Graham Summers on the war on cash – part of financial repression .. identifies a Federal Reserve paper written back about 15 years ago calling to do away with cash entirely .. the idea proposed was to implement a “carry tax” on physical cash using an expiration date if depositors are not willing to spend the money .. “The idea here is that since it costs relatively little to store physical cash (the cost of buying a safe), the Fed should be permitted to ‘tax’ physical cash to force cash holders to spend it (put it back into the banking system) or invest it .. The way this would work is that the cash would have some kind of magnetic strip that would record the date that it was withdrawn. Whenever the bill was finally deposited in a bank again, the receiving bank would use this data to deduct a certain percentage of the bill’s value as a ‘tax’ for holding it .. The Fed has declared a War on Cash, and a ‘carry tax’ is coming.”

LINK HERE to the Article & Paper

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