by Glenn Harlan Reynolds | USA Today | February 29, 2016
Does it PAY to BAN cash?
Sovereign Solutions Editor’s Note:
The short answer to the headline question is: DEPENDS.
It depends because one must ask just who does it pay; who benefits from banning cash? As the featured article goes into, Big Government and other Liars, Looters, and Losers benefit from the greatest tax of all time: the great hidden tax that eludes comprehension from so many, INFLATION.
Consider what happens when cash is 100% banned, which, comparative to earlier years with denomination bills that represent MUCH more purchasing power relative to the currency’s worth at the time [different worth due primarily to that hidden tax]. What happens to people with less options, less competition in any market for which to serve them?
The answer is simple: they pay in spades.
Banning cash is BOLD. We will be discussing this in greater detail over time. For now, the powers that be are talking about reducing the top US denomination to an even lesser face value. Considering that in the past a $100 bill actually amounted to some considerable value, further, with much larger notes included for those that wished to transact also, and that now commands relatively little, we must really consider that these next steps are just part of a process to fully ban cash.
I have a few key words for you to search, all of which represent a larger War on Cash and War on Savers and individual or small scale capital formation. They will be discussed here later on:
Zero interest rate policy [Z.I.R.P]
Negative interest rate policy [N.I.R.P]
Folks, it is time to CREATE and ALLOW for money and commerce or trade options; it is not time to DESTROYand PROHIBIT money and commerce or trade options. For when we are left but with possibly one option, one that is fully outside of self control, one that is destructive to the last vestiges of once valued individual privacy, what will protect us from absolute plunder, absolute control?
Former Treasury secretary Larry Summers wants to get rid of the $100 bill. But I think he has it exactly backward. I think we need to restore the $500 and $1000 bills. And the reason is that people like Larry Summers have done a horrible job.
Summers wrote recently in The Washington Post that the $100 bill needs to go. The reason, he says, is that it’s a favorite of criminals, along with the 500 euro note, which is likely to be discontinued. The New York Times editorialized in agreement, writing: “Getting rid of big bills will make it harder for criminals to do business and make it easier for law enforcement to detect illicit activity. … There is no need for large-denomination currency. Britain’s top bill is the 50-pound note ($72), which has been perfectly sufficient. The United States stopped distributing $500, $1,000, $5,000 and $10,000 bills in 1969. There are now so many ways to pay for things, and eliminating big bills should create few problems.”
Reading this got me to thinking: What is a $100 bill worth now, compared to 1969? According to the U.S. Inflation Calculator online, a $100 bill today has the equivalent purchasing power of $15.49 in 1969 dollars. Likewise, in 1969, a $100 bill had the equivalent purchasing power of $645.55 in today’s dollars.
So even if we brought back the discontinued $500 bill, it wouldn’t have the purchasing power today that a $100 bill had in 1969, when larger denominations were discontinued. And carrying around a $100 bill today is basically like carrying around a $20 in 1969.
My name is Matthew. I am founder of and manage Sovereign Liberty Solutions.
I am a proponent of free, voluntary association and expression. I understand that there is no single exception or excuse to violate this with the initiation of force, fraud, and coercion.
I welcome a genuine dialogue & seek information, news, analysis, and, of course, solutions, whether it be on the individual level or a more voluntary association [group] or even "national" one.