Sunday, September 18, 2016

Are We Headed For A Cashless Society ???

This horrible idea is bearing down on us like a runaway freight train:

Ken Rogoff is by all accounts a brilliant man. The Harvard professor and former IMF chief economist is a chess grandmaster. His thesis committee included current Fed vice-chair Stanley Fischer. But like many survivors of Ivy League hoop jumping, the poor fellow appears to have emerged punch drunk.

That’s the only conclusion to be drawn from Rogoff’s new book, The Curse of Cash , which, in effect, proposes a ban on paper currency.

It’s terrifying piece of work, for several reasons.

First, the cashless society, which Rogoff proposes in order to make it easier for the US government to confiscate private wealth, in effect, amounts to an admission that Washington can’t pay back its debts.

Second, the fact that Rogoff uses the fight against “terrorism” and “crime” arguments in selling his proposals to the public - justifications which he as a mathematician should know are farcical - suggest that his arguments hide another agenda.

Third, and most important, is the fact that not only would banning cash not achieve Rogoff’s objectives – it could cause irreparable harm to the dollar’s role in the American economy and as a reserve currency.

You can read the rest @

Along with TPP, TTIP, and TISA, the plans for a cashless society will suck the remaining wealth from everyone except the one percent.


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