Sunday, September 18, 2016

Ken Rogoff’s Strange Way To Admit
Our Government Is Insolvent
A Ban On Paper Currency
ROGOFF WANTS TO HELP GOVERNMENT AT THE EXPENSE OF COMMON PEOPLE
Rogoff’s new book The Curse of Cash proposes a ban on paper currency .. "It’s terrifying piece of work, for several reasons .. the cashless society, which Rogoff proposes in order to make it easier for the U.S. government to confiscate private wealth, in effect, amounts to an admission that Washington can’t pay back its debts." .. even Rogoff himself admits that cash is a problem for central banks & governments to carry out their financial repression for addressing the escalating challenges of government debt: "In principle, cutting interest rates below zero ought to stimulate consumption and investment in the same way as normal monetary policy .. Unfortunately, the existence of cash gums up the works.” . the essay points out that "the fact that Rogoff, Ben Bernanke and others are proposing negative rates despite the considerable evidence that they will do no economic good suggests that they believe that the U.S. government cannot pay back its debts – that it is already insolvent."
link here to the essay

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