The attack on cash has entered a new stage.
Kenneth Rogoff, the Thomas D. Cabot Professor of Public Policy at Harvard University and the former chief economist of the International Monetary Fund, is out with an essay this morning in the Wall Street Journal titled,The Sinister Side of Cash.
In other words, cash is anti-state, It is about freedom. Rogoff by addressing the above state concerns lays out the true desires of the anti-cash promoters: More state control. It is a further move in the direction of totalitarianism.
How does Rogoff want to execute this anti-cash movement?
He also explains how instruments like bitcoin will be thwarted in his statist non-cash world:
Rogoff also knows that cash is a check against the Federal Reserve going serioulsy negative on interest rates:
When does he want to launch his program to eliminate $20 bills and up?
“ I believe the time has come,” he writes.
The elimination of everything but very low denomination bills is one of the most significant statist power grabs in United States history. It provides the state with unheard of methods of tracking and control.
It is an evil plan that must be objected to loudly and forcefully. This is a battle that must be joined. The anti-cash advocates must be defeated.
Robert Wenzel is Editor & Publisher ofEconomicPolicyJournal.com and Target Liberty. He also writesEPJ Daily Alert. He is also the author ofThe Fed Flunks: My Speech at the New York Federal Reserve Bank. Follow him on twitter:@wenzeleconomics andonLinkedIn.