Posted on 02/16/2016 8:05:03 PM PST by BenLurkin
The fact that - as Sands points out - in certain circles the 500 euro note is known as the "Bin Laden" confirms the arguments against it. Sands' extensive analysis is totally convincing on the linkage between high denomination notes and crime. He is surely right that illicit activities are facilitated when a million dollars weighs 2.2 pounds as with the 500 euro note rather than more than 50 pounds as would be the case if the $20 bill was the high denomination note. And he is equally correct in arguing that technology is obviating whatever need there may ever have been for high denomination notes in legal commerce.
What should happen next? I'd guess the idea of removing existing notes is a step too far. But a moratorium on printing new high denomination notes would make the world a better place. In terms of unilateral steps, the most important actor by far is the European Union. The EU500 is almost six times as valuable as the $100. Some actors in Europe, notably the European Commission, have shown sympathy for the idea and European Central Bank chief Mario Draghi has shown interest as well. If Europe moved, pressure could likely be brought on others, notably Switzerland.
(Excerpt) Read more at washingtonpost.com ...
This is straight out of John Muir’s 1973 book “The Velvet Monkeywrench”. A horrifying utopian book along the lines of “Brave New World”, “Fahrenheit 461” and “1984” only it’s a serious how to book. Many of it’s ideas have already been implemented and others like this cashless economy are being seriously put forth.
Most counterfeited bill in the World! Gonna piss off the North Koreans. Besides Obama only deals in Trillions!
It's all part of the one world government/religion/dictator end game. We were warned 1,985 years ago, and it is inevitable.
The only unknown is the timing...
It appears that most readers are failing to see the surprise behind the outlawing of cash. People with larger government-derived incomes want to be able to monitor, pursue and take from anyone in the real private sector for each and every particular debt for the rest of their lives, and then to pursue, monitor and take from their descendants for the rest of their lives. That’s the way it’s going, and it’s going to get interesting.
Bingo. How did you arrive at the 1,985 number?
“What they really want is a cashless society, so you can’t even buy an old table on Craigslist without being taxed out the whazoo.”
What freedom will remain when the government can terminate, with nothing more than the click of a mouse, your ability to obtain so much as a glass of water?
Let’s make the Lincoln Penny the highest denomination.
That will stop the drug trade.
I had to laugh, because that’s “think tank” thinkin’ right there! You should be eligible for some sort of grant from the gub’mint.
Thanks for the chuckle :)
Imagin the ‘salesmen’ hauling cash. Their pants normally around their knees will be draging in the dirt.
I was thinking about all the warehouses of pennies “El Chapo” would have.
Pick pocketing would be eliminated too.
I mean, this penny idea is just brilliant!
It wasn’t so long ago that I had to spend most of a $100 bill to fill up my truck. I have enough in my wallet without having to carry a wad of $20 bills.
Summers simply wants the government to have more control over MY money. GTH, Mr. Summers.
All this would do is either force people to go cashless, or make it easier for the police (or criminals) to pick your pocket one way or another, but always at threat of physical harm.
Benjamin Franklin a Socialist? Say what? The man was a capitalist through and through, at least in practice.
Lawrence Summers opinions on pretty much anything are bird droppings.
Bingo.
Draghi and his EU minions across the pond have hinted at such lately as well.
All in the name of “security”, “free markets”, “anti-terrorism” and other male bovine fecal matter.
It’s about control and extending and pretending.
Not all of Revelation occurs this far upstream....
End the $100? It would be better if they brought back the $500 or $1,000 into circulation. The way Washington is spending and printing money we will need a wheel barrel of money to buy a loaf of bread.
I was referring to Jesus’ discussion with his disciples in Matt 24, ca. 30 AD. Perhaps 1930 years would be more precise, as John wrote Revelation ca. 80-90 AD.
“All Property, indeed, except the Savage’s temporary Cabin, his Bow, his Matchcoat, and other little Acquisitions, absolutely necessary for his Subsistence, seems to me to be the Creature of public Convention.”
http://press-pubs.uchicago.edu/founders/documents/v1ch16s12.html
Who was “the Savage”? (Rhetorical question).
There is something to be said for cash. I have 20.00 in my pocket- needs to last to end of the week. Will I buy that soda, or cigs probably not. If I can put on my card maybe, as I do not need to account for it until next month.
Cash brings home that these are not just electronic numbers- cash is real for those that have never budgeted
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