The Unz Review: An Alternative Media Selection
A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
 TeasersAudacious Epigone Blog
Statues for Stationery
🔊 Listen RSS
Email This Page to Someone

 Remember My Information


Bookmark Toggle AllToCAdd to LibraryRemove from Library • BShow CommentNext New CommentNext New ReplyRead More
ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
These buttons register your public Agreement, Disagreement, Thanks, LOL, or Troll with the selected comment. They are ONLY available to recent, frequent commenters who have saved their Name+Email using the 'Remember My Information' checkbox, and may also ONLY be used three times during any eight hour period.
Ignore Commenter Follow Commenter
Search Text Case Sensitive  Exact Words  Include Comments
List of Bookmarks

The Federal Reserve is stuck. There is no way to raise interest rates without crashing the market. That was made clear in late 2018. The Fed balance sheet must continue to rise towards infinity in hopes that it is enough to goose the financial system forever. Even that hasn’t been enough for the repurchase markets, which have inexplicably required perpetual cash infusions for the better part of a year. A Fed-driven free money market relies in large part on rate reduction.

How do you reduce rates when rates are at zero? You go negative, expecting to pay people to borrow money from you. At a nominal rate just under zero, that’s viable for a little while as an implicit convenience, deposit, and hospitality fee. But lending rates throughout the financial system are tied to the funds rate. Who is going to put money in commercial banks when the nominal yield is below zero and the real yield is even further below zero? The better move is to literally stuff money under your mattress.

Unless there is no money to stuff, that is. Talha writes:

An interesting thought I had recently; the convergence of the get-rid-of-historical-White figures and the question of them being ubiquitous on our currency…

I mean, I can actually now imagine a scenario where the elites push for dropping cash completely and going entirely onto electronic currency because of all the troublesome old white men on coins and dollar bills and the fact that overhauling everything (by reprinting and replacing everything out in circulation) is just too large a task.

Washington, Jefferson, Lincoln, Jackson, and Grant have all been besieged. Hamilton and Franklin remain standing for the time being. Eisenhower alone [edit: and maybe FDR–thanks to Count of Monte Burger for catching my mix up] may survive on account of beating the Nazis and sending the national guard into Arkansas. Can a cash economy reliant exclusively on dimes and dollar coins survive? Even then, there’s a paper solution!

As I’ve admonished before, once the move to pull cash out of the economy is made, it’s time to pour everything into inflation hedges–gold, crytpos, whatever–because modern monetary theory is a reality and the gullibility of our nation’s creditors has finally come to an end.

• Category: Economics, History, Ideology • Tags: Economics 
Hide 50 CommentsLeave a Comment
Commenters to FollowEndorsed Only
Trim Comments?
  1. MBlanc46 says:

    At 73, it’s very likely that I’ll have shuffled off before they can make such a thing stick. I won’t muss living in a world where they can replace the Yankee dollar, no matter how debased, with an electronic gizmo.

    • Replies: @Realist
  2. I rather doubt the US government will make any attempt at moving to a cashless economy anytime soon, if for no other reason than its massive utility to the criminal underbelly of our current ruling class. For example, the immense network of CIA-run drug cartels are heavily reliant on cash. More broadly, the near limitless nefarious activity of the deep state and “intelligence community” requires an untraceable, non-electronic money source. Think of all the bribes and arms sales this would screw up. Moving to an entirely digital currency would open up a level of transparency that no one in Washington wants.

    I don’t support a digital currency either–I pay cash pretty much whenever possible, even pumping gas, to deny card companies their parasitic cut–but right now it doesn’t seem a major concern. Although the prospect of some Stacey Abrams clone staring out at me every time I open my wallet isn’t exactly pleasant either.

    • Replies: @Achmed E. Newman
    , @res
  3. Twinkie says:

    it’s time to pour everything into inflation hedges–gold, crytpos, whatever

    I prefer items of high utility such as guns and ammo, medical supplies, preserved food and alcohol… or land/facilities that produce those items and services.

    • Replies: @Achmed E. Newman
  4. One little quibble:

    “Eisenhower alone may survive on account of … sending the national guard into Arkansas.”

