The Mainstream Media Goes “All In” On Promoting a Cash Ban
by Phoenix Capital
ZeroHedge.com
Dec 6, 2016
In the last 12 months, the editorial boards at three of the biggest mainstream media outlets (Bloomberg, The Financial Times, and The New York Times) have all penned articles supporting the banning of physical cash.
In every circumstance, the argument has been that doing this would
A) Help stop crime such as money laundering or drug dealing.
B) Generate major economic growth.
Regarding #1, we know this claim is complete bunk. Consider the case in India where the Government recently banned ALL currency denominations above 500 Rupees.
The argument from the Government was that doing this would quickly reveal that most of the money would stay in circulation as part of the “Black Market”… thereby justifying the move (those using cash were criminals).
Instead, physical cash has poured into India banks. As we write this, 82% of ALL physical cash in the denominations that were banned has been deposited… and that was in less than THREE weeks.
I want to emphasize here that 500 rupees comes to roughly $7. And these denominations represent roughly 86% of ALL of India’s cash.
The Rest…HERE
