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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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Barbarous relics of times past.
Card company bail out? I like cash because it all goes to the local business.
Were the book 1984 not written, nor the passage in the Book of Revelations about the Mark of the Beast written, would these things still come to pass?
It is sometimes difficult to determine where the line is between instructional and prophetic.
1984 is much more realistic than the silly Buybull bullshit.
If you believe in prophecies, then I guess mankind has no free will. because its ''all in the cards''. LOL
Wrong again.
Prophecy foretells what will occur on a macro scale- It's up to you, using your God given free will- to determine where you place your faith, how you conduct yourself, and what your actions are.
if you mean bible prophecy, you mean the unconscious enslavement of the stupid, the cruel, and the megalomaniacal.
The only actual prophecies are of the self-fulfilling kind.
http://ehrmanblog.org/historical-problems-with-the-hebrew-bible-the-conq...
Thats the dangerous part of the Buybull thumpers . They believe it and it becomes a self fulfilling prophecy. You don['t want those people anywhere NEAR govt.
There is no way that any of the Bible's prophecies could be self-fulfilled.
Here are just a few:
Fulfilled Prophecy:
The Bible prophesied ~600 years in advance every thing that Christ would accomplish, in Isaiah 53: https://www.biblegateway.com/passage/?search=Isaiah+53
There are hundreds of other prophecies that He fulfilled, as well: http://www.accordingtothescriptures.org/prophecy/353prophecies.html
Not to mention all the other prophecies that foretold in advance what would occur in what was then the future, take Daniels prophecy of Alexander the Great: https://www.christiancourier.com/articles/869-amazing-prophecy-in-the-bo...
It also accurately foretold many events hundreds or even thousands of years beforehand, the times we are living in, for example- yes- the end times, all going as foretold.
lol.
http://madmikesamerica.com/2011/04/six-failed-bible-prophecies/
http://rationalwiki.org/wiki/Biblical_prophecies
http://www.debunkingskeptics.com/DebunkingChristians/Page7.htm
The fleshly man can't understand Spiritual things.
Spritual prophesies are fulfilled metaphorically.
So, atheists claim victory because 6 prophecies have not yet come to pass, but the hundreds that have, as the Bible predicted, are ignored.
ROFL at your logic.
There are hundreds of prophecies of Guatama the original Buddha that also became true.
This was in a place in the world that had NO knowledge of any Bible.
and LONG before Christ.
IN fact, the True Buddha, Nichiren Daishonin, said in the Gosho ,. ''Nations that go outside of their borders to wage war, will suffer immense negative karmic retribution''.
All empires decline. It's called decay. Nobody stays king of the mountain forever. Nobody.
Eventually they are invaded.
There are hundreds of prophecies of Guatama the original Buddha that also became true.
This was in a place in the world that had NO knowledge of any Bible.
You don't know the Bible. The sons of Noah re-populated the whole world and carried the flood story with them. So they did have knowledge of the Bible. It's very easy to look at some of these claims and see traces of the Bible, especially Genesis, which became corrupted over time.
@Seek_Truth
Oh stop it with the preaching shit. We're fucked because millions like you cloud your head with stories of the Easter Bunny instead of learning about social contract theory and economics/markets. Learning critical thinking skills to have the capacity to begin holding the political and finance class accountable. Fucking nothing but Easter Bunny prophecies and mindless drivel.
I swear. I'm stuck in east Texas surrounded by this hyper-christian cult and here at Zero where I take solice to read the news and articles that are engaging and fucking here it is.
The goddamn Easter Bunny Clan. You poor fucking bastard.
/end rant
Have a pleasant day.
he is afraid to actually THINK a little deeper because he actually believes the Bible is the word of ''god''.
Actually its the word of the chosenites who wrote it to make themselves the chosen.
@SpasticGramps- Get out of MY Country!
You hate freedom of speech!
I don't advocate censorship- unllike you.
You are one of the things that's majorly wrong with this Country, you PC bigot!
All Christian holidays are pagan holidays. Easter is the fertility holiday, fuck like bunnies and color the worshipful eggs. That's fitting for a rebirth of a spirit.