    He didn’t send the (state’s) National Guard into Arkansas. The Arkansas National Guard was already there, working for the governor to prevent the integration of Little Rock schools.

    Eisenhower did federalize the Arkansas National Guard and reverse their orders. This was legally dubious as the President was required to get the Governor’s permission before he could mobilize a Guard unit. Perhaps the President’s argument was that the Guard was already mobilized and the President was just changing their orders. If so, the matter never reached any court I can find, so this sneaky reasoning wasn’t publicly challenged. In the actual event, the Guard followed the President’s orders rather than the Governor’s, perhaps because the President supplemented his orders to the Guard by deploying the federal 101 Airborne Division to Little Rock as well. It was much easier for the Guard’s weekend warriors to follow the President’s dubiously legitimate orders when the alternative was risking a shooting match with the professional soldiers of one of the Army’s most famously aggressive divisions.

    Anyhow, your larger point still stands: that Eisenhower can remain a woke hero despite his whiteness because he trampled law and custom, using federal military force against whites on behalf of blacks.

  5. dvorak says:

    Can a cash economy reliant exclusively on dimes survive?

    If they are junk silver, sure it can.

    • Agree: Audacious Epigone
  6. neutral says:

    it’s time to pour everything into inflation hedges–gold, crytpos, whatever

    When it gets to that point then you will need worry about more than those things. The fragile economy will mean that supply of basic items will collapse, law and order will diminish (the only government action being increased clampdown on white people), plunder and banditry will become the norm. If you have no means to protect the things mentioned above, what worth are they?

  7. See, now there’s another great post. Of course, that’s because I’ve agreed with you the financial situation of this country each time you’ve written about it. One small quibble is that right before Mr. Tahla’s quote you use the word “money”, when it should be “currency”. I know YOU understand the difference, but this might be misleading to others.

    With that roll of dimes, you reminded me of something the preppers (back when ZH was good) used to write about at a time when commodities were pretty high in $. Nickels were worth slightly more than 5¢ in nickel content. There was one pundit who was storing up a large number or rolls of nickels in his safe. I guess it’s the poor man’s silver, but that pundit in question was surprisingly well-off, as I recall… for a pundit.

    • Thanks: Audacious Epigone
  8. @Twinkie

    Twinkie, the (“we” to some degree) preppers would very much agree with your attitude, but the average person may only partake in a small gun collection and the ammo.

    Mr. A.E.’s point here would also explain the fixation with housing that Americans (the Chinese too) have had for quite a while. If there’s no other decent place to store the value of your labor over the years, we put it into granite countertops, additions, etc., as that is the only “vehicle” left for many to hold onto anything conservatively. Or so they think, as the “conservatively” part is questionable, as we have already seen, and they don’t yet think about precious metals.

  9. Dr. Doom says:

    The Federal Reserve cannot save itself, much less the System.

    That Occupy Wall Street was just the beginning of THE END for this counterfeiting ring.

    I think we can all envision CIVIL WAR II at this point can’t we?

    The System is FALLING DOWN.

    • Replies: @Not My Economy
  10. Roosevelt (Franklin) is on the dime, not Eisenhower. With the Japanese internment and all that redlining, he may not be safe either.

    • Replies: @Audacious Epigone
  11. I have had students who wanted to finance projects by getting rid of the penny because it costs more to stamp them and maintain them than they are actually worth.

    Apparently there are cities in China that use no cash. Everything is paid for via electronic transfers using an Ipad or Iphone.

    Frankly, I am uncomfortable with the notion. You only need your identity stolen once to understand why. But that day is coming —- so are counterfeit accounts.

    • Replies: @Audacious Epigone
  12. Realist says:

    The reason the elites want to go to electronic currency in lieu of cash is control. Electronic currency allows the government to trace all monetary transactions and control the population. Plain and simple.

    • Agree: Talha
  13. Realist says:

    If you have no means to protect the things mentioned above, what worth are they?

    Buy a gun…or better a number of guns…to protect your family and property.

  14. Realist says:

    At 73, it’s very likely that I’ll have shuffled off before they can make such a thing stick.

    You will probably be very disappointed in all you see before shuffling off.

  15. The “FED” is an illegal banking cartel. The “system” is a Ponzi scheme. Economic “growth” is increasing debt. The cashless society is universal slavery.

