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Bond Manager Suggests "Make Cash Illegal" To End Boom & Bust
How to end boom and bust: make cash illegal
Forcing everyone to spend only by electronic means from an account held at a government-run bank would give the authorities far better tools to deal with recessions and economic booms.
Authored by Jim Leaviss, originally posted at The Telegraph,
A proposed new law in Denmark could be the first step towards an economic revolution that sees physical currencies and normal bank accounts abolished and gives governments futuristic new tools to fight the cycle of “boom and bust”.
The Danish proposal sounds innocuous enough on the surface – it would simply allow shops to refuse payments in cash and insist that customers use contactless debit cards or some other means of electronic payment.
Officially, the aim is to ease “administrative and financial burdens”, such as the cost of hiring a security service to send cash to the bank, and is part of a programme of reforms aimed at boosting growth – there is evidence that high cash usage in an economy acts as a drag.
But the move could be a key moment in the advent of “cashless societies”. And once all money exists only in bank accounts – monitored, or even directly controlled by the government – the authorities will be able to encourage us to spend more when the economy slows, or spend less when it is overheating.
This may all sound far-fetched, but the idea has been developed in some detail by a Norwegian academic, Trond Andresen.
In this futuristic world, all payments are made by contactless card, mobile phone apps or other electronic means, while notes and coins are abolished. Your current account will no longer be held with a bank, but with the government or the central bank. Banks still exist, and still lend money, but they get their funds from the central bank, not from depositors.
Having everyone’s account at a single, central institution allows the authorities to either encourage or discourage people to spend.
To boost spending, the bank imposes a negative interest rate on the money in everyone’s account – in effect, a tax on saving.
Faced with seeing their money slowly confiscated, people are more likely to spend it on goods and services. When this change in behaviour takes place across the country, the economy gets a significant fillip.
The recipient of cash responds in the same way, and also spends. Money circulates more quickly – or, as economists say, the “velocity of money” increases.
What about the opposite situation – when the economy is overheating? The central bank or government will certainly drop any negative interest on credit balances, but it could go further and impose a tax on transactions.
So whenever you use the money in your account to buy something, you pay a small penalty. That makes people less inclined to spend and more inclined to save, so reducing economic activity.
Such an approach would be a far more effective way to damp an overheated economy than today’s blunt tool of a rise in the central bank’s official interest rate.
If this sounds rather fanciful, negative interest rates already exist in Denmark, where the central bank charges depositors 0.75pc a year, and in Switzerland.
At the moment it’s easy for individuals to avoid seeing their money eroded this way – they can simply hold banknotes, stored either in a safe or under the proverbial mattress.
But if notes and coins were abolished and the only way to hold money was through a government-controlled bank, there would be no escape.
Apart from the control over the economy, there would be many other advantages of a cashless society. Such a system is much cheaper to run than one based on banknotes and coins. Forgery is impossible, as are robberies.
Electronic money is an inclusive and convenient system, giving poor and rural sectors of an economy – where cash machines and bank branches may be few and far between and not all people have accounts – a tool for easy participation in the economy.
Finally, the “black economy” will be hugely diminished, and tax evasion made all but impossible.
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Satire?
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I can see it. Nobody works, Everyone is given then same amount of money and the government just buys for you what it thinks you should have.
Nobody works.
Between the unemployed, government employees and agencies we are over 70% there already. The removal of cash will be akin to a funeral for the economy.
PURE SMUPID & SMUPIDITY on purpose & Hegelian Dialectic for CONTROL of society by the BORG.
They want to digitaize currency to advance the agenda of Micro Chips, Police State, Total Information Awareness, Smart Meters etc..
The whole ENCHILADA for Brave New World, 1984, Blade Runner, Farenheit 451, THX 1138 etc et alia....
Finally, the “black economy” will be hugely diminished . . .
I totally disagree with this premise. Every time .gov intervenes in a common practice in society, or stops it altogether, those who want that practice to continue find a way to make that happen. Here's two examples; 1) prohibition on the sale of alcohol - when prohibition was put in place did it stop the sale of booze or stop people from drinking? No way, the whole industry just went underground and created many violent gangs directly tied to producing and selling booze and 2) file sharing on the internet - when laws were passed to stop file sharing using peer to peer file sharing software like Napster did that stop file sharing from occurring? No way. In fact, those laws directly led to the development and widespread use of Bit Torrent software which has only made file sharing much more prevalent and user friendly. Basically those groups that were anti-napster ended up shooting themselves in the foot by inadvertently ushering in new file sharing technology that was much more powerful than the systems that the laws were intended to get rid of.
