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Economy (English)

Why bankers claim that cash is too expensive

03.04.2016

Deutsch (Wirtschaft) Español (Spanisch)
03.04.2016

Why bankers claim that cash is too expensive

Cash currency only helps money launderers and other criminals cover up their transactions, said the boss of "Deutsche Bank" John Cryan at the beginning of 2016 at the World Economic Forum of Davos and irritated people with his alarming thesis that cash currencies would disappear over the next ten years. For he said, I quote, “Cash is tremendously expensive and inefficient”. Within our broadcast series on the planned abolition of cash currencies we would like to pick up this thesis and shed some light on it: If the boss of "Deutsche Bank" publically states that cash is inefficient and tremendously expensive one has to ask the question of what it isexactly that makes cash allegedly so expensiveand for whom. [continue reading]

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Why bankers claim that cash is too expensive

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03.04.2016 | www.kla.tv/8015

Cash currency only helps money launderers and other criminals cover up their transactions, said the boss of "Deutsche Bank" John Cryan at the beginning of 2016 at the World Economic Forum of Davos and irritated people with his alarming thesis that cash currencies would disappear over the next ten years. For he said, I quote, “Cash is tremendously expensive and inefficient”. Within our broadcast series on the planned abolition of cash currencies we would like to pick up this thesis and shed some light on it: If the boss of "Deutsche Bank" publically states that cash is inefficient and tremendously expensive one has to ask the question of what it isexactly that makes cash allegedly so expensiveand for whom. At first glance one could think that the printing of banknotes and the minting of coins must be related to the high costs. Indeed, these costs as well as the expenses for the physical transport of larger amounts of cash, however,are not what John Cryan means when he says that cash is tremendously expensive. What does he mean then? To that we would like to show where cash comes from, how it originates, how it is distributed and who handles what costs when it comes to cash currencies. Cash solely originates from a countries national bank. In Germany this is the Deutsche Bundesbank, in Switzerland the Swiss National Bank, etc. So cash is money from theCentral Bank and therefore the Central Bank is liable for the value of a banknote, not some private commercial bank. The population, however, does not receive cash directly from the countries’Central Bank but instead from private commercial banks, for example the Deutsche Bank. These banks keep accounts with the Central Bank. If your bank cashes out your account balance, the money you receive is in the form ofCentral Bank Currency. For this cash your bank then has to deposit a fee, a so-called demand deposit,with the national bank. And that’s exactly what the tremendously expensive and inefficient costs, as the boss of "Deutsche Bank" calls it, come from. With every amount of cash that a citizen keeps in their possession, fees arise, a deposit so to say, that the house bank which cashes out the money to the account holder has to pay. This deposit, which is deposited with the national bank, reduces the freely available capital of the bank until the point in time that thecash flows back to the national bank. This means that the bank cannot speculate with this capital to their own gain, which of course is its desire. But there is another important factor coming into play here, and this is a weighty reason why the banks, for flimsy reasons, demand the abolition of cash currencies. The Central Banks have for quite some time demanded a negative interest from the commercial banks due to the financial crisis which means that the deposit of the banks for the cash is not only blocked but also loses value due to the negative interest. And exactly that is why the banks complain that cash is tremendously expensive and inefficient. Dear viewer, you see: The motivation of the banks behind the campaign against cash currencies is not to save the bank clients from costs but,first and foremost, themselves.

from K-H. C.

Sources/Links: http://www.focus.de/finanzen/banken/deutsche-bank-chef-cryan-bargeld-wird-in-zehn-jahren-verschwinden_id_5226456.html
https://bazonline.ch/wirtschaft/geld/Kleinkredite-bleiben-trotz-Tiefstzinsen-enorm-teuer/19213209/print.ht
http://www.finews.ch/news/banken/19308-nationalbank-negativzins-geldpolitik

Why bankers claim that cash is too expensive

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