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#1 2016-09-13 17:17:51

SpacePete
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Registered: 2014-03-01
Posts: 13,437
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An explosion of BS - idiocy, mendacity, politics and the war on cash

Just look at this bullshit. A new book by the former chief economist of the IMF, The Curse of Cash, describes how paper money is making us "less safe" and is basically a tool of criminals and terrorists, and how cash is stopping all the good that can come from the wonderful power of negative interest rates. Jeeeezuz.

... "a fascinating and important book" (Ben Bernanke) about phasing out most paper money to fight crime and tax evasion--and to battle financial crises by tapping the power of negative interest rates

The world is drowning in cash--and it's making us poorer and less safe. In The Curse of Cash, Kenneth Rogoff, one of the world's leading economists, makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish: getting rid of most paper money.

https://www.amazon.com/Curse-Cash-Kenne … 0691172137

From Bloomberg:

This Harvard Economist Is Trying to Kill Cash
A new book makes the case that $100 bills enable tax evasion and crime while thwarting aggressive monetary policy.

Kenneth Rogoff has an interesting résumé: international grandmaster of chess, former chief economist of the International Monetary Fund, professor at Harvard University. And he is now—unofficially—the No. 1 enemy of cash.

...Rogoff also contends that suppressing cash would make it easier for the Federal Reserve and other central banks to boost economic growth by pushing interest rates into negative territory. That's the strange world where you pay to keep money in the bank and get paid to borrow it. The theory is that negative rates will induce people to save less and spend more, which will revive growth.

...Law enforcement officials are among Rogoff's biggest allies in the war on cash, he says, and some central bankers are also interested. The front of his book carries a blurb from former Fed Chairman Ben Bernanke, who calls the book "fascinating and important" and the argument "compelling and wide-ranging." Former Treasury Secretary Larry Summers and Citigroup Chief Economist Willem Buiter have also endorsed the idea, which Rogoff first broached in a scholarly paper in 1998.

Some conservatives, on the other hand, detest the idea, fearing that getting rid of cash will make it easier for government to monitor and control citizens' behavior. The anti-cash ideas of Rogoff and Buiter "are now the foundation for the new age of Economic Totalitarianism that confronts us," foreign-exchange analyst and blogger Martin Armstrong wrote last year.

Rogoff doesn't view totalitarianism as much of a threat.

http://www.bloomberg.com/news/articles/ … its-dollar


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#2 2016-09-13 17:20:48

SpacePete
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Re: An explosion of BS - idiocy, mendacity, politics and the war on cash

On to the idiocy and mendacity bit...


From Howard Kunstlers blog where he references the above book:

Signs of Desperation

Idiocy and mendacity are a bad combo in the affairs of nations, especially in elections. The present case in the USA displays both qualities to near-perfection: on one side, a boorish pseudo-savior in zero command of ideas; on the other side, a wannabe racketeer-in-chief in full command of her instinctive deceit. Trump offers incoherent rhetoric in opposition to the current dismal order of things; Clinton offers empty, pandering rhetoric in defense of that order. Both represent an epic national drive toward political suicide.

The idiocy and mendacity extend to the broad voting public and the discredited elites pretending to run the life of the nation. The American public has never been this badly educated and more distracted by manufactured trivia. They know next to nothing. Even college seniors can't name the Secretary of State or find Switzerland on a map. They don't know in what century the Civil War took place. They couldn't tell you whether a hypotenuse is an animal, a vegetable, or a mineral. Their right to vote is a danger to themselves.

The elites operate in their own twilight zone of ignorance, only at a loftier level, flying on wings of sheepskin. Submitted for your approval: Harvard wizard Kenneth Rogoff's new book, The Curse of Cash. 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. Henceforth, all "money" transactions would be traceable, allowing unprecedented power for authorities to regulate the lives of citizens.

...Kenneth Rogoff tries to justify his war on cash by invoking two of the era's favorite bogymen: terrorists and drug dealers. Cash, he says, allows this axis of evil to do its thing(s). This is a ruse, of course. If currency is eliminated, these outfits will turn to gold and silver, it's that simple. And so will everybody else, by the way. The real reason to abolish cash and herd all money into central banks is to permit the authorities to confiscate it one way or another, either by unavoidable taxation or by "bail-ins" — declaring deposits to be "unsecured loans" that can be repudiated in the event of a financial "accident."

