E Larry Summers 100 Dollar Bill Ban And Westfalia Lost

Much has already been written about Larry Summers seeking a ban on the hundred dollar bill. Perhaps the strongest push back came from Tyler Durden. It is recommended reading for sure.

But there is more to know about this process that must be understood by real patriots. Here are the three most important and alarming facts that must be understood from Larry Summers' words.

1. The announcement from Larry Summers was allowed to be published to all local TV stations. I about fell out of my chair when I saw the announcement on channel 13 in Las Vegas. The Los Angeles CBS local station carried the story as did many others.  Monetary matters just don't make it down to the average man in the street very often. This clearly means that the people who control American media want or have been ordered to report, a move towards cashlessness. It won't happen overnight. But the $100 dollar bill is a symbol of monetary freedom. The war on cash will be on full force if it is abolished.

2. As Tyler Durden mentioned, this onslaught against cash was couched in terms of crime. Crime is simply not the central reason for banning cash. Nirp is! It is dishonest for Larry Summers, who has made his views known on the possibility of negative interest rates to couch the argument against 100 dollar bills in a fashion that leaves out NIRP as a policy. The local news attempted brainwashing the public by not bringing up the possibility of NIRP as we relentlessly slide toward lower yields on the long bonds. This should be a crime in and of itself!

But speaking to crime, banning large bills has implications for helping criminals. People will want to hide smaller bills if larger ones disappear. But they will be easier to find. Criminals will start looking for wads of $20's. Forcing families to hide larger bills will exacerbate crime.

3. People need to understand the concept of the Westphalian Peace, and the background of the professor at Harvard, who Summers looked to for the study on getting rid of the big bill, was a former British banker, formerly CEO of Standard Charter, Peter Sands. We have to understand what is going on here.

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Disclosure: I am not an investment counselor nor am I an attorney so my views are not to be considered investment advice.

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Gary Anderson 1 year ago Author's comment

This article was originally written as a defense of Westfalia Nationalism. It was a cooperative nationalism. It is not Trump's nationalism! That, so far, is working out to be very different, disrespectful to our allies, and ultimately hurtful to the world economy. There is a better nationalism.

Unfortunately, Henry Kissinger thinks that Europe is Westfalian. But is it? It is more ruled by Germany and the core nations. And it is not nationalism.

Again, Trump's nationalism is particularly odious, and he sounds more like Adolph Hitler than I see as being comfortable. Now, will he act on his darkest nationalist desires? Only time will tell.

Ronald Tyson 4 years ago Member's comment

Well, at the risk of showing my age, I can remember when gas was $4.00+ a gallon. I had 3 Ford trucks with two 20 gallon tanks on each one. when one was nearly empty, it cost sometimes $80.00+ to fill it up and a lot of gas stations would not take 100 dollar bills. I had to be sure to hit an A.T.M. and get $20.00 dollar bills to pay for the gas. Damn, what a pain in the butt that was. I wish we had 500.00 and 1,000 dollar bills back then. I would have been able to walk around with a much smaller wad in my pocket. Of course now that I am on that stingy government stipend, I don't have to worry about a wad of any kind in my pocket!!!!! R.R.

Gary Anderson 4 years ago Author's comment

They want to give you the choice of a wad or going cashless. They don't care about your needs. They only care about themselves.

Ronald Tyson 4 years ago Member's comment

Lord all mighty Gary, isn't it a crying shame that us folks with some common sense have to suffer such FOOLS. What in the world is this idiot thinking?!! R.R.

Gary Anderson 4 years ago Author's comment

He has power. That is a big concern to many of us, but most Americans could care less. That is the problem, most Americans are oblivious to activities of representatives of finance. They think Buffett when they think of finance. The don't think of Krugman and Roubini and Summers and Sumner. etc. And they don't think of the destruction of national sovereignty since most of them were not born when the US had a thimble full of sovereignty, back in the 40s, 50s and 60s.

Ronald Tyson 4 years ago Member's comment

Gosh ; I hate to be the first to comment. I will be loved or hated for what I say. You know , in Canada they have a 500.00 and a 1,000.00 dollar bill and their not afraid of moving that kind of denomination around, yet this YO YO wants to ban the 100.00 dollar bill in America. LARRY, DO THE WORLD A FAVOR !!!!!!!! QUIT BREATHING!!!!!!! R.R.

Alexa Graham 4 years ago Member's comment

Seriously? Canada has a $1k bill?

Gary Anderson 4 years ago Author's comment

Apparently Canada has some larger bills in circulation. No longer issued, there are 1 billion dollars worth of $1000 notes outstanding.

Gary Anderson 4 years ago Author's comment

I share your sentiment, Ronald. Maybe he will just retire!