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We Shouldn't Be Shocked By This New Proposal... But We Are
Submitted by Simon Black of Sovereign Man blog,
Prof. Ken Rogoff’s book ‘This Time is Different: Eight Centuries of Financial Folly; is one of the best researched public works on the subject of sovereign debt.
And Rogoff’s conclusions (though hotly contested due to an ‘Excel error’) were that, sensibly, governments which accumulate too much debt get into serious trouble.
Duh. Not exactly a radical idea.
But in an article published yesterday afternoon on the Financial Times website (based on a recently published academic paper), Rogoff did propose a new idea that is radical: ban cash. All of it.
Rogoff begins asking the question: “Has the time come to consider phasing out anonymous paper currency, starting with large-denomination notes?”
He goes on to explain that getting rid of paper currency would provide two critical benefits:
1) It would reduce crime and tax evasion;
2) It would allow central banks to drop interest rates BELOW ZERO.
I was stunned. Though given the status quo thinking we have to put up with today, I really shouldn’t have been.
In fairness, Mr. Rogoff is an academic. It’s his job to dispassionately analyze data and render conclusions, whatever they may be. What’s scary is that some dim-witted politician will likely jump all over this.
People have been deluded into believing that only criminals and tax cheats hold cash in large denominations. And the conclusion is that if we ban cash, criminals will simply quit their craft because they’ll no longer have an officially-sanctioned medium of exchange.
This is total baloney, obviously. Banning cash doesn’t eliminate crime. It just creates a new cottage industry for cash alternatives.
Drug deals can just as easily go down swapping share certificate of Apple. Or title to a new car. Any number of things.
Perhaps the more important point, however, is the notion that eliminating cash frees up central bankers to force interest rates into negative territory.
The contention is that the official data tells us that inflation is tame. Consequently, central banks should be free to expand the money supply and ratchet down interest rates even more.
There’s just one problem: interest rates are basically at zero already.
Technically a central banker could drop interest rates to below zero.
But if they did that, who in his/her right mind would hold their savings at a bank where they would have to PAY THE BANK to make wild bets with their money?
People would just go to physical cash instead.
Solution? Eliminate cash! Then people would be forced to suffer NEGATIVE interest rates… and thus have a HUGE INCENTIVE to spend as much as they can as quickly as they can. Forget about putting something aside for a rainy day.
But hey, at least the stock market would probably rise.
Now, I highly doubt that physical cash is going to be sucked out of the system… tomorrow. But the War on Cash is very real indeed.
As I travel around the world, I’ve seen with my own eyes– CASH has become the #1 hot button item for customs agents everywhere. They even have highly trained cash sniffing dogs now.
It’s becoming more and more obvious that people should divorce themselves from this system and consider holding at least a portion of their savings in something other than fiat currency.
And of all the options out there, it’s hard to beat the convenience and tradition of precious metals.
Even if you’re looking to move large sums of money, it’s possible to buy a rare coin and walk out of the country with a single nickel worth $50,000 in your pocket. More on that another time.
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WHen cash is outlawed, only us outlaws with use cash
I say BAN all Professors
Oh yeah, let's all go to a fully electronic payments system and watch all our funds evaporate by hackers, government, hackers, more government, hackers and government. Oh, I forgot to mention bankers, hackers and government.
No more cash?
How will the CIA fund itself?
heroin
fuck credit and debt. we're facing an environmental collapse. chemtrails, fukushima, global cooling, gmo food, nano particles, bats and bees dying, fat people everywhere...banking is the least of our problems
If they ban cash, how will they funnel billions upon billions to Al CIAda? No more pallets full of $100s disappearing in the Middle East? What about our beloved BFF Israel? You can't expect the Mossad to attack us and finance their false flag ops using electronic money!
Silly Troll. When they say "ban" they mean the sheeple. The rules dont apply to them. They will justify continued used to fight terrorism.
Sounds like Rogoff's trying to shoot for NINE centuries of financial folly.
Oh, and who owns Bartertown, again?
So, everybody gets paid to borrow money from other people? Great! Will be one heck of a credit bubble! And all the funds will ultimately have to come from the CB. Dow Jones 1 billion points anyone?
