Scrap cash altogether, says Bank of England’s chief economist – FT.com

The Bank of England in Threadneedle Street, Lo...

The Bank of England in Threadneedle Street, London. Deutsch: Sitz der Bank von England in der Londoner Threadneedle Street. (Photo credit: Wikipedia)

According to this important article from the FT, having already cast paper notes aside in favour of plastic, the Bank of England’s chief economist has proposed getting rid of cash altogether. But the FT argues that the idea of abandoning a system that has been with us for centuries in favour of a government-backed digital currency will seem a step too far.

Source: Scrap cash altogether, says Bank of England’s chief economist – FT.com

A cashless society would have some interesting implications from crime and taxation. But ultimately if an elderly lady wants to keep her savings in cash under her matress that’s her right?

Thoughts?

2 responses

  1. The dream of the Bilderbergers and the 39 families who control much of the world and would like to control all of it is a “cashless society” with all money loaded onto a nanochip and heathcare administered through an injectable nano robot which will eliminate the need for so many doctors,nurses and health care workers.

    Both chips will be triggerable remotely so that people deemed too old,too troublesome or too costly will find themselves or their money “switched off” in a cross between “Mark of the Beast” technology which will decide whether people can buy anything and “Logans Run”,the film in which people over 35 were terminated as they reached the break point between economic utility and becoming a burden on the system.

    The technology is not yet advanced enough for this to be a reality so the first stage is things like “Apple Pay” and the use of smartcards and mobile phones as electronic wallets.

    Once people can be made to go cashless then they cannot escape having to pay taxes and the “Black Economy” becomes transparent.

    This and AI which will destroy 50% of American jobs by 2033 and 33% of all jobs by 2023 will come in stages as the technology advances unless people rebel and awaken at the same time.

    I am hopeful for the long term future but the real owners of the City of London Corporation,the Bank of England and the US Federal Reserve are powerful and intent on this reality whatever means they have to employ to deliver it to their timetable.

  2. Scrapping cash in favour of a digital currency is just another desperate measure being considered by bankrupt governments in order to prop up their debt and deficit spending.

    Digital currencies, controlled by desperate governments, should be avoided as far as possible, and one’s wealth invested in gold.

    Gold, unlike fiat currencies has retained its value over the past 5,000 years.

    As an example: In 1913, US$1,000 would buy nearly 50 ounces of gold. But today, $1,000 would buy less than one ounce of gold.

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