The Phaserl


War on Cash Turns to $20, $50, and $100 Bills

by Clint Siegner, Money Metals:

Harvard professor and economist Ken Rogoff is once again leading the chorus of high-level academics and officials who declare cash is only for criminals. He made his case in a recent Wall Street Journal editorial called the “Sinister Side of Cash.” The solution, he declares, is to simply get rid of anything but the smallest bank notes.

In his vision, drug dealers, human traffickers, and tax cheats are everywhere, but they are reliant on cash. Our benevolent central planners can largely incapacitate them by ridding society of anything larger than a $10 bill.

Kingpins won’t know what to do when a single-engine Cessna full of cocaine requires a Boeing 747 full of $1s, $5s, and $10s to make payment.

Rogoff seems to blame cash, not bad people, for facilitating criminal activity. He writes;

“There is little debate among law-enforcement agencies that paper currency, especially large notes such as the U.S. $100 bill, facilitates crime: racketeering, extortion, money laundering, drug and human trafficking, the corruption of public officials, not to mention terrorism.”

People worried about meth dealers swapping dangerous drugs for “dirty” cash might get mad enough, and afraid enough, to put up with what Rogoff calls a “less cash” society. While elimination of most cash might make it harder for black marketeers who operate in the small dark corners of society, it will be a bonanza for the undesirables along Wall Street and in Washington DC who are planning to shake down literally everyone.

Getting rid of large bills is a terrific way for them to herd people down a blind alley and pick their pockets. Bankers will grab handfuls of fees and deposits they wouldn’t otherwise get because people can no longer hold or transact with cash. Fed officials can impose negative interest rates, robbing even more of the value from everyone’s savings. And bureaucrats in government can swipe everyone’s ability to transact privately using off-the-grid cash.

At least Rogoff is willing to admit the REAL REASON cash is a problem for central bankers who want to impose negative rates. You just have to read much further down, past the pictures of shady characters and contraband:

“Unfortunately, the existence of cash gums up the works. If you are a saver, you will simply withdraw your funds, turning them into cash, rather than watch them shrink too rapidly. Enormous sums might be withdrawn to avoid these losses, which could make it difficult for banks to make loans – thus defeating the whole purpose of the policy.”

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2 comments to War on Cash Turns to $20, $50, and $100 Bills

  • James Woroble Jr

    Seen this before throughout recent history where the national official currency fails. What simply and consistently happens is that some OTHER official national currency fills the void in transactions. Such a currency substitute could be the Canadian dollar, or the Chinese Yuan, or the Russian ruble, or even all of the above!

    In the event of such a U.aS.shole policy, like negative interest rates for deposits and savings that are under consideration, this will blow up in their desperate, unintelligent faces and hoisting them upon their own petard by supercharging the acceleration of the mass and total destruction of the US$ which they must retain as it is the very life source of their power and wealth.

    Go ahead a$$holes! Do it! Americans wealth and transaction capability can be just as easily saved and utilized in someone elses currency — but you tyrants are just as guaranteed the negative consequences, such as ZERO MONETARY VELOCITY for your US$ and a great and firmly entrenched black market, further eroding your rapidly vanishing tax base.

    Nothing more entertaining then watching an inexperienced, over educated, ivy league scumbag scratch his balls with the business end of a loaded shotgun with the safety off!

  • tomche

    Cash is freedom. Rogoff should be ashamed of himself. This NWO asshole needs to be arrested and put in a padded cell.

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