Cash is virtually banned now. No bills larger than 100s. Didn't there used to be a $10,000 note in circulation payable in either silver or gold?
All that has to happen is continued erosion of purchasing pwer and it will become a moot point.
And... it's gone. So much easier when it's numbers on a computer.
Yup. Once it's all digital, any asset you "own", you "own" at someone else's pleasure, and it can easily be taken from you...almost that way now. Get arrested and have all of your assets frozen so you can't afford to defend yourself, for example.
Now they're going to ban physical dollars? The Italian government bans cash transactions over x amount, and it is small amount. A recent omnibus bill in the USA required 1099s for transactions above 600 or some such stupidity. It was reversed, but something worse will come back. Governments intend to be eternal, and achieving that requires ever increasing tyranny.
Imagine what only the threat to a private business means, to block it's access to the electronic money. Or to a private person. Are you sure you won't collaborate with us? Think about it again.
Such a suggestion from a ruthless secret service politician or from Soros, ok. But it's absolutely incredible that an academic can be so dumb to suggest such a thing.
I hope you realise that your comment 'it easily gets take away from you', is precisely the rationale behind Bitcoin. The Crypto curencies are directly under your control, and no central organisation can freeze or steal your digital asset. That attribute is what differentiates crypto currencies from national fiat currencies (and cash).
Of course you can still be scammed, or inept and lose crypto currency .. but that is true with all currency.
Bitsh!t will be banned by just another presidential order once all the morons have given up cash for the sake of this wannabe currency. There is no substitute for cash, if you want to keep a rest of financial freedom. That's why they are going so hard after it now - with brute force and with all the fancy electronic wallet nonsense
Those bills are still legal tender although they don't print them anymore. See the Treasury's web site.
Update: go here http://www.treasury.gov/resource-center/faqs/Currency/Pages/denomination...
cash sniffing dogs? haha, that is funny, even a zero hedge smart guy doesnt see through that.
This is all just a circle jerk wherein they try to blame the people who use the underground economy. Next it will be the people who use Tide.
Why would we hold currency when we could trade it in for money? I've heard about people doing that. I'm one of the law abiders, so it isn't me....not after the lesson n that canoe trip...
I know, right? I HATE canoes.
Think of the value of gold and silver if this ever happened? Banning cash, really? This guy claims to be smart.
"fuck credit and debt. we're facing an environmental collapse. chemtrails, fukushima, global cooling, gmo food, nano particles, bats and bees dying, fat people everywhere...banking is the least of our problems"
Nitpicking, I realize, but credit and debt is one of the primary vehicles that has spawned all the evils you correctly identify. If money had meaning, every one of those items on your list would look different than it does today, and the environment would be further from the edge of collapse. But because we now accept money that - when examined with more than a cursory thought - is worthless, as a species we are becoming stupid. Unfortunately, this is a global phenomenon.
My reaction to this is like my reaction to pompous greens who rant about "Too many people." DEMONSTRATE YOUR CONVICTION. Very publicly, Mr. Rogoff should divest himself of all savings and book royalties and commence life in a van down by the river.
"Unsung Hero" (Thai Commercial c/o YT)
He is not advocating getting rid of currency, just paper and metal units. He could very well be living using only credit and debit cards.
Absolutely. Removing the physical manifestation of cash makes the distinction that much more difficult for plastic-raised Millennials. Only debt-pushing scum would even consider it. I maintain that Rogoff belongs in a van down by the river.
Oh yeah.... and please don't forget Monsanto's Terminator Seeds, which, since Obama has now granted Monsanto immunity from prosecution, they can never be sued for when all life ends.
Not to mention that if the peak oil people are correct then we don't have to worry about climate change and all that stuff for very long. Fukashima on the otherhand...
Heroin: the new cash. There's plenty of it around now that Afghanistan has been made safe for the drug lords.
EBT cards
150-ounce bottles of Tide.
I only got my family through the checkpoint and into Canada because I had sewn two bottles of tide into the lining of my jacket and was able to bribe the guards with the thought of clean, fluffy towels and end to troublesome blood stains on their uniforms...
