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.

Coins and bills are obsolete and only reduce the influence of central banks. This position represents the economy Peter Bofinger. The federal government should stand up for the abolition of cash, he calls in the mirror…

The economy Peter Bofinger campaigns for the abolition of cash. “With today’s technical possibilities coins and notes are in fact an anachronism,” Bofinger told SPIEGEL.

If these away, the markets for undeclared work and drugs could be dried out. In addition, it would have the central banks easier to enforce its monetary policy.The teaching in Würzburg economics professor called on the federal government to promote at the international level for the abolition of cash. “That would certainly be a good topic for the agenda of the G-7 summit in Elmau,” he said. (Click here to read the full interview in the new mirror .)

Even the former US Treasury Secretary Larry Summers and economist pleaded for an end to the already cash . Likewise, the US economist Kenneth Rogoff . He also argued that the interest rates of central banks have less clout when banks or consumer credit rather than hoard cash.

Critics warn, however , such debates would only distract from the real problems of the current monetary policy. – Spiegel

At the heart of the elitist movement to end the use of cash is the nasty little secret that central bank monetary policies have failed, and failed utterly, so much so that they threatened to bring down the entire global financial system back in 2008, while making the system now much, much worse just seven years later.

JP Morgan cash

It was not the American people, nor the populations of a few hundred countries, that chose to keep interest rates down near zero for half a decade, or to expand the monetary supply by tens of trillions of dollars.  No, the fault lies completely in the inerrant policies of Keynesian trained bankers who sought to steal the wealth of future generations by bailing out the corrupt and bad decisions of their fellow banks, and to embark on a course of wealth redistribution that has nearly destroyed the middle class, and has once again brought the global financial system to the brink of collapse.

Last week, the poster child for zero interest rates and radical debt borrowing crossed over the one quadrillion mark for their national debt, and in doing so has validated that central bank interventions achieve nothing more than scorched earth for any economy they manage.  And with their failures leaving left them with the consequence of never being able to raise interest rates again, their solution appears not to be their accepting the results of their failures, but to embark on the ultimate scheme of fraud by eliminating cash altogether so that they can mandate to the penny how people spend, save, and invest, and remove the last vestiges of freedom from the people that comes in the power over what individuals are allowed to do with their own money and wealth.

Kenneth Schortgen Jr is a writer for,, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.