Economist: Ban Cash and Force Everyone to Have a Government-Controlled Bank Account
National newspaper features brazen call for economic fascism
Economist: Ban Cash and Force Everyone to Have a Government-Controlled Bank Account

A former Bank of England economist has called for a total ban on cash and its replacement with credit accounts controlled directly by governments.

In a column for the London Telegraph, fund manager Jim Leaviss all but advocates economic fascism as a means of enabling authorities to respond to financial crises better by implementing a “cashless society.”

“Forcing everyone to spend only by electronic means from an account held at a government-run bank would give the authorities far better tools to deal with recessions and economic booms,” states the introduction to Leaviss’ article.

If you think that sounds authoritarian enough, it gets worse. Leaviss then suggests that your hard earned money be “monitored, or even directly controlled by the government,” with authorities then working to “encourage us to spend more when the economy slows, or spend less when it is overheating.”

Once wonders what form this ‘encouragement’ will take. A tax on bank deposits? Negative interest on savings? Limits on how much you can spend each month?

That’s precisely what Leaviss advocates when he calls for a “transaction tax” that would penalize people for spending their own money.

Under this system, commercial banks would stop taking any money from depositors, instead relying on central banks to provide all their funds. The black market would also cease to exist.



“If notes and coins were abolished and the only way to hold money was through a government-controlled bank, there would be no escape,” writes Leaviss, who presumably embarked on a fit of demonic cackling after he penned those words.

Leaviss’ column echoes the sentiments of Citi’s Willem Buiter, who recently advocated abolishing cash altogether in order to “solve the world’s central banks’ problem with negative interest rates”.

After Leaviss began to catch heat for his article, he locked his Twitter account and blocked his face.

The war on cash is intensifying as the establishment seeks more ways to erode the last true bastion of financial anonymity and independence.

Last month, JPMorgan Chase customers received letters informing them that the bank will no longer allow cash to be stored in safety deposit boxes. The bank also instituted a new policy which, “restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans.”

Depositing and withdrawing moderately large amounts of cash is also being treated as a suspicious activity worthy of law enforcement involvement by some banks.

Back in March, we reported on how the Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more.

HSBC is now interrogating its account holders in the UK on how they earn and spend their money as well as restricting large cash withdrawals for customers from £5000 upwards.

Also in March, French Finance Minister Michel Sapin hailed the introduction of measures set to come into force in September which will restrict French citizens from making cash payments over €1,000 euros.

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"Give me control of a nations money supply, and I care not who makes it’s laws." Mater Amschel Rothschild, founder of the Rothschild banking dynasty.

We could use Monopoly Money, no wait, we already do..

if by monopoly money you mean worthless pieces of paper, than yes.

This guy needs a nice hard punch in the chest..

haha i agree.

It's probably why he is a FORMER bank official. Sounds like he would go well with tweedle dee and tweedle dum err Ron and Rand Paul.

Obviously this guy is hugely influential. Every powerful government leader in the world, is rushing to do as he suggests.

Oh, wait a minute, that's right, this was only reported at all, because he's clearly insane, and used to work in a Private Bank.

And by the way, if you actually think that the government needs your money to be in a bank, to influence you to spend it or not, you've been keeping your brain in the wrong storage compartment of your body. It's supposed to go in that knobby thing on the top, where your eyes are, not in that unpleasant area around the lower part of your back.

That is crazy. I would not do it. Why should the government be involved in what I make. I refuse to spend my money.