Reveal holding a secret conference in London that will end effective
London will be held "secret meeting" between heads of central banks,
denounces the American economist Martin Armstrong, referring to a own
"direct sources". The meeting will aim to "do away with the cash."
"Kenneth Rogoff of Harvard University and Willem Buiter, chief
economist at Citigroup, will address the central banks to advocate for
the elimination of every coin, "Armstrong writes in his website.
According emphasizes the economist, who at the time predicted Black
Monday in 1987 in the US market and the financial crisis 1998 in Russia,
the aim is to hasten the day when no one can buy or sell anything
without the approval of the government. Armstrong outlined that the
meeting should take place before this is completed in May, a few days in
Germany before starting the G7 Summit.
On several occasions,
both as Buiter Rogoff and presented their arguments for ending the use
of cash. According to them, this would facilitate the life of the
central banks. Abolish paper money would help curb tax evasion and
illegal activities, says Rogoff.
Ending physical currency
would solve the problem with negative interest rates, highlights, in
turn, Buiter. Banks usually lower interest rates to stimulate the
economy. To trim, many reduced rates to zero and to go down, charging
customers for having a deposited money into their accounts. But this
method is fraught with problems: what a customer wants to pay the bank
if you can get your free cash? Abolish paper money will end the problem,
Buiter stressed.
