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The Financial Times has published an anonymous article which calls for the abolition of cash in order to give central banks and governments more power.
Entitled The case for retiring another ‘barbarous relic’, the article laments the fact that people are stockpiling cash in anticipation of another economic collapse, a factor which is causing, “a lot of distortion to the economic system.”
“The existence of cash — a bearer instrument with a zero interest rate — limits central banks’ ability to stimulate a depressed economy. The worry is that people will change their deposits for cash if a central bank moves rates into negative territory,” states the article.
As we previously reported, Rogoff attended a meeting in London earlier this year where he met representatives from the Federal Reserve, the ECB as well as participants from the Swiss and Danish central banks. The issue of banning cash was at the forefront of the agenda.
Last year, Rogoff also called for “abolishing physical currency” in order to stop “tax evasion and illegal activity” as well as preventing people from withdrawing money when interest rates are close to zero.
The agenda to ban cash was also discussed at this year’s secretive Bilderberg Group meeting, which was attended by the Financial Times’ chief economics commentator Martin Wolf.
Former Bank of England economist Jim Leaviss penned an article for the London Telegraph earlier this year in which he said a cashless society would only be achieved by “forcing everyone to spend only by electronic means from an account held at a government-run bank,” which would be, “monitored, or even directly controlled by the government.”
In the UK, banks are treating the withdrawal of cash in amounts as low as £5,000 as a suspicious activity, while in France, citizens will be banned from making cash payments over €1,000 euros from Tuesday onwards. The withdrawal and deposit of cash over the amount of €1,000 euros will also be subject to ID verification.
“There is no more egregious anti-liberty economic policy imaginable than banning cash,” writes Michael Krieger.
“Of course, if cash were involuntarily “ended,” there would be a surge in demand for physical gold and silver, which would then necessitate a ban on those items. Then the cycle of economic and financial tyranny would be complete, and crawling our way out of it, nearly impossible.”
…people are stockpiling cash in anticipation of another economic collapse, a factor which is causing, “a lot of distortion to the economic system.”
“The existence of cash — a bearer instrument with a zero interest rate — limits central banks’ ability to stimulate a depressed economy.
& if we move to a cashless society then how will the politicians and wall streeters pay for their coke and strippers?
Imagine Las Vegas, nationwide.
originally posted by: nwtrucker
a reply to: AnteBellum
Often interesting tidbits can be gleaned from novels. Especially older, well connected authors who have developed good old boy networks and have a track record of keeping their sources to themselves.
In one such novel, which I will leave unnamed, put forth the data that less than $350 is U.S. currency exists in cash form for every U.S. citizen! The rest is already electronic.
Of that 'cash' over one third is off-shore sitting in deposit boxes and under beds around the world. He also says that when a Treasury Bond is cashed in, a chap on a computer merely 'creates' that amount and deposits it into the appropriate account. It is not 'drawn' from some other account. It is created, then and there. it is accepted as valid monies by the banks involved.
That implies that if a nation dumps a bunch of T-bills in some retaliatory move or the like, the operator cashing those T-Bills merely adds a whole bunch of zeros.....voila .
I don't have any confirmation of this, but would it really be a surprise, if true?
originally posted by: nwtrucker
a reply to: ISawItFirst
Actually, I wondered about Nevada, myself.
What I concluded was how many people actually take cash to Vegas? Not many, not much. Traveller's cheques, in the day. Credit and debit cards now.
The casinos may give cash for those cards, but it's recycled and the same 'cash' is given to the next card holder.
At a guess, the cash in Vegas is much like a waitress' 'float'. Money to make change, etc. The vast majority, electronic...