by Brad Sebion, Moneyandtrading.com via SGT Report.com:
Last Week, in The Wall Street Journal, there was a picture of a man wearing a trench coat. He was holding the coat open and tucked inside was cash. Yes, US legal tender was the conspicuous item. Included with this image was an article by Ken Rogoff.
The Harvard professor and ex chief economist at the International Monetary Fund is now calling for the ban on $20, $50, and $100 bills. He explained cash fuels crime, leads to tax evasion, and terrorism.
This echoes the remarks made by the European Central Bank President, Mario Draghi to get rid of the $500 euro in February. Two weeks later, Larry Summers made a statement implying the United States should ban the $100 dollar bill.
These economists and bankers realize that printing money and reducing interest rates is not going to work forever. The only way to keep the system going is to make all currencies go digital. The cover to use digital money will be all the reasons Ken Rogoff listed. The real push for block chain currencies have mostly to do with the leverage in the banking system and unfunded liabilities that governments can’t deliver on. The FDIC only has 25 billion dollars to cover trillions of liabilities.
In early 2015, Blyth Masters, the former head of commodities at JPMorgan Chase, went to work for Digital Asset Holdings. This company is using Bitcoin’s technology for financial transactions. In April of 2016, Larry Summers became a senior advisor to Bitcoin. The big players in the financial community are making their moves.
If you want no privacy, continued war, and a higher cost of living hop on the digital currency train. If you don’t, educate yourself on the importance of sound money. Let’s get back to a semblance of Capitalism instead of the Alice in Wonderland economy we are stuck in.
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