Financial Times Calls For Abolishing Cash...

Entitled The case for retiring another ‘barbarous relic’,
the article laments the fact that people are stockpiling cash in anticipation 
of another economic collapse, a factor which is causing, “a lot of distortion 
to the economic system.”

“The existence of cash — a bearer instrument with a zero interest rate 
— limits central banks’ ability to stimulate a depressed economy. 
The worry is that people will change their deposits for cash if a central bank 
moves rates into negative territory,” states the article.

Complaining that cash cannot be tracked and traced, the writer argues 
that its abolition would, “make life easier for a government set on squeezing 
the informal economy out of existence.”

Abolishing cash would also give governments more power to lift taxes directly 
from people’s bank accounts, the author argues, noting how “Value added tax, 
for example, could be automatically levied — and reimbursed 
— in real time on transactions between liable bank accounts.”

The writer also calls for punishing people who use cash by making users 
“pay for the privilege of anonymity” so they will, 
“remain affected by monetary policy.” Dated bank notes would lose their 
value over time, while people would also be charged by banks for swapping 
electronic reserves for physical cash and vice versa.

The article echoes an argument made by Kenneth Rogoff, former chief economist 
of the International Monetary Fund, who has called for high denomination banks 
notes such as the €100 and €500 notes to be phased out of existence.

As we previously reported, Rogoff attended a meeting in London earlier this year 
where he met representatives from the Federal Reserve, the ECB as well as 
participants from the Swiss and Danish central banks. 
The issue of banning cash was at the forefront of the agenda.

Last year, Rogoff also called for “abolishing physical currency” in order to stop 
“tax evasion and illegal activity” as well as preventing people from withdrawing 
money when interest rates are close to zero.

The agenda to ban cash was also discussed at this year’s secretive Bilderberg Group 
meeting, which wasattended by the Financial Times’ chief economics commentator 
Martin Wolf.

Former Bank of England economist Jim Leaviss penned an article for the London Telegraph earlier this year in which he said a cashless society would only be 
achieved by “forcing everyone to spend only by electronic means from an account 
held at a government-run bank,” which would be, “monitored, or even directly 
controlled by the government.”

In the UK, banks are treating the withdrawal of cash in amounts as low as £5,000 
as a suspicious activity, while in France, citizens will be banned from making cash payments over €1,000 euros from Tuesday onwards. The withdrawal and deposit 
of cash over the amount of €1,000 euros will also be subject to ID verification.

“There is no more egregious anti-liberty economic policy imaginable than 
banning cash,” writes Michael Krieger.

“Of course, if cash were involuntarily “ended,” there would be a surge in demand 
for physical gold and silver, which would then necessitate a ban on those items. 
Then the cycle of economic and financial tyranny would be complete, 
and crawling our way out of it, nearly impossible.”

infowars.com
globalresearch.ca/