This page has been archived and commenting is disabled.
Bank Of England Economist Calls For Cash Ban, Urges Negative Rates
Just three short years ago, Bank of England chief economist Andy Haldane appeared a lone voice of sanity in a world fanatically-religious Keynesian-esque worshippers. Admissions in 2013 (on blowing bubbles) and 2014 (on Too Big To Fail "problems from hell") also gave us pause that maybe someone in charge of central planning might actually do something to return the world to some semblance of rational 'free' markets. We were wrong! Haldane appears to have fully transitioned to the dark side, as The Telegraph reports, he made the case for the "radical" option of supporting the economy with negative interest rates, and even suggested that cash could have to be abolished.
Speaking at the Portadown Chamber of Commerce in Northern Ireland, as The Telegraph reports, Mr Haldane's support for a possible cut in rates came as the Bank as a whole has signalled that the next move in rates would be up.
Andy Haldane, one of the Bank’s nine interest rate setters, made the case for the "radical" option of supporting the economy with negative interest rates, and even suggested that cash could have to be abolished.
He said that the "the balance of risks to UK growth, and to UK inflation at the two-year horizon, is skewed squarely and significantly to the downside".
As a result, "there could be a need to loosen rather than tighten the monetary reins as a next step to support UK growth and return inflation to target".
But recent volatility in financial markets, prompted by China, and a decision by the US Federal Reserve to delay rate hikes, have pushed back expectations of the Bank's first rate rise to November 2016.
Traditionally policymakers have resisted cutting rates below zero because when the returns on savings fall into negative territory, it encourages people to take their savings out of the bank and hoard them in cash.
This could slow, rather than boost, the economy. It would be possible to get around the problem of hoarding by abolishing cash, Mr Haldane said
Interestingly, one idea, Haldane told an audience of business owners in Northern Ireland, could be to scrap cash and adopt a state-issued digital currency like Bitcoin. Although widely reviled as the currency for drug dealers and criminals, Haldane said Bitcoin’s distributed payment technology had ‘real potential’. Which may explain the Fed's sudden fascination in the virtual currency.
NIRP - it would appear - is about to global.
So Haldane has gone from worrying that "financial markets were detaching themselves too materially from fundamentals" and fearing the "biggest risk to global financial stability right now it would be a disorderly reversion in the yields of government bonds globally," the BoE's chief economist has not only called for policies which will enable an even bigger bond bubble but will also remove freedom from the people to do what 'they' think is best with their capital. Indoctrination is complete (or more ominously, is there something Haldane sees that has driven him to this extremist perspective?)
»
- 57419 reads
- Printer-friendly version
- Send to friend
- advertisements -
Let the banks eat all those debts. Every last bite. It is of thier own making.
Okay, but then they will outlaw gold and silver also because those will evaporate in the open markets once negative rates and a ban on cash happen.
And the only way that would work (neg. rates and ban on cash)
IS WHEN PEOPLE HAVE NOTHING, NO SAVINGS AT ALL!!
So how can they do that?
Inflation. Inflate the shit out of everything, so nobody has anymore savings and nothing real to pull out of the banks.
And then most people will stop giving a fuck. Sure, a few protests the first year but nothing some teargas and sticks and tasers can't solver.
But it may also be a trick to push as many as possible people into stocks.
Never the less, it will happen.
We haven't even seen the crowd control sound weapons used on American citizens yet, there is still much to look forward to.
May God have mercy on our souls!!!
We haven't seen the homes oc crowd control cops burned down either.
What about the micro-wave radiation direction weapons that will heat you till you flee or cook?
My Tin-foil hat will protect me ...
What is the range on those sound weapons anyway? 8-900 yards? No, hmm thats a problem for the crew..
What scares me is even the thinking of this idea ...because...at first we abhor the idea, then we tolerate the idea, then we embrace the idea.. What comment is becoming more real every day..the saying..."the new normal"..
It's not going to happen for about a generation. By then they should have most of Christianity wiped out and plenty of iSheeple who will go along because it's convenient, cool, and hip.
And every wanna-be empire has convinced themselves of the same. Where are they all now, Dr. Engali?
Where are they all now?
Your helplessness plays into their hands. But it doesn't change the overall picture. It isn't force that keeps a society and its economy going, its TRUST. Once trust is lost, its over, because you can't force someone to trust you at gunpoint.
