Underreported: How Gun Silencers Became a Health Issue
12 minutes ago
The financial system today increasingly reminds me of the old Vietnamese Imperial City of Hue on the Perfume river that "had to be destroyed in order to 'save' it."QE has NOT worked. ZIRP has NOT worked.- In the past several weeks two Central Banker heads (BOJ and ECB) have admitted that they do not have the tools to 'fix' their respective financial system's problems.Like QE and ZIRP, their latest 'idea' NIRP, is NOT working.- Instead of driving people to spend more and improve the economy via consumption as was expected, it has had the opposite result. NIRP has driven people into cash (mattress cash) and away from bank balances, and they are not spending...they are saving and hoarding cash. Countries that have already gone NIRP have demonstrated the failure of yet another Keynesian theory.Their current 'idea' is the war on cash. Confiscating your cash.- Cash, like Gold and Silver bullion, provides a loophole for people to escape the financial repression that digital cash can impose. Digital cash can more easily be taxed and taken by banks and governments who want (and need) to 'skim' from it.Eliminating cash has to be undertaken stealthily and silently (you won't be getting much, if any, warnings in advance), since a panic "run" on cash could be a serious problem.- There is only ONE dollar in physical cash circulating for every TEN+ dollars in saver's claims on physical cash. This translates into the following: 9 of 10 people after the 1st one to withdraw his cash from the banking system will get nothing.Eliminate cash, eliminate the chances of a bank run on a fractional system, plus make it easier for governments/central bankers to access everyone's digital money. Win win.- Problem solved. For them anyway. Not so much for you (unless you understand that 'if you don't hold it, you don't own it').But like the war policy did for Hue, this financial policy may "have to destroy the financial system in order to 'save' it."
From Theo Spark at 10:25