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Leading German Keynesian Economist Calls For Cash Ban
It’s official: the world has gone central-planner crazy.
Monetary policy, whether in the form of “conventional” methods such as the micromanagement of policy rates or so-called “unconventional” measures such as QE, has proven utterly ineffective when it comes to both “smoothing out” the business cycle and reigniting economic growth in the wake of severe downturns. If anything, recent history has shown the exact opposite to be true. That is, the Fed helped to engineer the housing bubble and has now succeeded in inflating a similar bubble in stocks and fixed income. Meanwhile, the Japanese experience with QE has plunged the country into what we have affectionately dubbed “The Kuroda Zone”, wherein the BoJ has cornered both the stock and bond markets while failing to promote wage growth or meaningfully raise inflation expectations. In China, the PBoC has taken to cutting policy rates at the first sign of weakness in the stock market, helping to sustain what will perhaps go down in history as the second coming of the tulip bulb mania, while the ECB has taken the insane step of adopting a trillion euro bond buying program while simultaneously demanding fiscal discipline, meaning the central bank’s bond monetization efforts are set against a backdrop of meager supply.
In sum, the collective actions of the world’s most influential central banks have done wonders when it comes to inflating asset bubbles but have done very little to revive robust economic growth. In fact, far from smoothing out the business cycle and resuscitating DM demand, post-crisis monetary policy has actually had the exact opposite effect: it has set the stage for an even more spectacular collapse while simultaneously creating a worldwide deflationary supply glut.
At this stage, a sane person might be tempted to call it a day on the monetary experiments, especially considering that at this point, the limits have been reached. That is, there are literally no more assets to buy and rates have hit the effective lower bound where rational actors will eschew bank deposits in favor of the mattress. But not so fast, say folks like Citi’s Willem Buiter and economist Ken Rogoff: the world could always ban cash because if you eliminate physical currency and force people to use a debit card linked to a government controlled bank account for all transactions, you can effectively centrally plan everything. Consumers not spending? No problem. Just tax their excess account balance. Economy overheating? Again, no problem. Raise the interest paid on account holdings to encourage people to stop spending. So with Citi, Harvard, and Denmark all onboard, we bring you the latest call for a cashless society, this time from German economist and member of the German Council Of Economic Experts Peter Bofinger.
Via Spiegel (Google translated):
Coins and bills are obsolete and only reduce the influence of central banks. This position represents the economy Peter Bofinger. The federal government should stand up for the abolition of cash, he calls in the mirror…
The economy Peter Bofinger campaigns for the abolition of cash. "With today's technical possibilities coins and notes are in fact an anachronism," Bofinger told SPIEGEL.
If these away, the markets for undeclared work and drugs could be dried out. In addition, it would have the central banks easier to enforce its monetary policy.The teaching in Würzburg economics professor called on the federal government to promote at the international level for the abolition of cash. "That would certainly be a good topic for the agenda of the G-7 summit in Elmau," he said. (Click here to read the full interview in the new mirror .)
Even the former US Treasury Secretary Larry Summers and economist pleaded for an end to the already cash . Likewise, the US economist Kenneth Rogoff . He also argued that the interest rates of central banks have less clout when banks or consumer credit rather than hoard cash.
Critics warn, however , such debates would only distract from the real problems of the current monetary policy.
Yes, the “real problems” with current monetary policy. Like the fact that by design it can't possibly work (but it can and will push stocks to unprecedented highs). Paging Mr. Weidmann, your countrymen are going Keynesian crazy.
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sure electronic money, electronic voting...actual slavery.
And the public should in turn respond, "central bankers, economists and corporate fascists are obsolete!"
Shhh. Be vewy vewy quiet, I'm hunting banksters...
This should be seen for the act of desperation it really is (looking at the percentage of physical cash in circulation to global supply). These guys are the masters of unintended consequences and this will be their greatest hit yet!
The desperation displayed is right up there with Cameron's "Conspiracy theorists are more dangerous than ISIS."
he is literally a Rothschild agent.
< When cash is illegal, only CRIMINALS will have cash.