If they move on and actually ban the use of cash on a wide-spread basis then what you will see is a dramatic rise of the black market using something like gold and silver as a medium of exchange.
Prohibition was the consequence of too much public drunkeness. People were fed up with tripping over men passed out on the pavement. After 17 years of having to drink in hiding, people finally learned how to conduct themselves in public.
They don't even have to, they can just keep using the physical cash out there. Which will go up in value as people convert their digital bucks for real ones...disguised 'purchases', gifts to family, friends, etc. So many ways to do it...The only difference is that now more of your transactions will be untraceable, and the new digital economy will hemorrhage wealth into the "wink, wink...nudge, nudge" economy.
Folks will just use their digital "money" for taxes and large bills to official entities. They'll just pay cash for everything else.
Really, the idea that switching to digital cash would just make crime impossible is criminally naive.
No worries, Mafia already has a ''contract'' on this guys' head.
total ass clown
An excellent idea .............. if you want to blow up your currency & by default the country!
Lead bullion. Pile it up. Clocks ticking, my fellow assholes. Gotta get moving people. Its only too late after it starts. If you already started, good - do more.
Again I say, as in Later Rome ...By 444 Valentinian imposed a sales tax and all sales had to take place in the presence of a tax collector. ( https://books.google.com/books?id=gMoX8ZAsEigC&pg=PA826 ) If this happens, it is a clear harbinger of the end and the final phase of my preparations will be triggered.
History has shown a simple way to end boom bust and that is to return the right to issue a nations money to its government and to abolish usury. It worked for 500 years during the middle ages in England through the tally system and it never failed, requiring a bankster funded invasion to finally get rid of it. Furthermore the same story occurred in China so there is a pattern. Booms and busts only occur under a bankster controlled system of money as debt.
abolish usury you are a demon an anti semite and probably the new hitler
Lol!
The best slaves are those who believe they are free people.
You really think you can just say that, don't you?
Trondheim Andresen is a jack ass liar and a theif!
Stop booms and busts my ASS! He is nothing but a LIAR and a THIEF!
I bet he is one if that fuckwads who started out this global warming meme as a reason to blow up the moon to save us from ourselves!
What another one who couldn't ever get a date as a teenager thus he hates the world and people enough to be in charge via dick ass government!
Bottom line is that if the government doesn't manage the country well by not paying bills, increasing debt, expanding spending, raising taxation & expanding bureaucratic growth then it hardly matters if you have a 100% paper currency or a totally electronic payment system or magic beans for both the citizens & politicians. Trying to 'manage' the economy by squeezing or controlling the wallet ain't gonna help if they 'F-up' any of that ... too badly! It is a pathetic 'end game' stategy at best! A lot like Greece paying the IMF with borrowed funds on deposit at the IMF! Short but not sweet!
Rev 13:17
"And he provides that no one will be able to buy or sell, except the one who has the mark, either the name of the beast or the number of his name"
Hmm.. Who might that be? Dis stuff is getting too wiggy real for me
Coworker showing me her new iPud, favorite feature is instead of a password, it takes the biometric thumb print for access.
Theres not a better feeling in the world than giving a publically traded corporation a set of your finger prints!
And people really wonder why a Painting created less than 100 years ago sell for $179 Million.
They are telegraphing their attack on your cash wealth at this point.
Some people aint stupid.
I'll burn it for a dollar.Hey, that's how the market works...
Krugman wud be damn proud of you!
If one needed more proof that every moron can make a career in the banking and mutual fund business here it is.
These crooks were the main cause for the boom and busts of the last 40 years yet still claim to know how we can avoid them.
I'm sure it would end the boom part.
This is way too stupid to be satire.
If forced to spend my money, I would do what I've been doing the past few years: invest in products that are helping me remove myself and family from the increasingly corrupt system, but especially those things that will make us more self-sufficient and resilient.
Screw the banks and governments.
http://olduvai.ca
And let's make private property illegal at the same time.
It's for their own safety.
A WORLD FULL OF SLAVES FOR US TO COMMAND!!
