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Bundesbank Defies Elites: Warns That “Plans To Abolish, Criminalize Cash Out Of Line With Freedom”
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
zerohedge.com / by Tyler Durden on 04/17/2016 – 17:35
With everyone from ivory tower academics to sin-street hookers proclaiming the need for and benefits of a “war on cash” to save the world from criminals and tax-evaders (oh yeah and to stop NIRP-driven savers from hording cash and crushing central planners’ dreams), it is perhaps shocking that Bundesbank board member Carl-Ludwig Thiele warned at an event this week that the attempt to abolish and criminalize cash is out of line with freedom. He said that citizens should continue to decide how and in what form they want to use their money.
“I think this is where the academics are kind of clashing with the practitioners. I think on paper negative rates make a lot of sense if you’re running academic models, but in reality they make no sense. Having seven or eight trillion dollars of debt trading at negative rates, having thirty year JGB’s trading at fifty basis points is absolutely ludicrous. This experiment that’s going on we all know will end poorly at some point in time, I just don’t know when that time is.”“I think that one of the fears that they have is a run on cash. If they told you and I that they’re going to tax your deposits by a hundred basis points, well it’s better to put it in a safe or under your mattress. And that’s why you see a resurgence in gold. The more they move to negative rates, the more gold is gonna take off because there’s no carrying cost.“
The post Bundesbank Defies Elites: Warns That “Plans To Abolish, Criminalize Cash Out Of Line With Freedom” appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/04/17/bundesbank-defies-elites-warns-that-plans-to-abolish-criminalize-cash-out-of-line-with-freedom-2/