< They can have my cash when the pry it out of my COLD DEAD HANDS.
I see one small problem. Before this can occur they will have to legalize weed heroin cocaine and whatever else to allow drug dealers to transact electronicly. Maybe thats what bitcoin is for??
An honest statement? "Cash undermines the influence of central banks" and that is bad?
... and that is why you chickens MUST allow us foxes to guard the hen house! ... for the small sum of only three eggs per day ...
Lookit all these holes in the chicken coop!!! You MUST allow us to get more foxes to guard all these holes in the chicken coop! And now half the chickens have gone missing!!! Due to the lack of chickens, those of you remaining will HAVE TO pay us SIX eggs per day so that we may continue to guard the hen house!!!
...
Fuck that man.
When all money is controlled by the central banks, then monetary policy is - you guessed it - whatever they say it is.
Wasn't Bofinger a Bond flick?
Banning cash worldwide? CH1 must be in an orgasmic day long spasm.
Anyway, how the fuck you going do that? And when the people say FUCK YOU!, what you going to do? Call the FBI douches in to investigate?
There will be a tangible valuable trinket used for trade. I don't give a shit what you .gov crackheads think.
Hmmmmm....I've noticed that all these banksters and "economists" popping up lately calling for the ban on cash and coins aren't experiencing the typical bankster nail-gun treatment or other such "suicide" methods.
Ya think they all finally got the message????
;-)
"...And he causes all, the small and the great, and the rich and the poor, and the free men and the slaves, to be given a [chip] on their right hand or on their forehead, and he provides that no one will be able to buy or to sell, except the one who has the [chip], either the name of the [bank] or the number of his [account]."
Funny how so many of John's prophesies have come to fruition.
Digital Banking / No Cash will lead to digital financial terrorism, if you can't see it coming, you're clearly ignorant of history...
They will exact exuberent fees for EVERY TRANSACTION....
(They will have their hand in EVERY Cookie Jar)
Owe taxes or have a judgment against you? (What bank account?)
A real shit storm is brewing folks, you better wake up fast...
http://galeinnes.blogspot.com/
"...all these banksters and "economists" popping up lately calling for the ban on cash and coins aren't experiencing the typical bankster nail-gun treatment or other such "suicide" methods.
Ya think they all finally got the message????"
Guess they finally got it,
with anti-aircraft guns; train wreck; and tsunami+EQ...
Will aliens come next?
No plastic for my Tampons
Yeah baby
A nice footmassage wil do ;)
Funny how so many of John's prophesies have come to fruition.
If it is so fvkin funny, why the fvk am I not laffin?
Billy the Bum in my neighborhood has had a pretty good record too.
He's hard to understand though because he has no teeth and he screams.
Eh you're dyslexic.....
www.youtube.com/watch?v=lIgBoMWocYc
Wrong spelling?
Next thing they'll take the mattress too. And the moron millions do not see the danger in this.
I see one small problem. Before this can occur they will have to legalize weed heroin cocaine and whatever else to allow drug dealers to transact electronicly. Maybe thats what bitcoin is for??
Thats how they will illegalize my gold.
you have gold? fool
I once had some gold. I lost it all in an unfortunate boating accident.
The problem with stackers is that they never USE their stacks. Ever.
I call bullshit. I remember at least a half dozen times I read a post of someone who had the need arise to cash in some metals for this or that. And not using your stack is a bad thing?
The Precious?
"It should have been brought back to the Citadel to be kept safe. Hidden. Dark and deep in the vaults, not to be used. Unless at the uttermost end of need."
The problem with preppers is, they are preparing for something they can by no means avoid...
Stackers are simply squirrling away for a rainy day & I'm pretty sure we have a major shitstorm brewing..
The only thing is, you may have to contend with gov. confiscation or metals falling out in value....
Solutions aren't going to be found playing the chicken, get innovating, and starting thinking folks, fast!
"The problem with preppers is, they are preparing for something they can by no means avoid..."
And your point is? That's exactly why preppers prep.
