[griswold3]

As long as there are lobbyist with suitcases of cash, it will always be available.

[SaveFerris]

[The End of Fractional Reserve]

I’ve been expecting this part of it, too.

[BEJ]

Final assault in the car wash?

[matthew fuller]

Come back when I have a free week.

[old curmudgeon]

It will just bring back barter.

[Gay State Conservative]

save for later

[C210N]

The idea of money has been all down hill since the loss of coupon bonds.

[Diana in Wisconsin]

“You are that threat, because you won’t do what you’re told. You won’t spend when you’re supposed to spend, borrow when you’re supposed to borrow. And you’re likely to hoard cash and real money (precious metals) in the face of low (or negative) interest rates. That makes you an uncompliant problem for the State to solve.”

Well, I’ve been a ‘problem’ then, since I started working for people other than my parents at age 15.

I’ve got QUITE the jump on Mother Government!

Just TRY to find my ‘assets.’ I double-dog dare ya! ;)

[pigsmith]

Bfl

[Jimmy Valentine]

There will always be a need for a medium of exchange, whether currency or something else.

[discostu]

Cash, more accurately representational money that only had the value people were willing to put in it, was an evolutionary step in commerce. And commerce is continuing to evolve. Cash will die not because of some war foolish conspiracy nuts make up, but because newer better options have come to take its place.

[Mr. Jeeves]

...the public is likely to resist the abolition of paper currency at least until mobile access to bank deposits becomes cheaper and more easily available.

This has happened in China with astonishing speed over the last few years. Back around 2012 every thing was all cash, all the time. Now, even the tiniest vendors accept WeChat Pay or AliPay for everything. Everybody has a mobile phone and they use it to pay for taxis, restaurants, convenience store purchases - everything that would have been cash-only just a few years ago. Just scan the QR code and go.

If China suddenly decided to ban cash, they could now do it overnight without inconveniencing anyone (except gangsters) in the short run. It would annoy all the grandmothers with tens of thousands of RMB stashed in coffee cans, but daily commerce would be unaffected.

Americans have not adopted equivalents like ApplePay as quickly, though we do love our debit cards. But they are going to try something like this Chicago Plan the next time Democrats control the White House and Senate. It will greatly help the Deep State foil political upstarts like Trump in the future.

[Jumper]

I believe this article to be too dramatic. The Federal Reserve Regional Banks lend money to the private banks. There is a formula that allows private banks to make loans (in accordance with Federal Programs targeting sectors, minority loans, school loans, credit cards) like pieces of a pie, with different sized slices that cannot be larger and in many instances set sized slices of the economic loan pie. In essence the management of the economy is managed by the regional reserve banks, who in turn manage the private banking industry.

Quantitative Easing is the Government boogieman that Obama (in concert with the G7/9/20) used to create Government monies (all the banks in the world created money for their Nation's Governments allowing them to spend more/pump money/expand the money supply) and water down the "created thru lending" money supply. World Government's (Obama too) created about 85% of the existing world (government issued currency) money supply over the 8-year period of Obama's presidency - socialism was in full swing. With Trump the money supply is back to basics, loans backed by a 1-to-12 ratio are expanding both business and the money supply making our debt sovereign enough to ensure the USA is financially strong in world down turn. Obama turned the USA from a Lender Nation to a competing debtor nation.