This world cannot survive with 90% fanatics electing psychopaths and putting them in control of the evolved ones' destructive gadgets.
The Jesus Calvary will not show up to save anyone. No one can actually prove that Jesus ever existed, not a trace of him remains and no one even knows the dates he was born and died. The Nippon Emporers can be traced back to 600 BC with an accounting of each and all.
It's all bullshit, follow the money.
No one can actually prove that Jesus ever existed
Explain the Shroud of Turin. In 2013 Carbon Dating proved the Shroud came from the time of Jesus. If you can explain the image on the Shroud, you would be the first human ever, because no scientist can. It's a negative 3D photograph of a dead man made by a radiation source unknown to science.
You see....no one knows how to make a 3D photograph of both sides (full 360 degrees) at once....
http://www.huffingtonpost.com/2013/03/28/shroud-of-turin-real-jesus_n_29...
and I have done that an am sitting pretty , EXACTLY where I wanted to be at age 69. And didn't start becoming fortunate in life until I burned my Buybull at age 30, and started using my brain and exercising free will.
Queue the scare tactic ''You will burn in Hell, bullshit''
Not all Christians believe in a firey hell, a place of torment, because it isn't taught in the Bible:
http://www.hellhadesafterlife.com/hell
I know you are not probably interested but here is the Buddhist viewpoint.
They believe in the Ten Worlds (or life conditions) Lowest being HELL, highest being Enlightenment of Buddhahood.
The ones in between are Hunger (greed), animality, anger, rapture, tranquility, learning, absorption (subconcious learning) Aspiration for Enlightenment.
All human beings no matter WHAT their religion or belief are in one of those '''worlds'' at any given MOMENT in time.,
I know what Buddhists believe.
But why do you bring that up?
You are an atheist.
Buddhism is an atheistic religion. I brought it up so teach you what atheism means.
It means no belief in an external supreme being.
Buddhists are atheists. They believe in a Supreme Law.
Thats your lesson for today.
Since you're speaking for both the Atheist AND the Buddhists now- Does that "Supreme Law" you believe in include murder, mass murder, terrorism, vengeful acts, wishing bad karma on others? :
DutchBoy2015 says he’d like to murder “kikes”: 6034523 6034622 6034586 5815825
DutchBoy2015 says he is a peaceful Buddhist: 6034987 6005746 6005751
DutchBoy2015 claims to be atheist: 6084076
DutchBoy2015 describes “karma”, doesn’t apply it to himself: 5977697 Whoosh! Right over the head!
DutchBoy2015 puts sugar in the gas tank of his neighbor’s generator: 6079040
DutchBoy2015 calls down karma (and murder) on George Zimmerman, can’t see the irony: 6081714
DutchBoy2015 calls down karma on American “gun nuts”, can’t see the irony: 6081774
Dutchboy2015 spews hatred at all Americans: 6004824 6004626 5815817 6081785
Dutchboy2015 would like to commit mass murder in America: 5815994
Dutchboy2015 is a genocidal maniac, hates himself: 6085253
DutchBoy2015 claims he’s in a terrorist network in the US: 5816093 6098981
LOL, I don't wish bad karma on people. I know it will happen by their actions.
Called out by the righteous, bitch. BTW not all Christians are like seek truth some of us are like Joshua.
Nice...
You say you know what Buddhists believe., Do you really? I bet you don't
Here you go, read and learn
http://www.sgi-usa.org/
When I was going to church and school they taught that the unpardonable sin was 'rejecting the holy spirit''.
There are some truths in the Buybull but only partial ones. It doesn't describe in detail exactly WHAT 'god' is.
The 80,000 volumes of the Lotus Sutra do.
I doubt if you have ever heard of them or even have the inclination to LEARN.
And what does "rejecting the Holy Spirit" mean?
Did they teach you that?
I've never read the "Buybull" so I don't know what it teaches. Sounds like a book about how to profit as a cattleman or dairy farmer.
On the other hand- the Bible describes in detail exactly what God is.
It doesn't describe what ''god'' is. The Sutras do. But the word ''god'' is never used because most people believe that ''god' is an external Supreme Being that controls all.
But Buddhism believes in the Supreme Law of Cause and Effect. which permeates all life and the universe (which is limitless).