They don't have to wipe Christians out by gun point. All they have to do is dilute and distort the message, and capture the youth with another false god. Once the old timers die off they can move forward with their agenda. Look around you, it's happening.
You are crediting them with greater power than they actually possess.
Yes, bad things ARE happening today. But that doesn't mean the ones doing those things will be permitted to continue. In fact, it's those things they are doing today that will become the catalyst for their ultimate defeat.
Patience, young Jedi. All things unfold at their own time, not necessarily on your preferred schedule.
People of the cross and gun will indeed be eroded over time.
The whole "thief in the night" statement might ought to be a warning those thinking they still have time left, even the realization of a heart attack at any time throws that strategy out the window.
Do we need any more reasons to load up on physical silver and gold?
-Argenta
"(or more ominously, is there something Haldane sees that has driven him to this extremist perspective?)"
Clearly the Fed is completely cornered and they think the way to save their owners (bankers who bankroll politicians) from loosing total fascist power is to remove economic freedom from the population. These mf's already stopped paying interest on savings and pensions are propped up by the stock market (putting off a violent babyboomer revolution) and printed themselve trillions in reserves to gamble with, now in order to keep their loot, they are going full retard on us.
The alternative is their monetary system collapse and they loose power. Make no mistake these criminals are at WAR with the people and are committing crimes against humanity that few truly grok at this point.
Europeans are mis-guided - please go elsewhere.
"gave us pause that maybe someone in charge of central planning might actually do something to return the world to some semblance of rational 'free' markets. We were wrong!"
The likely reason for his change?
It's not that he no longer believes what he's previously said, it's that he knows no one will listen to him, but that they will listen to negative interest rate talk. He thinks "What the hell, if you can't beat them, join them in the hope that this move will maybe, somehow avert the great crash about to happen that I've previously warned about."
His change is a sign of extreme desperation. Which is a very bad sign...
c'mon man would YOU do that? I wouldn't...
And Israel is trying to ban rocks (with sniper rifles):
"“It’s not a rock, it’s murder,” declared Prime Minister Benjamin Netanyahu as he postured behind a wooden lectern incongruously perched atop the Jerusalem hillside, while he announced he was “declaring war” against stone-throwers."
http://www.haaretz.com/blogs/routine-emergencies/.premium-1.676564
This is the big question. If negative rates come you will likely (?) see a huge move into precious metals. If they are charging you to deposit your cash instead of giving you interest it would seem that there would be renewed interest in something that doesn't pay interest but preserves wealth. Gold. Thoughts?
Not just PMs, but anything that can hold its value: land, food (preserved or LTS), firearms, whatever.
Expect to see the price of all of them shoot up--and then we'll finally have the price inflation the FED wants.
As a student of history, I completely agree. This is simply a re-run of a very old show.
Every wanna-be empire that has devalued its currency has swirled right down the drain. People start avoiding that currency, and turn to alternatives. Almost always gold and silver.
6,000 years is one hell of a track record. Ignore that at your peril.
Correct, this time on a global scale.
Haldane, buy a clue. Folks like you do NOT decide these things...the market does. The people who buy and sell everything from their labor to the stuff they make are the ones who decide which 'currency' they will accept in exchange for those things.
If you want electronic money, fine. People will pay their taxes with your funny-money. But folks like me will NOT accept that crap in exchange for our labor, or the production of our labor.
The only ones who will be taking it are your welfare recipients. But they don't PAY taxes, do they?
Go for it asshole. I'll make the popcorn.
so when cash is banned you or your employer will be accepting what from the State? Toilet paper rolls?
Realize how much commerce is tied to the State
"Mr Haldane's support for a possible cut in rates came as the Bank as a whole has signalled that the next move in rates would be up".
Two words: Bull Shit. Can't taper a ponzi.
Two more words Mr Haldane: Fuck You for being a part of this mess.
BoE has less credibility than Fed on rates front. Been jawboning about raising rates 'soon' for getting on 2 years.
A few years ago the idea of someone in power telling us interest rates would go negative, and we would need to ban cash would be ridiculous, now it is the new normal. Where is the evidence that negative rates even work?
I can see physical gold and silver going the moon at this rate.
How about being really radical?
LEAVE EVERYTHING FUCKING ALONE.
PUT AWAY YOUR STUPID 'TOOLS'.
STOP TALKING AND PONTIFICATING.