Ever read any Aesop?:
Neither the ant nor the grasshopper can avoid the comming Winter - so the ant preps, storing food, while the grasshopper fiddles. Who does better when Winter comes again?
how is that a problem?
and, more importantly, for WHOM is it a problem?
if you have a neighbor who has a fire insurance policy on his house, would you say it's a problem that he never uses his fire insurance?
i expect to sell / barter what i have stacked, when the time is right; might be 5 or 10 years, i'm not in a hurry.
"The problem with stackers..."
Sounds very similar to Load & Rackers.
Exactly what a banker says about our retirement savings, as if SAVING for a rainy day is a bad thing.
"Economist calls for cash ban"
Because proabition worked so well....
It is THE one unmistakable sign the end is at hand, Bring it Bitchez!!!
Lulz.
He still doesn't get it.
After this house burns
ingots
or
flypaper
I had one of these, one time.
Seriously.
Sharks with lazer beams attached to their frickin' heads decided to attack my boat, but fortunately I had stocked up at Home Depot with a good supply of nails-on-a-rail for the ol' Pascoe.
Those cocksucking CIA motherfuckers have an unfortunate tendency to learn from their mistakes.
NOW, 'unfortunate plane crashes' are more apropo to them.
I predict more boating accident in the future.
The reality is all world currencies will soon be financial prisons of wealth. If people are going to succeed then their systems must be bypassed and made irrelevent in a method that noone can ever stop independent of the internet. Once we have figured that out it is time to demonetize everything.
"Coins and bills are obsolete and only reduce the influence of central banks."
And this is a bad thing? HFS - the lunitics are running the asylum.
I predict many computer disasters too .... all the crypto holdings are vulnerable to that and no one ever has a backup /s
They'll make more in taxes by going digital, and they can track political dissidents and steal from accounts via backdoors. Besides street drugs are being replaced by prescriptions.
What number on the trolling chart are off topic discussions of religion?
Paging Mr Carrington, paging Mr Carrington
Eh, bribes do usually come in cash, no
Bribes will be paid in blow and hookers which will be bought with threat of violence. They'll get around the no-cash thing. The true elite don't need hookers. They have sex slaves who's missing person report went missing.
OH, EDUMACATE US, you espouser of the 'BIG BANG' CONSPIRACY THEORY!
BILLIONS AND BILLIONS OF YEARS (FIAT CURRENCY NUMBERS, WHATEVER) AGO, the Universe came into being (spontaneously). Mankind's Science has proven that evolution is the only plausible counter to 'religion'. REASON is BEYOND 'Intelligent Creation'. The laws of physics and mechanics CAN be broken (for a reference, see the official story of the events of 9/11/2001). All things are interrelated, but no things can be defined. Words and ideas and concepts do NOT have any meanings. The fact that PMSNBC only holds a literal 25,000 'demographic' isn't important.
When i arise in the morning, I brush my teeth, religiously.
TEACH the MASSES, I pray, regarding your definition of 'RELIGION'.
It's YOUR turn now, to show the 'confidence game'.
Great comment, Mntgmrysctt.
Fire and Brimeystone.
This is some of the greatest news a metals or cryptocurrency investor could hope to hear. Kits to determine 10K, 14K, etc purity are cheap and easy. Valcambi bars, scales, installing a Bitcoin application on a smart phone... maybe takes the underworld a few months to catch up? Just get ready to go from undesirable investor to outright criminal, anti-government terrorist very soon...
I saw a comment that first they would ban cash and then PM's. I think this might be right. I will always keep a core position in PM's, but if they ban cash and gold and silver skyrocket I will sell some and put it into the stock market. I know that sounds crazy but they will produce a super bubble in certain assets and the only inflation hedge they will want you in is stocks. Ugly but true.
Tampons
No really.
Cotton balls, whiskey and rechargable batteries.
Tampons, perfume, deodorant, TP, condoms....these will be currency.
Guns and bullets? Would it be possible to use guns and bullets for currency?
Obviously a lot of trust would have to be involved, in case one of the parties chooses to leverage the value of their bullets. Of course, in many transactions, one way or another this "problem" would be "taken care of".