The State already has a perpetual mortgage (real estate taxes) on all of the property already! Why would they want to own it?
You could always rebel.
Will we all have an account at the new MF Global?
Venezula is givin' it a bit of a go now using 5 different currencies ... and things are lookin' pretty good so far!
Sounds like they finally started using asswipe as a currency. The stuff with all the politician's pictures on it weren't as valuable as asswipe. Did they ever get around to sticking Hugo Chavez puss on any bill yet?
Riiigghhhtttt, and once a year the government will just log into your account and take what they need, leaving you the rest. . . for the sake of social inequality. You would have to be a special kind of stupid to not see through this BS.
I think thats called taxation? Been doin' it for years!
norways idea A
masonic anders brevik was uk,usa,israel country capture
norway are the new germany
sweden as well.
canada and the aussie
new zealand part captured after the rothschild haarp christchurch mossad earthquake
like nepal and 911 hundreds of israelites flee events soon after.
barclays uk setting the cashless card meme now.
if you do not comply with rabbi
fuckishimard or phillipined or mini nuked like bali nightclub.
theory or masonic cull facts
bail in is easy when you aint got hold of the flimsy paper
my advice donate your money now to a hollow cause or find relative of one of the 9 million poor jewish souls that died in schindler
Plus Tiger's 'ex' hit him over the head with a 9 iron and he's never been the same!
So, they're going to end the Legal Tender laws and substitute gold and silver like the Constitution requires?? Ah, no.
So...
It appears he has not considered what happens when people react to these conditions by holding their savings in physical assets rather than government chits.
And his assertions about reduction of the 'black economy' are totally baseless: Tide Laundry detergent was being used as money by drug dealers a while back.
You gonna outlaw Laundry Detergent in Norway, Mr Andreson?
You ever hear of Gresham's Law, Mr. Andreson?
Your system is simply waiting for people's decision of what would make a better money...which will then disappear.
"You viking bastards want some Tide or Clorox 2? You come to me." --your friendly local black marketeer, empowered by the central planners.
That's RIGHT, you greedy fucking peasants and workers and savers! Don't you know booms and busts are YOUR fucking fault, and that Ben Bernanke, Alan Greenspan, Dick Fuld, Lloyd Blankfein, and Jamie Dimon were just trying to help poor shits like you get a piece of the American Dream? But OH NO! You had to be super-greedy muthafuckas and use cash, didn'tcha?!
Instead of eliminating cash how about we eliminate all the 'chosenites' from banking and media and Wall Street
A far bigger problem Trond might want to consider is not whether the government is going to take (more) money from the people but rather if the people will continue to take the fiat money the government issues the people! When the peeps stop doin' that then it is definately all over!
Think gods army will take an atheist on their team? Ill throw down with them.
I'm not all that sure God would help a bunch of fools like us....
Youre probably right. I dont think he subscribes to the 'enemy of my enemy' philosophy. Maybe its time to revaluate my postiton.
Um except that booms and busts are caused by fractionally reserved bank loans.
Oh they mean then they could have infinite leverage? Boom FOR EVVVVVAAAAR!!!!!!!!!!!!!
The man's a retard.
The Nords give the word stupid a whole new meaning! Maybe a new word is needed just for them, like stool-pud.
Just put my dog on a leash while the gate is open to keep him on the plantation,,, sort of like what these jerks want to do with us.
Who gives a shiite what these greaseballs on Wll Street think.
Who are they to float trial balloons for the Wealthy or Political Movers.
It is a Counter Intelligence operation. Boiling Frogs. Getting us used to the Idea. Social Engineering.
I bet this is being considered for Obama's Legacy.
- But I already too you wealthy people can give all kinds of gifts and provide careers, jobs, promotions to doctors, lawyers, judges whoever... the problem is the Spike in Strong Arm Robbery, Muggings, Car jacking, Petty Theft, Chop Shops, Fensing Operations... you name it.
- Pedofile rings, Pimps, Prostitutes, drug dealers on the low levels... they can't trade favors which are non-transferable, they can trade for Molotov cocktails, firearms, ammo, bombs, equipment for break-ins, electronic eaves dropping equipment, Drones... all the things you don't want to stimulate on the BLACK MARKET.
