Nobel Prize Winner Tells Davos' Elite, US Should "Get Rid Of Currency"

Tyler Durden's picture

Submitted by Simon Black via SovereignMan.com,

In the mid-1800s at a time when the United Kingdom was still the dominant superpower in the world, an English scientist named Francis Galton wrote a series of papers arguing for the selective breeding of human beings.

Galton’s ideas became known as eugenics.

The concept was that genius and talent were hereditary traits passed from generation to generation, and that, to ensure the growth of our species, the best and brightest should be bred like cattle.

Scientists soon began taking measurements of nose angles and forehead slopes in order to establish a correlation between a physical features and talent.

The scientific community concluded that a person with certain physical features was predisposed for great success and achievement.

But it worked both ways.

If your forehead was too wide, or your nose to jaw ratio too slight, you were viewed as morally and intellectually inferior.

Given that many races share similar physical features, this phony science became the moral justification for segregation, slavery, and even genocide.

Today our species is clearly more enlightened, and we can stand amazed that such ridiculous ideas used to be taken seriously.

There will come a time, however, when our descendents say the same thing about us.

Case in point: half a world away at the World Economic Forum in Davos, Switzerland, Nobel Laureate economist Joseph Stiglitz made remarks earlier this week that the US should “get rid of currency.”

He means paper currency, as in the US should not only get rid of $100 bills… but ALL paper currency– 50s, 20s, 10s, 5s, and even 1s.

You guessed it. Stiglitz suggests that regular people don’t need paper money, and that it’s only useful for drug dealers, terrorists, tax evaders, and money launders.

This thinking is so 20th century, and it’s simply wrong.

ISIS is a great example.

The US military has literally blown up more than a billion dollars worth of ISIS’s stockpiles of physical cash during airstrikes.

But this hasn’t affected their terrorist activities one bit.

That’s because the most notorious terrorist group on the planet famously uses both the world’s oldest currency (gold) and the world’s newest currency (Bitcoin).

Professor Stiglitz has likely never been anywhere near a terrorist, so he likely doesn’t have a clue how they conduct financial transactions.

Stiglitz also relies on the old claim that cash facilitates illicit activity.

Again, this thinking only highlights a Dark Ages mentality.

In the today’s world, drug dealers and prostitutes accept credit cards.

No matter what you’re selling on a street corner, whether it’s hot dogs or marijuana, there are plenty of solutions (like Stripe, Square, or PayPal) to easily allow anyone to accept credit card payments.

But these intellectuals seem stuck in a Pablo Escobar fantasy that drug dealers have entire rooms filled with cash.

What Stiglitz, and perhaps many law enforcement agencies, fail to realize is that one of the biggest tools in masking illegal activity is actually Amazon.com.

Specifically, Amazon gift cards.

If you’re looking to quietly and easily pay large sums of money, even tens of thousands of dollars, you can do so with Amazon gift cards.

Amazon gift cards are essentially a “cash equivalent”.

Amazon sells just about everything on the planet, so its gift cards can either be spent or quickly resold for cash.

(You can obscure a financial transaction even more by using an Amazon gift card to buy another gift card…)

Curiously there are no loud, universal calls to ban Amazon gift cards. That’s because these policymakers and academics are stuck in the 1980s.

Instead, they’ve nearly all jumped on board the “cash ban” bandwagon.

These guys just don’t get it.

Cash isn’t about tax evasion or illegal activity.

It’s about having a choice.

Any rational person who actually looks at the numbers in the banking system has to be concerned.

In many parts of the world, banks are pitifully capitalized and EXTREMELY illiquid.

This is especially the case in Europe right now where entire nations’ banking systems are teetering on insolvency.

In the United States, liquidity is also quite low, and banks play all sorts of accounting games to hide their true financial condition.

Plus, never forget that the moment you deposit funds at a bank, it’s no longer YOUR money. It’s the bank’s money.

As a depositor, you’re nothing more than an unsecured creditor of the bank, and they have the power to freeze you out of your life’s savings without even giving you a courtesy call.

Physical cash provides consumers another option.

If you don’t want to keep 100% of your savings tied up in a system that’s rigged against you and has a long history of screwing its customers, you can instead choose to hold physical cash.

There’s very little downside in doing this, especially since most people are barely making any interest in their checking accounts anyhow.

Physical cash means there is no one else standing between you and your savings.

But Professor Stiglitz and his colleagues don’t want that.

They want a massive, centralized bureaucracy to have control over your savings.

This, coming from a man wrote in his 2012 book The Price of Inequality,

“[T]he success of [Apple and Google], and indeed the viability of our entire economy, depends heavily on a well-performing public sector. There are creative entrepreneurs all over the world. What makes a difference. . . is the government.”

