Potential future Federal Reserve Chairman Larry Summers calls for end of the $100 dollar bill.
Infowars’ Paul Joseph Watson reported on 2/17 that economist Larry Summers recently called for a “moratorium on printing new high denomination notes” in a Washington Post article entitled “It’s time to kill the $100 bill” which you can read here.
Summers said he would eradicate the $100 bill completely and even indicated that he’d organize a global effort to eliminate lower denominations “worth more than say, $50 or $100.”
He praised the European Union for scrapping the €500 euro bill and said countries like Switzerland should follow suit.
The move to ban cash has been accelerating over the last year, with numerous prominent officials echoing Summers’ sentiments.
– France introduced laws last year which restrict French citizens from making cash payments over €1,000 euros. Italy, Russia, Spain, Mexico, and Uruguay have all introduced similar laws that ban cash payments over a certain amount.
– Earlier this week, the ECB Council voted to scrap the €500 euro bill, a decision that would reduce the amount of physical cash in circulation by around 30%, despite the fact that such a move “would be negative for the currency,” according to a Bank of America analysis.
– Last month, Norway’s biggest bank DNB called for eliminating cash to “cut down on black market sales and crimes such as money laundering.”
– In August last year, the Financial Times published an ediotorial which called for the abolition of cash altogether to, “Make life easier for a government set on squeezing the informal economy out of existence.”
– At a secretive meeting in London last year, Kenneth Rogoff of Harvard University and Willem Buiter, the Chief Economist at Citigroup met with top central bankers to discuss phasing out cash.
– Former Bank of England economist Jim Leaviss penned an article for the London Telegraph last April in which he said a cashless society would only be achieved by “forcing everyone to spend only by electronic means from an account held at a government-run bank,” which would be, “monitored, or even directly controlled by the government.”
A December 2015 article written on We The Vigilant pointed out the real dangers of eradicating cash and transitioning to a system based only on credit.
In short, the feds could potentially gain the power to dissolve bank accounts and decide why or how the general public can purchase items on a daily basis. Ridding the world of cash would give the government dictatorial powers over your ability to conduct a transaction – an attack on not just your privacy but your liberty as well.
As it stands, cash allows people to purchase items without it showing up on a credit card statement. Eliminating that medium would allow the ruling class to monitor your activity and even arbitrarily block certain transactions from going through which could mean the end of freedom as we know it.
Edwin Black explains more in the video below: