Categories: Base Metals / Energy / General Market Commentary / Precious Metals
Topics: General Base Metals / General Energy / General Market Commentary / General Precious Metals

More Davos Elites Suggest Banning Cash...

More Davos Elites Suggest Banning Cash...

A central theme for the Davos World Economic Forum is a push to ban cash.

Yesterday  we outlined how Nobel Prize winning economist Joseph Stiglitz was urging the US to do away with physical cash.

Today, Paypal CEO Dan Schulman is doing much the same thing although in this case he claims that getting rid of cash will end “leakage” (Stiglitz and most elites usually suggest a cash ban will end money laundering or crime).

The digital revolution is making transactions cheaper and easier for millions of people worldwide and will eventually push out traditional forms of payment, like cash, PayPal's Dan Schulman told CNBC on Wednesday…

"I think what we came to the realization of is that the war is really against cash and against waste," Schulman said, speaking from the World Economic Forum in Davos, Switzerland. "There's tremendous leakage in the system."

Source: CNBC

These arguments are getting tiresome. If you want to see the real reason everyone at the top of the economic food chain wants to ban cash, take a look at what the Godfather of cash bans, former Chief Economist for the IMF, Ken Rogoff, stated in his research on the subject in 2014:

Rogoff has been calling for cash bans for years. He’s even written a book entitled “The Curse of Cash.”

Does Rogoff want to ban cash to end money laundering/corruption or reduce “leakage” in the system?

Nope.

To continue reading please click link http://www.zerohedge.com/print/585754