At first, the World Economic Forum warned that it wants to reform capitalism in the wake of a populist revolt. Now it wants to amplify the war on cash by prohibiting the use of physical money in the United States and establish a transition into a digital currency. What a group of evil and controlling minds they are.
During the first day of the Davos event, Joseph Stiglitz, Nobel Prize-winning economist, argued the case for phasing out currency and shift into a digital economy. This, he said, would have far more benefits that “outweigh the cost.”
Following India’s move to remove close to 90 percent of the nation’s currency from circulation, Stiglitz and Mark Pieth from the Basel Institute of Governance presented the argument that you can eliminate corruption, tax evasion and tax avoidance by banning cash and moving into a cashless society.
“You can put it into the context of one of the big issues being discussed in Davos this year – the backlash against globalization, the darker side of globalization … The lack of transparency in global financial markets, the secrecy havens that the Panama Papers exposed, just reinforced what we already knew … There is a global framework for both corruption and tax evasion and tax avoidance,” he said.
“The fact that you can hide ill-gotten gains so easily in these secrecy havens really provides incentives for people to engage in this activity as they can get the economic returns and then enjoy the benefits of those returns. If there were not these secrecy havens then the benefits from engaging in these kinds of illicit activity would be much diminished.”
As several countries begin to ban certain denominations of cash (SEE: War on Cash: Australia wants to ban the $100 bill) and as other academics urge other states to follow suit (SEE: War on Cash: Larry Summers now wants to kill $50 bill, urges Switzerland to end SFR1,000 franc note), Stiglitz averred that the U.S. has not done enough to combat these trends. What can the U.S. do exactly? It’s simple, says Stiglitz, ban cash!
“I believe very strongly that countries like the United States could and should move to a digital currency so that you would have the ability to trace this kind of corruption. There are important issues of privacy, cyber-security, but it would certainly have big advantages,” he said.
Indeed, this is just another example of the war on cash not slowing down one bit. The war is only getting bigger, and you should be concerned if your government outlawed cash. A cashless society leads to more surveillance and tracking, forced entry into the banking system, heightened control of your life and greater theft of your property.
Similar to what H.L. Mencken said in the 1950s, if you’re not in favor of banning cash then you support criminals and terrorists!