Zero Hedge: “The war on cash is escalating. Just a week ago, the infamous Willem Buiter, along with Ken Rogoff, voiced their support for a restriction (or ban altogether) on the use of cash (something that was already been implemented in Louisiana in 2011 for used goods).
Chase, the largest bank in the U.S., which has enacted a policy restricting the use of cash in selected markets; bans cash payments for credit cards, mortgages, and auto loans; and disallows the storage of “any cash or coins” in safe deposit boxes.
“The world’s central banks have a problem. When economic conditions worsen, they react by reducing interest rates in order to stimulate the economy. But, as has happened across the world in recent years, there comes a point where those central banks run out of room to cut — they can bring interest rates to zero, but reducing them further below that is fraught with problems, the biggest of which is cash in the economy.
Opinion: Joseph Salerno, the writer of the article, is academic vice president of the Mises Institute, professor of economics at Pace University, and editor of the Quarterly Journal of Austrian Economics.
Like most academics, Joseph Salerno does not make a connection between cashless societies and Bible prophecy and for that matter neither does the Bible.
But the Bible does mention that a future dictator will have such control (Revelation 13:17) that no one can buy or sell without a mark that identifies allegiance to antichrist.
We have written of the fall of the US dollar as world reserve currency for three years. When that happens, in the midst of economic upheaval, a ban on cash would be barely noticed.