A central theme for the Davos World Economic Forum is a push to ban cash.
Yesterday we outlined how Nobel Prize winning economist Joseph Stiglitz was urging the US to do away with physical cash.
Today, Paypal CEO Dan Schulman is doing much the same thing although in this case he claims that getting rid of cash will end “leakage” (Stiglitz and most elites usually suggest a cash ban will end money laundering or crime).
The digital revolution is making transactions cheaper and easier for millions of people worldwide and will eventually push out traditional forms of payment, like cash, PayPal's Dan Schulman told CNBC on Wednesday…
"I think what we came to the realization of is that the war is really against cash and against waste," Schulman said, speaking from the World Economic Forum in Davos, Switzerland. "There's tremendous leakage in the system."
Source: CNBC
These arguments are getting tiresome. If you want to see the real reason everyone at the top of the economic food chain wants to ban cash, take a look at what the Godfather of cash bans, former Chief Economist for the IMF, Ken Rogoff, stated in his research on the subject in 2014:
http://scholar.harvard.edu/files/rogoff/files/c13431.pdf
Rogoff has been calling for cash bans for years. He’s even written a book entitled “The Curse of Cash.”
Does Rogoff want to ban cash to end money laundering/corruption or reduce “leakage” in the system?
Nope.
His primary concern… the #1 reason he wants to ban cash… is to permit Central Banks to cut rates BELOW zero.
This is what it’s all about… closing a loophole that permits you to save your cash from NIRP… even though there is no evidence ANYWHERE that NIRP is a successful policy.
After all, as long as you can take you money out of the bank in physical cash, you can escape NIRP.
This is why the elites, particularly economists, want to ban cash… it has NOTHING to do with cutting down on crime and EVERYTHING to do with increasing Central Bank control of the financial system.
Indeed, we've uncovered a secret document outlining how the Fed plans to ban physical cash and incinerate savings in the coming months.
We detail this paper and outline three investment strategies you can implement
right now to protect your capital from the Fed's sinister plan in our Special Report
Survive the Fed's War on Cash.
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To pick up yours, swing by….
http://phoenixcapitalmarketing.com/cash.html
Best Regards
Graham Summers
Chief Market Strategist
Phoenix Capital Research
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