THE WAR ON CASH: Larry Summers Calls for the Ban on All Notes Above $50, by Robert Wenzel.
The war on cash continues. Former US Treasury Secretary Lawrence Summers, who appears to be leading the global ground attack on cash, is out with an op-ed in the Financial Times commending the EU for their move to halt the production of 500EU notes. He is now calling for Switzerland to stop production of the 1,000 Swiss franc note… It gets worse: “There would be a strong case for stopping the production of notes with value greater than, perhaps, $50…”
Wenzel, a respected and well-known economic commentator, is fairly unequivocal about these developments:
The political criminal states that his reason for calling for the elimination of high denomination notes is to prevent non-political crime and, well, no one needs to use large amounts of cash anyway. … A cashless society is a very bad idea. It would mean a society where the government would be able to track all our transactions — and thus control activities.