The results are already in for this experiment: "money" becomes more and more dishonest, that is, it cannot be trusted to represent what it pretends to stand for: an index of account and a store of value. Its role as the basis of capital formation is so impaired that real capital (i.e. wealth) cannot be generated, meaning that none of the credit issued as "money" will ever be paid back. Zero interest rate policy eventually equals zero interest paid. "Money" based on loans that won't be paid back loses its legitimacy. Herding all the "money" onto central bank computers only allows for more three-card-monte maneuvers to conceal the bezzle. It would be much harder to hide the destruction of value in circulating paper currency. Eliminating currency as a medium of exchange can only lead to the repudiation of "money" — which will beat a quick path to the repudiation of all authority. And there is your recipe for really suicidal political disorder.

More: http://kunstler.com/clusterturtle-natio … speration/
Edit, try this link, the forum added a turtle to the real URL: http://bit.ly/2c4DHDj

Last edited by SpacePete (2016-09-13 17:22:34)


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#3 2016-09-13 17:37:26

SpacePete
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Re: An explosion of BS - idiocy, mendacity, politics and the war on cash

From the book summary:

So what is all that cash being used for? The answer is simple: a large part is feeding tax evasion, corruption, terrorism, the drug trade, human trafficking, and the rest of a massive global underground economy.

However (from Kunstler):

If currency is eliminated, these outfits will turn to gold and silver, it's that simple. And so will everybody else, by the way. The real reason to abolish cash and herd all money into central banks is to permit the authorities to confiscate it one way or another, either by unavoidable taxation or by "bail-ins" — declaring deposits to be "unsecured loans" that can be repudiated in the event of a financial "accident."

Uh oh. If many more people simply moved to gold and silver then that would be the next target.





___

Last edited by SpacePete (2016-09-13 17:39:52)


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#4 2016-09-13 17:41:20

HoldMeTender
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From: Nunya
Registered: 2016-01-06
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Re: An explosion of BS - idiocy, mendacity, politics and the war on cash

I think the second guy is smarter than the first guy.

And turtles are cool!


All that glitters is not gold...
...but all that is gold glitters!

Windbag in Spandex

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#5 2017-01-11 01:57:03

SpacePete
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Re: An explosion of BS - idiocy, mendacity, politics and the war on cash

The Aussie government loves this bullshit.


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#6 2017-01-11 02:05:25

Ipv6Ready
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From: North Sydney
Registered: 2016-01-08
Posts: 2,103
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Re: An explosion of BS - idiocy, mendacity, politics and the war on cash

Too many tax dodgers would be the first problem


Interested in a wide variety of low premium legal tender World Silver coins, average conditions is fine.
Will pay a decent premium for a variety different silver coins in single lots, not looking 10, 20 or more of same coins.
Note I tumble these to clean them before I put it in jars for display, so I dont want to buy any rare coins for preservation.

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#7 2017-01-11 04:24:02

Shaddam IV
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From: House Corrino
Registered: 2010-03-22
Posts: 6,253

Re: An explosion of BS - idiocy, mendacity, politics and the war on cash

The curse of narcissistic retards writing books.

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#8 2017-01-11 06:39:58

SpacePete
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Re: An explosion of BS - idiocy, mendacity, politics and the war on cash

Shaddam IV wrote:

The curse of narcissistic retards writing books.

And the tards that buy the books and believe it's all just about cracking down on "tax dodgers".


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#9 2017-01-11 07:38:42

systematic
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Re: An explosion of BS - idiocy, mendacity, politics and the war on cash


if everyone is thinking the same, we aren't thinking very much ...

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#10 2017-01-11 16:58:35

betterinvestmentthanshare
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From: South Australia
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Re: An explosion of BS - idiocy, mendacity, politics and the war on cash

It is utter bullshit!!!!!!!!!!!!!!
And for that, you have to start at the end and work your back.
Why is cash a real problem for the governments only?
Lack of revenue is the answer.
Why is there a lack of revenue?
Well we can all answer that one.