    I am of the silent generation. Soon I will be silent. Younger generations, if they would prosper, should seek to establish honest money.

    • Replies: @Audacious Epigone
  16. @Elmer's Washable School Glue

    I agree with you, EWSG, especially with my actions regarding your 2nd paragraph, as I, too, pay cash for about everything I can. During the end of COVID 1.0, the Starbucks girl told me I was “really supposed to use the app, like maybe next time.”. Hell, a credit card for a $4 hot chocolate is a big stretch for me, much less using a f__king app. “Well, that’s not gonna happen.”, I told her, and I paid cash again last week when with some friends there. (We hung out outside, no masks, just a hot chocolate, extra whip cream, hold the stupidity.)

    As others, including Realist below your comment, have said, yes, they want to be able to track all transactions. That’s why cash is anathema to the powers that be. I am very surprised (and don’t want to give them any ideas) that there has not been some requirement to record the serial numbers off of US currency. I’d think that’d it’s be very easy to make a small machine for that. They’d require it first at big chain businesses, then work their way down. Shssshhh!

    Back to my Starbucks anecdote, is that just another goal of the Kung Flu Infotainment Panic-Fest, to villainize US paper currency based on the fear of those dastardly germs?

  17. res says:
    @Elmer's Washable School Glue

    That’s a good counterpoint. Perhaps we should spend some time thinking about how those organizations might respond to a cashless economy? Perhaps a “cashless economy for the law abiding only” or other approaches?

    The fate of the 500 Euro note makes an interesting case study.

  18. anon[403] • Disclaimer says:

    Back to my Starbucks anecdote, is that just another goal of the Kung Flu Infotainment Panic-Fest, to villainize US paper currency based on the fear of those dastardly germs?

    Dude, that’s what $tarbux gift cards are for. Always have a couple with $20 or so on them to grab and go. Also handy when returning from out of country. Because even after converting money you can still buy a cuppa something in a furrin’ airport for cash-equivalent.

    Your Barista game must be weak, they should be so charmed when a distinguished man condescends to buy something that they don’t think of the app. Order with poise, and they will be happy to serve you!

    • Replies: @Achmed E. Newman
  19. Taking our Sacagawea dollars would be both racist and sexist!

    • LOL: Talha
    • Replies: @anon
    , @Audacious Epigone
  20. anon[403] • Disclaimer says:

    Just hand over all those Suzie B’s you have in the dresser drawer instead.

  21. @Dr. Doom

    >Civil War II

    Civil war talk is cope

    Who is supplying capital to red team? Red team wont even be able to access our own personal savings accounts. How are we going to get diesel in our f250 technicals? What will the red team army eat —
    “red team controls the food supply” is cope too. Most all of what people actually eat is produced in megacorp owned factories.

    The confederate army and government were run by guys who defected from the US army and government. Who is going to defect?

    Best case for people who have a good network is establishing a no-go zone and maybe putting together some reprisal killings. But thats the best case scenario. Professional class online right wing guys are almost definitely gonna lose in a deathsquad tit-for-tat. How many people can you call right now that will help you track down and kill a black teenager who sucker punched you? Is it zero or even less? Now think about how much trouble the black teenager would have putting together a crew to waste some cracker who said The N Word ™. And its not just the blacks — white libs are learning who their hitters are via the riots. Two druggie absolute soy fuckups will still end a rw bodybuilder who is alone.

    Are you, personally, going to help shelter a fugitive who is wanted by the regime?

    • Replies: @anon
  22. Dr. Doom says:

    100,000 White guys rise up and march on Washington D.C.

    CIVIL WAR II is over in a week to 10 days.

    Cut off the cities and the food runs out in 2-3 days.

    This technocracy requires more than you believe to function.

    It will peter out with 60% non-white population in the future.

    You now have 5-10 years to turn this around or DIE.

    • Replies: @TorontoMans
  23. @Dr. Doom


    Those 100,000 white men will get the Iraq treatment.

    Good luck.

  24. 216 says:

    DSA groups advocate for Communist Revolution, and nothing happens.

    One Jaden defames the black gods, and the hellhounds are unleashed.