LET THE FREE MARKETS NATURALLY PRICE EVERYTHING (including rates) AND WORK AS THEY'RE SUPPOSED TO.
Power addicts are inherently incapable of hearing this message. It's a nice dream, but controlling other people is literally their reason for existing. Without it, the world as they envision it collapses.
Cash-ban plus negative interest rates ...
(hmm ...)
Yeah - I think I would start forming a guerilla army at that point.
(maybe even a gorilla army ...)
(real gorillas, armed, explosives, leather outfits covered in knives ...)
(you could drop them from air planes)
Would they would be willing to work for digital bananas?
He hangs out with Blythe Masters.
My guess is they have been handing out credit to all thier friends with no bag holder. So much so that there can be no bag holder. Nobody could backstop this pile. There must be a gap between the issue of the credit and finding a bagholder. That gap is going to be massive.
Just basic logic boys. They ran out of colateral years ago. Like 1980 or maybe 1971?
If Fiat didn't already have a reputation for building shitty cars , being associated with worthless paper currency might harm their brand
The name FIAT did indeed affect their work ethic and they subconsciously started acting like their namesake. : )
I don't think economists understand how large the black market (aka cash market) is. The US black market is estimated to be around $2T per year.
I recommend everyone watch a documentary called The Union: The Business Behind Getting High.
Ban cash and how is the See I aee going to lube their black programs?- they need some walkin' around money to get and keep things organized, Wot?- are they going to put those heroin sales on American Express as 'novelties' or something?
beam me up.
.
Good. Ban cash. Then ban spending it too, so you can keep it in the banks. Because that is what this idiotic line of thinking is leading to. Then we can start using gold again while you aholes sit on your vast pile of useless digits. You screwed up. It is over. All that is left is to slaughter the sheep on your way out.
Once they ban cash, the unemployment honestly will be shown. More low consumer spending to support TPP resentment. You buy shit frum us. We stock you chelves.
Well end up buying from with each neighboring county or state. You will see the Obama treaty dying fast.
"...scrap cash and adopt a State-issued digital currency like Bitcoin"
Does anymore really need to be said about Bitcoin; what it always was and where it was always headed...?
The proportion of transactions settled in "cash" is de minimis compared to the global economy - never-mind all the notional fairyland derivative markets.
These proposals, regardless of their "economic" worth are simple forms of totalitarian government - a form of control no different or legitimate than that of Air Strip One and Oceania in 1984.
With every passing month and fiscal quarter the so-called institutions and mechanics of stability - the Fed, the BLS, etc. become instruments of oppression and their human champions slave masters in a world of debt-bondage.
You will need ot start picking sides and teaching your children where your allegiances lie.
The Colonies had its share of Red Coat monarchy sympathizers.
The rest of us not so much.
Saw CFTC "asserted their authority" to regulate bitcoins.
How's that blockchain working for ya'.
is global a verb now?? "I want to global you sheeple"
"We sheepled some folks."
The threat of cyber attack is the reason there will Always be CASH.
They seized gold then eliminated it as a reserve basis. So now they'll seize cash and take it out of the reserve equation. At some point I go Amish and ditch new technology altogether. Fuck this madness.
Now you are approaching the true choice. They have created a hyper complex system which depends on everybody playing their part. If they destroy people's motivation to contribute to that system? What's left? The Amish lifestyle is indeed beginning to look like it was the right choice from day one.
Jawboning...gotta have that velocity, ya know.
Every time AAPL starts dumping, crap like this starts being said. It is about Apple pay and Apple stock holders who think it is the second coming of VISA. They think it will boost AAPL stock prices if everyone is forced to buy an AAPL phone and use AAPL pay.
Apple Pay is connected to a Visa, MasterCard, etc. They are not taking the place of these cards, just providing a way to charge to your credit card account without the physical card.
If Apple went into banking, look out...
Expensive credit card to lug around and be responsible to replace instead of the bank issuing a new plastic card.
http://www.apple.com/shop/buy-iphone/iphone6s
i'm going deep deep deep deep undercover [axel foley, beverly hills cop 2]
If Maxine Waters likes Zero interest rates, she's gonna LOOOVVEEEE Negative rates!
Lets see. Outlaw cash and negative interest rates. It locks up your money so the banks can keep on stealing a portion of your money. Your earnings would be mandatory direct deposit. This creates another cash flow for the banks. Then they continue to drop interest rates. What could possibily go wrong for anyone who still has any "money". Looks more like a back door tax paid to the banks.