There was this rich Indian; they used to wampum over the head. He really took a beading.
Billy, that was BAD! But good too.
I do what I can although some might prefer that I can it altogether.
Soap - I always buy extra and stash it away.
Latex condoms will degradate, fast, use them or lose them
Hoard anything that makes life comfortable (now), watch the old movies and see what was of value.
Ajust that to now, panty's where a shure fuck in the daiys not so much now, tampons....we'll see
damn my spelling is horrible, blame google
Good for plugging bullet wounds. Long tampons.
Long tampons.
You might get some short ones, too. OB's take up less space...but you may want to ask an expert what she (and I think I'm safe in using the feminine pronoun she in this case) prefers.
Then the question arises: What do you charge for a box? An ounce of silver? An apple pie?
Anything to survive,
Fuck if i am using my Tampon stash....think MAD MAX
Don't even go there, if they did like water, no they don't, they where on the bottom of a lake just like them relics.
Who can read in Russian? Gresham's Law was refuted by using historical examples.
http://www.kdggold.com/ru/content/zakon-greshema-eto-nelepaya-oshibka-il...
Who can say something against these logical arguments and historical facts?
I expect the translation of this text into English soon!
Back in the day, I went to one of the local head-shops on PCH and purchased a 'triple-beam' scale (for personal usage, of course, yo). The damned thing was eerily accurate (but only to 28.35 grams or so, yo).
I recently dusted off the scales and tried to weigh a so-called 'Bitcoin'. After I had read your post, i weighed my so-called 'smart-phone', both before AND after 'downlading' the 'app'. I'm still awaiting a result (after six years) to show on the scales.
Fracking 7.62 x 54r ammo tips the scales sideways.
I've never eaten a 'Valcambi Bar'. Is that anything like a 'Fruit Roll-up'?
I wish I could up vote this post to 100. Thanks, very funny!
Did your scale have a 3.0 USB connection?
There you go.
Bitcoins are so like today, not like the miami vice time you live in..........get real
Get digital
Fictitious is a word, man....
With th NSA and China installing hardware backdoors as well as compromised software cryptocurrency makes NO sense. Face it, all they need to do is wipe the private key - Aaaaand it's Gone!
This is going to fuck with people in real odd ways that are still important. What if some Normal Joe wants to have a garage sale? Tip a stripper? give a couple of bucks to a homeless guy?
The point about the drug cartels is also a good one. The CIA and others have been relying on these guys to fund off-books projects. Is the CIA officially throwing the cartels under the bus? That could get interesting.
Funny how he didnt mention GOLD and SILVER. What about those things? Or are they only the possessions of the central planners. I think there are too many armed and pissed off americans running around waking up to even try to make a ban on cash work. The cat is out of the bag and this thing is going down. They are cornered and they know it.
Between a ABT and a Kardashian most americans don't think to much.
the one that do read ZH and are prepared
He looks like a smug, condescending, superscilious, arrogant fucking prick who'd screw his own mother, literally and figuratively.
Yah had to google it, eyebrow thingy, wink wink nudge nudge
Yeah they are going to try and pull this one off.
http://www.debtcrash.report/entry/the-reason-economists-can-feel-safe-di...
Suck my nutsack you Nazi piece of shit. Eliminate cash in your country because after all, you like putting numbers and bar codes on people, especially Jews and other minorities.
FDR's biggest fuck up was not saving one nuke for Berlin.
This guy has crossed the redline, thats it.
Hey he's not the first, look here and here . They are going to do this in the coming years. I think they would have more success with an E Dollar model but both are immoral, granted banking has always been a fraud.
They don't have years.
The best laid plans of mice and central bankers.
1913 and counting, yes they do have years
give me that secret handshake,
thought so
He's crossed the god damn shit line!
You started this, right: www.youtube.com/watch?v=tjMkqFmRGL4
Long TP
Why do you suppose jews were targeted for receiving numbers?
By the way it was Truman who dropped the bombs not FDR
It was FDR who said save them for Japan before he died. Read a fucking history book or two.
