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Goodbye $100 Bill? Ex-Central Banker Demands All High-Denomination Banknotes Should Be Abolished
One week ago, a day after the FOMC shocked most traders and economists by not hiking rates, keeping a very dovish outlook and in fact hinted negative rates may be coming (something Yellen noted further in her speech yesterday), a surprising speech by one of the Bank of England's more cool-headed economists, Andy Haldane, led to even more headscratching when the central banker urged not only the implementation of negative rates but also called for a ban on cash.
Subsequently in a post analyzing what the Fed's NIRP hint really meant, we suggested that while the market is focused on a Fed hike, the real story is the possibility of negative rates (which already are the norm in continental Europe) coming not only to the US but globally, which however may necessitate the partial or full elimination of cash as a monetary medium.
Fast forward to today, when we get yet another "very serious policy maker" confirm that cash as we know it may be on the endangered species list - again, a necessary precondition to make global NIRP effective - when overnight former Bank of England central banker, Charles Goodhart, told a London audience that bills such as the Swiss National Bank’s 1,000-franc note and the European Central Bank’s 500-euro note should be abolished, adding this "move that might also prove beneficial by trimming interest rates."
So one week after a BOE-er calls for elimination of cash and NIRP, another former BOE-er float a more moderate trial balloon, demanding the abolition of high-denomination cash and a further "trim" in interest rates.
This constant NIRP/cash ban chatter simply confirms that discussions of NIRP boldly going where it has never gone before (yet) such as the UK and the US, are at a very advanced level during those secret central bank dinner meetings on the 18th floor at the BIS tower in Basel every other month, as is the discussion of abolition cash as a monetary medium.
What was particularly amusing, however, is the justification for Goodhart's "modest proposal": it is to prevent the facilitation of drug deals! Bloomberg reports:
"There is no value whatsoever, except in seigniorage receipts to a number of small Swiss cantons, in the Swiss National Bank and the ECB issuing these vastly high-denomination notes which are there to finance the drug deals,” Goodhart told the inaugural Money Macro and Finance Group annual conference.
Truly, this is nobility personified: the institution which is the monetary equivalent of a liquidity drug dealer to BTFD-starved addicts around the globe is generously suggesting eliminating high denominated cental bank notes to impair another drug-related industry.
Such concerns have festered for years. In 2010, U.K. banks and money-exchange services stopped distributing 500-euro notes after a report showed that 90 percent of demand for them came from criminals. An internal Bank of Italy study the previous year described how such bills were accumulated by mafia money launderers, terrorists and tax dodgers because they’re easy to hide and transport.
Having trotted out his humanitarian strawman, the ex-central banker quickly goes back to the topic at hand: the future of monetary policy through cash (mis)management:
“Let’s get rid of all high-denomination notes as a starter,” Goodhart said. “If we were limited to low-denomination notes, at any rate because of the costs of stockpiling and all the rest we can drive interest rates a little bit further down.”
While at it, Chuck decided to add some emotion to his spiel: "Goodhart poured scorn on the institutions responsible for the issuance of such bills. “Central bankers are sometimes absolutely shameless, and the Bundesbank and the ECB and the Swiss National Bank are absolutely shameless in this regard,” he said."
So supposedly central banks are "absolutely shameless" not for generating the biggest wealth divide between the rich and the middle class in the history of mankind, but for giving the population the ability to preserve their modest savings in a convenient physical form away from the same banking institutions who would be delighted to follow in the "shameless" ECB and SNB's footsteps, and demand depositors pay for the privilege of funding bank liabilities. Much better to have investors purchase €500 worth of stocks or CHF1000 worth of bonds kept as digital 1s and 0s on some hard disk (where said 1s and 0s can be erased in a millisecond) and whose rate of interest can be cranked down to -? at the push of a button.
Because remember that simple balance sheet identity: the functional equivalent of boosting the rate of interest on a bank's assets, is reducing the rate of interest on its liabilities.