And it still wont be enough to save those aholes. There is no amount of money that is enough to fix this mess. Every time they even start to add money, the bankers leverage it all up and make things even worse.
defund the banks now..
We should ban cash.
Sincerely,
Visa
UK bank safe deposit boxes have already been looted. Watch how the bank transactions fees sky rocket under virtual trade exchange.
The bankers are rubbing off themselves until, creation of a new gray market to exchange goods and services.
Step back for a minute for a more historical consideration of central banks suggesting cash should be banned. Its an astounding policy position.
Suppose it's time to establish parameters for what qualifies as a "Bank Run" in this Khazarian Central Bankster world.
Deposit Flight Levels:
0.001% - alarms blaring at a bank like BofA
0.01% - implosion imminent, ATMs shut down, limits on cash withdrawals in a branch but only when Passport and DL presented
One of the nicest things about digital currencies is that retroactive tax increases can be efficiently extracted the moment authorization is received.
This will provide a big boost to the velocity of money.
Another nice thing about digital currencies is they all belong to us.
Thanks,
NSA/CIA
How can I "pay" my Senator without cash?
Tally sticks will haunt the sole of banking institutions. It will be encrypted and not made of wood.
Bring it on. PMs to da moon.
They won't ban cash...how would these bankers and politicians pay for hookers and blow?
keep stacking....when the cash ban comes it will already to late to get phyzz.
As much as I dislike bitcoin, it is now classified as a commodity by the CFTC.
http://www.bloomberg.com/news/articles/2015-09-17/bitcoin-is-officially-...
They are getting the pump primed for the collapse.
They will try (and succeed somewhat) to destroy any trust/faith in PM's by declaring them useless in a "cashless" society.
The debt based monetary system is collapsing, are there any straws I can clutch at.
and if it is being discussed(floated) to the public...it's probably well past the planning stage.
So many people are into Downton Abbey and before that it was Upstairs Downstairs. The Brits do have awesome actors but it's occurred to me that millons of Americans are being programmed, just by the sheer time spent immersed in these things, to accept an institutionalized class system. Just a thougt.
All the while it becomes clearer by the day that there is nothing about recent UK government worthy of respect.
You mean I really won't be able to marry the Dutchess?
This is disturbing news.
If you're really motivated and cute you might find some duchess to at least hookup with . . . she might be, uh, mature.
BINGO. They show you certain programming to program you for the future. It's been going on for years.
We all must start using gold and silver amongst each other. They cannot take that from us. When you go to a tag sale ask the sellers if they take silver eagles for payment? In this case we can all get used to using real money amongst ourselves.
Quadruple witching events.... That's why.
Arrest that man for inciting a revolution. Most poor people and therefore most people don't use banks because they can't afford them. Well ... over 30% in Albuquerque anyhow. Then you have your drug cartels, your CIA, your politicians and most everyone in civilized populations that would make it difficult for banks to ban cash.
Great idea. Because screwing with people's hard earned money, stealing it, devaluing it and forcing asset price inflation is sure to spur hard work, productivity and innovation.
Who makes this stuff up?
Time for mass slaughter of bankers.
haha! what a buffoon! I laugh in the face of your ban on cash - good luck dickhead!
haha! what a buffoon! I laugh in the face of your ban on cash - good luck dickhead!
It's definitely going to happen at somepoint, now or later it is so written.When I was in my late 20's I had a gut feeling, I would likely live to see the day of at least the beginning of the Tribulation time, the speed at the increase towards it since Obama was elected in ASTONISHING.
We all know the at LEAST 4-5 holders of that office were in collusion to get us HERE to this place.9-11,the Patriot Act, and the bringing down the SO called despots/dictators caused this process to exponentially increase.
Those leaders/rulers by force were at least keeping EXACTLY this from happening,Iraq was the stopper for Iran, after Gaddafi same thing, Sadman's demise same thing,this has allowed the spread of Islamic Radicalism to spread like a new disease.
Invest your money in First National Bank of Mattress. I hear goldman is already trying to take it public.
If any government tries to ban cash and enforce negative rates, in other words, directly stealing money from the people, on top of other indirect means such as taxation, they will hear one word and it's REVOLUTION. Better get your hiding places set up Mr Banker man, cuz you're life will be on the line with that decision.
Nah,,, government will just threaten to turn off EBT.
