Home Finance Bankers Creating a “Free Market” by Abolishing Cash

Bankers Creating a “Free Market” by Abolishing Cash

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abolish cash

Abolishing money will create a freer market and allow 3% negative interest rates. What!

This is what Narayana Kocherlakota from Bloomberg wrote on 1st September:

 “…two government mechanisms prevent real interest rates from getting too negative. The first is cash… In other words, governments — by issuing cash and managing inflation — put a floor on how low interest rates can go and how high asset prices can rise. That’s hardly a free market.

“…The right answer is to abolish currency and move completely to electronic cash… Because electronic cash can have any yield, interest rates would be able go as far into negative territory as the market required.”

[ Kocherlakota is a Bloomberg View columnist, professor of economics at the University of Rochester, and was president of the Federal Reserve Bank of Minneapolis, 2009 to 2015.]

Charles Hugh Smith (in oftwominds.com):

“Central banks can only do one thing, and that’s provide monetary welfare for the wealthy. Now that the central bank has enriched the obscenely wealthy, distorted markets globally and addicted the economy to cheap credit, the servile toadies and lackeys in the mainstream media and the Cargo Cult of economic “professionals” is finally admitting that it was all a fraud, a racket that favored the rich.”

It seems they are trying to keep the system going at all costs.

Greg Buck on lower interest rates.

Lisa Haven’s video commentary on “Bankers To Abolish Cash and Issue Negative Interest Rates.”

 

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13 COMMENTS

  1. The psychopaths can’t help themselves, they’re just parasites who can’t create, so they steal. The old fable about ‘The Goose That Laid a Golden Egg’ just doesn’t register in their version of reality. They are gutting the incentive to build a future. It’s like the final act in the fiat currency game, forget any pretense that this ‘money’ is a store of value, it isn’t, it’s a LIABILITY if you keep it, get rid of it quick.

    I’ve been to other countries where multiple currencies are used, expect Australia to follow suit. If someone offered you ‘money’ which would be worth less tomorrow, would you take it or some money such as a gold back Chinese Yuan that would be worth more tomorrow? – Yeah, a dumb question that has been answered by millions of people over many centuries. Expect barter to come back and old silver coins to command a premium – bet on it, its your future.

  2. I have a serious problem with the banks et.al. referring to the term ‘negative’ interests rates.
    It is not a “interest” rate it is a rip off by the globalist banks,
    It is akin to a parking carge at a Wilson carpark. You pay a motsa to park the car.
    Now the fn bastards want us to pay a ‘parking’ fee for our cash ( which it is not, once in a bank, we are are mere creditor!) In their miserable institutions.
    If it is their cash, by law, let the banks pay their own ‘parking fees’
    This is getting rediculous. So they hanged poor Ned!
    Malcolm, we are sick of the company you keep.

    • Ps,
      Let get this straight for msm and shock jock dumbos.
      Say, you park your car in a Wilsons’ Chinese, car park.
      What if, by doing that you lose any title to the vehicle?
      Applying banker’s rules and ‘our’ laws, then it is not your vehicle, it is Wilsons.
      Get the picture? Your vehicle, ‘being cash’ parked in a bank then belongs to the bank and they want to charge you to park it.,,,, i.e. their vehicle …….. and then they want to charge you , but you have no title. It is the banks, so let the bank be liable for the parking fees.
      Time for pitch forks in hand.
      Now banker mate msm, put that on your front page!!!!!!!!!!!!!!!!!!!!!

      • More ps,
        The Wisons car park crew have heaps of cars in the car park and are bored silly, so they start doing wheelies and smashing up ‘their cars’ and flog them off in the deritave market with other carparks that smash up more vehicles.
        Shit! They say, we have smashed up so many cars and destroyed the lot.
        No worries, the public will make up our loses, and we can still enjoy the fun and sucker more cars into the carpark demolishment derby for more fun,
        Banking is a guaranteed carpark endless demolishing derby.
        Getting the picture? Avoid giving you assests to the carpark gang?

  3. OK.
    Time to rant on.
    The whole financial system is a banker’s ponsi scheme.
    Please recall a few years ago a German pollie sought in their parliament that the German government should repatriate Germany’s gold from the US. (bankers)
    In short:
    the US said no.
    Then the Germans asked tk have a prak at their gold.
    The US said ‘no’.
    Well in due course the Ger

  4. OK.
    Time to rant on.
    The whole financial system is a banker’s ponsi scheme.
    Please recall a few years ago a German pollie sought in their parliament that the German government should repatriate Germany’s gold from the US. (bankers)
    In short:
    the US said no.
    Then the Germans asked tk have a peak at their gold.
    The US said ‘no’.
    Well in due course the Germans backed down.
    Last week a Deutsche agent declined to allow a citizen to retrieve his gold from DB. DB then claimed that the refusal was a matter of procedure etc.
    I am not updated on the outcome.
    So let us look here.
    ABC Bullion presently, at time of writing, quotes two prices for a kilo of silver. One price for allocated is 844.30 and unallocated at 863.50.
    So if one wishes to pay 863+ one can get their killo and leave. For 844 + for one per kilo, one presumably receives a piece of paper recordin a holding of a kilo somewhere non descript.
    Have to love a piece of paper, easy to carry and feels like a US Private bankers federal iou.
    Problem:
    There are heaps more ‘io youse’, then their is actual silver, some reports suggest that the ratio to silver (or gold?) In hand to ious is 1 to 100.
    So there you have it. If one has ious in a precious metal, then one may as well dream of fairies if the shtfan, unless the fairy is in one’s pocket.
    One may suspect that ‘paper assets’ in wheat, pork bellys and so on is a similar scam.
    Best of luck.

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