The War on Cash Finds Its General

Kenneth Rogoff would sharply disagree with Peale, a character in the 1915 novel ‘It Pays to Advertise’, who said that the most beautiful word in the English language is “cash.”

For Rogoff, a distinguished monetary economist (and chess grandmaster) who teaches at Harvard, cash, especially in large denominations, ought to be eliminated.

Rogoff has two main arguments for his proposal; but, before examining them, let us look at exactly what he wishes to do.

In his suggested plan, which “can be adapted and tweaked in many directions,” “All paper currency is gradually phased out, beginning with all notes of $50 and above (or foreign equivalent), then next the $20 bill, leaving only $1, $5, and (perhaps) $10 bills. … The government provides all individuals the option of access to free basic-function debit card/smartphone accounts, either through banks or through a government option. … Regulatory and legal framework aims to discourage other means of making large-scale payments that can be completely hidden from the government. … Government helps facilitate … real-time clearing for most transactions.”

One word reverberates throughout this proposal: “government.”

Source: The War on Cash Finds Its General

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3 comments on “The War on Cash Finds Its General
  1. Reblogged this on Thoughts and Ideas and commented:
    NEWS you can USE!!

    Liked by 1 person

  2. Let’s face it, it is all about CONTROL….
    Taking away a means of “self” control, puts you in someone elses control.
    Government, really a corprotocracy, a form of corporate aristocracy through government control, wants a good flock of sheep. How better to “fence you in” than controlling more completely your freedom?
    I think of the character in the movie “Silence if the Lambs”….. You know the guy (played by Ted Levine) who controls women for their skin so he can make clothes out of them? Remember when the subject doesn’t comply?

    Things are getting REALLY wonky with the restless natives (us!) And more than us. Control is slipping….

    We’ve seen the Emperor, “he” has no clothes….

    Have a NICE day!! 🙂

    Liked by 1 person

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