Recently there has been has been a rising chorus to do away with cash, here, here, and here.
You will hear several reasons why this is necessary, but there really
is only one. The banking interests want to be able to implement
significant negative interest rates and participants in the economy
being able to opt out of negative rates by removing cash from the
banking system makes this very difficult.
So
how did we get here? Over the past 70 plus years we have been living
in a credit created bubble that has supported the economy, but as Von
Mises said:
"There
is no means to avoiding the final collapse of a boom brought on by
credit expansion. The alternative is only whether the crisis should come
sooner as a result of a voluntary abandonment of further credit
expansion, or later as a final and total catastrophe of the currency
system involved.”
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