Ever wonder where all those 100's the government prints end up? It's like Breaking Bad turned up to eleven.
22 Billion Dollars found: Photos of a Mexican drug lord's home after being raidedhttp://homment.com/drug-lord-home
Oh fuck that's hard to look at. Shelves buckling under the weight of all that cash.
The only comment is almost as bad: "Peter Neumann
The fight against drugs is difficult because there are so many sick people in the US.Simply give them love, welfare, shelter and edical care and drug consumption will plummet."
IM NOT SICK OR ON WELFARE AND I WANT MORE DRUGS !! MOAR--GODDAMIT AND RIGHT NOW !!. What a complete idiot this asshat was; look it's really simple; DRUGS MAKE YOU FEEL BETTER !! okay, it's not that complicated.
I'll be right back, I feel like going in the bedroom to have snort of China White.
But no name and pic of the arrested drug criminal. Or wasn't no one arrested?
Supposedly it's the house they caught Chapo Guzman in. He was probably just looking after the place for Zero until his third term.
Mt.Gox will re-emerge to handle payments and change its name to Mt.Gotcha
It already was Mt Gotcha!
Ahh, yes. now where were we. hmm, hmm. well, well.
Hold your horses let's watch the Israel, BETA Test....They may provide some creative workarounds.....
And space aliens, they are good at taking money.
government hackers
Fully electronic currency........
Oops, I tripped over the power cord.
10,000 people are now broke.
Sorry, and all that.
Fully electronic voting.......
Oops, I tripped over the power cord.
We'll let the 'totally unbiased Supreme Court' decide who they want in power.
Hmmm
If you want your Bitcoins you can keep your Bitcoins.
or as Bart would say oops my finger slipped
or as Bart would say oops my finger slipped
Why would our owners need our money using taxation? They always can print more money for themselves.
Well, they must make us work but people will not work for nothing or for free. There will be no incentives to work. Under these conditions, the entire society will collapse and nobody will protect them from a ranging and hungry mob. So the oligarchy & elite must pay people creating incentives to work.
However, on another side, they have no incentives to make us living well and be independent. So, the elite created a taxation mechanism when they can legally confiscate our money justifying it as "fairness" and adjusting & manipulating the society structure to their liking.
what about government hackers?
It's soooo hard for Rogoff to figure out cash and how to use Excel?
I suppose he wants everyone to adopt SDRs?
Do the poppy growers in Afghanistan accept Bitcoin?
We shouldn't be shocked that humanity is reverting back to feudalism yet we stand here with our dick's in hand.
Well boys, cash is illegal now so I guess I can't be a criminal anymore. Time to get that job at McDonalds.
Bread & Circuses, and a place to sleep is all that the elites need to provide to control the masses. Any complaints, then an all intrusive and all powerful security state will force the serfs into line. The New Feudal World Order is upon us.
Your comment seems imply that a security state is without cost.
The cost is only increasing. Take a look at the youth, they will be ground to bloody pulp by the Fascist money machine.
No one cares because there is a new fag on TV and Fascism loves fags.
i prefer shale stripper.
dbl. downding as necessary.
When man seperates from reality, we often find ourself holding our dick. Ask the Romans.
Ever talk to the average American? Feudalism would be intellectually tough for them to survive within.
Nothing like internet lag. Dupe.
We will no longer require cash once we all are officially working for the government. They will see to our needs as experts and professors dictate. The complete elimination of waste and total efficiency.
Is there any doubt that this is where we are headed? Utopian Star Trek, where everyone has a job and we never see money change hands. Of course if we screw up we might be sent to a desolate planet far, far away, but its all part of the collective learning process, right?
I think everyone on Star Trek worked for the government (Federation), except for the Ferengi.
If you are paying taxes, you are working for the government.
Keep calm and carry on, dear friend. It's just a desperate attempt to revert irreversible while scaring the people as a means of self-preservation and keeping the disintegrating imperium afloat. The more they try the sooner they go. The wiser of them already know it, most of them still believe they can fix it, but all of them clearly feel it's gone. And their feeling is right.
