February 24, 2016

There is an added impetus against the use of cash now being advanced by central bankers and allied institutions. Eliminating cash would be a simple and direct way to get around zero interest rates and pursue a negative interest rate policy. Although we may be going into unchartered territory, it is worthwhile surmising or thinking about likely substitution effects and what additional reactions on the part of the regulating institutions these substitution effects will elicit.

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