War on cash picks up speed in Sweden

War on Cash shredder
Countercurrent graphic for the war on cash

Many Swedish retailersĀ stopped accepting cash this month as the next step in the nation’s move to become a cashless society.

Writing in CounterCurrents this week, Brett Scott reports that European nations are backing the banks in a call to accelerate the elimination of cash. Scott quotes various politicians and bank executives as evidence that the move is designed to ensure that negative interest rates can be effectively implement to discourage people from saving.

The global economy as we know it depends on constant economic growth to justify the debt that fuels the profits of the financial sector. As economic times become tough people tend to save rather than spend, thereby reducing financial profits and slowing the economy



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