At this point even Bloomberg gets it: "Goodhart’s comments coincide with reflections this month by Bank of England Chief Economist Andy Haldane, who explored the potential interest-rate advantages of abolishing paper currency."
To summarize:
- Yesterday, Janet Yellen explicitly said that "the federal funds rate and other nominal interest rates cannot go much below zero", which clearly means going negative a little at first, "just the tip" if you will, and then figuring out just how much lower rates can go.
- Today, another central banker echoes comments from a week ago, and says that all high denomination notes should be abolished, which means starting with €500, CHF1000, perhaps the $100 bill, and also going lower. It is unclear what to Mr. Goodhart is not a sufficiently "high-denomination" note that deserves to be abolished. Surely some central banker, somewhere, "knows best."
What comes next is clear by now to all but the most tenured economists.
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This will be a big blow to hookers and drug dealers
Such concerns have festered for years. In 2010, U.K. banks and money-exchange services stopped distributing 500-euro notes after a report showed that 90 percent of demand for them came from criminals. An internal Bank of Italy study the previous year described how such bills were accumulated by mafia money launderers, terrorists and tax dodgers because they’re easy to hide and transport.
What if he's right ... but too stupid to realize what the drug cartels would do to the people who pushed for "restraining their ability to book profits"?
Central bankers achieve parity with courageous but dead South American journalists!
That's OK, the ASE can be the new hundred when people want to exchange real value.
Pfffffff... $100 note.
Just leave the 500 Euro note and the 1000 Swiss Franc alone!
If they do that, the banks laundering drug money will be quite inconvienienced....
WTF? A fun ticket ($100 bill) ain't such a "big" denomination anymore. 20 years ago, big Time Charley. Not so much these days, what with them printing so much.
Hey, how about bringing back the $1,000?
Assholes
Oh no!!! We can't have that. It will push up interest rates! Don't you know??
Just back from Slovenia and over there they call the 500 euro note an "Osama Bin Laden" because its something you hear about but never see.
Stupid idea. We will need that denomination for bus fare in about five years.
We gon' need bigger ones than that, so abolish now and just get the 10k notes printed in time for weimar
Unless of course, we swap the "Dollar" for the "Amero" (or whatever we name the new currency) and lop a few zeros off in the process...
Too bad if your social security/pension were demoninated in Dollars instead of Ameros...
Tide, cigarettes, ammo, all of these will take their place in the underground economy, which will double in size when they outlaw cash.
how many boxes of tide to replace an envelope full of cash?? payment will weigh more than the trade
You sir, are an optimist.
He is, but I kinda like it. I would simply add to his list the OTHER REALLY DANGEROUS PEOPLE- CIA, MI5, etc.... how do you think those guys get their black ops done? Amex card?
Mr Yellen: "just the tip". haha. strap-on time.
If I were running a drug cartel that would be the action I would take. Central bankers and economists would be having lots of very strange accidents.
If only they would punish the central bankers...
And most "criminals" use zip lock bags to ship their product. Are they going to outlaw those?
I don't think the covert ops guys will like it much either. That's a lot of extra cash to carry into a Swiss bank.
"This will be a big blow to hookers and drug dealers" Haha...there goes the GDP!
It will be an even bigger blow to the politicians. No more suitcases of cash, what will they do? Normal people will just trade items and skip the system completely. A ban on cash is idiotic, tax revenues will be cut in half overnight. When average people become criminals by stupidity, they will find other means.
Long over sized luggage, PODS, larger trucks etc.
Also, Juicer sticks out all over that clown Andy Haldane in the picture above.
Don't forget larger freezers...
http://www.cbsnews.com/news/feds-lawmaker-hid-bribe-in-freezer/
Taking all my toonies to the Beer Store to stalk up
@ Syrin,
And, the Pure Evil Criminal Psychopaths over at the CIA.
Like the CIA and Pentagon, the largest drug dealers and arms traffickers in the WORLD will ever let cash be abolished and interfere with their trillions in illicit slush funds....
