The Phaserl


Why the War on Cash is really a War on Freedom

by Matthew Kerkhoff,

Negative interest rates will only work if the people cannot remove their funds in the form of cash. Once cash is removed from the system then “money” is captured within the banking system and they can charge whatever negative interest rates, service charges and fees that they desire. The only thing that will hold them back at all is competition within the banking community and that is disappearing fast with all the mergers and mega-banks.

Negative interest rates discourages saving and encourages spending and immediate consumption. The very basis of capitalism is to acquire capital through savings. The ditch digger who uses a shovel is trapped with a given production rate. Regardless how early he starts and how late he works he can only dig so far. But if he saves his money or capital and one day buys a backhoe he is all of a sudden 100 times more productive and can earn much more with his labor.

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