Temper temper. Not to knit pick but than you should have said FDR should have used the bomb on Berlin and not saved both for Japan. But hey I'm old fashioned and think words matter.
Umm, if you think words matter, you should try to spell them correctly. Just sayin'
Don't worry, John.
Most of the sheople don't understand the phrase 'balls to the walls'. After their debreifings, Spitfire pilots were asked to describe their encounters with ME-109s (and their ability to survive them). Most of them said 'you've got your balls to the walls, man'; regarding the earlier encounters. Their manouverability was limited by the designers of the control sticks, that had incorporated detent points ('balls') and boxed in the cables and 'joysticks' so that they could not exceed the limits of what was 'acceptable survival' ('walls').
The North American Aviation P51 'Mustang' gave those who survived a renewed confidence, I suppose, when the Battle Of Britian had finally turned the tide. Of course, the inclusion of the Rolls-Royce 'Merlin' engine (with supercharger) finally decided the overall fate of the Air War in Europe.
Yeah, it's TRUE, but it doesn't really matter.
https://www.youtube.com/watch?v=B_3TlrZLpQ0
FDR was a tot-soc commie symplant gimp in a fracking wheelchair (the 'masses' felt empathy for him).
This is why I come here.
Use the tissues please courtesy of the house.
Link did not work MS "The uploader has not made this video available in your country."
Funk that, www.youtube.com/watch?v=BqHnFK8PK20
For nostalgic purposes
By the way, it was Democrat dictator FDR who sent Japanese Amercans along with German and Italian Americans to internment camps during WWII.
http://www.thedailybeast.com/articles/2015/02/03/fdr-s-forgotten-internm...
AMEN Brother! Agree 100% with you, with every word you just wrote...and I grew up in Germany! The Allies did a sloopy job in the de-nazification...Operation Paperclip > Imported all the Big wigs to the US. Allowed all the Nazi companies to florish again (Volkswagen??? WTF? That was one of Hitlers brain childs...they even left the name unchanged), didn't change city names, the national anthem is the same, they continued to use the eagel as state symbol (same as Hitler)...and much, much more.
You are a particularly egregious piece of shit.
thats a great point. what's physical currency, under 5% now? maybe much less?
That's right partner. Understand that the central bankers have now pitted themselves in a death match against your neighbourhood crack house, dealers, pimps and prostitutes. My money is on the underworld criminals winning against the upperworld criminals.
upperworld has smartbombs
underworld has dirt on the upperworld
Underworld isn't scared of getting its hands bloody. The upperworld relies on others for that.
The question is, who is upper and who is under. I would guess the under is more honest. Would that make them "upper"?
These central planning morons are playing the role of loyal Communists. I thought the idea is to reduce the influence and authority of the central banks, not increase it. Such a sad state of affairs.
How are the cartels going to pay the CIA for all their herion from Afganistan? How are bribes to politicians going to get made? If the addict on the street doesnt have cash to fund the drug cartels and they need that funding, then they will have to make herion legal. Does that make any sense? I thought big pharm wanted to keep drugs illegal. They need to go back into their crypts are think this thing out a little better.
They're losing control. You can smell the desperation, and it smells like a decomposing corpse. Does that make more sense to you than the official narrative? It does to me.
On the morning of September 11, 19 hijackers armed with boxcutters overcame the most sophisticated and most well-defended airspace on Earth, ...
LOOK!
It's 'deflated football-gate'!
I'll take 'cocaine and pink-haired strippers' for 500, WB7.
FOR THE WIN, the FINAL 'Jeopardy' answer IS:
"They're losing control. You can smell the desperation, and it smells like a decomposing corpse. Does that make more sense to you than the official narrative?"
WHICH one of the Zerohedge contributors stated this?
You have 30 seconds to finalize your question.
In the crypto currency world, DASH (rebranded Darkcoin) is anonymous by design, whereas Bitcoin is traceable if you have the resources of a government.
By my reconning, that makes DASH very desirable in the underworld if cash is banned. It then becomes a crypto currency backed by drugs and violence (not just mathematics) .... Hmmm sounds like the same situation as FRN's .... but not managed by the Fed.