Prohibition doesn't work. You will make Street corners, Concerts, Fiestas, and Sports Games unsafe.
repeat that Prohibition doesn't work, that is why we still have prostitutes, legal drugs, illegal drugs, pimps, black market stolen guns.
A Dollarless Society is a world of PIRATES, PRIVATEERS, and Black Markets.
What no historians or Economists in Banking or Government.?
"Having everyone’s account at a single, central institution allows the authorities to either encourage or discourage people to spend."
Actually, it just allows them to devalue your money or confiscate it at will...
http://www.globaldeflationnews.com/governments-are-secretly-preparing-to...
Kinda like wives!
Usually comments like these are trial balloons. We will see this in 5 years or so. The Democrats will convince all of the new immigrants what a wonderful idea it is and then just like illegal immigration it will get majority support.
Stupid or satire is a choice of value systems of belief; not of rationality.
Free market capitalism in the country that invented it now having been proven after 100 long years--if I use the liberatarian mantra that the rot began with the FED invention in 1913-- that it is a chimera which is neither free nor capitalism nor a market but a managed and hyped machiavellian smoke and mirrors allegory about power pretending to be virtuous; all the while being an absolutist aristocratic reality; it is only natural that when the charade ends the curtain goes up and the Oligarchs finally admit to what they really represent.
America is an unrepentent empire like Rome or Imperial Habsburgian dream of Spanish Main.
The rest is as History will play itself out time and again.
Only the blind or the delusioned truly believe in Invisible Hand like the early monotheists of yesteryear believed in Apostolic religion of Love or its alter ego the Religion of Peace; we know how that ended! And how that continues as nothing really ends through human amnesia of the ages.
I remember the good old days when we traded beaver pelts! The big soft furry ones wud always fetch a nice premium!
*sigh*
The stupidity would be hilarious if it wasn't for the hubris behind it. I wish they'd try though, just for the pleasure of watching a government lose complete control of their economy.
WTF? Has the entire world been lobotomized?...I'll keep my money to myself, thank you; the government can have my wife....
That would constitute treason!
And that will be the headlines in 3-4 years from now. "The violence toward women cannot be tolerated any longer. In order for a safer and secure society we will be keeping your wive's in a compound that we see fit."
Shoe stores would be a good idea!
"Forgery is impossible, as are robberies."
Someones not thinking very hard about this subject
Forgeries and robberies would be far more difficult rather than impossible, specially for the gheto youths. Except for the government, for which it would be super easy.
Money is only worth what people think its worth. If they don't think its worth the money its (NOT) printed on then it doesn't matter who owns or controls it! In reality it's not even worth the paper/elctronic pulse it says it is ... unless those who have it believe it is! That is the ultimate worry for the government!
Send Mr.Jim Leaviss a message and sell any investments you have in M&G
I've been following this site for a while: Better Than Cash. If you want to know who is behind it, their About Us page spills the beans: Citi, Ford, VISA, Mastercard, Omidyar Network, USAID. Also connected to the G20
Princess Máxima (now Queen) of the Netherlands was their patron & pushed this barrow very hard, being an economist from Argentina, from her wiki bio:
Here is another "sample" of her work: The UNSG’s Special Advocate for Inclusive Finance for Development "Making Financial Inclusion a Reality in Nigeria”
This has been bubbling along below the surface for quite a while. It takes time to move the chess pieces into place, slowly, slowly not to scare the herd until its too late & the trap is already shut. The aim appears to bring the entire third world into a cashless system. This appears to be a very big and ambitious project in scope.
It would certainly make it impossible to steal money for non state sanctioned actors. Corzine is a state sanctioned actor, and so are all bankers.
Muggers would become extinct, it would be difficult to even kidnap people for ransom or to sell drugs, how would you get your money without the government knowing?
Cash redistribution would be super easy as well. Some accounts would simply be "credited" with others "drawed" at will. All MMTers are for it.
Muggers would hardly become extinct. Anyone carrying a valuable item would still be a target for a thug. Does everybody get issued identical Air Jordans? Probably not. Why bother with style anymore? Got bling? Every desirable female (and even some less desireable ones, since beautiful is in the eye of the beholder) will be carrying a valuable item. A rapist is a mugger that preys on females (usually).
'Robberies impossible'
Is this guy fucking serious? A 12 year old kid in Mexico with good enough computer skills can wipe out your financial entirety in a heartbeat. But, then again, maybe I'm the only one that has heard of online fraud.
