Feb 10

cashless economy

Something Very Disturbing Spotted In A Morgan Stanley Presentation:

With central bankers losing credibility left and right, and failing outright to boost the “wealth effect” no matter what they throw at it, the next big question is when will central planners around the world unveil the cashless society which is a necessary and sufficient condition to a regime of global NIRP.

And while in recent days we have seen op-eds by both Bloomberg and FT urging the banning of cash, the most disturbing development we have seen yet in the push for a cashless society has come from the following slide in a Morgan Stanley presentation, one in which the bank’s head of EMEA equity research Huw van Steenis, pointed out the following…

MS negative rates

… and added this:

One of the most surprising comments this year came from a closed session on fintech where I sat next to someone in policy circles who argued that we should move quickly to a cashless economy so that we could introduce negative rates well below 1% – as they were concerned that Larry Summers’ secular stagnation was indeed playing out and we would be stuck with negative rates for a decade in Europe. They felt below (1.5)% depositors would start to hoard notes, leading to yet further complexities for monetary policy.

Consider this the latest, and loudest, warning on the road to digital fiat serfdom.

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One Response to “Something Very Disturbing Spotted In A Morgan Stanley Presentation”

  1. squodgy Says:

    Victimising the dark underworld of the Black Market so that the underworld of the Black Banksters can gain total control over every form of monetary exchange is interesting.
    Again the banksters’ rules, includjing that of Economic Growth, have proved to be a millstone for their policy and have encouraged alternative methods of trading, and further efforts will again force the little man and local communities to initiate alternative trading hubs like Barter Banks to enable trade.

    This will be unacceptable & result in persecution….incrementalism leading to revolt.

    We must get the adfdresses of the “Parasites”.

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