Economist: Eliminating Physical Currency - Financial Elites Fear Provoking Bank Runs

Economist Martin Armstrong warns that the financial elite are plotting to abolish cash but are wary of the public becoming aware of the plan because it could cause bank runs.

A meeting to discuss the move towards eliminating physical currency took place at the luxury Mandarin Oriental Hyde Park hotel in London recently during which Kenneth Rogoff of Harvard University and Willem Buiter, the Chief Economist at Citigroup, gave presentations.

According to Armstrong, “The lack of press coverage was deliberate, and intended to avoid sending panic to the people, which would lead to a massive bank run if people understood what these guys are discussing.”

The last time the issue of bank runs really hit the headlines was back in October 2013, when U.S. banks began, “Stocking cash machines with extra funds to satisfy any consumer panic in the days before a possible default.”

Armstrong, who is known for successfully predicting the 1987 Black Monday crash as well as the 1998 Russian financial collapse, accuses the likes of Buiter and Rogoff of planning to usher in a new era of “economic totalitarianism” by banning cash under the justification of eliminating organized crime, tax evasion and the drug trade. 
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