The archive is catalogued by 'Politics', 'Economics', 'Mockery', 'In other news' and 'On other things' 


"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 11 - Larry Summers gets 3rd time lucky

In response to an FT article by Larry Summers on 8th May 2016, entitled ‘Europe is right to kill off the criminals’ favourite banknote’

“Most of the time I use this column to recommend policy changes that I believe would make the world a better place. This time I am saluting a policy change I believe will have significant benefits — one that carries with it important lessons…The decision of the European Central Bank last week to stop producing €500 euro notes permanently is a triumph of reasonable judgment over shameless fear mongering”

I'm sure that worrying about the drug trade keeps you up at night on a regular basis, and has done for decades. You should make a list of everything else they might use and ban those too. I’m sure these guys will never figure out a way round it.

I'm equally sure that you have absolutely no interest (pun intended) of phasing cash out altogether in order that the bankrupt political/banking system that you work for can tax everything that moves, boost aggregate demand with a couple of clicks of an Eccles keyboard, and facilitate that other monstrosity that you give credence to - negative interest rates.

On the bright side, given your track record of suggesting a series of casino friendly policies, this column is light relief. On the other hand the fact that governments take your advice at all is a triumph of shameless judgment over reasonable fear mongering.

Gideon Rachman thinks Donald Trump has already changed the world

European monetary union and the so-called 'savings glut'