from Wolf Street:
It came from a voice that has, by law, the ear of the German government. Peter Bofinger is a member of the German Council of Economic Experts – the “Five Sages on the Economy” – which in its official function advises the government and parliament on economic policy issues. These folks are taken seriously.
So Bofinger told the German magazine Der Spiegel in an interview (full interview behind paywall) that cash should be done away with.
In Denmark, a new law was proposed that would allow shops to refuse cash payments. Officially, it’s to reduce the “administrative and financial burdens” of handling cash. Since it’s up to the shop to decide, the law sounds innocuous. But it would be another step to making money a purely electronic entity that can be seamlessly tracked anywhere. It would also be another step in granting the central bank the absolute power to inflict confiscatory monetary policies on any entity or person with money in the bank.
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