Chrisitans and people who believe the Bible, think there is a beginning and end , yes there is in life, but life continues on,. there is plenty of evidence to support reincarnation.
Perhaps you could tell me WHY , everyone that has become Buddhist , came from all kinds of other religions and never went back., I know doctors, lawyers, nurses, teachers, people from all walks of life who have discovered Nam-Myo-Ho-Renge-Kyo . I will put it this way for you to keep it simple its '''god's phone number because it WORKS . 100 percent .
https://www.youtube.com/watch?v=EL3fRLx4pHw
Guys, rent a room. Go over to chat with this. You are Hijacking the thread.
Cash Ban, BITCHEZ!
That shut em up !!!
deleted
Keep your god where it belongs....your brain.
The Beasts of the Apocalypse (1959) - Internet Archive
I could clearly tell you what the Beasts of the Apocalypse are- but you wouldn't listen.
You are a "hit and run" coward that posts links, without any explanation as to why you think they are important.
And you hate Christians- assuming that all Christians interpret the same way.
You are like a student that couldn't figure out calculus, so you dropped out, and hate people who are smart at math.
You have all the posting hallmarks of a troll and an agent provocateur.
"Coins and bills are obsolete and only reduce the influence of [privately held] central banks."
It's like a headline screaming for "control."
This was the money shot for sure. The premise behind his statement is (as Tyler correctly notes) that if they only had complete control, the system would then work. Peace would break out and the world would see the rainbow. These people really are sociopathic control freaks. Their hubris is beyond anything that has been seen for a couple of thousand years. I hope they meet the same fate as their predecessors...
"...if they only had complete control, the system would then work for them..."
FIFY.
I boycott the use of cards and prefer to pay cash for everything , for convenience and reduce trackability of my actions . What I buy is none of the government's business , provided I do not break the laws .
Maybe they sould start a federation of planets to confirm it.
I suppose some societies could become cashless but others not so much. I remember taking business trips to Europe where everyone used debut cards for everything - even highway tolls. That was maybe 20 years ago. In Mexico - and I suspect most of Latin America - cashless would be hard to implement. Sure I have credit cards and debit cards in my wallet but most people don't. There isn't an ATM within 30 minutes and no one accepts credit cards (in our immediate neighborhood). A lot of places even have trouble accepting what would amount to a 30 USD bill.
Blowficker is an academic statist shill like Krudman.
Just what we need.
More central bank influence.
Yeah right. Central banks are the fucking anachronism. They belong in a museum right next to the fiat toilet paper display.
You can't abolish cash or bartering...
When you remove cash like in Britain or Greece, people quickly create tokens of effort - cash.
They exchange them locally and find immediate wealth generation and transfer.
Such local currencies are based on trust and work well. Nationally they are better based on gold, grain or oil etc.
Cash you cannot kill, you need another career my German friend.
Apart from all the objections about big brother control of the people what if there is a power outage. We would have to use IOU's and then we would have created our own cash system. Where do they find these people?
>>> Coins and bills are obsolete and only reduce the influence of central banks.
That is precisely why we need to retain, and encourage, the use of coins and bills.
If we can't use cash we will have to use little discs of silver and copper instead.
Cash = fiat money.
A worthless piece of cloth (or worthless metal coins) with a promise of a completely corrupt entity printed on them.
The only reason for this paranoia is to dry out the Banksta casino mania that is being fed by the fiat pump to infinity mania that is prevalent since Friedmanomics started fiat "our money your problem" floating rate 1971 BW revoke bonanza that became fiat pump n dump circus under petrodollar recycling that Reaganomics ramped up to FIRE economy asset pumping that then went globally viral in NWO organized OUtsouring built on slave labour arb and derivative monetary hubris.
Thats the financial cum big stick logic of Pax Americana. And in the winter of its financial impotence all the world now wants to control the Banksta casino by DRYING IT OUT and calling the fiat Oligarchs to empty their pockets or to lose their fortunes in fiat deflation pains (which everybody now sees is coming to fruition unless the FED has a new rabbit to pull out of its hat !)...
