muses of the moment

January 30, 2014

Latest Blog Post From Martin Armstrong dated January 25, 2014

Filed under: Fiat Currency, The Banking Crisis — Tags: — totallygroovygirlfriday @ 9:36 am

Click here for Martin Armstrong’s latest blog post entitled Electric Money Will Eliminate Bank Runs dated January 25, 2014.

A good post from Martin. He talks about Europe mainly in this article, as the panic is gaining strength there. But groovygirl doesn’t think the US can make a smooth transition to electric money until this hacking situation is under control. Europe has the chip system, not swipe cards, so they are not as vulnerable to hacking (for now). Although gg agrees with Martin’s thought process that electric money will cut bank runs (the main point controlling cash movement) she thinks the problem of electronic theft (especially in the US from recent events) must be aggressively addressed. Confidence is key to a move to electric currency. Millions of people have been affected in recent months. They may or may not have lost actual money, but many went to use their cards (at Holiday time) and couldn’t because their bank had closed and reissued cards without telling them. That’s a major loss of confidence point in the system.

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