The Phaserl


Advance of the Cashless Meme?

from The Daily Bell:

The 50 most violent cities in the world … Latin America holds the undesirable distinction of having the most cities on the Mexico Citizens Council for Public Security’s annual ranking of the world’s most violent cities. Of the 50 cities on the list, 41 are in Latin America, including 21 in Brazil. – Business Insider

Dominant Social Theme: Brazil? A showplace of Western economic accomplishments! What could go wrong?

Free-Market Analysis: We’ve pointed out a number of times recently that the cashless meme seems to be advancing apace. In fact, in our view, the drum-roll of incandescent financial disasters clogging the front pages of major media channels can increasingly be linked to “cashlessness.”

The worse things sound, the more incentives governments have to promote radical change by removing bills and non-precious metals specie from society. Within this context even this little squib of a story provides a reminder of larger agendas.

We can remember a time when Brazil was being held up as one of the success stories of the Western 20th century. We were witness to a stunning emergence of a nation of 200 million impoverished people into the 21st century.

It wasn’t just Brazil, but all the BRICs – Russia, China and India as well. These were countries where the transformative miracle of modern Keynesian economics had acted as a kind of rocket fuel.

In fact during the early 2000s and to a lesser degree even after the Great Recession had struck the West, we were informed by Western media of the stirring accomplishments of the BRICs and of China in particular.

Here at The Daily Bell, and not being fans of Keynes or monopoly central banking, we had a hard time accepting the meme of BRICs rising. The more closely we looked at the BRICs “miracle” the more it seemed to us that it was a promotional affair, one that sought to support the Keynesian meme by maintaining that modern capitalism was a device for vanquishing poverty.

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