Scrap Cash Altogether says Bank of England Chief Economist.High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email
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http://www.ft.com/cms/s/0/7967908e-5ded-11e5-9846-de406ccb37f2.html#ixzz3m9iFB3MaHaving already decided to cast paper notes aside in favour of plastic, the Bank of England’s chief economist has proposed getting rid of cash altogether.
For many, the idea of abandoning a system that has been with us for centuries in favour of a government-backed digital currency will seem a step too far. But Andy Haldane, the radical thinker at the BoE, argues that such a move would give the bank new
flexibility in the event of another downturn.
[NOTE: "Flexibility" means negative rates to the tune of negative 6%+ so you will pay the banks to make money off your money. According to Andreas that's helping out the ~5 billion unraped, err, unbanked].
Mr Haldane added, "using technology similar to that embodied in Bitcoin."
Then adding, the challenge of course is getting the masses to accept it.
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Bankster Roundtable [post crash] circa 2008:Newbie Bankster: We need negative rates now and we need to confiscate trillions from pension funds to pay for all our bad choices but how how can we get billions of people to give up a real and anonymous currency and freely accept a trackable digital currency with ZERO intrinsic value and which will NEVER leave the blockchain resulting in total control by the banks and government allowing instant confiscations via negative interest rates, bail-ins, etc.
Veteran Bankster aka Satan: Oh, maybe we can hype the shit out of a worthless coin by transferring trillions from pensions in it and have a bunch of shills running around telling everyone that banks and governments are terrified of it and hate it.
Newbie Bankster: "No way, that would never work, people aren't that stupid."
Veteran Bankster aka Satan: "Kill the fed! Kill the fed! Kill the fed!"
The Bankster Collective: Bahahahaaaaa.I wasn't on the room that day but I'm pretty sure that's how it went down. haha!