Competition !! Profit !!
The can pull their paper but they can never destroy the niche it fills (the niche that is always filled).
exactly. Could be flashdrives of cryptos, or coins, art or even cars and poker chips if the cosinos get involved in it.
Be sure to tip your server with cash at all times. Otherwise the government gets their cut and we want to prevent that whereever possible.
always do
always do
Tip the cooks before you order, youll get what you want exactly as you wanted it. a few bills to the kitchen gets noticed, and works wonders.
Grow & cook your own fucking food & fuck dining out for overpriced crap...
The wait staff pay taxes on the amount of sales,they've been doing that when I was a busboy over 30 years ago
Yes, but they are usually tipped well over the amount that's tracked.
Yeah I totally don't get it, aside from drug dealers or the odd Chinaman that has a restaurant who has a lot of cash anymore?
They basically have it outlawed already, try going to the bank and withdrawing five or ten thousand dollars. They will claim they don't have it, claim it's against their policies, ask you what you want it for, then report you to the IRS.
It's not your money, not really.
Whats In circulation amounts to dick for most of us.
A year ago I asked a grocery clerk what is the ratio of people using cash and plastic. She said about 50/50. It sure doesn't appear that way to me. People have been indoctrinated to the plastic world, even with the smallest transactions.
It is just another insult to my intelligence allowing TPTB to know every little step I take. I hate using plastic.
Exactly this. The pattern keeps repeating around these types of moves -- and I keep repeating -- it's not something someone who's in control does, it's what someone who is desperately trying to regain control tries. Even in the article, the stated purpose is to increase the control central banks have, and implicit in this is that they don't already have enough.
They're blinded by their control-freak, everything is a solvable equation worldview, and literally can't comprehend that chaos theory is real and markets are a fluid, living collective entities that no amount of control will ever let them master. Every failure is blamed on a lack of data or control, never that it can't be done.
I can only hope that when the collapse happens is roasts central banks and planners so badly that we don't see their ilk again for thousands of years, just as was the case for the era before their arrival.
Well put, seek. As I said in another thread, when this blows up, we're going to be left with the choice of letting the same bunch of criminal twats who we let get us into this mess get us out of it, or we're going to have to kill some folks. Not a pretty prospect, but the beast is going to thrash violently on its way down.
Plant a garden. Gain some of your independence back.
if there was ever an example of unintended consequences - this move would be it - they are desperate men who do desperate things - having the Fed controlled by the Banks will be - ENDED - that is the natural consequence when everyone is watching and thinking - people will be freaked by this move - it hasnt happened in 100 years!!!!
and once they pay attention to Ron Paul the control of independent Fed will turn to another solution - money should not be borrowed by the Federal government and issue / OWN the currency - the banks will lose by this
I agree with you but I think they know that the ultimate consequence will be civil unrest as it is clear they are preparing for it. Not that they have any clue what the final catalyst will be or when it will come but they know it is coming. I like to think of our financial system as a giant infinitely more complex game of Jenga that must be played out. Nobody seems to know which move will make it tumble but everyone knows it's coming down.
I do like that Jenga analogy. It just seems so fitting and descriptive.
It's Official:
The Fascist Bankers are in Charge.
They say; "a cashless society would solve the world's economic problems by allowing the government to control who spends what and when"
Yes, very important to "allow government to control who spends what and when"
Especially if you are nazi fascist pig trying to suppress dissent.
So you buy lots of lead and use that for barter while stashing some away for yourself. Let'em put that in their pipe and smoke it.
"This should be seen for the act of desperation it really is (looking at the percentage of physical cash in circulation to global supply). These guys are the masters of unintended consequences and this will be their greatest hit yet!"
It is the among the final acts of desperation.
Barter
How it will be sold is now the question. Oof course banning cash would stem the flow of drugs and TERRORISM, never forget TERRORISM only TERRORISTS use cash. Dear prole why would you NEED cash anyway are the circuses we provide not enough?
FUCK YOU PETER!
Indeed.
