A BIG REASON WHY ELIMINATING CASH IS A BAD IDEA IS ACTUALLY A REASON WHY PROPONENTS THINK IT IS A GOOD IDEA
A few choice quotes from the Cato Institute report that I linked to last week:
“Proponents maintain that future macroeconomic stability requires that central banks have the ability to impose negative interest rates, not only on bank reserves, but on the public’s money holdings as well, and this can be accomplished only by preventing the public from hoarding cash.”
“[N]egative interest rates… would essentially entail a comprehensive tax on money holdings.”
“Negative interest rates in a cashless economy end up giving an unelected regulatory body discretionary power to tax money.”
I’m sold, aren’t you? The Cato Institute, fortunately, is not.
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