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Economist Buiter Proposes a Cashless Society

Economist Buiter Proposes a Cashless Society

I came upon this article yesterday from Bloomberg:

http://www.bloomberg.com/news/articles/2015-04-10/citi-economist-says-it-might-be-time-to-abolish-cash

The suggestion to eliminate cash is shocking enough, but to explicitly state the reason is to implement negative rates is jaw dropping.  Said another way, this is a banker pushing a policy to have you pay the institution he works for to speculate with your money.  They state he is an economist which for many of the readers of that article probably conveys he is some impartial academic making an objective policy suggestion, when he is nothing but shill for the banking industry and specifically for the bank HE works for. 

The icing on the cake for this is, to get ahead of critics; he lists possible disadvantages of abolishing cash:

1.       Abolishing currency will constitute a noticeable change in many people’s lives and change often tends to be resisted.

2.       Currency use remains high among the poor and some older people. (Buiter suggests that keeping low-denomination cash in circulation — nothing larger than $5 — might solve this.)

3.       Central banks and governments would lose seigniorage revenue.

4.       Abolishing currency would inevitably be associated with a loss of privacy and create risks of excessive intrusion by the government.

5.       Switching exclusively to electronic payments may create new security and operational risks. 

Notice #4 on the list, this is banker/lobbyist speak for ‘abolishing cash would reduce freedom’.   I would add it would significantly reduce freedom and transfer control to both the banks and the government. 

Yet he goes on to say:

“In summary, we therefore conclude that the arguments against abolishing currency seem rather weak.”

Weak!  The banker just said that this move would reduce freedom, to give the Fed another policy tool.   

So if they are brazen enough to just eliminate cash without fear of backlash, the E Dollar transition system would be nothing, though probably not necessary. 

Then again Willem Buiter is the same "Economist" that called gold a "6000 year bubble" prior to the Swiss Gold Referendum, acting as if 6000 years of monetary history was just a mass delusion.  He has taken the #1 spot as my most detested economist. 

http://willembuiter.com/gold2.pdf

They truly are a den of vipers and thieves. 

Confused? Read my first post History and Introduction

 

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