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When Gold Does Beat Paper
goldsilverworlds.com / via The Gold Standard Institute / May 21, 2015
As already described in the last edition, the cash situation in Europe is coming to a head. France is toughening the rules on cash transactions as of summer and also Sweden and Greece are getting serious: cash payments will be limited to EUR 70 (i.e. USD 79).
Alarm bells sound as the ECB announces a conference on cash in London. Both the event‘s title „Solution in case of emergency“ as well as the speaker and participants list bode ill. Representatives from the Fed, the Swiss and Danish central banks as well as other Eurozone regulators will hang on the lips of such infamous cash adversaries as Kenneth Rogoff (Harvard) and Willem Buiter (Citigroup). Citizens will have to suffer should these fantasies come true.
A while ago the fight against terror and drugs served as bogeyman, now officials are getting closer to the truth. Mainstream media such as the renowned Neue Zürcher Zeitung (NZZ) cite fears of bank runs as the main driver for the current intensification of the cash ban debate.
According to NZZ, a negative interest rate can only be effective from 5 per cent upwards. This of course would drive people to withdraw massive amounts of cash from their accounts which can only be forestalled by a ban. So it’s official now: the nasty citizens are not the reason for this “regrettable but necessary measure“. Rather, it is a direct result of previous interventions.
The post When Gold Does Beat Paper appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/05/21/when-gold-does-beat-paper/