Don't get your fear prevailed, it's their ally. In fact, it's all for laugh. The future is already set up and almost all pieces in place.
https://www.google.com/search?q=LEARN+TO+BE+A+SERF+ILLUSTRATION&client=f...
https://www.google.com/search?q=LEARN+TO+BE+A+SERF+ILLUSTRATION&client=f...
You just need more china white, and you'll forget all about it. Really.
I read this as ‘diplomatic speak’ for other countries would be well advised to audit their reserves held in Western custodial vaults!
China must have authorized the comment although not wished to deliver it directly. The obvious reason to release such a statement now is that both Russia and China know that the Western vaults have now been emptied and the transfer is now complete. Thoughts?
Kind regards,
CIGA Jon P.
Putin says Russia and China need to secure their gold and currency reserves
ST PETERSBURG Sat May 24, 2014 9:30am EDT
Russia May 24 (Reuters) – Russia and China need to ensure their gold and currency reserves are secure, Russia’s President Vladimir Putin told foreign journalists at the St Petersburg International Economic Forum.
"For us (Russia and China) it is important to deposit those (gold and currency reserves) in a rational and secure way," he said. "And we together need to think of how to do that keeping in mind the uneasy situation in the global economy."
Putin also said China and Russia will consider further steps to shift to use of national currencies in bilateral transactions. (Reporting by Alexei Anishchuk and Paul Ingrassia, writing by Jason Bush)
So the West got rid of all the gold and now they 'warming us up' to get rid of cash as well.......spend it or prepare to get harvested through a bank bail in!
The Jackass elaborates (today, may, 29th)
http://news.goldseek.com/GoldenJackass/1401423813.php#disqus_thread
This Time is Different: Eight Centuries of Financial Folly
^--- This is one of the best financial books that exists...
But I HATE Rogoff's suggestion to ban cash. Maybe he got stupid, or paid off...
May be of some use for those reading a SIMON BLACK thread...:
"Plan B Countries & Thoughts"
http://goo.gl/CLMVUe
All time high talk...keep the wall of worry working....duh doh!
Gold and Silvers wet dream.
Ban FIAT MONEY
2) It would allow central banks to drop interest rates BELOW ZERO.
People like this are evil. He would have made a good member of Joseph Stalin's admin.
Next these people like this will outlaw guns.
A remake of the Siberian work camps for anyone that appears to a threat to the socialist party follows.
Interest rates are already below zero. ZIRP combined with a real inflation rate of at least five percent sure looks like a negative five percent interest to me.
Besides, I like to use cash for some currently legal transactions.
Forward (over the cliff).
From now on you will all work for essentially free. This is how slavery starts.
Slavery is worse than death. Live free or die in battle, Bitchez.
"You're so concerned with squabbling for the scraps from Longshanks' table that you've missed your God-given right to something better. There's a difference between us: You think the people of this country exist to provide you with position. I think your position exists to provide these people with freedom." (William Wallace - Braveheart)
I say, take me. I want to live in your World, don't you want to live in mine?
they pretend to pay us - we pretend to work
If the cops and the robbers can take what they want, tell me why cant we?
Buy Diamonds, just two small stones and you walk out with hundreds of thousand dollars.
But try to sell them .... you will lose at least 1/2 of what you paid.
The whole diamond market has been a degree of a fraud for decades. They're not as rare as they're represented as being. They shouldn't cost nearly as much as they do. Essentially a cartel keeps the price up. What if the SHTF, will the cartel still be able to do that?
Precious metals, on the other hand, have had their prices manipulated drastically lower than they would be in a truly free market price setting scenario. Which do you want to buy right now, the little stones at a falsely high price or the metal at a falsely low price?
Correct.
That knowledge could come in handy when purchasing a diamond:
http://dilbert.com/strips/comic/1992-07-12/
And when you sell them you're lucky to get half your money back, unless you're a diamond dealer. Have you ever tried to sell a diamond?
I'd prefer to wear a very nice watch and sell if needed. Perhaps an IWC Grand Comlpication Perpetual. Not too flashy as to draw attention but easy to trade.
Who is going to want watch like that when the SHTF?
What's bit bid/ask spread on your diamonds, son? Now compare that the the bid/ask spreads on gold, if you like physical. Gold wins. Now try to to get your gold through a metal detector. Now try to get your Bitcoin through one. Bitcoin wins.
