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Why Cash is King in Switzerland and is a sign of good Governance





When I audited an economics class in the Rice University School of Business, the lecturer compared inflation to slow-growing cancer and deflation to a heart attack. The implication was that deflation – declining prices – is fatal and worse than inflation.

This Keynesian fearmongering, which empowers central banks to water down currencies, is common but hollow.

Switzerland, one of the world’s most sophisticated and economically prudent nations, stands as a counter example. That country has affirmed George Selgin’s contention in Less Than Zero, first published in 1997, and reaffirms that declining prices are a healthy and natural partner to growing productivity.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.










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The debate

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