Sweden’s War on Cash Runs Into a Wall — and a Heroic Bank

The war on cash in Sweden may be stalling. The anti-cash movement has been  vigorously promoted by major Swedish commercial banks as well as the Riksbank, the Swedish central bank. In fact, for  three of the four major Swedish banks combined, 530 of their 780 office no longer accept or pay out cash. In the case of the Nordea Bank, 200 of its 300 branches are now cashless, and three-quarters of Swedbank’s branches no longer handle cash. As Peter Borsos, a spokesman for Swedbank, freely admits, his bank is working “actively to reduce the [amount] of cash in society.” The reasons for this push toward a cashless society, of course, have nothing to do with pumping up earnings from bank card fees or, more important, freeing fractional-reserve banks from the constraints of bank runs. No, according to Borsos, the reasons are the environment, cost, and security: ”We ourselves emit 700 tons of carbon dioxide by cash transport. It costs society 11 billion per year. And cash helps robberies everywhere.” Hans Jacobson, head of Nordea Bank, argues similarly: “Our mission is to make people understand the point of cards, cards are more secure than cash.”

Fortunately, it seems that the Swedish people are not falling for the anti-cash propaganda spewed by private bankers and Riksbank officials and are resisting the trend toward a cashless economy. It is reported that last year the value of cash transactions in Sweden were 99 billion krona  which represented only a marginal decrease from ten years ago. And small shops continue to do one-third to one-half of their business in cash. Furthermore a study of bank customers satisfaction released by  the Swedish Quality Index in October 2012, indicated that the satisfaction index was pulled down among customers of Swedbank, Nordea and SEB by their policy of eliminating cash transactions at their bank branches. Even more heartening is the fact that Handelsbanken, the largest bank in Sweden, is committed to serving consumers who demand cash. As Kai Jokitulppo, head of private services at Handelsbanken, puts it:

“As long as we know that our customers are asking for cash, it is important that we as a bank [are] providing it. . . . We see places where other banks are taking other decisions, we get customers from them and positive response.”

Fewer then 10 of Handelsbanken’s 461 branches currently do not handle cash and the bank’s goal is to have cash in every branch by the first quarter of 2013.

HT to Per Bylund.

Comments

  1. And so begins the war on the underground economy. In America,soon,everyone will be issued a computer card where they cannot buy,sell,work or do anything without that card. All information will be compiled in super computers and matched up against your “voluntary” tax returns. If you are a non-filer or the computer files don’t match up to what the government deems is your “fair share,” your card “privileges” will be removed and you will be left to starve. Eventually,to simplify matters,a computer chip will be inserted into your wrist to make the citizen no better then cattle. The sad part of the story is that a majority of “brave” Americans will run out and demand to have their chips inserted immediately. In the end,the political class will take what they want and tax the rest. There will be little or no opposition from the majority of “civil liberty” groups because most of these groups are run by closet Marxists. The main stream media and all the other pundits will either say nothing or downplay the situation. In the end,after over 100 years of progressive(socialist) legislation and tinkering with the Constitution we are about to live in an American economic police state. So,to the average productive American I would say that you should keep working 6 to 8 months of the year to pay all your taxes directly or indirectly. You should keep filing all the forms that the government demand that you file. You should turn your back on the patriotic Americans who have lost everything,including their liberty, to a government and a government judicial system that twists,ignores or defecates on the Bill of Rights and even that government’s own law codes. A government that slaps the wrist of an embezzler like John Corzine, who cheated people out of billions, yet at the same time slaps long prison sentences on so called “illegal tax protesters” and citizens who deal in real money(silver). People who are a threat to no one except the power structure. And their only crime was to seek the truth and make the government obey their own laws. Yes it is true. We live not in a nation of laws but of powerful men who seek to dominate. Megalomaniacs who have bought the politicians and judges. Men who treat most Americans like expendable sheep to be sheared on a regular basis and then cast aside. For over 50 years of my life I’ve been fighting for liberty. However, I’m afraid to say that I have plowed the sea. 1984 is coming.

  2. “And cash helps robberies everywhere.”

    Tons of robberies going down fer sure. I think what’s meant is “avoid the preying eye of the tax collector”.

    A Total Information Awareness of All Transactions? Something to put the wholesale collection of SWIFT data via the Terrorist Finance Tracking Program into the shade?

    Hold on. Do you hear that tremendous slavering from large govn’mtal office buildings?

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