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Can The Move Towards a Cashless Society Lead to Alternative Currencies? Marc Faber’s Insight http://bit.ly/1Q9YmWn

Are we entering a new era where cash is outlawed and a cashless society is becoming an Orwellian reality? The European Central Bank President Mario Draghi recently said that the bank is “considering action” to drop 500 euro notes because of its links to criminal activities.

The former treasury secretary and director of the National Economic Council in the White House, Lawrence H. Summers is also calling for the elimination of the 500 euro notes and the $100 bill in a Washington Post article where he referred to Harvard’s‘Mossavar Rahmani Center for Business and Government ’which he is the current director, published a paper by senior fellow Peter Sands and current students for making “a compelling case for stopping the issuance of high denomination notes like the 500 euro note and $100 bill or even withdrawing them from circulation.”

Summers even went as far to mentions a “global agreement” to eventually “to stop issuing notes worth more than say $50 or $100.” The main reason Summers is calling for the elimination of the $100 bill is to deter crime or even terrorism. Summers says that the 500 euro note is called the“Bin Laden” within “certain circles”:

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