Sam Walton, Richard Branson, Steve Jobs, and millions of other entrepreneurs are apparently worthless. To paraphrase Barack Obama, “They didn’t build that.”

All that matters is the government.

Just like his call to eliminate cash, Stiglitz’s entire book is an impassioned argument for MORE centralization and government control.

150 years ago, Francis Galton’s appalling ideas were considered science.

Stiglitz’s ideas are what pass as science today.

They’re equally ludicrous.

And one day our future descendants will look back on our own time and wonder how so many people could have allowed themselves to be fooled.

Do you have a Plan B?

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
nuubee's picture

What a shame I lost all my shiny barbarous relics in a bizarre nuclear accident in the laboratory...

AllTimeWhys's picture

THESE.

 

FUCKING.

 

PEOPLE...

hedgeless_horseman's picture

 

They want a massive, centralized bureaucracy to have control over your savings.

The Ministry of Plenty

I love Big Brother Banker!


hedgeless_horseman's E-Z Internet Guide On How To Actually Buy Gold, and Not Just Talk About It, Bitchezzz!!!!

logicalman's picture

They want a massive, centralized bureaucracy to have control over YOU.

FIFY

sixsigma cygnusatratus's picture

Ironic that the original purpose of government was to build roads and bridges, keep the currency safe, keep borders safe from invasion, ensure fair trade deals.  Now, the purpose of .gov is to tax you for crumbling roads and bridges, eliminate the currency, promote foreign invasion, screw fair trade for the little guy, etc.

bwh1214's picture

They will ban cash, the question is how. This possibility seems likely and frightening.

http://www.themonetaryreset.com/2014/08/how-they-got-us-into-this-mess-s...

J S Bach's picture

"Put ALL trading power into our hands!"

THIS is what our usurer masters demand with this insane call for the end of currency.  It must not happen.  They must be put to the wall and shot instead.

Bastiat's picture

I think we should be rid of our currency too -- and substitute real money.  In the mean time we should get rid of Stiglitz.

Uzda Farce's picture
Uzda Farce (not verified) Bastiat Jan 19, 2017 7:57 PM

Joseph Stiglitz is a member of the Rockefeller/CFR, along with most of the the other US speakers at the Davos WEF, including George Soros, Laurence Fink (BlackRock) and  David Rubenstein (Carlyle Grp). Fink and Rubenstein are CFR directors, and Soros is a former director. See member lists at cfr dot org.

https://www.weforum.org/events/world-economic-forum-annual-meeting-2017/...

http://www.cfr.org/about/people/board_of_directors.html

detached.amusement's picture

Already on this tips of my fingers, but I figured someone HAD to have already said it!!!

ne14truth's picture

They cannot and will not ban cash....how could are gov make all their illegal money if there was no cash to hide it with? How can you "wash" digital money? It is Gov that gains the most because of cash, not the little moron drug dealer.....and I don't think everyone will play along, we will start doing much more barter and that will hurt the Gov again, less actual transactions mean less taxes.

WestVillageIdiot's picture

Let's quit calling this "the war on cash".  This is a war on FREEDOM.  They hate you for those. 

chiquita's picture

Wait JUST a fucking minute here!!!  Wasn't there just some report earlier this week that said the 8 richest people in the world hold as much wealth as the rest of the world?    Don't be fooled into thinking that tidbit came out as a coincidence this week when all these elites are meeting in Davos.  Now we get yet another one of these calls to ban cash calls from a Nobel Prize winning economist.  

Is it just me or does this just sound like a way for these elite 8 to grab the rest of the wealth they don't already have???

turnoffthewater's picture

+100 Exactly!
Now Mr. government, we don't need you anymore since you're going the wrong way. Go make me a f*** sandwich and this time, leave the shit out of it.

enfield0916's picture

My thoughts exactly, these idiots should start by sending us their illgotten wealth.

sgt_doom's picture

Sub, sub, submediocrity Stiglitz, the nimrod-brained pseudo-econ (I remember writing his office about the wars he helped send Americans to die in and received back some half-assed nonsensical apology) wants everyone to go online, just as the financial hegemons want us to (War On Cash) so that they can then charge us (rentier bleeding) for each and every cash transaction!

Burn in everlasting hell, stiglitz.

BandGap's picture

Au and Ag can absorb radiation.

Cafeful.