    • Replies: @216
    , @Audacious Epigone
  25. 216 says:

    Give us our institutions back

    • Replies: @216
  26. 216 says:

    No one ever held my hand to fill out a voter registration form.

    Because I’m a responsible adult.

    Not a sportsball god

    • Replies: @216
  27. @anon

    #403, I wouldn’t know poise if it came up and bit me on the ass, so that won’t work! I’m no coffee drinker, but thanks for the advice. I don’t like the Starbucks company one bit, but I just go down there when some friends who do like coffee want to socialize, a couple of times a week. Sometimes I bring my own tea, which saves money and keeps me off so much sugar. (That started when the places were all closed, and we met there to hang out anyway.)

    I have no problem with cash and am not worried about germs. My body has seen so many germs over the last few months and my whole life that it’s not too bent out of shape anymore about them.

  28. Dwight D. Eisenhower may have fought Nazis in Europe, and sent soldiers with bayonets to the South in order to desegregate schools, but he did so with a portrait of Robert E. Lee on his White House wall.

    Here’s what Ike wrote to a Lee hater (a black dentist) who had written to inquire why he had such a portrait:

    Respecting your August 1 inquiry calling attention to my often expressed admiration for General Robert E. Lee, I would say, first, that we need to understand that at the time of the War between the States the issue of secession had remained unresolved for more than 70 years. Men of probity, character, public standing and unquestioned loyalty, both North and South, had disagreed over this issue as a matter of principle from the day our Constitution was adopted.

    General Robert E. Lee was, in my estimation, one of the supremely gifted men produced by our Nation. He believed unswervingly in the Constitutional validity of his cause which until 1865 was still an arguable question in America; he was a poised and inspiring leader, true to the high trust reposed in him by millions of his fellow citizens; he was thoughtful yet demanding of his officers and men, forbearing with captured enemies but ingenious, unrelenting and personally courageous in battle, and never disheartened by a reverse or obstacle. Through all his many trials, he remained selfless almost to a fault and unfailing in his faith in God. Taken altogether, he was noble as a leader and as a man, and unsullied as I read the pages of our history.

    From deep conviction, I simply say this: a nation of men of Lee’s calibre would be unconquerable in spirit and soul. Indeed, to the degree that present-day American youth will strive to emulate his rare qualities, including his devotion to this land as revealed in his painstaking efforts to help heal the Nation’s wounds once the bitter struggle was over, we, in our own time of danger in a divided world, will be strengthened and our love of freedom sustained.

    Such are the reasons that I proudly display the picture of this great American on my office wall.

    The link (on my name) says that Eisenhower’s use of the term “War between the States” is redolent of the now condemned Lost Cause ideology, and it’s also suspicious that Eisenhower was friends with Lee biographer (and double Pulitzer winner) Douglas Southall Freeman.

    A man like that is obviously a Former Person. He needs to be replaced with either a black or female contributor to the WWII Crusade in Europe.

    If black, Louis Till, if female, Kay Summersby.

    • Replies: @Audacious Epigone
  29. @neutral

    You seem to assume that hyperinflation will necessarily devolve into Mad Max.

    That’s generally not the case, and there are enough recent hyperinflations to enable inference that it is actually unlikely.

    What usually happens is that people whose wealth is mainly held in nominal balances are wiped out, and they are forced to sell real property (and other durables/collectibles) for pennies in the purchasing-power-adjusted dollar… just in order to afford food.

    Those who hold inflation hedges then get to clean up – done right, it can establish a dynasty.

    In a Monetary Theory subject I studied in the ’90s, there was an anecdote in one of the readings, claiming that during the Weimar hyperinflation an entire city block could be purchased for the USD equivalent of 500 ounces of gold (i.e., under a million current-dollars); i.e., about $1000 1923 USD (the USD was fixed at $20.57 USD per oz until FDR reneged in 1933).

    From memory, part of the massive devaluation of urban property, was because there were rent controls that crushed the rental rate on property in major German cities. That makes intuitive sense – if an apartment’s rent was fixed at 25 Marks but a loaf of bread sold for a million marks, then the real rate of return on the property would be a very large negative number. There were also strong restrictions on foreign ownership of real estate (doubtless plenty of well-connected locals could get USD-sourced loans from foreign banks).

