“Marvin Goodfriend thinks there should be a robust negative interest rate placed on cash. For example, if there was a -10% interest rate on cash, your $10 bill would actually be worth only $9. It is basically a penalty for using cash. The excuse is that this will stabilize the economy by keeping more capital in the banks. It means banks, and by extension, the Federal Reserve, have more control over your money. The gold standard, Goodfriend argues, was also an encumbrance on monetary policy, ‘destabilizing’ prices.”
Read more: http://www.thedailybell.com/news-analysis/warning-trumps-federal-reserve-pick-hates-gold-and-cash/
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