"Robberies far more difficult", then.
12 year old kids dont know shit. The hacker toddler meme needs to die.
The hell will the banks be once brick and mortar are no longer needed? Server farms?
I'm thinkin' funny farms?
Did everyone catch this:
To spur spending the government will establish "negative interest rates". [Gov income]
To reduce spending (overheated economy) they will "tax tranactions". [Gov income]
Either way the government will be raking in the money.
The government will NOT be paying (positive) interest rates at all.
Now THAT is control.
Thats the point of government, to govern. A free society is not a governed society.
The society of the future will be like an army, as in Star Trek. In the army you can have things, food, weapons, clothes, they are just not "yours", they are just issued by your commanders. Nothing is sold or bought, just issued according to the limited authority of your personal commander, who also tells you what to do.
Which proves the obvious; there is no such thing as a free society; even the elite live by certain rules and limitations within their own "class". According to Mr. Webster, people like the dream of "freedom" because it sounds so good, but the reality is no one has Websters definition of Freedom and all are enslaved with limited liberties.
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On the second point about "nothing is bought or sold"; you may not understand the full nature of a psychopath; stealing is high on the agenda and there will be buying and selling under their terms. Much like it is today already; it will just be repackaged and the noose will be even tighter (fewer liberties). Cheers and have a good weekend!!
Suddenly the fact that gold bars pay zero interest becomes an advantage for gold!
As we learned with Sarbanes-Oxley, if you try to use accounting rules to purge society of corruption, you'll get squeaky-clean accountings that bear little relation to reality. Will people stop e.g. dealing drugs when cash disappears, or will they switch to some untraceable cash-equivalent for which the government gets no seigniorage?
80% of $100 bills ever printed leave the country. You would end shadow off-book banking? The governement could not topple goverments, corrupt officlas and pay to kill people. The world would be so boring!
You can complain all you want but this is what is coming. Make no mistake about it. The ultimate control will be through the economy. "Neither shall ye buy nor sell" without the mark, their mark, whatever that might be.
This kind of control makes all others seem like child's play. And you can see it coming a 100 miles away. You are in total denial if you think this is not in the big plan by those in control......today. Makes perfect sense if you are a greedy banker, a scared politician, or a collective sheeple.
And it would last 3 months - tops! They control the printing presses & could print all they want. They don't need to raid savings accounts. They very last thing they would do unless they were truly suicidal!
Wake up. Less than 3% of all money now is cash or coin. They want to eliminate it so you can't go to the bank and demand it. Most of the sheeple don't care and would find it "cool" to be able to pay with their cell phone.
The control comes after they get it in place and get everyone using it. Who is going to do something about it? The same people that are doing something about the lawlessness in DC now? Or the people who are doing something about the bankers that are robbing us now in broad daylight?
You, my friend, need to get in touch with reality.
I think you are missing the point; it is not about printing or not printing...they already and have been stealing for centuries. It is a psychopaths "wet dream" to control and in a Satanic way. The cashless society or the digital society makes this "wet dream" a reality.
----------Consider the words of a man from Bulgaria under what, Communist rule?--------------
This is what he wrote, "You cannot understand and you cannot know that the most terrible instrument of persecution ever devised is an innocent ration card. You cannot buy or sell anything except according to that little card. If they please, you can be starved to death. If they please, you can be dispossessed of everything you have, you cannot trade, you cannot buy, you cannot sell without it," end quote. The tragic testimony of a man caught in the communist takeover of Bulgaria.
Hm, I suggest to end bond managers who are suggesting to "Make Cash Illegal" ;-)
At least ISIS believes in the gold standard and real money.
THE FIRST NATIONAL BANK OF OBAMA......
That has a nice ring to it!!!
Cases of Coke are money for the West Virginia Pillbilly....
At least he's quite open about the fact that it would amount to naked totalitarianism.
A man from Bulgaria under communism wrote some very interesting words. This is what he wrote, "You cannot understand and you cannot know that the most terrible instrument of persecution ever devised is an innocent ration card. You cannot buy or sell anything except according to that little card. If they please, you can be starved to death. If they please, you can be dispossessed of everything you have, you cannot trade, you cannot buy, you cannot sell without it," end quote. The tragic testimony of a man caught in the communist takeover of Bulgaria.