- War On Cash Escalates: Japan Starts Testing Fingerprints As “Currency”
by Tyler Durden, www.zerohedge.com
The war on cash just got serious, and of course, it is the extreme policy experimenters of Japan that are pushing the boundaries. Having dived headlong into negative interest rates, Japanee policymakers recognize full well the historical reaction of “hording cash” will not ‘create’ the nirvana of 2% inflation and break the ‘deflation mindset’ that they so long have waited for. So, following in the footsteps of Venezuela, as Japan News reports, starting this summer, the government will test a system which willenable people to buy things at stores using only their fingerprints – thus enabling full monitoring (and inevitable control) of spending (or saving).
The government hopes to increase the number of foreign tourists by using the system to prevent crime and relieve users from the necessity of carrying cash or credit cards.