A better idea is to enact a ban on these damnable quack theory 'economists' that enrich themselves at the public trough or corporate think-tanks while conniving ever more outrageous and inexplicable means of divesting the real economy of market signals and honestly earned productive wealth.
I was actually thinking that economists and academics are what are obsolete.
there are two kinds of economists in this world, those who are paid to sound right, and those are are paid to be right. The former are academics and federal employees.
My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... www.jobs-review.com
Fuck you and your slutty sister's friends.
Satanist bastard.
This was, of course, always the plan. And there are lots of really good reasons to do it too.
That is of course if we are all content to be slaves.
But then, when the world's population is reduced to 500 million people there will be far fewer to concern themselves with the slavery issue.
In my youth I wondered at the hubris of a man such as Alexander who marched over much of the known world with a small greek army. Power must exponentially more suductive than it ever was... and the concomitant insanity all the more maddening... This will end with the destruction of much of humanity, I suspect... nor will these demonic thugs in their bunkers be immune to what they are about to unleash.
They won't be in bunkers. They will be on their mega yachts with their desalination plants, huge sattelite dishes, helicopter pads, and stores to last months if not years.
The bible said
"The Lord giveth and the Lord taketh away"
Not God but the Lord. Just who was and who is this Lord guy?
Booooooofinnnnnger...he's the man, the man with the midus touch, a spider's touch....
He loves only gold.
I'm calling for a ban of Peter Bofinger.
Exactly.
Who cares what this idiot communist says?!
lol
has this clown ever tried to pay for anything in his own country _without_ using cash? this is Germany we're talking about, folks...
"leading German Keynesian economist"... well yeah, because he's the _only_ German Keynesian economist on that council... in other words, a mutant freak...
read up on the background of this guy and his mentors... a cashless German society will never see the light of day...
Not necessarily electronic money. If they ban EURO-cash and $-cash, people will shift to YUAN-cash for their own convenience. Nature abhors a vacuum.
Not all electronic money are equal.
There are viable, transparent, decentralized solutions.
Based on the blockchain tech of bitcoin the first provably uncorrupted voting system can be built too.
Peter Bofinger should sit on his finger and spin. In other words, fuck you very much, Peter.
Crazy Cooter. Must be delusional as he still thinks that economics is a Science hahaha.
yeah, I guess that is why they just minted and unleashed a bunch of new 2 Euro coins and 10 Euro notes here .
Surprised you're still around here after the beating you took in that other thread.
WTF you tokkin boud, boy? No one beats me. LOL
This may also be an attempt to prevent bank runs.
On the contrary, they want to force everyone to do digital banking, so the transition will be smooth for most people...
Or should I say, so they will be able to collapse the banks and markets in a single bound while jacking everyone foolish enough to be in the banks?
http://galeinnes.blogspot.com/2014/06/preparing-for-cashless-society.html
There is no solution but at least in the mean time we can....
https://youtu.be/vWz9VN40nCA
That's already been fixed, between already limited availability of cash, inability to convert electronic money to cash at any appreciable rate, Dodd-Frank and similar laws, the exits have already been largely closed.
What's interesting is that this doesn't prevent hyperinflation, though, since people can still buy goods with their cash to convert it to something tangible -- so the next choice for TPTB is either allowing hyperinflation or limiting the rate (e.g. maximum transaction amount per day) that money can be spent. Being control freaks and seeing how Cyrpus and Greece have handled things so far, my vote is that the limit spending.
Of course once this happens the system isn't far from siezing up. Anyone with savings isn't going to bother working if they're not going to be able to ever withdraw the money.
Bitcoin and other decentralized currencies are the only true exit.
the us one dollar bill is history
so is the penny
just a matter of time
I was just thinking I would be better off carrying $2 bills.
The smallest paper we have is 5 euro note. Then comes 2 euro coin and one Euro coin,
And we round off to the nearest 5 cents for purchases at the till. None of this silly idioitc, put a penny in the tray or take one out.
We round out everything to the nearest 5 cents here in Europe. So when I tank up I always go over by 2 cents at the pump .