Eliminating cash is an idea whose time will never come. It’s anonymous, which is why governments hate it and people who want to maintain a semblance of their privacy like it. From Tyler Durden at zerohedge.com:
Apple CEO Tim Cook has one big hope for the future – that he lives to see the end of money.
“…I’m hoping that I’m still going to be alive to see the elimination of money.”
Speaking at a meeting for Apple shareholders in Cupertino, California earlier this month, Cook made it clear that he is firmly on the side of the war-on-cash establishment.
“Because why would you have this stuff! Why go through all the expense of printing this stuff and then some people steal it, and you’ve got to worry about counterfeits and all these things,” he continued.
As Apple’s CEO talked about the downsides of cash, BI reported that he became more animated, revealing his real passion about the topic…
“We can provide a solution for the customer that’s simpler, more convenient, you don’t carry around a wallet with a bunch of cards in it, or a purse with a bunch of cards in it,”Cook said.
“And it’s more secure, if you’ve ever had your credit card ripped off, I’m sure a lot of you have, I have, it’s not a good experience.”
The enemies of cash claim that only crooks and cranks need large-denomination bills.They want large transactions to be made electronically so government can follow them. Yet these are some of the same European politicians who blew a gasket when they learned that U.S. counterterrorist officials were monitoring money through the Swift global system. Criminals will find a way, large bills or not.
The real reason the war on cash is gearing up now is political: Politicians and central bankers fear that holders of currency could undermine their brave new monetary world of negative interest rates. Japan and Europe are already deep into negative territory, and U.S. Federal Reserve Chair Janet Yellen said last week the U.S. should be prepared for the possibility. Translation: That’s where the Fed is going in the next recession.
To continue reading: Silicon Valley Joins War On Cash: Tim Cook Seeks “Elimination Of Money”