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Could the elimination of cash prevent an economic crisis?
COULD THE ELIMINATION OF CASH PREVENT AN ECONOMIC CRISIS? Given the still subdued economic growth many experts are of the view that the presence of cash has constrained central banks from setting negative rates to stimulate a subdued economic activity. In a future economic or financial crisis, current low rates would restrict the effectiveness of […]
Ken Rogoff’s Government Debt Default Plan
Ken Rogoff’s Government Debt Default Plan Ken Rogoff is by all accounts a brilliant man. The Harvard professor and former IMF chief economist is a chess grandmaster. His thesis committee included current Fed vice-chair Stanley Fischer. But like many survivors of Ivy League hoop jumping, the poor fellow appears to have emerged punch drunk. […]
A New Digital Cash System Was Just Unveiled At A Secret Meeting For Bankers In New York
A New Digital Cash System Was Just Unveiled At A Secret Meeting For Bankers In New York Last month, a “secret meeting” that involved more than 100 executives from some of the biggest financial institutions in the United States was held in New York City. During this “secret meeting“, a company known as “Chain” unveiled […]
The War on Savings: The Panama Papers, Bail-Ins, and the Push to Go Cashless
The War on Savings: The Panama Papers, Bail-Ins, and the Push to Go Cashless Exposing tax dodgers is a worthy endeavor, but the “limited hangout” of the Panama Papers may have less noble ends, dovetailing with the War on Cash and the imminent threat of massive bail-ins of depositor funds. The bombshell publication of the “Panama […]
Cash Banned, Freedom Gone
Cash Banned, Freedom Gone Some politicians want to ban cash, arguing that cash is helping criminals. The first steps in that direction are the withdrawal of big denomination notes and the limits imposed on cash payments. Proponents of a ban on cash claim that this will help fight criminal transactions — involved in money laundering, terrorism, and […]
This week on “It’s Our Money”: Stephen Lendman and Going Cashless
This week on “It’s Our Money”: Stephen Lendman and Going Cashless Kiss your cash goodbye! The word is that things would be more convenient, crooks would be confounded and diseases might be thwarted if we’d just get rid of filthy currency as the most essential form of personal financial liquidity. Currently circulating in the corridors of […]
Sweden Minister Says Cashless Society “Not Possible”; Elderly, Disabled People Blamed
Sweden Minister Says Cashless Society “Not Possible”; Elderly, Disabled People Blamed It was just a little over a week ago when we reported that Sweden had begun a 5-year countdown to becoming a cashless utopia. As The Local reported, “cash transactions today represent no more than two percent of the value of all payments made in Sweden, [and that […]
Why You Need to Prepare for the Cashless Society
Why You Need to Prepare for the Cashless Society Earlier this month, the European Central Bank suggested that the 500 Euro note needs to be eliminated. Not long after, academics and policy makers in the US started to call for the elimination of the $100 bill. This isn’t something that the average person really thinks about on […]
“Freedom Always Dies Bit by Bit”: Bundesbank Takes Sides in War on Cash
“Freedom Always Dies Bit by Bit”: Bundesbank Takes Sides in War on Cash “Citizens should not be put under general suspicion.” There are two sides in the global war against cash. On one side are many of the world’s governments, central banks, fintech firms, banks, credit card companies, telecommunication behemoths, financial institutions, large retailers, etc. According […]
Sweden Begins 5 Year Countdown Until It Eliminates Cash
Sweden Begins 5 Year Countdown Until It Eliminates Cash How much louder can the “ban cash” calls get? Recall it was just last year when we catalogued the growing cacophony of crazies for whom banning physical currency is the only way to ensure that depositors can’t simply reassert their economic autonomy under a low or zero rate […]
“Freedom Always Dies Bit by Bit”: Bundesbank Takes Sides in War on Cash
“Freedom Always Dies Bit by Bit”: Bundesbank Takes Sides in War on Cash “Citizens should not be put under general suspicion.” There are two sides in the global war against cash. On one side are many of the world’s governments, central banks, fintech firms, banks, credit card companies, telecommunication behemoths, financial institutions, large retailers, etc. According […]
The Global Run On Physical Cash Has Begun: Why It Pays To Panic First
The Global Run On Physical Cash Has Begun: Why It Pays To Panic First Back in August 2012, when negative interest rates were still merely viewed as sheer monetary lunacy instead of pervasive global monetary reality that has pushed over $6 trillion in global bonds into negative yield territory, the NY Fed mused hypothetically about […]
An Escalating War on Cash
An Escalating War on Cash On February 16th, The Washington Post printed the article, “It’s time to kill the $100 bill.” This came on the heels of a CNNMoney item, the day before, entitled “Death of the 500 euro bill getting closer.” The former cited a recent Harvard Kennedy School working paper, No. 52 by Senior Fellow Peter Sands, concluding that […]
New York Times Editorial Board Endorses Economic Fascism – Supports Banning the $100 Bill
New York Times Editorial Board Endorses Economic Fascism – Supports Banning the $100 Bill I cannot overstate the significance of today’s New York Timeseditorial board endorsement of the elitist scheme to ban large denomination cash from public circulation. This is the latest example of the editorial board putting the interests of the establishment ahead of the […]
The First Steps to Ending Currency
The First Steps to Ending Currency While I don’t want to sound like a broken record, it is becoming increasingly clear that the Federal Reserve, other central banks and governments around the world are laying the foundation for a negative interest rate environment that will more than likely be imposed during the next recession. Governments […]
