Thomas E. Woods, Jr., is the New York Times bestselling author of 11 books, including The Politically Incorrect Guide to American History and Meltdown (on the financial crisis.) A senior fellow of the Ludwig von Mises Institute, Woods has appeared on MSNBC, CNBC, FOX News, FOX Business, C-SPAN, Bloomberg Television, and hundreds of radio programs... (Read More)
Barron’s reports on the diminishing use of cash in retail transactions, and predicts that within 30 years cash will be used in only 10 percent of such transactions.
This, incidentially, is exactly what bankers in a fractional-reserve cartel want. It’s in the banks’ interests for people to write checks or to use credit cards and pay them off via debits from their checking accounts. When someone deposits $1000 cash, say, into a checking account, the banks will lend out 90+% of it, thereby earning interest income. If cash is withdrawn in substantial amounts, the banks have to reverse this process. They don’t want to do this. They thereby encourage the anti-cash propaganda.