I mean c'mon you guys really believe that the largest beneificiaries to cash and illegal trade are going to let that happen?
Why do you think they come up with bitcoin?
LOL!!!! Cash is king once again!!!
tick tock motherfuckers!!!!
When any asset gets this much hatred from so many different sides, it probably means it's a good thing to stock up on. Lotta people talking about cash almost as badly as they do about gold, fer' God's sake.
Cash is still pretty valuable in peoples minds, Gold not so much - sadly. With Gold out of the way, there is only one last foe to obliterate to reach total financial control: cash. They don't want you to anonymously buy or trade anything anymore. Or to anonymously store some wealth. Those threats are going to get real rather soon, we all read about France lowering the allowed maximum for cash transactions to something like three grand. Keep your eyes peeled the next years, say goodbye to cash, you are going to start paying with your CC thru eye-scanners.
Goodbye $100 bill ... Welcome $1 trillion Dollar coin
BULLSHIT
What does $100 buy anymore these days anyway?
Several good blow-jobs in Brazil...
just sayin...
That's too much. I see inflation is everywhere.
A hunned bucks these days: half a pair of blue jeans (proper quality)
Now calculate the "oh-so-nonexistant" inflation.
Ex Central Banker. Those are a dime a dozen. Wake me up when Yellen sez it.
Yea, it's always about the "drug dealerz"....and "terrorism".
What a fucking asshole.
CIA couldn't operate without cash (or drugs for that matter).
As long as there's a CIA, there will be cash. End of story.
not to mention church and Mafia
now, that's a show I want to watch... the Banksters vs. the cartels, mafia, black ops, bribed politicians, hookers, illegal employers, etc. expect it to be similar to going to a Gallegher show, don't sit in the front row!
No shit! The "We're only suggesting this because of TEH DRUG DEALERZZzz" is the same exact straw-man arguement for "We need world-wide drag-net surveillance because of TEH TERRORISTStsts." It is the same exact arguement with a different coat of paint.
People will still buy and sell drugs: Making cash disappear will only change the commodities that are exchanged for goods & services, as an astute ZHer mentioned above.
I should also point out this policy is something that will, as expected, negatively affect the poor, the working class, and the true middle class, as these economic classes of people typically don't have sizeable bank accounts, if at all.
Why don't we start talking about the virtue of "free markets" as being independent of banker/economist control and pet theories.
How many recessions, how many bat stats, how much ...fuckery... must exist before people ask the basic question:
Why are we putting these Establishment academic fucks in charge of things?
Let's see them turn around a badly performing company or two first, before we hand them the keys to the printing press?
Too crazy?
Anybody can demand anything, I demand you to lick my balls!
Dosen't mean its going to happen
If your avatar is Nathan Bedford Forrest I salute you sir. The best soldier I know of (maybe with the exception of Geronimo)
I think if the government asked ameriKans to lick their balls,,, most would.
Right now we give them free feels at airports and bus depots. They're content with that right now.
Such concerns have festered for years. In 2010, U.K. banks and money-exchange services stopped distributing 500-euro notes after a report showed that 90 percent of demand for them came from criminals. An internal Bank of Italy study the previous year described how such bills were accumulated by mafia money launderers, terrorists and tax dodgers because they’re easy to hide and transport.
What if he's right ... but too stupid to realize what the drug cartels would do to the people who pushed for "restraining their ability to book profits"?
Central bankers achieve parity with courageous but dead South American journalists!
The idea being for anyone hoping to carry any sizeable amount of cash they will need a lunchbox, suitcase, or pick-up truck to carry all the small denominations, and may just end up saying "fuck it" and use debit or credit.
Another step forward in the banksters quest of a cashless society in their runaway ponzi scheme to enslave us all.
Yes; you can't quietly move bundles of say 100 Yuan notes which are worth $1.25 and the largest denomination in Chinkdom. The Borg in China already has this.
