Saturday, September 19, 2015

Bank of England’s Chief Economist: Abolish the Use of Cash

Andy Haldane 
The bankster tools continue to promote the end of cash.

In a speech to the Northern Ireland chamber of commerce,  Andy Haldane, chief economist at BOE, said ending cash would help the bank to manage inflation by enabling it to bypass the current constraint against lowering rates below zero, reports FT.

Abolishing cash would remove the option for individuals to remove money from banks, if it ever instituted negative interest rates, he said.

He continued “perhaps central bank money is ripe for its own great technological leap forward, prompted by the pressing demands of the zero lower bound [on interest rates]”.

Halande is also thinking global. FT writes:

Highlighting the need for a government-backed electronic wallet, even if it no longer had the Queen’s head printed on notes or coins, he proposed a world without cash. “This would preserve the social convention of a state-issued unit of account and medium of exchange, albeit with currency now held in digital rather than physical wallets,” he said.
In addition to Halande, FT has recently called for the abolishment of cash, as has Citi Group's top economist, Willem Buiter. And Bill Gates  has dissed cash.



  1. When is capital not capital? Answer: When it is no longer a store of value.

    Black market money, here we come.

  2. He all but out and says it, "we need to get rid of cash to make it easier to steal from people by taking away their defenses against it".

  3. Maybe I can convince my employer to pay me in gift cards to the stores I frequent (e.g. grocery stores, gas stations, etc.)? Unfortunately those places won't want to hold the cash either. But I'm sure Mr. Market will come up with more than one answer. He always does.

    You know, the end result of all this may be the bypassing of the banking system altogether. Central banking may prove more than "ripe for its own great technological leap forward". In the end it may prove down right rotten and ready for the trash can.

  4. This pretty much proves the "elites" are planning a major crash. However they can't do so until they have protected / ensured their own assets against a crash. One part of that is making sure they can steal from the middle to cover their own losses. If / when they are successful in abolishing cash, watch out.