Bloomberg Op-Ed Calls For An End Of Cash

Zerohedge.com ^ | 01/31/2016 | Tyler Durden

[MarchonDC09122009]

So It Begins: Bloomberg Op-Ed Calls For An End Of Cash

http://www.zerohedge.com/news/2016-01-31/bloomberg-op-ed-calls-end-cash

So It Begins: Bloomberg Op-Ed Calls For An End Of Cash

Submitted by Tyler Durden on 01/31/2016

In a moment of curious serendipity, a little over 90 minutes after we showed what a dystopian, centrally-planned, cashless society unleashed in a negative interest rate world would look like ("by forcing people and companies to convert their paper money into bank deposits, the hope is that they can be persuaded (coerced?) to spend that money rather than save it because those deposits will carry considerable costs"), and briefly after we laid out the countless recent warnings from "very serious people" that cash is evil and should be banned:

1. Norway's Biggest Bank Demands Cash Ban 2. Bank Of England Economist Calls For Cash Ban, Urges Negative Rates 3. Citigroup's Gold "Expert" Demands A Cash Ban 4. Leading German Keynesian Economist Calls For Cash Ban

... while warning to await a full-on coopted media assault about the dangers of cash "which is an anacrhonysm from a bygone era, and that the world will be so much better if only everyone dutifully exchanges the physical currency in their pocket for digital, traceable, and deletable 1s and 0s", none other than Bloomberg issued an editorial Op-Ed in which it had one simple message: "Bring On the Cashless Future."

For those who were amused by our warning that a cashless world may be coming, here is precisely why the warning was issued, in Bloomberg's digital ink:

5. Bring On the Cashless Future - Bloomberg..."

[zeestephen]

A lot of us already live without cash or checks.

I carry five one dollar bills in my wallet, for an occasional lottery ticket, and just in case my bus pass ever screws up.

I keep a roll of quarters at home because the Wi-Fi card scanners in our laundry room crash a couple times each year.

I just wrote a $110 check to the State Department to renew my Passport.

You know the last time I wrote a check? Two years ago, when I renewed my Drivers License!

I pay all my bills with a credit card - either on file for monthly bills, or swipe (or, now, click the chip!) at the register.

I love the convenience, the simplicity, and the instant documentation on the Web.

Also, one good thing about a cashless society - the number of robberies goes down every year because there are fewer and fewer people who carry cash. And, forcing people to use their ATM cards carries a kidnapping charge and a potential life sentence, for $200!

[Carry_Okie]

Trump owes money but has spread the loans among many competing banks to avoid the problem of too much power in the hands of one bank. Read his financials.

And of course those banks could NEVER collude.

There is no evidence that he will act without constitutional restraint.

Only because you won't acknowledge if you see it. His healthcare preferences alone are sufficient evidence as there is no such Constitutional power found in Article I.

GOPe plan is to knock down Cruz first, consolidate power in GOPe.

There is insufficient support for ANY GOPe candidate to nominate Rubio. Add them all up and the most you get is 30%, although Trump has POd Cruz people enough that a few just might do the GOPe bidding, but most will stay home. Trump will play the GOPe game well enough that they think they can get what they want out of him, which is amnesty that he wants anyway. After that, conservatives won't matter. Support Trump, and you've killed any chance of a return to the Constitution, ever.

[Carry_Okie]

Oh please. You are so out to lunch I’m not going to bother.

[nopardons]

Deflect, deny, change the subject; I see that you are still at that. LOL

[gattaca]

bump

[lifeline]

The problem already is that most money has no true backing and is just an electronic number in the system.

[GeaugaRepublican]

There is insufficient support for ANY GOPe candidate to nominate Rubio.
_______________________
I disagree with you on the bank and constitution assertions which are not grounded in facts. However, I think you totally underestimate the consolidation of GOPe.

Rick Wilson (the guy who knew about the Cruz mailers and had his friend break the story) is behind the GOPe push.

See where we are in 3 weeks. If Bush fails to come in 3rd or better in New Hampshire, his donors and support go to Rubio. That’s the deal.

And Rubio’s a great puppet with no real money of his own and all sorts of stuff in his personal history.

[Smokin' Joe]

FUMB. I will have something to trade. (Big gulp cups!)

[CincyRichieRich]

My,my you are useful.

[HiTech RedNeck]

People won’t want this. People will flock to convenience but they will shun coercion.

[ObamaMustGo2012]

Getting rid of cash would do away with the Black Market and would destroy the drug trade. It would eliminate the need for the IRS and likely make the GDP explode in this country.

Having said that, it will never happen and thank God for that.

[r_barton]

It would probably just create a lot more front companies to launder the drug money through.

[vette6387]

“If Bloomturd is so against cash, let him give me his chump change dollars (clean, green, old, dirty, smelly).”

Who knew our next Hitler would be a Jewish?

[Pollster1]

The “end of cash” would dramatically increase the demand for gold and the use of gold in transactions. Actions have consequences, and government actions always have unintended consequences.

Without cash, how else would liberals pay for prostitutes and drugs? How else would decent people pay for ammo in calibers they don’t want a record of? Whether we pay in gold or in bricks of .22LR, we’ll all find a way other than electronic payments that leave a record.

[Gen.Blather]

-They can put a fee and tax on every transaction plus go to negative interest rates easier.-

A spectacular portion of the economy is in cash and untaxed. Yard sales, cash car sales, private gun sales, drug sales and personal services ranging from leaf raking to blow jobs are either untaxed or under-reported. Imagine collecting tax on every bag of marihuana illicitly sold. That is what they want. That is only possible by forcing every transaction to be recorded.

The issue of negative interest rates only works on large corporations who must leave their money in banks to operate. If cash is available as an alternative how many people will leave their money where it is, not to put too fine a point on it, stolen?

Several times Democrats have tried to make a blanket tax on everybody for our supposed contribution to the untaxed economy; yard sales and the like. It has been beaten back each time.

[Gaffer]

It’s much easier to steal bits and bytes than cash.

[Captainpaintball]

It’s fitting this begins in Jewssolini’s financial network...

[muir_redwoods]

Gresham’s Law says, basically that good money drives out bad. Try to replace money with some electronic ledger entry that is in the hands of banksters and bureaucrats and people will turn to gold, silver and trusted foreign currencies.

Confederate currency became worthless before the war was over. Go to any third-world kleptocracy and see how much US dollars and Euros are worth compared to the local paper. Most of us would happily accept the equivalent gold or silver in payment to settle a debt instead of paper money.

[grania]

How are they going to make money out of it?

Every transaction, regardless how small, will have fees attached to it. Taxes will be automatically deducted from your register. You'll have limits set on how you spend your money. If you don't spend enough, the masters will want to know why. Your every move will be tracked through your expenditures. Everything you do will be tracked. It's the end of freedom for the human race (no exaggeration)

[DaiHuy]

Well Chase Bank is working on it. I was informed Fri. that cash deposits, loan or credit card payments in cash would no longer be accepted without photo id.