Tuesday, February 16, 2016

Larry Summers: "It’s time to kill the $100 bill"




Lawrence H. Summers, the Charles W. Eliot university professor at Harvard, formerUSTreasury Secretary and former director of the National Economic Council, in a column at The Washington Post tiled, It’s time to kill the $100 bill, is calling for the banishment from circulation of the US $100 bill.

He writes:
Harvard's Mossavar Rahmani Center for Business and Government, which I am privileged to direct, has just issued an important paper by senior fellow Peter Sands and a group of student collaborators. The paper makes a compelling case for stopping the issuance of high denomination notes like the 500 euro note and $100 bill or even withdrawing them from circulation.
The evil statist paints it as somehow a fight to protect ordinary citizens:

 [A] global agreement to stop issuing high denomination notes would also show that the global financial groupings can stand up against “big money” and for the interests of ordinary citizens.
Make no mistake about it, this is about making it difficult for individuals to conduct large size transactions in cash. It is part of the war on cash by governments so that all transaction can be tracked by governments.

-RW

Also see: They Are Taking the War On Cash to the Kids: Cashless Monopoly

31 comments:

  1. When there is no cash all transactions will be taxed

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    1. And accounts locked down and the people locked up! The reptilian Schmucks!

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    2. When there is no cash the government will declare freedom abolished and all citizens to be subjects of the state. They already pretend we're subjects of the state, citizen slaves, rather than free people. The government has us answering to them rather than them answering to us. Government is cancerous, give it more power and it will take more from you, just like it has.

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    3. Don't you all get it. The ultimate goal is to stop all payments by cash. They want everything electronic. Today there is 1.2 trillion dollars in circulation. Actual cash. However people in this country are spending over 12 trillion dollars a year. Most is electronic. They don't have enough cash to cover those transactions. The only thing worth anything is the real cash. So they don't want people to have it.

      They will first tell you they need it out of circulation to curb drugs and terrorism. Then they may pass a law outlawing cash and make everything electronic. Then when the economy goes to complete failure and collapses then you will be locked out of your own accounts. You won't be able to pull cash from an ATM. Far fetched? Think about it, think of what they are saying. There is already talk in some European countries of passing laws to take money out of circulation and go to electronic transactions. It is coming a matter of time.

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    4. Number one reason against eliminating cash....hackers and identity thieves. I personally have had both my checking account and debit card hacked. And they want to go to 100% electronic transactions? No way!

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    5. Don't the morons of the world ever take a day off?

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  2. I wonder how people will feel about getting paid reasonably large sums of money in $1 bills. Buy a car for $1000? How about 1000 $1 bills for payment. It will probably happen.

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  3. At least they are consistent in thinking of us as simpletons. Here's their logic: it's very straightforward, large denominations - oops - big bills are used by that evil 1%. That's how they rip off the little guy, AND they have the balls to rub our faces in it by lighting their Cuban cigars with them, too!

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  4. I hope they at least leave me enough credits for Victory gin and cigarettes.

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    1. They will be victory cigarettes and contain no tabacco

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    2. The government elitism did away with the $500.00, $1,000.00 and the
      $10,000.00 notes, to stop organized crime from moving money. It sure
      worked well, and it stopped the drug business,didn't it.

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  5. It's really amazing how the American "sheeple" don't see anything wrong with the idea of banning cash. It really couldn't be more transparent. The government says they want to ban cash starting with large denom bills at the same time that the Fed (and other central banks) are talking about negative interest rates and nobody can put 2 and 2 together? People are really buying this nonsense about preventing terrorism? Sheesh...

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    1. Believe me the american "sheeple" as you call it. A lot of us do see whats going on. But when you have the rich leading the rich. Theres not much and ordinary everyday person can do. I hate most of the nonesence they either pass or try to pass!

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    2. This BS will result in hyperinflation (printing much more currency-notice how I didn't say money?), which in turn goods/services will cost much more. Just look at Nazi Germany with their hyperinflation-bread/milk cost like $3.50 US dollars in the 1930's

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    3. The Fed is already using negative interest rates as anyone who has I-Bonds can tell you. The fixed rate portion has decreased by the amount of negative interest and the variable rate is zero. The end is going to be very sad and it is not that far off.

