{"id":17587,"date":"2016-02-10T12:10:25","date_gmt":"2016-02-10T17:10:25","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17587"},"modified":"2016-02-10T12:10:44","modified_gmt":"2016-02-10T17:10:44","slug":"its-official-cash-is-now-public-enemy-number-one","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17587","title":{"rendered":"It\u2019s Official: Cash is Now Public Enemy Number One"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2016\/02\/09\/cash-public-enemy-number-one\/\" target=\"_blank\">It\u2019s Official: Cash is Now Public Enemy Number One<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<div class=\"ssba ssba-wrap\"><strong>First Major Offensive in War on Cash<\/strong><\/div>\n<p>Terrorists are no longer public enemy number one. Nor are drug lords, people traffickers, arms dealers, cyber terrorists, or any other unsavory do-badder. Today, the biggest threat to global peace and security is physical cash, a means of exchange that has flourished for over 4,000 years but which now stands accused of being the world\u2019s biggest enabler of criminality.<\/p>\n<p><strong>A Criminal\u2019s Accomplice<\/strong><\/p>\n<p>The latest person to publicly highlight the deadly threat posed by cash is Peter Sands, the former CEO of the British bank Standard Chartered, who\u00a0<a href=\"http:\/\/www.bbc.com\/news\/business-35519884\" target=\"_blank\">just published<\/a>\u00a0a report for Harvard Kennedy School of Government imploring central banks around the world to stop issuing high-denomination notes and bills. They include the \u20ac500 note, the $100 bill, the CHF1,000 note and the \u00a350 note.<\/p>\n<p>\u201cSuch notes are the preferred payment mechanism of those pursuing illicit activities, given the anonymity and lack of transaction record they offer, and the relative ease with which they can be transported and moved,\u201d the report warns. In other words, only criminals use cash. High-denomination notes,\u00a0the report adds, \u201cplay little role in the functioning of the legitimate economy, yet a crucial role in the underground economy.\u201d<\/p>\n<p>Sands is no doubt a leading authority on the role of cash in the criminal economy, having led a company that\u00a0<a href=\"http:\/\/www.telegraph.co.uk\/finance\/newsbysector\/banksandfinance\/9460928\/Standard-Chartered-QandA-on-money-laundering-scandal.html\" target=\"_blank\">schemed<\/a>\u00a0with the government of Iran to avoid U.S. sanctions and \u201chide from regulators roughly 60,000 secret transactions, involving at least $250bn, and reaping SCB hundreds of millions of dollars in fees.\u201d<\/p>\n<p>That\u2019s according to the New York State department, which in 2012 fined Standard Chartered close to a billion dollars for leaving the US financial system \u201cvulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes, and deprived law enforcement investigators of crucial information used to track all manner of criminal activity.\u201d<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s Official: Cash is Now Public Enemy Number One First Major Offensive in War on Cash Terrorists are no longer public enemy number one. Nor are drug lords, people traffickers, arms dealers, cyber terrorists, or any other unsavory do-badder. Today, the biggest threat to global peace and security is physical cash, a means of exchange [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[1035,5660,12308,5432,7079,793,4927,4255],"class_list":["post-17587","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-cash","tag-don-quijones","tag-peter-sands","tag-physical-cash","tag-standard-chartered","tag-terrorism","tag-war-on-cash","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17587"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17587\/revisions"}],"predecessor-version":[{"id":17589,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17587\/revisions\/17589"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}