Capitalism should work for everyone across the board, today this is not the case. Sure there will always be a small percentage of greed involved, but if the economy was fine, people are happy and secure in employment, I guarantee there would be no war on cash!

Remember prohibition in the states..........................war on alcohol.........................didn't that work a treat..........not big_smile.

Ludicrousy always repeats. They will always divide and conquer.
It's not what they teach in schools or the laws governments pass that will make us what we need to be, it is what we as people, parents, grandparents, aunties, uncles, friends pass onto our children & fellow man that makes us!

Last edited by betterinvestmentthanshare (2017-01-11 16:59:45)


"WARNING!' Beware of making bets with forum member "Roswell Crash Survivor" he does not honour publicly stated & agreed to bets when it loses!

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#11 2017-01-11 17:03:59

SpacePete
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Re: An explosion of BS - idiocy, mendacity, politics and the war on cash

betterinvestmentthanshare wrote:

It is utter bullshit!!!!!!!!!!!!!!
And for that, you have to start at the end and work your back.
Why is cash a real problem for the governments only?
Lack of revenue is the answer.

And I can guarantee that the tighter they squeeze, the lower will be the government's revenue as they destroy all degrees of freedom in the economy and in the activity of citizens.

Overregulated, overtaxed and treated like criminals.


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#12 2017-01-13 03:36:09

phrenzy
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From: Adelaide
Registered: 2014-10-18
Posts: 2,581
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Re: An explosion of BS - idiocy, mendacity, politics and the war on cash

I haven't read the entire thread but I can tell you the currency of the US including the drug traffickers and the like is the $20 USD treasury note bill. Hundreds are used by people for car sales and *gasp* buying things that cost ever more without damaging the nice leather wallet you got got for Christmas.

Want to buy an amazing Spider-Man number one from a guy on Craig's list? Due diligence aside you're not going to do it with a stack of 5's and 10's. It's nonsensical in an inflationary world to get rid of large denomination notes. The only one that there is a weak case for is a €500 note, a suitcase full of those and your talking trouble.

I'm surprised there hasn't been a move to introduce higher denomination notes. When a days grocery shopping costs more than a $50 you can't eliminate the next higher note.

I've just accepted that credit card companies track what I buy and that I have an online profile that's been sold 6 times over. Cash is the only privacy I have left apart from PMs. I accept it because they have made it so hard not to be tracked but you'd be surprised how switched on people are becoming, if they move too fast to cashless and negative rates you'll see a backlash.

People might not know the ins and outs or follow it, but you talk to almost anyone about tracking, pay pass/wave, cashless society and even the local dustman gets a serious look on his face like he's worried even if he's not sure about what.

This is one of my greatest fears, the loss of hope and drive to build and develop new things. They're closeted semi libertarians even though they don't know it. I'm a pinko leftist nut by some estimations here, but that doesn't change the fact that on these issues almost everyone is a libertarian.


R.I.P Khaled Al Assad. One man who few will remember, he died defending humanities legacy.
"Hundreds would die, but not the thing they died for. 'A man can stand up..."

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#13 2017-01-13 03:59:19

SpacePete
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Re: An explosion of BS - idiocy, mendacity, politics and the war on cash

phrenzy wrote:

I haven't read the entire thread but I can tell you the currency of the US including the drug traffickers and the like is the $20 USD treasury note bill.

This is a very good point, but it is actually the US hundred dollar bill. I posted something very interesting on this once:

See: Index » Currencies » "The $100 bill is the world's bitcoin" - the USD & the future of money

"What makes a viable currency is trust in order for people on both sides of a transaction to use it. The Illegal transactions, the arms transactions, the drug transactions that take place all over the world... take place in dollars. The US dollar is not just a petro dollar, it is also an illegal transaction currency that speaks a lot towards how much people trust the US dollar." (From the short video clip 'Gold and oil and guns' in the article.)

http://forums.silverstackers.com/topic- … money.html


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