So why does ZH, who has understood this evolution, now fight the logical conclusion of the corrupt statists saying to the banksta cabal : Sayonara ! Its your skin or ours and we prefer it were yours!
The world needs the financial system to implode and after the reset for the new paradigm to take over. And the statists want to organise that. After all they ONLY believe in power that the people give them; a fickle power line unlike Mr Moneybags!
It means the financial sector has to go back to being what it was pre-BW revoke. Sorry traders, your party is over and thats part of being collateral to financial reset; just like the citizens of Syrac are collateral to Oil patch games of MIC overkill hegemony since the 1970s.
Bottom line : the Bubble cycle has to DIE BEFORE the business cycle can be reborn. Its that tuff now.
I thought the big push to eliminate cash in Europe was driven by the massive wave of muggings of Europeans by all the "diverse" immigrants and refugees? As with all things that involve central planning, unintended consequences abound (like young Europeans manning up, learning to fight, and becoming very "anti-immigrant").
"driven by the massive wave of muggings of Europeans by all the "diverse" immigrants and refugees"
CIA coordinates the stories among the EU MSM to create the wave for eliminating cash
all a game!!!
No, wrong, young European will not man up, not after being emasculated by their own women and feminism since 60 years and taught males to hate themselves.
Hang him.
And hang 'em high! There's no justice in Fort Grant!
Gold and Silver's Reply: Go Ahead Make My Day!
Yup. Of course, as part of this scenario gold and silver will have to finally be recognized as "real money" in order that they can ban it along with the paper currency. And all this time they have been denying it. But we've known better all along, right folks?
They'll make it illegal to own gold, silver, paper currency, coins, pebbles, sacks of rice or anything else that might be used to circumvent the banking system. People will still want to trade with each other whether the banks like it or not. Barter will re-emerge at the street level.
Once gold and silver have been confiscated, the assholes might create a new currency once the USD has finally crashed into the oblivion of inflation. Deflation first for a while... but ultimately the USD is doomed for inflation... $10,000 for a loaf of bread sort of deal. Then they declare that finally they will pin the dollar to a sound physical currency... gold... frozen at $5,000,000 per oz. God forbid if you own any. But many people still will. The smart people will. But the dummies will give their gold up like the obedient sheep they are. And to be honest, I don't think there are very many dummies left out there. Sorry IMF.
They've done all this before, exactly as described above, and it sounds like they're planning to do it again. It's a satanic agenda. It's all about slavery and ultimately determining who will live and who will die. Those who have some gold & silver... those people will be immune to this 1000 year old plan from hell.
a cashless society would solve the world's economic problems by allowing the government to control who spends what and when
Are we smoking something here???
I live in wonder that something like "BitCoin"
even exists. And then I see lines like the above...
Even as we speak, the BRICS are bifurcating from
the "western" financial system. Sure, go ahead and ban
the US$ bill, we are that close to "nobody will want it"
anyway, so why not???
Y'all do know that every major BRICS
player has to actively suppress the trading value of their
currency, because ALL of 'em have net postive interest
rates??? If they were ready to eliminate US$ reserve
status they would. They aren't; which is the only reason
the "western financial" games can continue. Problem is
the BRICS can not afford the economic slowdown these
policiies imply... and will be forced ( real soon ) to quit
playing along.
See how long anyone cares what the US$ does after that...
That's some idea. The only thing it would cause me to do, would be to convert any and all cash to gold and silver. Beyond that I would start using a barter system. Interesting experiment that goes counter to human nature. They are delusional if they think it will work as they think it will.
Gofinger?, Goofinger? Nofinger?, or Goldfinger?
Where's all the bitcoin trolls now touting the freedom from government, digital currency now sets you free????
Dumb ass's, who couldn't see the central bank kill currency bus coming from a mile away, in the dark with their eyes closed??
bitcoin is a currency that they cannot control or kill.
There are clear attempts to 'assimilate' Bitcoin going on. One thing they are very unlikely to control is the monetary issuance rules of Bitcoin. IE. They can not 'print' it to give to their friends.
BUT. They can manage to control the on ramps to/from local fiat currencies. They are doing that already.
That provides an indirect control of Bitcoin in terms of the economic activity that supports it. Until people are using Bitcoin directly, without coverting to local fiat, TPTB have control.
