GoFundMe Blocks Fundraiser for Christian Bakery
Crowd-funding company claims terms of service violated after complaints
(Daily Caller) – An effort to raise money online for an Oregon bakery which may have to pay $135,000 for refusing to bake a cake for a lesbian couple was shut down on Saturday after gay rights activists complained to the fundraising company, Go Fund Me.
Approximately $109,000 had been raised on behalf of “Sweet Cakes by Melissa,” a Christian-themed bakery owned by Aaron and Melissa Klein in Gresham, Ore.
The campaign was set up Friday after the Oregon Bureau of Labor and Industries issued a preliminary order that the Kleins should have to pay $135,000 to a lesbian couple who filed a discrimination complaint against the bakery in Aug. 2013.
Aaron Klein told the couple in Jan. 2013 that he did not want to bake the cake because he does not agree with gay marriage. Oregon’s labor bureau sided with the lesbian couple, ruling in February that the Kleins violated the state’s anti-discrimination laws. The bureau’s $135,000 proposed penalty is not final. It can be lowered, raised, or left as is...(MORE)
Largest Bank in America Joins War on Cash
Floats idea of abolishing currency to limit depositers withdrawing money
(Zerohedge) - The war on cash is escalating. Just a week ago, the infamous Willem Buiter, along with Ken Rogoff, voiced their support for a restriction (or ban altogether) on the use of cash(something that was already been implemented in Louisiana in 2011 for used goods). Today, as Mises’ Jo Salerno reports, the war has acquired a powerful new ally in Chase, the largest bank in the U.S., which has enacted a policy restricting the use of cash in selected markets; bans cash payments for credit cards, mortgages, and auto loans; and disallows the storage of “any cash or coins” in safe deposit boxes.
Buiter defended his “controversial” call for a ban on cash, as Bloomberg reports:
“The world’s central banks have a problem. When economic conditions worsen, they react by reducing interest rates in order to stimulate the economy. But, as has happened across the world in recent years, there comes a point where those central banks run out of room to cut — they can bring interest rates to zero, but reducing them further below that is fraught with problems, the biggest of which is cash in the economy.
In a new piece, Citi’s Willem Buiter looks at this problem, which is known as the effective lower bound (ELB) on nominal interest rates. Fundamentally, the ELB problem comes down to cash. According to Buiter, the ELB only exists at all due to the existence of cash, which is a bearer instrument that pays zero nominal rates. Why have your money on deposit at a negative rate that reduces your wealth when you can have it in cash and suffer no reduction? Cash therefore gives people an easy and effective way of avoiding negative nominal rates. Buiter’s note suggests three ways to address this problem...(MORE)
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