End of revolution!
These linear thinking morons are oblivious to how much debt there is in the economy. They're practically begging the public to get out of debt. The deflationary impact would be enormous.
Hey, Brother, can you spare an electronic transfer?
I smell zero desparation with Haldane's call to action.
None.
Whatsoever.
A ban on banks would be more appropriate.
They wouldn't be able to do it without introducing capitol controls to close off all possible exits routes.
That's why the bulk of your money should already be where it needs to be.
You will not be able to act fast enough if they announce an bank holiday on a Friday evening / weekend.
nagative interest on cash, positive interest on digital money. hw do you get people to swap over, show them a%10 interest rate on their savings, or a -5% on their cash. watch the oldies with savings ple on in.
There is no such thing as "negative rates".
Money has only positive rates, which is time value of money. At negative rates, money stops existing, people don't use it.
If negative rates imposed on USD accounts, then world simply instantly stops using USD.
Never gonna happen.
It's a bank fee on cash savings.
It's only going to hurt those who have money on deposit.
Possession is better.
Gold and silver much better.
Don't blame cash for your shitty performance, Mr Enonomist.
Blame your bretheren for being dumbasses and whores.
Exactly.
Hard cash only for the .01% looting banksters, not for public consumption.
ps: pure bullshit since most EU countries are already a (99%) "pin number" consumer society.
If they ban cash in America....you will suddenly see people remembering why we have a 2nd Amendment...
Sad that they have to be reminded.
Well. I suppose the good, mostly Protestant people of Portadown were a fair audience for news that Britain would soon have a Gesell tax. Loyal Ulstermen have more experience than most other Britons in enduring being shamelessly stabbed in the back by Westminster.
In Haldane's world the only people with access to hard cash in Ulster would be the IRA. Not that that would bother anybody in Westminister in a position to do much about it. Westminster would have thrown Ulster to the wolves with Rhodesia decades ago, if they could have.
One day we'll find out MI6 were bankrolling the Provos the whole time.
There is the stench of desperation in the air.
According to Macquarie Research:
https://app.box.com/s/hx16540dwpct4uj5h5iohxsa4197zozd
Time for a policy U-turn?
Back to the future: British Leyland
From conventional QEs to more unorthodox policies…
- As discussed (here and here), we do not believe that investors are likely to benefit from acceleration in growth rates, trade or liquidity and indeed on the contrary, negative feedback loops from EMs to DMs imply that neither would be able to support global growth. Secular stagnation is the key explanatory variable (here). The deflationary pressures from overleveraging, overcapacity and technology shifts can be either allowed to work through economies or the public sector needs to continue resisting via expansionary policies.
- Since ’08, monetary policies were doing most of the lifting with limited participation by fiscal authorities (bar China). In other words, in the absence of either private or public sectors driving higher velocity of money, it was Central Banks that were supplying incremental liquidity to preclude contraction of nominal GDP and avoid stronger deflationary pressures. However, marginal utility of incremental injections has been declining (witness much lower impact of recent ECB’s QE and increase in BoJ accommodation since Dec ’14).
- Part of the reason for monetary stimulus fading is that supply of US$ remains low. Global economy continues to reside on a de-facto US$ standard and current incremental supply is almost non-existent (depending on definition growing at +2%/-1% clip vs. average since ‘01 of ~15%). In other words, due to lack of recovery in the US velocity of money and lack of QEs, global economy is not getting enough US$ to continue leveraging.
…as efficacy of conventional monetary QE is questioned
- At the same time efficacy of continuing with conventional QE policies is being challenged and not just by independent observes but also ‘insiders’ (such as recent SF Fed paper). As velocity of money globally continues to fall, conventional QEs have to become exponentially larger, as marginal benefit declines. If the public sector is not prepared to step aside, what other measures can be introduced to support nominal GDP and avoid deflation?
- There are several policies that could be and probably would be considered over the next 12-18 months. If the private sector lacks confidence and visibility to raise velocity of money, then (arguably) the public sector could. In other words, instead of acting via bond markets and banking sector, why shouldn’t public sector bypass markets altogether and inject stimulus directly into the ‘blood stream’? Whilst it might or might not be called QE, it would have a much stronger impact and unlike the last seven years, the recovery could actually mimic a conventional business cycle and investors would soon start discussing multiplier effects and positioning in areas of greatest investment.