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    4. The ones that do see what's going on have the obligation to come together and take this shit to the streets! It's only when lots of blood is shed, when brainless people will hopefully wake up?

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    5. David miller, the hyper inflation in Germany was from the failed government that took over after they lost WWI. Germany was forced to pay the bill for the entire war both victors and their own. Plus France occupied their industrial region. that's like saying you must pay your bills but being banned from your job without a paycheck. So the German gov of the day printed money because they had no other option. the printing of money devalued their currency leading to hyper inflation and then the great depression hit on top of that and Hitler got a ripe nation to take over. as Paul Harvey used to say "now you know the rest of the story."

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    6. Terrorism is the tool that they will use to institute a World Govt. Once they have established full control, they will then kill off all the useful idiot terrorist and move on to the undesirable sheeple. Right now the only thing standing in their way is the darned ole 2nd Amendment....don't forget that people.

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  6. Summers is such a friggin' A-Hole! Of course, the ordinary people don't include the elitists of his ilk. This is why we need a non-institutionalized and non-politicized monetary system and specie backed currency.

    We should be BRINGING BACK the $500 and $1000, even $10,000 notes. The SCHMUCK! But I am surprised he did not mention anything about money laundering and terrorism.....the usual redd herrings!

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  7. Larry Summers is like a bad penny - he should have been gone 20 years ago !

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  8. Larry Summers, typical of his breed.

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  9. THEY DID AWAY WITH THE 1K NOTE ON PRETENSE OF FIGHTING THE DRUG WAR. YEAH RIGHT!!!

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  10. $100 buys a used bicycle with today's escalating deficit spending valuation. Is this yet another attack on the lowly seething masses?
    'Progressive' financial processes and utopian logic, blessed the world with Venezuela, formerly feeding South America, it can no longer even feed itself. Bags of worthless cash, carried daily in search for one loaf of bread, not found... anywhere.
    That is obviously the goal for the 'Progressive' political regime. Time for the proverbial 'pitchforks of old Europe', as they drove into hiding, the carpet bagging political agenda.

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  11. Nonsense is a society and government, worshipping a piece of paper...

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  12. Larry soup
    Your response the sheep can't do anything is why we lost our country...10 percent is all you need to get the attention of TPTB...It will inevitably hit you when you are starving or your family is to death...See a sheep at least follows a dog,the sheeple do nada.You will see.

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  13. I agree that the war on cash is happening; the problem is finding the root of the problem. I know what the true root of the problem is and cash actually helps solve that problem. If our "elite" really want to solve the problem they would have done it by now right? I know so. Instead they are playing a game of chicken between communism and capitalism.
    They are playing a deadly game of financial mirage; and hope we are killed by it.
    The #1 thing to keep in mind is that money itself (cash or numbers on a piece of bureaucratic piece of paper) is nothing more than distrust measured due to the idea of following the leader of whom the trust goes. It is like the carrot on the stick, but the carrot has already been nibbled on. The idea of using one's ego to affect how the other can move (like a chess piece or from just being a psychopath (of whom's hand is on the stick.))
    The way to solve this dilemma is to just not use cash at all, or to take over where the cash is; then to ask the true question of where the truth is and is cash (the portfolio) backing the idea of backing up the truth; of which we are all complaining about right?
    All in all, is it really about hiding the lie? We all know it is about hiding the patents, the UFO tech, the cover-up stories about what they truly are and what their decisions do to impact all of our decision making and families....right? Should we be victims of their squander or just leave their bull shit of a system?
    Is not that what worth the truth is. OR is that the truth monetized into lies for us to play with as like big toys in a universe as the play-pen?

    tonyotag.blogspot.com

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  14. What is the cost to print a bill times 100 to replace a singl 100 bill and up to 100 times vault space

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  15. The cashless society won't be printing money. They'll have complete control. You can fight back by holding cash secretly. Before long no banks needed?

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  16. Just think - when you have to start buy your groceries electronically, they can determine what you can and cannot eat. Won't that be fun ?

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  17. As we may soon be entering into hyperinflation I was thinking that bringing back the 10,000 would be a great idea.

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