Don’t believe you’re a criminal if you use cash regularly. That’s my advice today. It’s prompted by a warning from Norway’s largest bank that it has no idea what people are doing with 60% of Norway’s cash.
Therefore ban cash
DNB is Norway’s largest bank. Trond Bentestuen, one of the bank’s executive vice presidents, says the bank can only account for 40% of bank notes in circulation. The rest, he presumes, is on the black market.
In remarks reported by the Independent, he says, “That means that 60 per cent of money usage is outside of any control. We think much of it revolves around the black economy and money laundering. There are so many dangers and disadvantages associated with cash, we have concluded that it should be phased out.”
The “dangers and disadvantages” with cash are all on the side of the financial authorities. When you have cash, they can’t control you. This is something Nick and I spoke with Bill Bonner about on the last week’s podcast. The War on Cash is really a war in financial freedom. And at the basic level, there’s no distinction between financial freedom and… freedom.
Category: Central Banks