British Leyland failed, but it might work at least for a while
- British Leyland (formed from nationalized British car companies in the late ’60s) destroyed its automotive industry but for a time it provided employment and investment. Central Banks directly monetizing Government spending and funding projects would do the same. Whilst ultimately it would lead to stagflation (UK, 70s) or deflation (China, today), it could provide strong initial boost to generate impression of recovery and sustainable business cycle. It could also significantly shift global terms of trade (to the benefit of commodity producers) and cause a period of underperformance by our ‘Quality & Stability’ portfolio and improve performance of ‘Anti-Quality’ screen. What is probability of the above policy shift? Low over next six months; very high over the longer term.
Some people are very much aware! Those who want to push and shove others are very much opposed to freedom for "others".
-300 whoa
1, We`re continually told by the establishment piggery front men Carney, Cameron and Osborne that the British economy is the fastest growing in the world, and that inflation currently ( according to them ) is only 1,5%, 0.5% below the target 2% and expected to fall further. 2, negative interest rates is a polite way of saying that the banksters can and will charge you to keep your money in their banks. 3, abolishing cash would force you to use the banksters plastic, giving them carte blanche to screw you over a barrel all day and everyday.
The establishment must be using Orwells writings as a blueprint for the future, they have already turned Britain into a Big Brother state via the PC commandments and its Gestapoesque enforcers, now they want to turn it into an Animal Farm state where only the establishment piggery are allowed to steal the very food out of our mouths.
"is there something Haldane sees that has driven him to this extremist perspective?
Perhaps a nailgun appeared in his tool-cabinet?
Yep
HE DOES NOT HAVE A CLUE HOW TO FIX THE ECONOMY LIKE ALL THE OTHER CENTRAL BANKERS and more people are waking up to this on a daily basis. The problem with lying in the first instance is if you lie you must run away real quick because leave it long enough and you will be found out.
Yellen was called on it yesterday by not being able to raise interest rate, old ABE in Japan has been called on his QE programme because it has achieved diddly squat. Carney was given more time by Merv the Swerv King when he relaxed the rules on bank lending prior to taking office but that time is runnign out with no chance in the end game. China as a reflection of the wests actions confirms western consumption since the 70's is collapsing now they hiked us so far into debt and struggle to go any deeper.
The Royal House of Lords won't do a damn thing to help the demand for labor in good paying Jobs.
The Lords feel people should help themselves even if 33% of the economy is Trade from off shore and even if the wealth is made be a few in a special position, monopoly, or special relationship with the Government or Her Majesty.
The Lords are just laise fair and status quo.
The Lord Sayith, "pick yourself up by your boot straps. You can get a job picking up trash as a start."
- What the hell do they produce in the UK? Scottish Oil he says!!
Dear Mr Haldane,
Your name has now been added to the list of those who will never see retirement.
Let him retire but remove all his worth in this new electronic system .... a big 0 and he has no way to avoid it.
Ban Cash, and Bitcoin will explode. Government can control all of us totally if they ban cash, and every expenditure we EVER make is recorded by the IRS, NSA and CIA. Imagine the added power of that!
I tell you this right now. Governments are planning on the total subversion of all privacy and freedom. The eiltes hate our freedoms more than Al-Qaeda or ISIS.
They don't hate Al-Qaeda or ISIS at all Jack, as they created those very organizations as a pretext to subvert the privacy and freedom you so accurately depict.
Most people dpon't realize if they tried to pay off every debt with every dollar ever created, there wouldn't be enough dollars to do it. We may believe the money we "own" is ours, but someone else actually has a superior claim on it.
If you hold the cash in your hand it is yours. If you pay by everything electronically then it is theirs as it never leaves them.
If you hold cash and everybody else pulls their money the banks are made accountable and if you can't do that then theybanks will never be held to account ever again.
THAT LAST POINT IS WHERE THIS IS ALL GOING.
And Haldane huh?
This pimp of the elites has not solved the problem of the economy although he would constrain the poorest into slums to preserve his entitled position. Bit like the head of MI6 the other day spouting on about how they don't use all the data on the internet to spy on ordinary people... another elite pimp.
I don't mind calling them for what they are when in fact the whole economic system for humanity is going out the window at rapid speed because the malinvestment (bad debt) is growing so fast and needs to be brutally expunged from the system to allow sound economic policy if there ever was any to return.
