Published on the Doomstead Diner on February 4, 2016
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What are the benefits to TPTB for getting rid of cash? They are many, but let me read from a recent Op-Ed featured on Bloomberg Newz, home base for tentative 3rd Party POTUS candidate Michael Bloomberg:
Much depends on the details, of course. But this is a welcome trend. In theory, digital legal tender could combine the inventiveness of private virtual currencies with the stability of a government mint.
Most obviously, such a system would make moving money easier. Properly designed, a digital fiat currency could move seamlessly across otherwise incompatible payment networks, making transactions faster and cheaper. It would be of particular use to the poor, who could pay bills or accept payments online without need of a bank account, or make remittances without getting gouged.
For governments and their taxpayers, potential advantages abound. Issuing digital currency would be cheaper than printing bills and minting coins. It could improve statistical indicators, such as inflation and gross domestic product. Traceable transactions could help inhibit terrorist financing, money laundering, fraud, tax evasion and corruption.
Don't you just LOVE how this is going to be of “particular use to the poor”? See, the guys pitching this bullshit are REALLY CONCERNED about the plight of poor people, and this will HELP them! hahahahahahaha
For the rest, LISTEN TO THE RANT!