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Ban Cash & Have Government Controlled Credit Accounts Instead- Economist

Ban Cash

Former Bank of England economist and fund manager Jim Leaviss wants to ban cash transactions, as a means of allowing banks to carry forward with their failed policies of recent years that has brought us negative interest rates.

The columnist for the Daily Telegraph wants everyone to use government controlled electronic credit accounts. It would allow better management of the economy by the government and their banker friends, while giving them total access to the heart of each transaction. Their argument for a cashless society is prevention of crime and transparency through surveillance of peoples government monitored, controlled and manipulated accounts.

It seems just like the government’s policies on surveillance for the sake of security, we now have surveillance for the sake of prosperity. They are also running out of ideas on how to stimulate a flagging economy when interest rates are near or below zero. If inflation cannot be manipulated through interest rates any longer, and people are not willing to borrow or spend (maybe because of fear of uncertainty due to security issues), then clever, rich and connected politicians and bankers need to step in and save the day. By taking cash out of the equation they will solve the negative interest rate issue and the problem of the horrid black market operators and criminals, while gorging themselves and their politician friends on free fiat money that decimated people’s savings in the first place.

By not requiring people to save and prosper through positive interest rates, they will force our grandchildren into paying the debts of our children. The governments will follow wasteful, experimental and even dangerous policies that will only need electronic fund transfers, and new accounting practices devised by their banker friends and their accountants.

Eu Times reports:

In a column for the London Telegraph, fund manager Jim Leaviss all but advocates economic fascism as a means of enabling authorities to respond to financial crises better by implementing a “cashless society.”

“Forcing everyone to spend only by electronic means from an account held at a government-run bank would give the authorities far better tools to deal with recessions and economic booms,” states the introduction to Leaviss’ article.

If you think that sounds authoritarian enough, it gets worse. Leaviss then suggests that your hard earned money be “monitored, or even directly controlled by the government,” with authorities then working to “encourage us to spend more when the economy slows, or spend less when it is overheating.”

Once wonders what form this ‘encouragement’ will take. A tax on bank deposits? Negative interest on savings? Limits on how much you can spend each month?

That’s precisely what Leaviss advocates when he calls for a “transaction tax” that would penalize people for spending their own money.

Under this system, commercial banks would stop taking any money from depositors, instead relying on central banks to provide all their funds. The black market would also cease to exist.

“If notes and coins were abolished and the only way to hold money was through a government-controlled bank, there would be no escape,” writes Leaviss, who presumably embarked on a fit of demonic cackling after he penned those words.

Leaviss’ column echoes the sentiments of Citi’s Willem Buiter, who recently advocated abolishing cash altogether in order to “solve the world’s central banks’ problem with negative interest rates”.

After Leaviss began to catch heat for his article, he locked his Twitter account and blocked his face.

The war on cash is intensifying as the establishment seeks more ways to erode the last true bastion of financial anonymity and independence.

Last month, JPMorgan Chase customers received letters informing them that the bank will no longer allow cash to be stored in safety deposit boxes. The bank also instituted a new policy which, “restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans.”

Depositing and withdrawing moderately large amounts of cash is also being treated as a suspicious activity worthy of law enforcement involvement by some banks.

Back in March, we reported on how the Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more.

HSBC is now interrogating its account holders in the UK on how they earn and spend their money as well as restricting large cash withdrawals for customers from £5000 upwards.

Also in March, French Finance Minister Michel Sapin hailed the introduction of measures set to come into force in September which will restrict French citizens from making cash payments over €1,000 euros.

Source: InfoWars-economist-ban-cash-and-force-everyone-to-have-a-government-controlled-bank-account

Edmondo Burr

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BA Economics/Statistics CEO Assistant Editor