 

One-Eyed-Thong's picture
One-Eyed-Thong (not verified) Jan 19, 2017 4:55 PM

i agree 

they should get rid of "currency" and go back to "money"

El Vaquero's picture

I would love it if we could go back to transacting in gold and silver coins.  Honest money is good for trade.  I know a farmer who has normal prices for seeds, but if you have a silver dime, he'll sell you a seed packet for one of those, because that was a typical price for a seed packet back in the late 1800s.  

Jack's Raging Bile Duct's picture

I have done similar deals. If it's an unfamiliar party though, I take gold/silver up-front. If you're paid later, they could legally reneg and pay in FRNs.

Bay of Pigs's picture

Eat a bag of dicks Stiglitz.

sgt_doom's picture

Eat a bag of syphilitic, gangrenous dicks, Stiglitz!

OfAllElaboratePlans's picture
OfAllElaboratePlans (not verified) sgt_doom Jan 19, 2017 6:49 PM

His rabbi already ate the tips.

dark fiber's picture

I know Hitler and Stalin would love to have a system like the one that crackpot is proposing.  Ironically I also have a pretty good idea what Hitler would have done to his kosher ass.

Kirk2NCC1701's picture

Golden showers? Or something like that?

Hulk's picture

Fuck you Stiglitz, aint going to happen here, we have guns...

chunga's picture

When people are quick to point out that the Tribe ain't all bad, shirley they're not talking about this Stiglitz.

FIAT CON's picture

I cannot see how the world can ban cash without making ownership of PM's illegal!

If they try to ban PM's i think there will be a new kind of war that TPTB have never seen before, approx 699 million people hunting the remainder!

EDIT. I meant 6.9 Billion People! fixed it!

Ryland's picture

If PMs were made illegal nothing would happen because the average person is a moron who doesn't understand the role of PMs in a free banking system.

everlearner's picture

just another minion for globalism from the same swamp where soros buries himself every night.

stant's picture

Outlaw cash and it will trade at a premium

Bunga Bunga's picture

Elites are so desperate, they are in the mood to listen to any charlatan who promises things which preserves their power a little bit longer. They even welcome a communist dictator (Xi). Go figure, a clear sign that their days are numbered.

Hubbs's picture

Yeah, for a minute I thought he meant fiat cash. But when he means fiat digital currency, now that's three swear words in a row.

How about honest money(PMs)? Now that sounds a lot more reassuring, like how about a nice game of chess?

FIAT CON's picture

Can't we the people find the email addresses and phone numbers of these fools and tell them a little story about how some people have disapeard.

Kirk2NCC1701's picture

It's bad enough we have Ashki paper bucks. Now they want us to use the electronic version?

Time to start using Roundup on Banksters.

peddling-fiction's picture

"Time to start using Roundup on Banksters."

Didn't they say Roundup was harmless and yada yada?

Nobodys Home's picture

Soak the (whatever we call the pieces of paper) in it.

What if we start getting polonium money?

Tell your kids to wash their hands after handling money.
(You should anyway. Money really is dirty.)

Chupacabra-322's picture

That will essentially end the CIA's drug running, gun running, money laundering, mirder for hire, destabilization campaigns of Sovereign Contry's racket. Good luck with that one.

FIAT CON's picture

There may be some validity in what you are saying.

Chupacabra-322's picture

Shit, I left out contract killing, extortion / black mail, pay offs, arming, fu ding & Training of I CIA SIS terror organizations.

Remember those C-130's with pallets full of Fiat Currency arriving in Iraq when we Liberated it after we Imvaded it.

Nobodys Home's picture

NOo I did not ever hear of any such thing. You are ruinninng my thoughts of the sanctity of my patriotism. (said in an Indian accent...dot not feather)

Nobodys Home's picture

Nah. It'll just make it more personal. Gimme your wrist junky! ...

Come on Larry. Hurry up and scan him and let's get out of here! ... Chill out Ken. We won.

Jtrillian's picture

... because nothing makes it easier for a "bail in" like a cashless society. 

Love,

The Banksters

Nobodys Home's picture

P.S. There's a blue light special on now! All new digital transfers to negative rate cd's over $10,000 get a stainless bagel toaster!

roadhazard's picture

Yes, the US Elite want their every transaction accounted for and open to scrutiny. Yes, lets kill the worlds major currency. Never going to happen in the US and you can take That to the bank too.

PirateOfBaltimore's picture

Ahhh, nothing like tempting the world into a black market for fucking money itself.

 

 

Seriously hoping Trump restores some sanity to an increasing upside-down, ass-backwards world that we're living in.  At some point there will be a reversion to the mean (relative sanity).  The question is how prepared certain parties will be when that time inevitably comes.

Able Ape's picture

"Will work for 1's and 0's"....

VWAndy's picture

 He gets paid well to say crap like this. Yea he knows its BS.