Central banksters say outlawing cash will stop criminals …
The push by the world’s central bankers to essentially ban the use of cash is intensifying, but it belies another truth that is hard to escape: Even as they advocate a cashless society, which they say is necessary to reduce theft and stop criminals, these same central bankers are printing money like crazy.
As noted by Simon Black at Sovereign Man, the push for a cashless society is not just growing, it’s disturbing, and for a number of reasons. First, the obvious reason is the control it would give central banks and governments over their citizens; the second is that, in the event of a societal collapse or a cyber attack on global finances, a person’s wealth would be wiped out with a few computer keystrokes.
Black noted in his Feb. 17 column:
The momentum to “ban cash”, and in particular high denomination notes like the 500 euro and $100 bills, is seriously picking up steam.
On Monday the European Central Bank President emphatically disclosed that he is strongly considering phasing out the 500 euro note.
Yesterday, former US Treasury Secretary Larry Summers published an op-ed in the Washington Post about getting rid of the $100 bill.
Prominent economists and banks have joined the refrain and called for an end to cash in recent months.
The reasoning is almost always the same: cash is something that only criminals, terrorists, and tax cheats use.
Summers, in his op-ed, cites recent research from a Harvard University paper entitled, Making it Harder for the Bad Guys: The Case for Eliminating High Denomination Notes, which Black says generally sums up conventional central bank thinking these days. Among other things the paper recommends abolishing the 500 euro bill and the $100 bill.
The study’s authors say that “without being able to use high denomination notes, those engaged in illicit activities – the ‘bad guys’ of our title – would face higher costs and greater risks of detection.