CASH is TRASH.......................from Rico

When I say CASH is TRASH I am not channeling Dr. Robert Kiyosaki ("the dollar and the euro will go to zero") ....although I largely agree with him, as I do with Dr. Marc Faber, Dr. Ron Paul, Bill Rogers, etc.....all Gold and Silver/hard asset advocates vice paper fiat.

- No, instead this is the lunatic "message" now being spread-around by our Keynesian Central Bankers, their political enablers and other fellow travelers.

 

The largest bank in the US has already gone NIRP on large cash account deposits, prohibited storage of cash in their safety deposit boxes, and is experimenting with a ban on cash payments on credit cards, auto loans, and mortgages in select markets right now.

 

The ECB and SNB have also gone NIRP on cash in the bank.

 

A German economist [Keynesian] Peter Bofinger has just added his voice to the War on Cash by telling "der Spiegel" that a "cashless society would solve the world's problems by allowing the government to control spending..." convenietly neglecting to mention that these problems were created by the very ones now pushing the "cashless solution."

- Pay attention to the word CONTROL.

 

The recently visible salvos in the War on Cash are by no means a "new" idea. Neither it is an unserious idea...at least not to the Keynesian-statist way of thinking.

- A FED paper back in 1999 suggested a "carry tax" on cash, and "taxing physical cash" discussing both tax penalties and an expiration date on cash if people didn't want to spend their money.

 

Make no mistake. This is a long-planned effort that is just beginning to be revealed. It has been rolled out because of the massive failure of QE-ZIRP and NIRP.

- Not only are more taxes coming, but a tax on cash is coming.

 

This entire "cashless solution" concept is as appealing as a cookbook written by Hannibal Lector.