Posted on 03/01/2016 7:13:31 PM PST by MtnClimber
GAINING ATTENTION these days is the idea of abolishing high denominations of the dollar and the euro. This concept graphically displays the astonishing stupidity-and intellectual bankruptcy-of today's liberal economic policymakers and the economics profession. Larry Summers, a former Treasury Secretary and Harvard president, is pushing the U.S. to ban $50 and $100 bills. There's a lot of chatter, too, about prohibiting the €500 note. The ostensible reason is to help in the fight against terrorists, bribers, drug dealers and tax evaders by making it more inconvenient for these bad guys to move around and store their ill-gotten cash........ If the Obama Administration really wants to deny resources to terrorists, why is it giving tens of billions of dollars back to the globe's terrorism central, Iran? The real reason for this war on cash-start with the big bills and then work your way down-is an ugly power grab by Big Government. People will have less privacy: Electronic commerce makes it easier for Big Brother to see what we're doing...
(Excerpt) Read more at forbes.com ...
You are exactly right. This proposal has nothing to do with tax evasion or controlling drug money. People inclined to those activities are resourceful and would quickly find another way to escape detection. Instead, it's all about paving the way for negative interest rates as the new norm in one disguise or another. Simply, you cannot have cash and negative interest at the same time. Otherwise, who in their right mind would put their money in the bank as opposed to keeping it in mason jars.
maybe we should all just go back to bartering, the way the works very well.
“The ostensible reason is to help in the fight against terrorists, bribers, drug dealers and tax evaders by making it more inconvenient for these bad guys....”
So make like more boxed in and restrictive on me, to protect me. Poor Lt Calley was just a little too early. They have to burn the village in order to save it.
Sick.
If the Obama Administration really wants to deny resources to terrorists, why is it giving tens of billions of dollars back to the globe’s terrorism central, Iran?
*
“elimination of currency” was on the Bilderberg agenda about 4 years ago or so.
We are unable to pay for a tank full of gasoline with such a limited currency.
And by going to a cashless society, they will, by necessity, ban the private ownership of gold, silver, and any precious metals.
There will be a one-time public buy, and after that, the government will institute REALLY harsh criminal penalties against anyone trying to buy or sell the precious metals. The government won’t have to search for it, but long prison terms and huge fines will make an impression on anyone thinking about bypassing the government’s negative interest rates.
Mark
I’ve posted it before on similar threads, if you want to stop the drug trade, make the largest denomination the Lincoln cent.
Can you imagin some corner merchant with his low-rider cutoffs full of pennies?
This attack on large bills is a way to tax all the illegals that will be coming out of the shadows.
” The real “high denomination” bills, the $500 and $1000, were removed from circulation a long time ago.”
They were used for transfers between banks. I don’t think they ever circulated among the public at large.
Yes, I think the Tribulation and then the Great Tribulation are awfully close. As is Ezekiel 38.
Amen
But most people, even those old enough to know better, are going to an almost cashless society for the convenience. For people under age 40 or so, I doubt most of them have a clue that without economic freedom and privacy there is no freedom. It doesn't seem to bother most people that all of their purchases, and thus all of their activity, are computerized.
It's already happened with income. It goes automatically into an account. So where's the logic in having to take money out of that account, instead of just transferring it?
Look at health insurance. Nobody really pays for health care anymore. It's just a crazy swirl of data from one source to another, to the point where there's no logic or control concerning cost.
I pay for everything I can cash. Everything where cash isn't possible, by check....no automatic payments of anything. Most folks think that's weird.
For all practical purposes, most people already have what's in effect a negative interest rate. Unless a person can maintain a pretty hefty (for many) balance, fees use up quite a bit of their money.
But how else to ensure that all sales taxes are also being paid, but by monitoring all cash transactions?
(/sarcasm)
Regards,
Same here, not weird to me. Last week I paid for a dinner out with some friends, in the $200 to $300 range. Easily paid with $100 bills. Would be hard to carry around a bunch of $20 bills to pay for it. I don't trust someone walking away with my credit card where I can't see it. Plus I don't like my activities tracked. The other thing about cash, is that it's a good way to transfer value to your adult kids without tracking. If they need something, pay for it for them. Beats letting the government take half when you die; give it to your adult kids while alive.
$5000 & $10000 bills were typically bank to bank transfer notes however were available for public use. $500 & $1000 bills were commonly in circulation until the late 60s, when in June 1969 they were removed under the guise of curtailing “illicit” activity (i.e. drug trafficking.) [s] How well did that work out?[/s]
In 1950, $100.00 had the same buying power as $1,002 does today
http://www.dollartimes.com/calculators/inflation.htm
Those are some of the very reasons they want to (and will) eliminate cash.
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