{"id":62998,"date":"2015-08-31T12:00:48","date_gmt":"2015-08-31T11:00:48","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=62998"},"modified":"2015-08-31T13:06:36","modified_gmt":"2015-08-31T12:06:36","slug":"financial-times-calls-for-abolishing-cash-to-give-more-power-to-central-banks","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2015\/08\/financial-times-calls-for-abolishing-cash-to-give-more-power-to-central-banks\/","title":{"rendered":"Financial Times Calls for Abolishing Cash – \u201cTo Give More Power to Central Banks\u201d"},"content":{"rendered":"

\"money-black-hole\"<\/a><\/p>\n

28 Aug 2015 – 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.<\/p>\n

Entitled The case for retiring another \u2018barbarous relic\u2019<\/em><\/a>, the article laments the fact that people are stockpiling cash in anticipation of another economic collapse, a factor which is causing, \u201ca lot of distortion to the economic system.\u201d<\/p>\n

\u201cThe existence of cash \u2014 a bearer instrument with a zero interest rate \u2014 limits central banks\u2019 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,\u201d states the article.<\/p>\n

Complaining that cash cannot be tracked and traced, the writer argues that its abolition would, \u201cmake life easier for a government set on squeezing the informal economy out of existence.\u201d<\/p>\n

Abolishing cash would also give governments more power to lift taxes directly from people\u2019s bank accounts, the author argues, noting how \u201cValue added tax, for example, could be automatically levied \u2014 and reimbursed \u2014 in real time on transactions between liable bank accounts.\u201d<\/p>\n

The writer also calls for punishing people who use cash by making users \u201cpay for the privilege of anonymity\u201d so they will, \u201cremain affected by monetary policy.\u201d 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.<\/p>\n

\"suitcashmoney<\/a><\/p>\n

The article echoes an argument made by Kenneth Rogoff, former chief economist of the International Monetary Fund, who has called for high denomination banks notes such as the \u20ac100 and \u20ac500 notes to be phased out of existence.<\/p>\n

As we previously reported<\/a>, Rogoff attended a meeting in London earlier this year where he met representatives from the Federal Reserve, the ECB as well as participants from the Swiss and Danish central banks. The issue of banning cash was at the forefront of the agenda.<\/p>\n

Last year, Rogoff also called<\/a> for \u201cabolishing physical currency\u201d in order to stop \u201ctax evasion and illegal activity\u201d as well as preventing people from withdrawing money when interest rates are close to zero.<\/p>\n

The agenda to ban cash was also discussed<\/a> at this year\u2019s secretive Bilderberg Group meeting, which was attended<\/a> by the Financial Times\u2019 chief economics commentator Martin Wolf.<\/p>\n

Former Bank of England economist Jim Leaviss penned an article for the London Telegraph<\/a> earlier this year in which he said a cashless society would only be achieved by \u201cforcing everyone to spend only by electronic means from an account held at a government-run bank,\u201d which would be, \u201cmonitored, or even directly controlled by the government.\u201d<\/p>\n

In the UK, banks are treating the withdrawal of cash in amounts as low as \u00a35,000 as a suspicious activity<\/a>, while in France, citizens will be banned from making cash payments<\/a> over \u20ac1,000 euros from Tuesday onwards. The withdrawal and deposit of cash over the amount of \u20ac1,000 euros will also be subject to ID verification.<\/p>\n

\u201cThere is no more egregious anti-liberty economic policy imaginable than banning cash,\u201d writes Michael Krieger<\/a>.<\/p>\n

\u201cOf course, if cash were involuntarily \u201cended,\u201d there would be a surge in demand for physical gold and silver, which would then necessitate a ban on those items. Then the cycle of economic and financial tyranny would be complete, and crawling our way out of it, nearly impossible.\u201d<\/p>\n

________________________________<\/p>\n

Paul Joseph Watson is the editor at large of Infowars.com<\/a> and Prison Planet.com<\/a>.<\/em><\/p>\n

Go to Original \u2013 infowars.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

According to an article entitled ‘The Case for Retiring another Barbarous Relic,’ the Financial Times and an anonymous coward who will not reveal his\/her name came out in favor of State Fascism. The plan is to eliminate cash and, thereby, private savings and private transactions. They lament that people are stockpiling cash in anticipation of another economic collapse, a factor that is causing, \u201ca lot of distortion to the economic system.\u201d<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[],"class_list":["post-62998","post","type-post","status-publish","format-standard","hentry","category-capitalism"],"_links":{"self":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/62998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/comments?post=62998"}],"version-history":[{"count":0,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/62998\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/media?parent=62998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/categories?post=62998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/tags?post=62998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}