3 ms·
When cash is abolished the bankers will own everything. We're asked to trust bankers to keep track of bits when they'd foreclose on homes that were current wit
by irixusr 11y ago
When cash is abolished the bankers will own everything.
We're asked to trust bankers to keep track of bits when they'd foreclose on homes that were current with their loan payments!
Bankers who consistently make risky bets because they know their losses will inevitably be nationalized.
Bankers who have manipulated the libor index, engaged in insider trading, broke the fiduciary trust between them and their clients advising them to buy assets they were selling.
Ya, we should abolish cash and make these folks in charge of our money
- feraloink 11y agoThis is exactly the problem! What you wrote does not sound like extremist talk or paranoia. Certainly not after reading this: >Bank notes, as an alternate storehouse of value, are a constraint on central banks’ power. “We view this constraint as undesirable,” Citigroup Global Chief Economist Willem Buiter wrote. He goes on to describe some ways that central banks could stop people from trying to hold on to their cash, thus undercutting the supposedly desirable goal of expanding bank power. They included: > One, abolish paper money. Two, tax paper money. One lone guy at NYU's business school made the only (to me) rational observation. It was how the article ended: > if you’re afraid that central banks are in a war against savers, or that the government will try to control your financial affairs, cash is your best defense. Taking it away “is a prescription for revolution”.