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MarkGB 

"Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world" - Henry Kissinger

and yet...

"Sooner or later everyone sits down to a banquet of consequences" – Robert Louis Stevenson

War on cash Vol 5 - Gillian Tett

In response to an article by Gillian Tett on 4th February 2016, entitled 'The benefits of scrapping cash'

http://www.ft.com/cms/s/0/8ef4dcb0-ca6f-11e5-be0b-b7ece4e953a0.html#ixzz3zE1NEWu 

'Convenience'?  

For whom?  It is a control freak's dream. Total governmental control - need some 'money' for a war, an entitlement programme, a bailout, a bail-in, an inter-state bribe?...just take it. Want to cream the top off everything that moves?...just cream it.

Banknotes talk about 'promises' and 'faith'. They are contracts based on trust, that represent something of real value that they act as a temporary proxy for. They are not real - they rely on a counter-party fulfilling their promises - again, they require trust. Personally - I don't trust any government enough to give it total control over the 'oxygen' supply of the economy. Apart from the fact that if a government took over the Sahara they'd run out of sand within 2 years, there is the issue of power and how it corrupts - particularly those who seek it out - i.e. politicians. No thanks Ms Tett - you can keep your 'convenience', I'll keep my cash.

We haven't abolished cycles...or the hubris of central bankers

Martin Wolf says it would be wise to prepare for the next recession