01/28/2016 - Dr. Joseph Salerno: The War On Cash In Norway
Mises Institute’s Dr. Joseph Salerno highlights the developments in Norway in the war on cash .. Norway’s largest bank, DNB, has joined the campaign by governments & big banks the world over to abolish cash .. the first step the bank suggests is to get rid of the 1000 kroner note – “The aim of progressively withdrawing larger denomination notes from circulation is, of course, to make cash payments less convenient and to habituate the public to paying for even small transactions electronically.” .. Salerno asks what is the real reason for this war on cash – he quotes Zero Hedge: “The answer appears to be that the banks and government authorities are anticipating bail-ins, steeply negative interest rates and hefty fees on cash, and they want to close any opening regular depositors might have to escape .. The escape mechanism from bail-ins and fees on cash deposits is physical cash, and hence the sudden flurry of calls to eliminate cash as a relic of a bygone age — that is, an age when commoners had some way to safeguard their money from bail-ins and bankers’ control.”
