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The author calls for killing $100 bills, which is 80% of cash in circulation. Which is a theme lately, culminating in yesterday's ECB vote to ban the 500 eur no
by randomname2 11y ago
The author calls for killing $100 bills, which is 80% of cash in circulation. Which is a theme lately, culminating in yesterday's ECB vote to ban the 500 eur note:
- Bloomberg: Bring on the cashless future [1]
- FT: The benefits of scrapping cash [2]
- Bloomberg: Europol Director Sees Case for Scrapping High-Value Banknotes [3]
- Handelsblatt: The death of cash [4]
- Norway's Biggest Bank Calls For Country To Stop Using Cash [5]
- Spiegel: Leading German Economist Calls For Cash Ban [6]
- Bloomberg: Citi Economist Says It's Time to Abolish Cash [7]
- Telegraph: Bank Of England Chief Economist Calls For Cash Ban, Urges Negative Rates [8]
And from a Morgan Stanley presentation, in which its head of EMEA equity research Huw van Steenis, points out [9]:
"What I learned at Davos: We should move quickly to a cashless economy so that we could introduce negative rates well below 1% - policy maker"
..adding: "One of the most surprising comments this year came from a closed session on fintech where I sat next to someone in policy circles who argued that we should move quickly to a cashless economy so that we could introduce negative rates well below 1% – as they were concerned that Larry Summers' secular stagnation was indeed playing out and we would be stuck with negative rates for a decade in Europe. They felt below (1.5)% depositors would start to hoard notes, leading to yet further complexities for monetary policy."
[1] http://www.bloombergview.com/articles/2016-01-31/bring-on-th.. http://www.bloombergview.com/articles/2016-01-31/bring-on-th....
[2] http://www.ft.com/intl/cms/s/8ef4dcb0-ca6f-11e5-be0b-b7ece4e.. http://www.ft.com/intl/cms/s/8ef4dcb0-ca6f-11e5-be0b-b7ece4e....
[3] http://www.bloomberg.com/news/articles/2016-02-08/high-value.. http://www.bloomberg.com/news/articles/2016-02-08/high-value....
[4] https://global.handelsblatt.com/edition/354/ressort/finance/.. https://global.handelsblatt.com/edition/354/ressort/finance/....
[5] http://www.ibtimes.com/norways-biggest-bank-calls-country-st.. http://www.ibtimes.com/norways-biggest-bank-calls-country-st....
[6] http://www.spiegel.de/wirtschaft/soziales/bargeld-peter-bofi.. http://www.spiegel.de/wirtschaft/soziales/bargeld-peter-bofi....
[7] http://www.bloomberg.com/news/articles/2015-04-10/citi-econo.. http://www.bloomberg.com/news/articles/2015-04-10/citi-econo....
[8] http://www.telegraph.co.uk/finance/bank-of-england/11874061/.. http://www.telegraph.co.uk/finance/bank-of-england/11874061/....
[9] https://imgur.com/qnEwiha https://imgur.com/qnEwiha