This Haldane however seems to reckon it is okay to destroy the lives of those at the bottom in the process to preserve himsel. The malinvestment occured on his watch!!!!!! Part of his economic system!!!! I wonder how those at the bottom will feel about the name Haldane when they eventually realise the suffering increases day-on-day for them to endure.
Can't have it both ways, best just to know the names for the future though.
AGREE with other people here.
A ban on cash would be a strong signal that the global financial system has really failed. Any attempt to replace Cash with a new e-BitCoin would give the same message.
Fortunately, the general public are not idiots. The last thing that any sensible person is going to do is to surrender their cash. And if the banks start to seriously "take in" cash and not give it out ... tha's when you will see real discontent on the streets.
The ridiculous thing is that the amount of cash in circulation is tiny, compared to the vast amount of money in the Debt Markets. And both these things are small, compared to the huge amount of money in the Derivatives Markets. The whole system has become a giant scam at this stage.
The system will never get to a total physical ban on cash. There will be full scale revolution before that ever takes hold and besides, even if they could they don't have enough time before the collapse to implement said changes. Remember, they work at GOVERNMENT SPEED!
The system will never get to a total physical ban on cash. There will be full scale revolution before that ever takes hold and besides, even if they could they don't have enough time before the collapse to implement said changes.
Look at his reason for abolishing cash:
With a properly managed MOE process, hoarding has no ill effect. In fact, it has no effect at all!
Truly frightening. What are we to do when the top dogs are totally clueless about the proper process for managing any Medium of Exchange. Such a process "doesn't" have "interest rate setters". INTEREST collections are always exactly equal to DEFAULTs experienced.
The operative relation is: INFLATION = DEFAULT - INTEREST = zero.
To outlaw cash, will I be able to turn my money in the banks into Yuans and hold them instead?
Then walking into a shop I can look up the currency rate and use them instead who the fuck needs pounds when any other currency (except for the dollar or euros ) will do as a trading platform. Also the yuan could appreciate considerably against the dollar or euros also so a win,win...
Instead of thinking ‘what do we have to lose’…
What are we protecting – space for the illegals? Free eats for illegals? Tax transfer payments to people who were poor stewards of their destiny?
"Although widely reviled as the currency for drug dealers and criminals, Haldane said Bitcoin’s distributed payment technology had ‘real potential’. Which may explain the Fed's sudden fascination in the virtual currency"
In other words, as soon as they figure out how to control it, leverage it, hypothecate it and apply an annual inflation amount to it, they will 'let' everybody use it.
No doubt in my mind at all, the bankers have to hang, and the sooner the better.
Become your own Central Bank. It's the only answer to economic tyranny.
may be those "economists" have to be abolished.
Andy Haldane, one of the Bank’s nine interest rate setters, made the case for the "radical" option of supporting the economy with negative interest rates, and even suggested that cash could have to be abolished.
Sounds to me like that would support primarily the state and the banks. How would taking currency out of people's accounts through NIRP help "the economy"?
This why American Revolution.
This is why we have deep seated feelings of resentment toward Lords and Courtiers. Of course they waged a propaganda campaign to over turn or bury our feeling here in the USA.
Propaganda is effective, Aye Whot?
- Iraqi War I
- Iraqi War II
- Era Confiscation of Cash & Property, dissolving Property Rights
- 2009 Bailout of the Banks that brought down the world
- 2015 Going Cashless & Charging more Bank Fees for all your Transactions,... you know since that is better democracy and liberty
Hey, why did we go to fight in WWI, WWII, and Vietnam?
Why did we get a Central Bank called the US Federal Reserve with Private Stockholders... if not to keep the Federal Govt and State Govt from spending too much, holding too much debt, and increasing the money supply too fast?? But if there is a Banking Crisis, then this Criteria is forgotten and overturned??!!!
Well why do we suffer Monopolies in the USA and... we never study or discuss Monopolies and how they can assume different forms like Transnationals married to the US Federal Govt ... or like the US Private Federal Reserve who has manipulated Interest Rates for 16 years.
Get ready folks, they want total contol.
How about this for an alternative
ZEROCASH - "Zerocash is a new protocol that provides a privacy-preserving version of Bitcoin (or a similar currency)."
http://zerocash-project.org/index
But hey wait , what's this
SponsorsThis work was supported by:
http://zerocash-project.org/about_us
Wow, Tyler is this a story: Zerocash
If and when this happens will be the last day I use a bank.