Hell, They are already using Tide in some major cities as the currency of choice.
You shouldn’t use a spreadsheet for important work (I mean it)
http://lemire.me/blog/archives/2014/05/23/you-shouldnt-use-a-spreadsheet...
Dude.....I've been hearing about a cashless society since the '60's. It's no so radical anymore in this digital age.
Not that I'm looking forward to it.
Some might say....(and with increasing evidence)...."Mark of the Beast"
This doesn't help....
http://palmsure.com/index.html
http://findbiometrics.com/biometric-payments-pulsewallet-chooses-fujitsu...
https://www.quixter.se/
He required everyone--small and great, rich and poor, free and slave--to be given a mark on the right hand or on the forehead.
Revelation 13:16
At the grocery store the other day (Kroger), and the card swipe machine had an obnoxious advert sticking out of the top and bottom that said "Swipe your phone to pay! It's so easy!".
I like to pay with cash, always have cash in my wallet, and some coins in my pocket. The young cashiers get a pained look on their face and reach for the coins and bills to give me change at a snails pace; looking at the screen then at the money several times to make sure they got it right.
It is a rare oddity to have anyone count back my change correctly, as in $7.79, I give them a $10, and they hand me a penny and two dimes and say "Eight" then count the two $1 bills and say "Nine and Ten".
They hold the cash as if it were animal bones and dump it into my hand.
They are being trained and conditioned, but only a very few know it.
I pay for my car washes in all coins. They hate me.
I thought I was learning a valuable skill sometime back near the last thawing of the ice when I learned to count change the way you describe. I'm glad I won't be around in another forty years.
So if I swipe your phone then YOU can pay for my groceries!
I rarely eat Chinese take-away, but every now and agiain it's an easy fall-back.
A while ago I went into a tke-away and ordered.
The bill came to $15.93
I gave the girl at the counter $16.03
She hit the calculator to figure out the change!!!!
WTF???
I think there's a health regulation against taking off ones shoes to carry the 1 in a food service establishment.
I'd be really worried if a guy had to count to 21!
Bet she never heard the expression "Dime a Dozen" either.
It's scary what most of these kids don't know.
I think using cash is subversive, so I get keep my wallet stuffed at all times. It's actually worth more than credit, so I take the spread and literally spread it around. There is no transaction fee so cash is worth more. If the end user doesn't want to declare the exchange for tax purposes, I've added value. If the end users electronic money plugs have been pulled, I've added value. If the end user dies in a short period, they didn't have to wait for their money. It's anonymous.
We are all criminals under the current system, so at this point, I want and desire to protect what the government has labeled criminal. Just remember, the slaves are not allowed to save, and no anonymous transactions outside of the matrix. We are all criminals, we just don't know it yet.
Along with Ozs of Ag/Au, I like Pre-65 Dimes, Quarters, and Halves.
I predict "After" that they will be used in a peer to peer commerce(Think farmers market/Flea Market) like $1, $5, $10, $20, etc. bartering.
(Fake coins ie Post-65 coins will be bent, holes drilled in them so not to be confused with real money)
The most important part of that is:
Revelation 3:17 ......... And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
Beat back the Beast by barter, bitchez.
And this bitch rules Bartertown....
https://www.youtube.com/watch?v=1fzqPOedUYs
Seriously....McMolotov...to your point about barter.
That may become the preferred method of transactions coming sooner than we would ever hope....Antichrist or no.
"Beat back the beast with barter "
Sounds good until you realize that the Greek work "poleo" is what is translated " sell" in this verse.
Poleo means: to barter; to sell.
Fail.
The bible was not written in greek.
the Book of Revelation was. specifically, by John of Patmos. it is conceivable that originally it was in Aramaic, yet no evidence has been found yet
Mabussur:
" The bible was not written in greek."
Really?
The New Testament, however, was written in Greek:
http://www.biblica.com/en-us/bible/bible-faqs/in-what-language-was-the-b...
Educate yourself.
It would seem theat the Anti-Christ has/is about to reveal himself!
If Christ shook hands with the Anti-Christ, would they annihilate in a burst of gamma rays?
