In response to an FT article by Larry Summers on 16th February 2016, entitled 'It's time to go after big money'
"More generally, at a time when such a demonstration is very much needed, a global agreement to stop issuing high denomination notes would also show that the global financial groupings can stand up to “big money” and for the interests of ordinary citizens"
This is insidious snake oil. The motivation for this is exactly 180% the other way. The people that ordinary citizens need protection from are desperate governments and their clueless academics, who have driven interest rates down to zero and still haven't worked out that their economic models are tommyrot.
This is a step in the 'war on cash' that is being waged by insolvent governments. It is not motivated by 'a war on terror', 'a war on drugs' or a war on any other nefarious activities - all of which have been going on for decades without any mention of large bank notes; all of which will continue after the abolition of large banknotes.
This is about the adoption of negative interest rates, AKA governmental wealth confiscation. NIRP has far more chance of 'success' if people cannot elect to take their cash out of banks to avoid being taxed on money they do not wish to spend yet. That is what this is about. The ‘big note’ is the thin end of the wedge, the first step in a softening up process - one which is 'easy to sell' to gullible and compliant 'ordinary citizens'.
Over the past few months we have had the constant 'drip drip drip' of this garbage, as many readers of the FT have pointed out each time another 'name' comes out with the same phoney arguments.
You are either incredibly naive, or you are complicit Professor Summers. You disguise an act that is designed to 'take', and dress it up as one designed to 'give' - shame on you.