I've heard a rumor that Tresury Security Jack Lew has put a halt to the U S mint coining silver eagles; anybody heard anything about that?
was your rumor specific about the program, or this year's coin?
There's been some supply of silver interruptions but AFAIK they're still minting, and up in the neighborhood of 40,000,000 so far this year...
Great idea! Abolish $100 bills and watch Gold and Silver take it's place!
Possible but unlikely. More likely that some other currency would be used first instead.
there is no shortage of stupid economists.
Karl Marx is their ancestor. they are paving the way for the next Lenins and Pol Pots
Bet this guy was a dork in school. Probably never carried cash or bought his own groceries.
I bet he sucked dick for pennies and ate shit on a dare (even though he really liked it).
That dude's head is under the continuous threat of a rock slide.
Goodhart huh? I wonder if he could be from the tribe by any chance.
But he changed his name to GOOD H(e)ART not BAD HEART so he must be good not bad.. what iss wrong with you goy?? you need more re-training?
Soon the call to take the chip will come
One cent is worth practically nothing, and it wastes time and money coining and administering such low-value currency. For the US dollar, I'd like to see the hundredth place abolished and all prices rounded to the nearest $0.10. The penny, nickel, and quarter would be abolished, the half-dollar would be minted again, and the one dollar bill would be replaced with the dollar coin. ObTopic: legalize drugs, problem more or less solved.
'Legalize drugs'...?
They're perfectly legal right now. Every weekend a six pack tells me so... Oh wait. Alcohol is - well, uh - you know, um - not the same thing...!!!
And yes, making all 'drugs' legal would essentially solve a whole shit load of our current problems, let alone dis-employ a few million $government workers - which is precisely why it will Never Happen...!!! The wonders of our logic...
it would be kind of interesting to speculate on the effects of viewing each coins value based on the year of mintage. eg. why is a penny from say 1950 the same as a 2015, one cent? wasn't the penny from 1950 less affected by inflation?
i get the whole inflation thing wearing away value, but interesting concept anyway.
Our coinage, base metal shit that it is, is still a physical store of minor value within a medium of exchange. Nickels in particular, and pre 1982 cents still hold or best their content value. Eliminating them, particularly in the face of a potential inflation burst, is not wise. Coins don't dissappear in hyperinflation countries because they become worthless...
They're all falling in line, floating the trial balloons; getting out in front of the cashless-society meme, etc. It's going to pick up steam. And if the 'drug-dealing' canard won't stick to the wall, 'The children', or 'Basic Fundamental Human Right' will. At some point, a Big enough Lie will 'resonate' with the hordes, enough to move the new system in.
Eliminating cash and instituting negative interest rates will provide the much needed increase in the velocity of money, by spurring savers into injecting liquidity into their local economies. Central bankers only consider these measures for the well being of the world economy. Eventually, everyone will benefit from functioning economies and the disparity of wealth will be greatly diminished.
you're a fucking idiot
Fo shizzle! I like your dryness.
Eventually we're all going to live in big mansions, just let the big boys do their thing now!
Trickle Everywhere theory!! Wet the bed bitchez!
+$100 billssss!
"Trickle Everywhere theory!!"
That's how I feel after about six beers, used to be more but age you know
but, but, but how will we save for our retirement if we spend everything?
The ultimate wet dream for all central bankers is the idea of a cashless society. Politicians love the idea also, and the are plenty of mouth breathing morons in general that see nothing wrong with it. Hell they think being "tracked" is cool! Fucking idiots!
So start with the $100.00 and work it on down.
I will not comply...Until the day I die!
Wow, bribing foreign officials just got a lot heavier.
Legalize the drugs you banks push. Problem solved. *GASP*
Which problem is solved?
Probably just a coincidence but I just saw this posted at a Chipotle in New York.
"We are no longer able to accept $100 bills due to the increased circulation of counterfeit bills..."
http://afterbubble.com/wp-content/uploads/2015/09/IMG_0511-e144320075358...
I have seen that sign showing up more and more here in Reno, mostly fast food joints but still makes you wonder what's going on. Weren't the new $100 bills supposed to fix that?
they use that sign a lot during the holiday shopping season more and more.. that is one way they get people to stop using... just like bitcoin, you must be a criminal to be using $100 bills
If you order the food, and are served you have incurred a debt. If they subsequently decline your $100 bill that debt is considered discharged under UCC because that bill is "legal tender for all debts, public and private."
This works for any product or service which you incur a debt BTW.
True, but they are under no obligation to make change if you are not presenting exact tender for the debt.
It has been my recent experience in numerous locations that $100 bills are being shunned and taken reluctantly as there have apparently been many counterfeits circulating. Take from this what you will.
Since the Fed is insolvent and USA corp is mathematically unable to repay the "debt", all Federal Reserve Notes are fraudulent and in fact counterfeit.
".. . in numerous locations run by white Amerikans that $100 bills are being shunned..."
I know of no other race or breed, other than white sheep, shunning big bills. The passive credulity and ignorance of my kinfolk is astounding.
Slowly closing the cash window, say goodbye to another "barbarous" relic
So sayeth the rich guy! Seig Heil!
Don't worry.
There are plenty of Yuan and Rubles in circulation.
You're nothing but an animal.
He's probably a gangster. Anyone with large denomination bills must have a nefarious reason. I mean, you swipe your card at Starbucks and get what you want. What's with this dinosaur cash thing.
Try taking a 500 EU note to a French bank and see if they will break it up.
NOPE, and I went to several.
I had to go to a currency exchange shop.
It's worth mentioning, on top of the control aspects, that a cashless society is now hostage to banker and credit card transaction fees on everything. Since the money would be going to nominally-private entities, it wouldn't technically be a tax, but it would function as a tax all the same. Call me a commie, but paying forced transaction fees to MasterCard and Bank of America is worse than a sales tax.
Thank you! I've been trying to tell people, most don't even know about the fee the CC-companies take on each purchase! It's inefficient at best, outright fraud at worst.
USDX about to form a death cross. Probably happen next week.
BFD!!! I have had to fill out forms with name, address and serial number of the bill in order to cash 100 dollar notes. If govt wants to get out of the currency game, the private market will (and is) stepping up to the plate, and we'll all be better off for it (except for those 1/10 of 1 percenters who own the central banks). If the US Govt was really interested in what the market needs, we'd have 200, 500, and 1000 dollar notes!!!!! (Just like they do in euroland.).
Just like they used to here.
This message is approved by Satoshi.
I really cannot wait until these baskster shit bags really piss off the legit organized criminals.
what was that cartel guys name? the one they shot on the roof down in Columbia?
he would know how to deal with this guy. heck, he blew up an AIRPLANE with a prosecutor on it.
Ya,but hookers and blow are considered in GDP numbers!
You've got to be kidding. A hundred dollars isn't worth jack shit anymore. Last night I went out to dinner for two and paid with a hundred and a twenty. That's dinner for two. Well I'll tell you what asshole, you go ahead and do that. I'll find some other currency to trade with. And it won't be your shit ass bank with a digital card, either.
I like things with limited supply. Gold, Silver, Bitcoin.
As soon as they can print, they can fuck you over.
"I like things with limited supply. Gold, Silver, Bitcoin.
As soon as they can print, they can fuck you over."
Well, at least with two of those, If the electricity goes off, you still have something.
One of them only exists in virtual reality.....
Gee. I wonder what this limey bankster POS is going to be for halloween. No costume needed.
http://www.kohls.com/product/prd-1180369/universal-monster-collectors-ed...
- went to the link, and saw they have a V for Vendetta "Collector's Edition " mask for ONLY $33.99 - (i think i prefer the original white color than the tan "collector's ) - but ! they also offer a full V outfit in black (Daggers sold separately :( - just $65 :
PRODUCT DETAILSRemember, remember the fifth of November. You'll look the part in this men's V for Vendetta deluxe costume. In black.
