Professor Ken Rogoff of Harvard is a chess grandmaster, world-class economist and author or co-author of several bestselling books on economics. He is also an advocate of negative interest rates, which is a form of wealth confiscation from savings accounts.
Rogoff understands that savers who face a negative interest rate on bank deposits can easily avoid the confiscation by taking their money out of the bank and holding it in the form of cash in a vault or other safe place. To prevent this avoidance, Rogoff also supports the end of cash.
His last book, The Curse of Cash (2016), he proposes the elimination of cash. This would force everyone to hold their savings in the form of digital bank accounts, which would make it easy for the government to spy on every transaction and impose negative interest rates.
You would think that the enemy of cash would also be the enemy of gold. Not true! As shown in this article, even the sworn enemy of cash has a soft spot for gold.
Rogoff writes, “As a hedge, gold has enormous value. You never know what’s going to happen and when something really bad happens, gold is probably going to be worth a lot to you.”
Read the entire article to see what the Harvard professor has to say about cash, cryptocurrencies and gold. It may surprise you.
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