Killing the $100: The war on cash is underway
Posted February 16, 2016 4:26 pm by PatriotRising with 0 comments
Money burn
A former top economic advisor is calling on the Treasury to do away with $50 and $100 bills, claiming that larger currency denominations make it easier for criminals and terrorists to do business. But as with all “for security” arguments, there’s an entirely different hidden motive at play.
Larry Summers, an ex-treasury secretary who served as an economic advisor to the Obama administration, argues in a recent Washington Post blog that large bills such as the U.S.’s $100 and the European Union’s 500-euro bills aid in corruption and criminal activity throughout the world.
His rather simplistic basis for the argument: Large sums of money consisting of big bills weigh less than if they were made up of smaller currency denominations.
To make it harder for criminals to move money unnoticed, Summers is calling for “a global agreement to stop issuing notes worth more than say $50 or $100.”
From his post:
Such an agreement would be as significant as anything else the G7 or G20 has done in years. China, which is hosting the next G-20 in September, has made attacking corruption a central part of its economic and political strategy. More generally, at a time when such a demonstration is very much needed, a global agreement to stop issuing high denomination notes would also show that the global financial groupings can stand up against “big money” and for the interests of ordinary citizens.
Of course, the change would also make it far more difficult for ordinary citizens who don’t have full faith in banks to keep cash on hand for emergencies.
As financial turmoil throughout the world facilitated by reckless central banking policies is driving trust in financial institutions to new lows, Summers’ idea to make cash dealings more difficult is certainly not unique.
In fact, Summers got his idea about the danger of large currency from Harvard Business School fellow Peter Sands who, in a recent paper, said large-denomination bills are the “preferred payment mechanism of those pursuing illicit activities, given the anonymity and lack of transaction record they offer, and the relative ease with which they can be transported and moved.”
Again, large bills are also the preferred denominations for anyone locking cash away in a home safe in the event that the banking system collapses. In other words, the two financial insiders are essentially suggesting that lacking faith in the banking system is an illicit activity.
http://patriotrising.com/2016/02/16/killing-the-100-the-war-on-cash-is-underway/
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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