The War on Cash – Excellent Speech
from GoldSilverWorlds Western governments have always hated cash transactions. The reason behind that is that cash is private, and cash is hard to tax. So politicians trump up phony reasons like money laundering and drug trafficking, all in the area of illegal practices, to win support for bad laws like the Bank Secrecy Act of 1970, which makes even small cash transactions potentially reportable to the Feds. Today cash is under attack like never before. Consider the following recent developments:
- Ultra low interest rates are the norm for commercial bank accounts. In
- Certain European bonds now pay negative yields, effectively turning them into insurance products rather than financial assets.
- As the ECB ventures into negative nominal interest rates, certain European banks threaten to charge customers for depositing cash.
- Some economists now call for the outright abolition of cash, which shows just how far some will go in their crazed belief that economic prosperity can be commanded by forcing us to spend rather than save.
The War on Cash is real, and it will intensify. Here to explain is Dr. Joe Salerno, who spoke on the subject at the recent Mises Circle event in Stamford, Connecticut. More at www.mises.org.