rates into negative territory. That means depositors must pay to keep their money in the bank. The banks hope it will spur folks to withdraw funds and spend or invest them elsewhere. They believe that will “jump-start” economic growth.
Twenty-three countries now sport negative interest rates. These include some of the largest economies on Earth, like Japan’s…
But paper notes are an “antidote” to negative rates… since you can withdraw your money and sit in cash. So bankers now say cash must go…
Yesterday, the U.S. Federal Reserve held an unexpected, “expedited” meeting to discuss interest rates. On February 16, Fed Chair Janet Yellen told Congress:
We’re taking a look at them [negative rates] again because we would want to be prepared in the event we needed to add accommodation.
You can be sure the Fed mapped out U.S. negative interest rates in detail in yesterday’s meeting…
Bottom line: Expect more governments to adapt Japan’s fingerprint “experiment” for their own peoples. It’s the only way for central banks’ negative interest rate schemes to spread—and deepen—across the globe. Follow Tom’s advice: Take some physical cash out of the corrupt banking system while you still can…