February 17, 2016
Santiago, Chile
This is starting to become very concerning.
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.
Since when is it a crime to have cash? People should be demanding privacy; the only criminals, terrorists and tax cheats I see here is bansters/governments wanting to control every element of our lives!
In his op-ed, Summers refers to a new Harvard research paper entitled: “Making it Harder for the Bad
Guys: The Case for Eliminating High Denomination Notes”.
That title pretty much sums up the conventional thinking. And the paper goes on to propose abolishing, among others, 500 euro and $100 bills.
The authors claim 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. Eliminating high denomination notes would disrupt their ‘business
models’.”
