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Financial Times: Hey--- Heres An Idea....Let's Abolish Cash...It's Just A Barbarous Relic, Anyway...
Posted By: Watchman Date: Friday, 28-Aug-2015 13:49:48
www.rumormill.news/26202
In Response To: The Road To Hyperinflation Has Become 4 Laned ---And Converted To One-Way Travel Only (Watchman)
The Financial Times has published an anonymous article which calls for the abolition of cash in order to give central banks and governments more power.
Entitled The case for retiring another ‘barbarous relic’, the article laments the fact that people are stockpiling cash in anticipation of another economic collapse, a factor which is causing, “a lot of distortion to the economic system.”
“The existence of cash — a bearer instrument with a zero interest rate — limits central banks’ ability to stimulate a depressed economy. The worry is that people will change their deposits for cash if a central bank moves rates into negative territory,” states the article.
Complaining that cash cannot be tracked and traced, the writer argues that its abolition would, “make life easier for a government set on squeezing the informal economy out of existence.”
Abolishing cash would also give governments more power to lift taxes directly from people’s bank accounts, the author argues, noting how “Value added tax, for example, could be automatically levied — and reimbursed — in real time on transactions between liable bank accounts.”
The writer also calls for punishing people who use cash by making users “pay for the privilege of anonymity” so they will, “remain affected by monetary policy.” Dated bank notes would lose their value over time, while people would also be charged by banks for swapping electronic reserves for physical cash and vice versa.
http://patriotrising.com/2015/08/28/financial-times-calls-for-abolishing-cash/
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RMN is an RA production.
Articles In This Thread
- The Road To Hyperinflation Has Become 4 Laned ---And Converted To One-Way Travel Only
Watchman -- Friday, 28-Aug-2015 13:45:11
- Financial Times: Hey--- Heres An Idea....Let's Abolish Cash...It's Just A Barbarous Relic, Anyway...
Watchman -- Friday, 28-Aug-2015 13:49:48
- Reader: Banning Cash “Necessary to Give Central Banks More Power”
Susoni -- Friday, 28-Aug-2015 16:01:39
- Reader: Mass Layoffs To Hit Banking Industry As Consumers Ditch Big Box Banking
Susoni -- Wednesday, 2-Sep-2015 01:14:48
- Reader: "Mass Layoffs at Banks - Rant"
hobie -- Wednesday, 2-Sep-2015 03:50:39
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