    Anyway… point is, the US monetary system is going the way of all government-administered financial systems: capture by vested interests; debasement; and eventually repudiation of the currency (and government debt) by the nation’s debtors.

    This happens to all of them eventually, which is why there has to be constant fiscal and monetary legerdemain by governments: they rely on ‘money fooling’ (and general innumeracy in the livestock).

    Like all government action, financial and monetary collapse seldom causes anything other than a massive wealth transfer towards the cronies of the political class. To the extent there’s ever blood in the streets, it tends to be very short lived and doesn’t touch the middle class.

    • Replies: @V. K. Ovelund
  30. 216 says:


    They are attempting to apply the “targeted harassment” rule, into a real courtroom

  31. anon[335] • Disclaimer says:
    @Not My Economy

    I made a similar comment on another post. Power is about controling the streets. Blacks and mexicans have muscle in their neighborhoods that can do violence when they want. Italians and Irish did the same.
    Southern whites had kin and friendship networks that would do violence and used it to control blacks.
    Whites today, and above all professional whites, do not have street muscle.

    • Replies: @Truth
  32. I’m with you on gold and other real assets, but what do you do with cryptos when they start cutting power, or there is an EMP attack? If they can take rates negative to make us spend, what’s to stop them from remotely re-setting our electronic devices to wipe out our cryptos?

  33. @The Alarmist

    I agree, Alarmist. Crypto is a great currency for allowing transfers of money, especially across otherwise-worrisome national borders. That’s all though. I don’t see it as a good store of wealth.

    I worry, too, about the fact that maybe this blockchain foolproof algorithm may be, or have been, proven not so unbreakable by some mathematician somewhere. Were I that guy, I wouldn’t be publishing my results anywhere in the mathematics literature anytime soon, if ever.

  34. Truth says:

    Southern whites had kin and friendship networks that would do violence and used it to control blacks.

    Yes, they were called “the police force”, “the judges” and “the wardens.”

    • Troll: Cloudbuster
  35. OT: Many White voice actors are now apologizing, resigning or being fired for voicing non-White characters. I am ashamed of White people behaving like this.

  36. John Podesta was the Chairman of the 2016 Clinton campaign. His e-mails were leaked by WikiLeaks. After the leak, he became an important figure in the #PizzaGate pedophile ring controversy. Also, in his e-mails, Podesta mentioned the Comet Ping Pong pizza restaurant of gay businessman James Alefantis.

    Here’s a video that’s been circulating around Twitter.

    In the video, an adult man appears to be torturing a small screaming child.

    It is being claimed that the adult man (in the horrifying video below) is John Podesta. Also, many are claiming that this abuse is taking place in the Comet Ping Pong pizza restaurant.

    Here’s another version of the same video.

    There’s no definitive confirmation that the man in the torture video is Podesta, but a Twitter blogger (see below video) did some analysis on the voice in video. He compared that to John Podesta’s voice. Start watching the video below at 16:40. Listen 16:40-18:50. See if you think the voices match up.

    The Twitter blogger also found the lights in the abuse video are similar to those that were present in a concert in the Comet Ping Pong pizza restaurant. This is mentioned at 17:15.

    At 18:30 (in the video above), the gay men at Comet Ping Pong start talking about how they like “little boys.” At 19:25, someone then says “we all have preferences.” Then there’s a creepy laugh.

    What do you guys think?

    • Replies: @nebulafox
  37. Cash is great for FedGov because cash-holders are the ones they steal from when they inflate away the value of money. Most cash is actually overseas. In this way, FedGov taxes foreigners. This is an important support of America’s finances.

    • Replies: @Cloudbuster
  38. See

    Our money is our number one export says this article. There is way more of it overseas than at home. Foreigners have vast quantities of it, especially in the ‘developing’ world. They like both kinds, the electronic kind and the cash kind. Taxing foreigners through slow inflation is real wealth transfer. Is this our biggest income source?

    • Agree: V. K. Ovelund
  39. @DanHessinMD

    Electronic dollars in your account get devalued just the same as physical dollars.

