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RE: Is cash incompatible with a free market?
The incompatibility of the "sustainable solvency of banks" under a negative interest rate scenario is likely the motive for coming up with these silly explanations. The truth would not go down all that well.
I was working on the next article on my War on Cash series when I saw the article that inspired me to write this post. The article I'm working on is about the forces that conspire to fight the war on cash. Definitely part of it is financial institutions that want to ensure that they remain profitable and become more and more essential. Another part is regulators that believe that the more information they have, regardless of its quality or targeting, the better they can fight crime.