MCViewPoint

Opinion from a Libertarian ViewPoint

Trump’s Fed Nominee Advocated Abolishing Cash

Posted by M. C. Fox on May 22, 2018

This war on you and your cash day here at MCViewPoint.

…cash should be phased out of circulation so the Fed can charge negative interest rates and force consumers to pay fees to keep money in savings accounts.

The article is interesting but this says what yo need to know.

http://truthinmedia.com/trumps-fed-nominee-advocated-abolishing-cash/

By

Barry Donegan

Trump Federal Reserve Board of Governors nominee Marvin Goodfriend reportedly said in 2016 that cash should be phased out of circulation so the Fed can charge negative interest rates and force consumers to pay fees to keep money in savings accounts.

The Mises Institute notes that Goodfriend first floated the idea in a 1999 paper called “The Case for Unencumbering Interest Rate Policy at the Zero Bound” and again promoted the concept at a 2016 Federal Reserve conference in Jackson Hole, Wyo.

Goodfriend reportedly said that the Fed needs the option to push interest rates negative, which would cause consumers to pay fees in order to keep their money in savings accounts, and that cash should be eliminated to prevent banking consumers from pulling their money out of banks to avoid paying those fees…

Be seeing you

 

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