  40. @Kratoklastes

    In a Monetary Theory subject I studied in the ’90s, there was an anecdote in one of the readings, claiming that during the Weimar hyperinflation an entire city block could be purchased for the USD equivalent of 500 ounces of gold (i.e., under a million current-dollars); i.e., about $1000 1923 USD (the USD was fixed at $20.57 USD per oz until FDR reneged in 1933).

    How closely does the macroeconomy of Weimar Germany resemble the macroeconomy of today’s United States?

    Weimar Germany paid war reparations from a manufacturing economy dependent on imports of raw materials. The U.S. garrisons foreign countries using a service economy that (though a net importer of raw materials) is a major exporter of raw materials. Weimar Germany did not have a global reserve currency to manage, whereas the U.S. does.

    Both countries had Jews in finance, but other countries had those, too. Both countries inflated the money supply, but that is nothing new. The one country was an ethnostate trading by rail networks; the other is a multicultural empire trading over the seas. The one country relied on wage and price controls; the other, less so.

    I do not know much but, listing the few factors that come to mind, I seem to notice more macroeconomic differences than similarities. Don’t you?

  41. You need to stop fetishising certain
    pet commenters Audacious One. The push for digital currency has been in the works for along time. Talha is no prophet here.

  42. nebulafox says:

    I think Podesta is a piece of excrement even on Beltway standards, but I need much, much better evidence than random Twitterati to believe he’s a child torturer.

    I’m more interested in the Epstein stuff, personally. The media would probably be interested in going after Trump on that score, and considering The Donald’s history of womanizing, I don’t find it a stretch to think that he’d sleep with a pretty underage girl that Jeff recommended and not care too much if she was feeling pressured. Think about it: it’s a much easier and more plausible angle to go after Trump on than continuing to push a failed narrative about him being the crypto-fascist he so visibly fails to be. But of course, Bill Clinton-no less of a womanizer with less-than-exacting standards for consent back in his prime than Trump-also has a history with Epstein that probably involves similar incidents, and whatever evidence that can nail Trump would also probably nail him. The MSM would basically have to admit that they lied their asses off about him for nearly a decade when FOX inevitably responds, MAD-style, by going after Clinton. Especially if Juanita Broaddrick gets brought up: there’s no question that under MeToo standards, Broaddrick’s story becomes very, very difficult to dismiss, and Broaddrick-like many WWC types-voted for Obama before Trump, so she can’t be dismissed as a GOP plant like other dalliances. Even they aren’t that dumb: they are already having their credibility implode as it is.

    That, and there are probably many, many more member of our elite that could be ruined if their ties to Epstein are put under serious scrutiny.

  43. @neutral

    These are financial imperatives, not what to do in totality. Be armed, be networked, and be away from major population centers.

  44. @Count of Monte Burger

    Thanks, that was an absent-minded mistake on my part. Trust but verify–even rudimentary knowledge when writing for an intelligent audience. Sorry about that.

  45. @EliteCommInc.

    There are American dissidents who’ve been banned from payment processors, bank services, and credit cards. In a cashless society, will they be banned from digital currency, too? The blueprint for turning dissidents into desperate wards of the state is staring us in the face.

  46. @WorkingClass

    They say I’m a dreamer, but I’m not the only one. I believe the gods of the copy book headings will reassert themselves.

  47. @Cloudbuster

    Surely it has been remarked on elsewhere for decades, but it is funny how that is the currency iteration no one ever wants. Cashiers roll their eyes when they get them and consumers would probably ask for something else, even quarters, if they were given out as change for a purchase.

    I’m starting to understand how little I understand about the systemic oppression all around us!

  48. @216

    It’s a scary situation for him, but it’s also a Sandmann-level potential payout that will set him for life if he plays it right. There is no way the university will simply be able to expel him. If he is attacked by someone who was reported to the university for making public death threats, sue for wanton endangerment for encouraging violence by way of public harassment of a private individual and then nail the administration to the wall in discovery.

    They’re making it easy for these kids. Sandmann called the bluff. McNeil needs to, too.

  49. @James Fulford

    This was basically the establishment’s official view until what, a decade ago?

  50. @The Alarmist

    Re: cutting power, it’s anti-fragile in that case–unless power loss simultaneously covers a huge swath of the globe.

Comments are closed.

Subscribe to All Audacious Epigone Comments via RSS