Somebody hang this moron from the nearest tree.
but they ae putting a bitch on the $10 or $20 so the sheep will still use that until it is worthless just like any bitch
They gon' use them like tissues to jerk off as they will be cheaper than real tissues.
According to Itau BBA:
http://is.gd/XzTkOs
The Big Fear
Thus, Fed announcement day arrived with most equity markets up 5%-10% off the late August lows, commodity prices higher and rates priced for Fed action. The main concern coming into the Fed meeting was not that the Fed would hike; it seemed quite clear that it would not go against virtually the entire global economic policymaking community and raise rates. No, the concern was that the Fed would stand pat and stocks, rather than rally, would sell off.
Lo and behold, that is exactly what happened, and that is why we need to be very, very concerned about how things move from here. It remains unclear whether the equity market reaction to the Fed decision was (hopefully) just a classic case of buy the rumor (no hike) and sell the news, or something much worse, namely that investors might be starting to price in policymakers? loss of control – The Big Fear.
The Big Fear of policymakers losing control has been lurking underneath the global equity market for years, underpinned as markets have been by central bank support. Think of it this way: there are two global growth drivers: China and the US. Recently, the competence of the policymaking community in both countries has been called into question, suggesting a possible loss of faith in policymakers, which if true is very worrisome, thus the Big Fear concept.
Why is the Big Fear so worrisome? It’s simple. If investors lose faith in policymakers and decide that cash or bonds are a better place for their money, then stocks are likely to sell off much further. How much further? One never knows, but maybe asking a few questions might help. First, at what level does the S&P need to be for the Fed to engage in QE 4? Second, what S&P level will be considered cheap (keep in mind 2016 E estimates need to come in sharply)? I don’t know the answer to either question, but it seems reasonable to expect that the S&P would need to go much lower than the 1870 level it bottomed at in late August or the 1830 level of a year ago.
The economic implications of such a sell-off would likely be a US and global recession. Such an environment could create a negative feedback loop between financial markets and the real economy, which policymakers would find very difficult to break.
It seems clear that the Fed will not raise rates this year, neither next month when they meet again nor in December, which is the last meeting of the year. Will they raise rates in 2016? From this armchair, the odds are against it, as the forces of recession gather while the forces of reflation stagnate. On this front, one has to question the Fed's 2016 inflation forecast of 1.6%, up from 0.4% this year. The Fed’s crystal ball has been mighty cloudy for years, but this forecast takes the cake.
A look at the global economy helps explain why. Four factors stick out: excess debt, an absence of inflation, insufficient demand and excess supply of raw materials and manufactured goods. None of this is new – what is new is how the various hopes and remedies have fallen short while the problems deepen. The toxic combo of excess debt and disinflation is one powerful reason why the Fed did not move, and excess supply in commodities and manufactured items (look at the PPIs around the world) is another. The global economy needs demand-creation or production shut-ins, and to date both have been lacking.
There are small signs that the commodity complex is starting to finally adjust, with closures, dividend cuts and stock issuance in the mining sector and talks about talks in the world oil market. However, the manufacturing segment of the world economy is quite far behind the commodity segment, suggesting that China's need to shift excess production will ensure manufactured-goods disinflation for the foreseeable future.
One can wish for inflation and for the Fed to be able to hike, but one also needs to be focused on the realities of the current global economy. Where is the demand going to come from? Who is going to shut in production? Let?s look at the three main economic regions: Asia, Europe and the Americas. Asia is likely to be a source of manufactured-goods disinflation as it seeks to rebalance itself to a China that is a competitor first, a customer second. Japan's recovery is sputtering; it will continue QE while a fiscal stimulus package seems quite likely in the months ahead. Europe remains quite weak, and with the refugee issue now occupying policymakers, ECB-led QE seems the only game in town.
The Americas is a concern. South America is in a deep funk, whether it is Mexico's subpar growth rate, Brazil's political and economic travails, Andean copper dependency or the impact of weak oil on countries such as Colombia or Venezuela. All this is pretty well known.
