Wednesday, February 17, 2016

Larry Summers Wants To Eliminate Cash

The elites live on a higher plane than the schlemiels that produce the food they eat, the mansions they live in and the automobiles they are chauffeured about in. So it shouldn't be any surprise when a couple of them say things that are basically incomprehensible to one of us proles. 

Exhibit A. One time Harvard president and secretary of the treasury Larry Summers wants to get rid of the hundred dollar bill, the 500 Euro bill, and, ultimately, all cash, as he explains in this WaPo missive. Ostensibly, the financial genius wants the complete digitilization of money in an effort to stem crime, which according to him, operates on a cash basis with large bills that can't be monitored by government agencies. Many people are already living in a digital financial bubble, their paychecks directly deposited into bank accounts and all but the smallest purchases made by credit and debit cards. The supposed convenience and security of this outweighs any possible drawbacks. Your pixel money is completely safe in the servers of Mega-bank. You just don't need cash, unless you're a cocaine importer. Having tangible money is now become a crime because of technological innovation.

Larry Summers

Exhibit B. President of the Minneapolis Federal Reserve Bank, Neel Kashkari, gave a speech Monday on that organization's efforts to find a solution to the "Too Big To Fail" syndrome in the nation's banking community. Remarkably, the wizards that run the country's financial sector admit in public that they don't know what the causes of bank failures are and how those debacles can be prevented. Best of all, the group at the Minny Fed has a form on its website to gather input from interested citizens on just what they should do to prevent another "Great Recession", You can't make this stuff up.

Neel Kashkari, President of the Minneapolis Federal Reserve Bank

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