Author Topic: War on Cash: Review of The Curse of Cash  (Read 4406 times)

Offline DWSDVSE

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War on Cash: Review of The Curse of Cash
« on: September 12, 2016, 11:36:33 AM »
http://www.sanfranciscoreviewofbooks.com/2016/09/the-economist-who-wants-to-ban-cash.html

Seems like a book well worth a read (from a library so you don't send the guy any cash ;)) on understanding how cash will be outlawed.

Quote
The Economist Who Wants to Ban Cash
By Robert Wenzel

Harvard professor and former chief economist at the International Monetary Fund, Kenneth S. Rogoff, is out with a new book. The Curse of Cash.

In the book, he attempts to make the case for banning paper money.

His justification for banning cash is two-fold: It will hamper criminal activity and it will allow central banks to take rates, when necessary, deep into negative territory.

As far as criminal activity, which  he wants to make more difficult, he paints a broad brush that includes many activities that not all would consider offensive or a threat. He says it would make drug dealing more difficult, that it would make it more difficult for businesses to pay illegal workers. He raises the "horror" that in the Euro zone a ban on cash would make it more difficult for the  many who use cash to escape oppressive value added taxes and he tells us it would hamper the black market in organs. ...


Oh, and also look at this and let it sink in:

And he is completely at wits end with the reported fact that there is some $4,200 in cash for every person in the United States. He mentions this fact, probably, a half-dozen times in the book as if it indicates some great evil---though he admits that there is no hard data on where this money is.



Edited due to copyright issues -- please see here for Fair Use info.
« Last Edit: September 12, 2016, 01:27:46 PM by Mr. Bill »

Offline jerseyboy

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Re: War on Cash: Review of The Curse of Cash
« Reply #1 on: September 12, 2016, 12:53:42 PM »
As I was paying in cash at my local takeout place, the guy behind the counter told me a story of how the credit card machine had gone down the other day. A lady with $10 worth of food proceeded to yell at him saying it was his fault and also didn't have the cash to cover the bill.  I think quite a few people could be convinced this is a great idea.

I must say, tracking the serial numbers of bills was not something I considered.

Jerseyboy

Offline DWSDVSE

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Re: War on Cash: Review of The Curse of Cash
« Reply #2 on: September 12, 2016, 02:09:30 PM »
I had a similar experience about a month ago. Went in to buy something quick from a gas station. I got an energy drink, so I get up to the counter and sit my drink down. The guy behind the counter apologizes that the card system is down, but they could take debit cards. I pulled out cash and he said “well, I guess that works.”

It’s beyond my comprehension that people would be upset that they can’t use plastic to pay for something so small…the world is crazy.


As for the serial # counting, that just shows you how serious a threat cash poses. It’s not even crypto-currency or gold (that you can melt down and eliminate any serial numbers as many times as you want).

Offline Alan Georges

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Re: War on Cash: Review of The Curse of Cash
« Reply #3 on: September 13, 2016, 06:28:35 AM »

Offline DWSDVSE

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Re: War on Cash: Review of The Curse of Cash
« Reply #4 on: September 13, 2016, 06:57:36 AM »
Yup, he nails it.

Quote
This is the latest salvo in the international campaign to herd all money into the control of central banks and central governments, supposedly to make central planning of the economy more effective — but really for the purpose of extending the fallacy that the mis-pricing of credit and collateral (that is, of everything) can save the current incarnation of crony capitalism, and more to the point, save the fortunes of the racketeers running it, along with the reputations of their intellectual errand boys.

The Austrians (well, really any economist who can actually think) know that it's all about the prices. Prices are signals in markets. Screw with them and you screw everything. That's why Socialism, ultimately, fails outside of groups that are held together by bonds of love (ie families and monasteries).

Maybe Confederate money will be useful once again  ;D

Offline Carl

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Re: War on Cash: Review of The Curse of Cash
« Reply #5 on: September 13, 2016, 03:51:18 PM »
I would get a dump truck load of those Chinese dingle-dong coins while they are cheap.

Offline Alan Georges

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Re: War on Cash: Review of The Curse of Cash
« Reply #6 on: September 13, 2016, 07:32:14 PM »
Maybe Confederate money will be useful once again  ;D
Yeah!  And metals, and bitcoin, and... well about any currency that hasn't been tampered with, or exchange medium that's tamper-proof.  Small livestock?

Offline bcksknr

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Re: War on Cash: Review of The Curse of Cash
« Reply #7 on: September 13, 2016, 07:46:08 PM »
     My understanding of a point made in favor of a cashless economy, made during a public radio interview today with the author, was that banks could charge negative interest to kick start the economy during a recession. If you were charged a negative interest rate on your savings in the bank, supposedly you would want to withdraw your savings as quickly as possible to avoid the loss. Since you couldn't take it out in cash, you would be forced to spend it (with your credit card), thereby helping with an economic recovery. Unless I got this wrong, it sound pretty nuts to me.

Offline Alan Georges

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Re: War on Cash: Review of The Curse of Cash
« Reply #8 on: September 13, 2016, 08:00:16 PM »
Unless I got this wrong, it sound pretty nuts to me.
And to me too, and probably to everyone else on this board.  No, no, you have it right.  What's really hard for me to get is that anyone actually believes this tripe.

Offline Carl

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Re: War on Cash: Review of The Curse of Cash
« Reply #9 on: September 14, 2016, 04:45:03 AM »
They want us cashless so they can better tax us and control us...someone tell me what planet we owe our national debt to?

Offline DWSDVSE

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Re: War on Cash: Review of The Curse of Cash
« Reply #10 on: September 14, 2016, 11:10:00 AM »
What's really hard for me to get is that anyone actually believes this tripe.

I chalk it up to it being much easier to claim to believe a lot of stupid, insane ideas when you're the guy who will be swinging from the lamp post if people don't buy your ideas.

Offline bigbear

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