Central bankers in Japan are mulling the abolition of cash. Richard Jerram, a senior economist with Macquarie bank, told investors that “the proposal has become practical with the broad penetration of electronic money and credit cards in Japan,” reports the Times Online. Bankers claim the scheme will rescue the economy from another deflationary spiral.
For more than a decade Japan has implemented “quantitative easing” — i.e., printing money out of thin air — as a way to fight deflation. Deflation effects the economy because consumers hold back from purchasing decisions, as they wait for cheaper prices. Economists believe that in Japan’s case nominal interest rates of -4 per cent might be required to “rescue” the economy from deflation.
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