Control, Tax, Confiscate
BALTIMORE – Harvard economist Larry Summers is a reliable source of claptrap. And a frequent spokesman for the Deep State.
To bring new readers up to speed, voters don’t get a say in who runs the country. Instead, a ‘shadow government’ of elites, cronies, lobbyists, bureaucrats, politicians, and zombies – aka the Deep State – is permanently in power.
Put simply, it doesn’t matter which party is in power; the Deep State rules. Want to know what the Deep State is up to now? Read Larry Summers.
‘It’s time to kill the $100 bill,’ he wrote in the Washington Post (another reliable source of claptrap).
The Deep State wants you to use money it can easily control, tax, and confiscate. And paper currency is getting in its way.
France has already banned residents from making cash transactions of 1,000 ($1,114) or more. Norway and Sweden’s biggest banks urge the outright abolition of cash. And there are plans at the highest levels of government in Israel, India, and China to remove cash from circulation.
Deutsche Bank CEO John Cryan predicts that cash ‘probably won’t exist’ 10 years from now. And here is Mr. Summers in the Washington Post:
‘Illicit activities are facilitated when a million dollars weighs 2.2 pounds as with the 500 euro note rather than more than 50 pounds, as would be the case if the $20 bill was the high denomination note.’
He proposes ‘a global agreement to stop issuing notes worth more than say $50 or $100. Such an agreement would be as significant as anything else the G7 or G20 has done in years.’
What makes Mr. Summers so confident that a ban on Ben Franklins would be a good thing? It turns out that a research paper – presented by Peter Sands, the former CEO of British bank Standard Chartered, and published for the Harvard Kennedy School of Government – says so.
This post was published at Acting-Man on February 18, 2016.