The US is most worrisome because of its combination of still-high equity prices and a very bare policy toolbox to confront any economic weakness. How bare? Well, monetary policy is on hold, and the bar to QE4 is likely a much lower S&P. What about US fiscal policy, one might ask? Great question. Here is the only thing one needs to know about the US presidential election process: it takes fiscal policy flexibility away and locks it in the freezer until late 2017, two whole years from now. In other words, at a time when the US economic expansion is close to seven years old, with the Fed on hold, incomes flat, debt levels high, a strong dollar and absolutely no inflation, fiscal policy is locked away for the next two years at least!
By the way, the UK confronts similar issues and could possibly be a canary in the coalmine for US monetary policy – QE for the people on BOTH sides of the Atlantic perhaps? The UK's negative rate discussion is likely to move across the pond over the next quarter or so. One other way of thinking about it is this: which comes first, the end of ECB QE or QE4 in America? I would go with the latter.
How does one vanquish the Big Fear? With aggressive policy action on the demand-and-supply side. What is the likelihood of that? Exactly. Seen in this light, it makes perfect sense for investors to worry that policymakers no longer have their back, and thus they take some money off the table. One analogy is that the US economy is like a ship that has engine trouble, is drifting towards the rocks and is left to hope that the wind shifts and takes it away from the reef…. not exactly a bull-market, high-valuation tableau. Hope is not a strategy.
Maybe the MFers should just learn how to be grown ups and honor their commitments or take the consequences.
Power hungry children are tiring.
The $100 dollar bill used to be big...a long time ago.
Yellen actually talked about negative *real* rates, that we've only had since 2009, ZIRP *is* negative real.
So, on the $100 bill, do what they did with incandescent light bulbs, when they outlawed the 100 watt bulb they introduced a 98 watt bulb. Who should appear on the new $98 bills? How about Crazy Eddie?
Being floated before the new plan to replace all exsiting $100 notes with new notes (with a one-week expiration date for old notes), no doubt.
I was hoping they would come out with a $500 bill due to inflation. Soon we'll need two $500 bills for a 4oz bag of carrots at Whole Paycheck.
Let's see:
1) Prevent withdrawals of cash when rates are sent negative with a few keystrokes, that done in a desperate continuation of obviously flawed financial policies based upon an economic theory and its computer models that should have been shamed out of existence two crashes ago even if they hadn't been fed an insufficient number of data points consisting of politically manipulated figures as they were.
2) Enable the instant electronic confiscation of ??% of account due to same ala Cyprus and Greece.
3) Make every purchase easily electronically traceable.
Hey, what's not to like for both banks and governments?
This is eventually going to impact single moms everywhwere. It's won't be easy to keep all those digits tucked into a bikini string.
Nah, you'll just text to her account with her phone tucked away and set on vibrate.
a woman recently crashed her car whilst doing that vibey thang - bystanders ivideo'd it with her scrambling out of the car with her vibe hanging out of her pants ! ! startpage it !
Well all the government sponsored drug dealers won't have any problems. The banks have been clearing their deposits and transactions for years. It's the perfect set up for JUST US - but NOT anyone else. Remember the opium wars?
The powers are already effectively destroying the $100 (and all other bills) via inflation. I guess they want to speed up the process? I feel like $20 is the new $5 as it is.
I'm thoroughly disgusted with these bureaucrat morons and their enslavement "trial balloons".
negative interest rates would reduce the amount of money in the system....sort of. if all money is electronic and in an account with negative rates then i would eventually lose all my balance.
We'll give up cash when they give up usury.
I don't give a flying fuck what these fucking idiots do with high denomination notes. If storing your value in $1 dollar bills that have 100 times the volume of $100 dollar bills is what is required, that is what people will do. And if they don't like that, they will move to precious metals. These fucking idiots are intent on destroying the fiat currencies they claim to want to save.
This mean they will focus on gold bullion next.
China are focusing on KG of gold.