Love it or hate it, cash is playing an increasingly less important role in society.
The Federal Reserve estimates that there will be $616.9 billion in cashless transactions in 2016. That’s up from around $60 billion in 2010.
No doubt that there has been a shift in the direction of a cashless society. It’s been a slow progression based on convenience.
The downside to going cashless and to all digital are many under the current system: hackers love the central point to access all the data they’re after; makes it easier for power and control government to control how money is spent; and it reduces your privacy under the current banking system as it’s designed.
Governments have been increasingly pushing for a cashless society. Ostensibly, by having a paper trail for all transactions, such a move would decrease crime, money laundering, and tax evasion. France’s finance minister recently stated that he would “fight against the use of cash and anonymity in the French economy” in order to prevent terrorism and other threats. Meanwhile, former Secretary of the Treasury and economist Larry Summers has called for scrapping the U.S. $100 bill – the most widely used currency note in the world.
By eliminating the prospect of cash savings, monetary policy options like negative interest rates would be much more effective if implemented. All money would presumably be stored under the same banking system umbrella, and even the most prudent savers could be taxed with negative rates to encourage consumer spending.
This generates a power and control advantage to the banks, central banks, and their lackey governments.
Forced banishment of cash is a completely different thing, and we should be increasingly wary and suspicious of the real rationale behind such a scheme.
For all the government claims to be worrying about the poor and disadvantaged in society, they fail with this drive to a cashless society for our safety.
Transaction fees will eat the little guy for lunch.
If you’re in one of the “western” countries which seem to think that they know better than you, perhaps it is time to depart and disown that country.
I’ve said it here before and I’ll say it again… Going “cashless” may work for roughly 750 million people on the planet, but what about the other 7 billion? It ain’t gonna happen folks, but if it does in a country where you reside, my advice is to get the hell out and go someplace sane… Via zerohedge.com
Any country trying to force you into a cashless society in the name of safety is simply a country more interested in controlling you and turning you into a slave. As far as those governments are concerned, you are simply a vassal to be milked for everything they can get from you, and then eliminated.