There is a tipping point of Bitcoin adoption where TPTB would lose control, but that is a long, long way off. Plus, you still have a violence backed 'need' for local fiat to pay your taxes. I doubt that is going away.
Where we are going, there's no need for any centrally issued fiat currency, hence there is no need for gateways.
Crash and burn.
He's a moron. The actual amount of physical cash is ludicrously small at this point, in macro terms meaningless.
Now, if Krugman gets his way and we start minting trillion-dollar coins, maybe we'd better set up a duel between Krugman and Bofinger.
Bofinger, really?
Bofinger, he doesn't even know her name yet!
Bofinger, he's the man, the man with the minus touch,
A klepto's touch.
Such a cold finger
Beckons you to enter his bank of sin
But don't go in!
Krugman's new employment strategy is to employ people to print currency that is then handed over to people abroad who are employed to then burn it. Not only does it create jobs , it also raises net Export and GDP numbers.
Yeah the "markets for undeclared work", as soon as we eliminate that, all our problems are solved.
Another fucker on my guillotine list. Jeez it's getting long
The problem for banks and governments. Coins and cash are inherently peer to peer, they allow anyone to transact freely with anyone without any controls. Therefore it must be stopped.
Idiots spewing stupid shit is a common occurrence at market tops - even tops that have been created by that fucking cunt yellen.
You are being too kind.
Not much sense in being German if you can't be stupid.
The reason they hate cash... is because it's velocity is not always recorded, they can't skim and tax.. all the yard sale money, ice cream cones and pizza shops with their registers propped open... untaxed money is worth a lot more than taxed money. I learned a long time ago to walk into a merchant and before i start looking around ask.. what's the discount for Cash
Yes. They want that .00001 vig on every transaction. They want to be able to charge your account if you run a red light. They will scan your plates and voila instant debit.
Fear not, you will get the option of due process - six hours in a line or if you are lucky a greasy plastic chair with the mouthbreathers to argue the charge with a burnt-out clerk who barely speaks English.
They are the enablers of Hell on Earth.
One Ring to rule them all, One Ring to find them,
One Ring to bring them all and in the darkness bind them.
So if they want to do away with Cash why did the ECB just put into circulation a bunch of new coins and paper notes?
Thats costs a lot of money to do.
Ban Keynesian Economists or Hang Them.
Insolvent oligarchs now led by Warren Buffett have allied with Liberals to save themselves, trying to enforce Communism in Western Europe.
Nordics, since they are already almost communists, are the first to be experimented with.
Which means that Nordic economies are deteriorating too fast.
Reminder: Nordics have no major natural resources except for Norway
The Term Communism has little Utility these days.
The Communists are little different from anyone else except maybe less human, less health conscious, less aware of the dangers of run away greed.
Experimenting with people... like Dr. Mengele or Monsanto or Big Pharma or the CIA Mind Control Experiments, Tuskegee Airmen.
Anyway... I heard some of your boys are suiciding Bankers and that you sent in a guy to 'damage' Harry Reid. Is this what we can expect in the future?
Not the Tuskegee Airmen but the Tuskegee Experiment where they gave placebos to black people with syphylis to chart their dissolution.
Ah, not our service men. Sorry for the error.
"The Public Health Service started working on this study in 1932 during the Great Depression, in collaboration with the Tuskegee Institute, a historically black college in Alabama. Investigators enrolled in the study a total of 600 impoverished sharecroppers from Macon County, Alabama. Of these men, 399 had previously contracted syphilis before the study began, and 201[2] did not have the disease... being treated for "bad blood", a local term for various illnesses that include syphilis, anemia, and fatigue."
"The victims of the study included numerous men who died of syphilis, 40 wives who contracted the disease, and 19 children born with congenital syphilis.[7]"
The Tuskegee Airmen: All Black military pilots who trained in the United States trained at Moton Field, the Tuskegee Army Air Field and were educated at Tuskegee University, Alabama; the group included five Haitians from the Haitian Air Force, one pilot from Port of Spain, Trinidad,
No biggie. I certainly understood the larger point you wanted to make. Just wanted to keep the historical record straight for those following along at home.
