Skip to comments.Davos Elites Call For a Ban on Physical Cash... in the US.
Posted on 01/18/2017 12:09:45 PM PST by Lorianne
Joseph Stiglitz, Nobel Prize-winning economist, thinks so. Phasing out currency and moving towards a digital economy would, over the long term, have benefits that outweigh the cost, the Columbia University professor said on day one of the World Economic Forum's Annual Meeting in Davos
I believe very strongly that countries like the United States could and should move to a digital currency, he said, so that you would have the ability to trace this kind of corruption. There are important issues of privacy, cyber-security, but it would certainly have big advantages.
(Excerpt) Read more at zerohedge.com ...
the link doesn’t work
It would spell the end of the Democrat Party.
Their base sustains itself on cash under-the-table (or from illegal activities) to supplement all of the government benes they’re drawing.
I do like the idea of only using money that is worth what value is stamped on it. i.e. gold and silver coins - along with digital/plastic.
Cash will always be king. Even if it takes the form of Bottle Caps.
Yes, and if someone hacks your account and digitally wipes it out and all record of it, you have what exactly?
As outlined in the book “The Handmaid’s Tale.”
These people are evil.
“the link doesnt work”
Neither does the concept. Instant underground economy, likely using ammunition as currency (deliberate ambiguity in the term “using”).
The Mafia would have a fit. There’s a reason they control anything coin operated, such as vending and amusement games.
They want to tax yard sales?
I get that reference...
India runs on cash. Modi screwed them over by withdrawing the two most common bills. It was a trial run before doing it to the USA.
How would hookers and strippers get paid?
Yeah, but they've got to be Nuka-Cola bottle caps!
I agree. What if it is the government that confiscates your money so it can “redistribute it”, i.e., buy votes? No thank you!
The road to slavery.
“if someone hacks your account and digitally wipes it out and all record of it, you have what exactly?”
Perversely, it works to your advantage: no debt.
Digital currency is “debt currency”. Starting from the Federal Reserve and their “(1) + (-1) = 0” bookkeeping techniques, digital currency is a chain of who owes value to whom. If your bank account is 0, then you don’t owe any value to anyone.
This is different from classical currency, where the physical unit of currency is imputed with inherent value.
As is now, we have a mixed economy, so that $1 in your checking account is partly positive value and part debt. Too screwed up to address in a casual post.
At least that’s how I’m viewing it.
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