Posted on 03/05/2016 2:15:05 PM PST by blam
Tyler Durden
March 5, 2016
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 regime.
Put simply, if interest rates get too low, depositors will simply take their money out the bank and put it in the mattress or the safe where, to quote WSJ from last week, “interest rates are always low no matter what central bankers do.
Most recently, Larry Summers called for the abolition of the $100 bill in the US and in Europe the €500 note is to go the way of the dinosaurs.
Perhaps the most telling sign that citizens are starting to panic is that in Japan, they’re selling out of safes. Literally.
“It shows a vague sense of unease,” one Japanese lawmaker who brought up the soaring safe sales in parliament on Monday remarked.
Now, the excuse given for banning big bills is that it combats crime. And maybe it does. But in the end the rationale is simple: if there are no more physical banknotes, people have no economic autonomy. Let’s say consumer spending is stagnating. No problem, take rates to -20%. We bet they’ll start spending then - either that or see their deposits haircut by 20%.
In short, no cash means no effective lower bound and with no lower bound, the economy can be completely centrally planned - for all intents and purposes.
Consumers not spending? No problem. Just tax their excess account balance. Economy overheating? Again, no problem. Raise the interest paid on account holdings to encourage people to stop spending.
(snip)
(Excerpt) Read more at zerohedge.com ...
Two words: “black market.”
Especially in precious metals... some medium of exchange will arise.
Banning cash will give the government TOTAL control over everyone...PERIOD...
We have cash for the same reason we have guns: people like them.
People like cash and guns because cash and guns make people feel free. Cash and guns allow people to feel like they are in control of their fate, their security, and their lives.
That’s why governments don’t like them.
Government didn’t invent cash, and government didn’t invent guns.
We don’t have cash, or guns, because a kindly government “gave” them to us.
Now if you complain about migrants, they will just drain your bank account to punish you.
This excerpt says nothing about the headline. Aren’t the Swedes in the Euro?
The end of Liberty.
Silver and gold coins, gems, fine art, top quality tools, back to barter.
Insanity.
Those Swedish central planners can really think big! Replace enough Swedes with Muslims, so that you can divide and conquer whenever necessary. Expedite the process by importing mostly men - they will convert Swedish women, by force if necessary. Heck, each Muslim man can take several Swedish wives, it is only being multicultural!
Get rid of the cash so that central control can work. Have to control the criminal tendencies of those Muslim men!
Isn’t Central Planning Grand!
In the Soviet Union the ruble was useless. People bartered. Sweden will either end up with a barter economy or something like the bitcoin. The real reason for eliminating currency it to eliminate the untaxed economy. The government wants to tax every transaction. There have been attempts in the US to impose a tax on everybody for their supposed participation in the untaxed economy, like garage sales and paying the kid next door to mow your lawn. So far they have failed.
Incidentally, the German public did not want to convert from the mark to the euro. The government declared that after a certain date the mark was no longer a currency. You either turned them in or you lost them. So, it is entirely possible to eliminate a currency and to do it quickly.
I didn’t click your link. But I could sure use a few hundred $500 bills. Be mighty right of Trump to issue some to me. But I need to ask. How much is this going to cost me??
No doubt about that.
You say the wrong thing and your ability to buy and see will be turned off like a credit card.
Coins will probably be outlawed.
No, there are four words: Mark of the Beast.
I would have to guess the "mark" is your credit or debit card number issued by the Central Planner. (Satan)
Any attempt at total government control, anywhere, will ultimately end badly for those who use government to gain power. Always has. Always will. It’s inevitable that the desire for freedom will always win over the selfish motivations of the power hungry. Inevitable. It’s just a question of how long it takes, and how many people’s lives are hurt in the interim.
Bingo
Well, yes...It would result in another Revolutionary War...
It won’t stop crime, it will just make honest people criminals. Gold and silver coins will be in high demand and an Odwalla system will allow cross. border transactions controlled by muslim’s.0
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