I recall when in Vietnam we had MPC (funny money). it was good for all purchases on base. Once in a while they would announce 'all your MPC is worthless as of today''. You must exchange it all for new currency. Of course the Vietnamese who were holding it could just burn the old stuff.
This was a way of combating the black market.
I forgot all about that. I had $500 per month "sent home" (parked in my US savings account) - that was my pay as a 1st Lt. I collected my Combat Pay of $65 on base. I can not remember what I did with it. And, it must have been in script. 46 years is a long time - more than half my age.
The purpose of banning cash is to force all of your surplus money into electronic format. Then, you will be taxed on that surplus, beginning at 1% per year. That is already happening in Switzerland and soon to happen in Australia.
The War on Cash is for real in the USA:
Warren's bank charged me on 3/31/15 a "cash deposited fee" of $1.50 for the privilege of depositing $2,500 in rent money in his bank. Action taken: closed the account I had maintained with that bank and its predecessors for more than 40 years.
It is illegal in major banks to store cash or bullion in a safe deposit box ( why anyone would is another question).
Hoard sufficient cash to cover at least 6 month's worth of living expenses. That is after you have paid off all of your debts.
There will come a point in time (no prior announcement) when your right to redeem savings in cash will be reduced to $100.00 per day or less.
The Status Quo is at War against all of us - forewarned is forearmed.
Look at it this way:
If you have sufficient bullion, then bulk up on cash. When cash is banned, it may soar "in value" against "checks" and Postal Money Orders and PayPal and credit card payments. Or, if may be the only practical means of payment if the Internet and Creditcard payment system "goes down".
I remember that everyone in Vietnam had to open a Chase Manhattan account to have your pay sent to. Then you wrote checks on that at the PX and you would get MPC.
Chase Manhattan made a killing off the war (no pun intended).
well its false because most of the transactions are already realized by credit and not cash, and they don't permit central bank's policy to be effective... so it's a big lie ! one more
When we switched over to the Euro in 2001, they gave us time to turn in our guilders marks, etc for Euros. I still have some guilders and marks in my desk as a souveneir.
Some Germans held onto LOADS of Deutsch Marks thinking that he Euro would eventually fail.
I was at the weekend market today, what am I going to pay with without cash, you imbecile?
The goal is to destroy the farmers markets LOL. They try that here in Europe and you wll see true revolution.
I don't think they want to destroy farmers markets but to destroy the barter economy.
So long as you use your Euro card for every transaction of any sort, they will be fine with whatever you buy.
If you want to trade carrots for house paint, then the regulatory fur will fly.
Pure Number-of-the-Beast-ism.
I don't have a Euro card., I have a bank debit card, in my case my bank is ABN-AMRO World card. Its debit but I can use it world wide for hotels, cars, etc etc., NOT a CREDIT card.
In Europe most banks give automatic 5000 euro overdraft on your account. Must be paid off within 3 months , and interest rate at 11 percent.
So if I am in the States and rent a car, my debit card covers the 2000 dollar deposit.
My 72 year old wife turns out to be an activist now. She is on FB day and night recruting people in the fight on GMO. And you know what they say about TELE WOMAN. Word spreads fast.
Capitalism, Socialism, Feudalism, Fascism... whatever you want to call it it is Greed or Evil.
The problem with Any 'so called' government system is the same as having a Rich Government Budget.
- Someone will target your riches no matter who you are
- Government Trust Funds or any Fund is a Target
- When was the Coup or how many Coups have we had on the Federal Government, 1913 was one, 1981 was one, 1992 Bill Clinton's Election was one, 2000 G.W. Bush Election was one, 2008 Obama Elections was one too since how you take a Socialist and turn him into a Warmonger I just don't know...
- Persistence of Large Organizations and Large Budgets is always Ripe for both Plunder and "Capture" by Evil Actors
- THEY are going after your Liberty, Individuality, Equality, your Constitution, and any kind of WEALTH you have
I think his name is Pofinger... (*german pun*)
Thanks for clearing that up.
I was trying to figure out why Steve Martin wants to get rid of cash.
To clear it further up for you, Po means a$$.
A purge is really needed.