Or at least devolve into a grudge match.
The anti Christ has already revealed itself- that word is found in four scriptures in the Bible- it's talking about a type of person not one person:
2 John 1:7 many deceivers are entered into the world, who confess not that Jesus Christ is coming the flesh. This is a deceiver and an antichrist
1 John 2:18 little children, it is the last time: and as he have heard that antichrist shall come, even now there are many antichrists; whereby we know that it is the last time
1 John 2:22 who is a liar but he that denieth that Jesus is the Christ? He is antichrist, that denieth the father and the son
1 John 4:3 and every spirit that confesses not that Jesus Christ is come in the flesh is not of God, and this is that antichrist whereof ye have heard that it should come, and even now already is it in the world
Conclusion- the antichrist are all people who deny the father and /or the son and/or deny that Christ came in the flesh.
He required everyone--small and great, rich and poor, free and slave--to be given a mark on the right hand or on the forehead. -Revelation 13:16
The question is is that Mark of the beast literal or is it figurative?
In order to find the answer you have to understand that there is a mark of God as well:
Exodus 13:9 - this observance will be for you like a sign on your hand and reminder on your forehead that this law of the Lord is to be on your lips
Exodus 13:16- and it will be like a sign on your hand and a symbol on your forehead that the Lord brought us out of Egypt with his mighty hand
Deuteronomy 6:6-8 - these commandments that I give you today are to be on your hearts, talk about them when you sit at home and when you walk along the road when you lie down and when you get up. Tie them as symbols on your hands and bind them on your forehead
Deuteronomy 11:18- fix these words of mine in your hearts and minds; tie them as symbols on your hands and bind them on your foreheads
Ezekiel 9:4- go throughout the city of Jerusalem and put a mark on the foreheads of those who grieve and lament over all the detestable things that are done and it
In not one of these previous instances was a literal Mark put on the forehead or the hand, now looking at Revelation:
Revelation 7:3- do not harm the land or the Sea or the trees until we put a seal on the foreheads of the servants of our God
Revelation 9:4- they were told not to harm the grass of the earth or any plant or tree, but only those people who did not have the seal of God on their foreheads
Revelation 14:1- I looked and there before me was the lamb standing on Mount Zion and with him 144,000 who had his name and his father's name written on their foreheads
Revelation 22:4- they will see his face and his name will be on their foreheads
Here we have four more instances of nine total in the Bible of a mark on the foreheads or hands of worshipers of God. Not one of these alludes to a literal mark .
Then we have two instances of a mark on the foreheads or hands of those who worship the beast:
Revelation 13:16- He required everyone--small and great, rich and poor, free and slave--to be given a mark on the right hand or on the forehead.
Revelation 14:9- The third angel followed them and said in a loud voice: if anyone worships the beast and it's image and receives its Mark on their four head or their hand
The bottom line is that you can't have it both ways- either there is a literal mark on the foreheads of those who worship God, and of those who worship the beast, or it is figurative, metaphorical, allegorical.
In the first five instances in the Bible, no literal mark ever existed.
Conclusion is- this mark of the beast is not a literal Mark it is a figurative metaphorical allegorical meaning.
Or if you would really want to hold to a literal Mark it means that every Christian in the time of the end is literally going to have the name of God written on his forehead.
Can't have it both ways.
You receive the mark of God OR the mark of the beast- mutually exclusive.
Interest rates are not at zero actually...and should Japan "go nuclear" (as in nuke their yen) then obviously "we'll all have a good view of what is it the Professor who doesn't seem to care about the fact that he gets paid" (let alone that he engages in plagiarism as a daily part of his meaningless existence) actually does think about his clinical insanity.
Ya, equities pay way better rates anyway
May 29th 2014 is a day that has gone full retard. All the headlines today on ZH have been shocking. I thought same ol same ol and here comes the curveball. Holy fucking shit!!!! Is it a full moon or the tides going out. WTF!!!haha
There was an old woman who swallowed a cow,
I don't know how she swallowed a cow!
