Monday, May 18, 2015

German economists jump on the ‘end of cash’ bandwagon

They say that when something occurs a single time it is a coincidence. Then if it happens a second time it is a pattern.  But if the same event or philosophy occurs, or is promoted by numerous sources and from several different locations, then that thing has expanded fully into a trend.
The war against cash, and in particular, the call to end the use of cash, has now emerged into a full fledged trend, and one that appears to be propagated by the very banking system that was originally built to service the use of cash, money, and legal tender.  The question of course to ask is why would financial institutions, a university professor, and now, a think tank economist all call for an end of the use of physical cash?
The answer lies in a conclusion none in the financial system want to accept, with their response instead to seek a solution that would impose draconian restrictions on the freedoms of all people in their right to choose how they spend or save their money.