Just came back from taking a big Obomber and wiping my McCain
Yes, rebuild the cred for the next attack... LTER found your cubicle mate..
While cash isnt as secure as PMs at least you can store it where its safe (under your gun cabinet). No cash means its all in unsafe banks, thus money ceases to be a store of value. We will revert to other physical - copper ingots anyone. This Communist idea of putting all peoples money into the hands of banks will provoke the necessary revolution. There's a reason we like cash - banks dont topslice on transactions. when you use plastic the banks always steal a slice. Hence many shops with signs saying card payments only for deals over £10 etc. Cash is beautiful, but not as beautiful as PMs. thanks to cash i run my business with little recourse to banks. takings in a secure place. payments in cash, if not in barter kind. yesterday a half pig cost 12 bottles of wine.
Only thing truly safe is COINS. Paper money BURNS. A big mayonaisse jar holds LOTS| of coins. Your house burns down the coins survive.
No, if your house is wood framed the bronze in the coins will most likely melt.
HTH.
I went to the dairy store (farm) and bought some milk today. 2 bottles but was 10 cents short, She told me I could pin it. (Debit card). I asked her if they charged her to have the machine in the store , she said NO.
And she's not the store owner and doesnt have a clue. They're all charged for.
Last week I was on Dutch Ebay (like Craigs list in USA) and bought an electric bike dirt cheap, cleaned it up and re sold it on Ebay for double , CASH.
Here -- let me remove those pesky, unwieldy physical chains with which you poor bastards struggle.... There, all better: now that digital electronic collar will allow you to roam free *where we know it will keep you safe only.* It is inevitable that the same feckless, media-conditioned "keep us safe! keep us safe! " mentality that permitted the atrocity of the (un)Patriot Act, under the exploitation of mass hysterical kindergarten "patriotism" -- will now even *allow* the ostensible legitimacy of a ubiquitously surveilling currency.
Besides, the Germans (or at least in this case the ilk of dispassionate Spartan German efficiency) are known for their precision -- and the "free world" pays a premium for it: what could possibly go wrong with Central Bank zombie-zeitgeist?!
Who would listen to a called Peter Bofinger? He's in love with the State Obviously.
We don't know if he is Socialist, Feudalist, Capitalist, Corporatist, or Plutocrat.
"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…"
Let me guess... His ancestors were Junkers? He is a Monarchist? He sees no problems with Technocrats in Central Banking running all countries? Aristocrats and Apparatchiks are all right by him?
they are not crazy . they are just a bunch of thieves, gangsters, banksters... call them whatever you want.
They are "preparing" us for new curency (present purchasing power div by 3-4) , want to avoid bank runs etc.
Rumour has it that the USA will be switching to the Euro from the dollar soon :-)
The rumor I hear is that Europe will switch either to the ruble or the yuan.
Mayvbe this means that the BRICS will then switch to the dollar.
Everybody move over a chair.
Russia would move to the Euro before Europe would move to the ruble.
Don't you listen to the Golden Jackass dot com. S/
Anyway he is very big on SDR or a 2nd US Currency or both... at least he was a while back.
Americans could be sold on the SDR maybe in a Crisis, but they would not accept the Yuan, Renminbi or the Euro. Just since we have a lot of Country Boys with Patriotism.
Jim Willie is interesting to listen to but not always right. He may be right about Germany finally telling the USA to fuck off
If the US is smart, they'll switch to the Yuan.
I'm sure our sweet lords in our Fed whole heartedly approve
Or maybe they still like the physical money??
And can someone get my man Ben Bernanke a mortgage? Maybe this cashless society will help
Well they certainly don't like physical gold. Maybe that's why they don't have any.
If they abolish cash and the drug and hooker market dried up, EU GDP would need to be revised down about 20%.
That would be about 40 percent in the USA. Not that many people here use drugs or hookers.
That's a joke with all the legal brothels and sites catering to professional hookers. Half the girls from Romania must be prostitutes in Western Europe by this point. Only the uggos are left back East.
Prostitution is legal here in my country, No big deal. Although I live in the country and not the city so I don't know. Never see anything. Same with drugs. Pot is legal but very few people use it.