She swallowed the cow to catch the goat,
She swallowed the goat to catch the dog,
She swallowed the dog to catch the cat,
She swallowed the cat to catch the bird,
She swallowed the bird to catch the spider,
That wriggled and jiggled and tickled inside her,
She swallowed the spider to catch the fly,
I don't know why she swallowed the fly,
Perhaps she'll die.
There was an old woman who swallowed a horse,
She's dead—of course!
Not only cash: Think of all the problems we could solve if we would just ban guns, drugs, prostitution, and rats on ships.
All the problems of humanity could be solved by banning humanity - or at least the rest of it.
Of course, humanity might object.
Then you get an Executive Directive like the one from DoD today.
That is the beauty of humanity. So many think all the earth needs to be perfect is less of us. Kind of fucked if you think about it. No wonder we have so many problems...we hate our own species.
Realizing that humans have fucked up and that there are too many doesn't equate to hating your own species.
I think it's called learning.
The lessons that really stick are usually the hard ones.
The laws of nature will ALWAYS win.
Given how long humans have been busy trying to eliminate each other, I would say humans have been experiencing over population for several thousand years now. There is very little different now than there ever has been. But we always see ourselves as the exception.
Speak for yourself, I only hate your own species.
I wonder what they had/found on Rogoff?!
"You know that male nanny you have...?!
What do you think the NSA is for?
It won't be long before we find some memo about Barry's political hit crew that has direct access.
that seems beyond serious doubt, to me. It's like J Edgar Hoover's "special files" on steroids. Gotta be; it's the way power swings.
Be Skeptical of Both Piketty And His Skeptics
http://fivethirtyeight.com/features/be-skeptical-of-both-piketty-and-his...
Would reduce crimes. Good one.
Now, back to my scotch.
I think he was excluding crimes by Gov't which would be unstoppable. Like the Tennessee State Troopers - they grab your cash and you have to fight to get it back.
Would stop bank runs though - "YOUR ACCOUNT IS CURRENTLY INACCESSIBLE"
"Would reduce crimes. Good one. "
YEeeahhhh.......cause Banksters don't like competition.
How is the CIA going to fund all those "democratic" springs?
Guns for drugs would work well.
Say that's quite an idea, I think they ought to try that; no. wait a minute. ah yeah.
The banning of physical money is the shortest route to absolute totalitarianism. Rogoff has obviously sold out to the IMF-BIS-MIC-international corporatist crowd. Disgusting.
Venice proved that right as they invented capitalism based on solid money. A mercantile city state which became as powerful as Holy Emperors and Popes; or Crusader armies and Templar militia.
But it only lasted a time until nation states took over the money line.
So money being a tool, Power constructs can always find another tool to defeat the old one.
Electronic decentralized money could be a powerful tool against "universal fiat empires"...the secret is to keep the wheel of knowledge spinning against the machinations of the power cabals. That is a never ending game.
Currency was invented by the rich to keep themselves rich.
Worked pretty well so far.
Time for a change.
Let's go back to real MONEY.
He's right. We need to get rid of cash so we can go back to coin...like we are supposed to under the law. The U.S. Constitution.
They force us to use their currency under the currency laws and then they tell us we shouldn't have currency? What the fuck?
Israel is apparently going to give that scheme a go pretty soon. Some site called ZeroHedge mentioned that.
In any case, who uses cash. I invest in gold and lead.
$100K in gold is the size of an iPhone - but much, much more weighty.
No - not even close. 79.5 ozs is larger than an iPhone. 8 stacks of 10 coins. It's about the size of my first mobile phone (analog) :).
I figure I can carry 20 pounds pretty easily and run all-the-while armed.
Others, not so much.
The government already has the ability to make interest rates less than zero: Tax all savings enough to make the rate negative.
Technically yes, but if you pull your account and hold cash, they rate is then ZERO (other than the cost of a fat mattress)
Reduce sovereign debt or outlaw cash... Guess which one the pols will adopt?
It's been 4 gererations since the last Bank Holiday so we must be due for another lock out. He probably just wants to scare as much cash back into the banks before it's time for the next sheep sheering. and below zero interest rates? I just paid $6 for Oscar Meyer bacon at Fareway. They apparently want me to pay $12.
What's the infatuation with bacon.