The Telegraph is running a series of articles with controversial economic theories. This one is an article in support of Denmark’s proposed legislation to ban currency and a call for other nations to do the same. It is preluded with a summary of the article: “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, writes Jim Leaviss.”
As I write, over 3000 comments have been posted to the page of this article and the comments are pretty much what you’d expect.
… Read the restBut the move could be a key moment in the advent of “cashless societies”. And once all money exists only in bank accounts – monitored, or even directly controlled by the government – the authorities will be able to encourage us to spend more when the economy slows, or spend less when it is overheating.