USA has lots of street hookers which are ILLEGAL here, and most prostitutes work out of their home and NOT a brothel.
Take away the fast food joints in the USA and GDP goes down about 80 percent.
you might be very close here.
" current state of the U.S. economy analyzes consumer spending and consumer credit. Since private consumption constitutes almost 70 percent of GDP, it is of fundamental importance to have an essential understanding of how households spend money – and how they finance that spending."
A weak (read: old/young/scrawny/Leftist/pacifist) Swede can't walk down the street in Malmo without being beaten up and robbed. Eliminating paper currency is the only logical choice other than, you know, manning up, fighting back, and kicking out the refugees destroying Europe.
Either way though I guess.
They're now forcing EU countries to take quotas of these bottom feeders instead of sending them back. How more people haven't cottoned on to the fact that there's an agenda to all of this beats me.
Here is another dumb idea to control other people and other countries... probably put a Technocrat in charge of this too... or an Al Gore, who wants to be a Big Bankers when he grows up!!
- Germany's Merkel calls for global emissions trading system...
Big Government should learn to Deconstruct, Disassemble, Reduce Waste & Emissions from their own mouths by shrinking regulations and agency sizes.
Streamline Government & Courts, Standardize Accounting & Finance... and Financial Ratings
Stupid to Outlaw Cash & Exchange Emissions & Carbon Credits... yeah, you paid into this fund for 30 years now we want to take all that money for the good of the State and your generous Banking Model. S/
ok I will pay you 5 cents on the dollar/euro for this worthless cash.... sell now before they take it from you
So if our currency fails just void it create another government currecny and that will solve their problem?
Another Fucketty.
What does he propose we do following the unleashing of an EMP weapon?
Very good article - well reasoned
Thank you
Central Banks want your soul!
MUAHAHAHAHA!
Humans can be paid to say anything.
The thing about Cash is you pay what the item is rounded out to the nearest 5 eurocents.
So if I buy tub of ice cream in the Supermarket and its 2.99 I have to pay 3 Euros. If I ''pin'' it (the term we use for using debit card). it costs 2.99
When I tank up my car and I pay with cash, I always stop the pump at 2 cents over . i.e. 10.02 and I pay only 10 Euros. if I pin it I pay the full 10.02.
Using a debit card with PIN is sooooooo 20th century.
Don't you have "contactless" cards already?
Paying via cellphone STARTED in the Netherlands 3 years ago. LONG before the USA had it. Probably unknown to you is that hi tech is implemented here much quicker than in the USA. Also self checkout.
And checks? LOL we haven't seen them here in 20 years.
Also Bitcoin was here long before USA.
Voel je nu beter of zo? Ik krijg er een beroerte van dat gedoe.
Ja zeker, ik voel beter, met die stomme klootzaken dat denk alles begint in Amerika.
WE had wide screen 16:9 back in 1999 LONG before the USA had it. And I remember Americans coming over to buy cellphones here at the Amsterdam airport that were far advanced and could not be bought in the USA.
And I was texting on my cellphone in 1994 in Germany LONG before the USA even knew what it was.
FYI , we used to have SWIPE type debit cards but 2 years ago dumped that because of thieves and scammers ., now its a chip on the card.
In the UK we've had SWIPE (run the card thru a slot) for a few years. But the "contactless" system is quite new (maybe 1-2 years). You simply touch the card on a small reader and it reads the chip and processes the transaction. Trans are currently limited to GBP 20 each. I'm not sure who is liable if you lose your card or it gets stolen and gets abused by a thief for countless trans of GBP 20.
Even the old days of CRT TV America had the NTSC system (Never the same colour). and we had the PAL system. Much better. You guys are soooooooooo 20th century LOL
I had digital TV in 2004. You guys just recently went to it.
https://www.youtube.com/watch?v=IC6SwzXvyzw
What is it about German Totalitarian thinking, - or is it FED indoctrination?
He appears to be young. There will be much time left for him and his generation to re introduce human slavery, FASCISM, Communism and other total human control mechanisms to their hearst content. Unless he should happen to have a nail gun accident remodeling his Swiss Chalet.
Abolishing money, the communists' wet dream.