Money System: For Wonks And Quants
Audio Length: 00:59:19
We like putting monetary realities in perspective and sometimes we might drone on a bit about the inner workings of money and our banking system. It’s fascinating! This week we continue our extended conversation with one of America’s brightest monetary intellectuals, Dr. Robert Hockett, who talks with me about our monetary system and how things might reasonably change and upend our debt-based money system. Also, reporting from behind the curtain of monetary control, Bob Bows continues his exposition of how the lords of global finance keep us at each other’s throats -- while they cash in.
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I can't comment on the entire article. But clearly, the idea of cheap payments will draw businesses away from cash. They want cash now, because it is cheaper than using charge cards. I fear this new system will play into the hands of the big banks, and will ultimately destroy cash in favor of the very banks Ellen wants to prune.
This is a very poorly thought out direction for Public Banking and Ellen, IMO. Cashlessness is the goal of the banks and the banks won't make money off credit cards, but they will make money off deflation and negative interest rates. You will pay those banks interest if cash is no longer an option. You pay banks to save, and that is perverse!