Why The Powers That Be Are Pushing A Cashless Society

We Can’t Rein In the Banks If We Can’t Pull Our Money Out of Them

Martin Armstrong summarizes the headway being made to ban cash,  and argues that the goal of those pushing a cashless society is to prevent bank runs … and increase their control:

The central banks are … planning drastic restrictions on cash itself. They see moving to electronic money will first eliminate the underground economy, but secondly, they believe it will even prevent a banking crisis. This idea of eliminating cash was first floated as the normal trial balloon to see how the people take it. It was first launched by Kenneth Rogoff of Harvard University and Willem Buiter, the chief economist at Citigroup. Their claims have been widely hailed and their papers are now the foundation for the new age of Economic Totalitarianism that confronts us. Rogoff and Buiter have laid the ground work for the end of much of our freedom and will one day will be considered the new Marx with hindsight. They sit in their lofty offices but do not have real world practical experience beyond theory. Considerations of their arguments have shown how governments can seize all economic power are destroy cash in the process eliminating all rights. Physical paper money provides the check against negative interest rates for if they become too great, people will simply withdraw their funds and hoard cash. Furthermore, paper currency allows for bank runs. Eliminate paper currency and what you end up with is the elimination of the ability to demand to withdraw funds from a bank.

***

In many nations, specific measures have already been taken demonstrating that the Rogoff-Buiter world of Economic Totalitarianism is indeed upon us. This is the death of Capitalism. Of course the socialists hate Capitalism and see other people’s money should be theirs. What they cannot see is that Capitalism is freedom from government totalitarianism. The freedom to pursue the field you desire without filling the state needs that supersede your own.

There have been test runs of this Rogoff-Buiter Economic Totalitarianism to see if the idea works. I reported on June 21, 2014 that Britain was doing a test run. A shopping street in Manchester banned cash as part of an experiment to see if Brits would accept a cashless society. London buses ended accepting cash payments from July 2014. Meanwhile, Currency Exchange dealers began offering debt cards instead of cash that they market as being safer to travel with. The Chorlton, South Manchester experiment was touted to test customers and business reaction to the idea for physical currency will disappear inside 20 years.

France passed another Draconian new law that from the police parissummer of 2015 it will now impose cash requirements dramatically trying to eliminate cash by force. French citizens and tourists will then only be allowed a limited amount of physical money. They have financial police searching people on trains just passing through France to see if they are transporting cash, which they will now seize. Meanwhile, the new French Elite are moving in this very same direction. Piketty wants to just take everyone’s money who has more than he does. Nobody stands on the side of freedom or on restraining the corruption within government. The problem always turns against the people for we are the cause of the fiscal mismanagement of government that never has enough for themselves.

In Greece a drastic reduction in cash is also being discussed in light of the economic crisis. Now any bill over €70 should be payable only by check or credit card – it will be illegal to pay in cash. The German Baader Bank founded in Munich expects formally to abolish the cash to enforce negative interest rates on accounts that is really taxation on whatever money you still have left after taxes.

***

Complete abolition of cash threatens our very freedom and rights of citizens in so many areas.

***

Paper currency is indeed the check against negative interest rates. We need only look to Switzerland to prove that theory. Any attempt to impose say a 5% negative interest rates (tax) would lead to an unimaginably massive flight into cash. This was already demonstrated recently by the example of Swiss pension funds, which withdrew their money from the bank in a big way and now store it in vaults in cash in order to escape the financial repression. People will act in their own self-interest and negative interest rates are likely to reduce the sales of government bonds and set off a bank run as long as paper money exists.

Obviously, government and bankers are not stupid. The only way to prevent such a global bank run would be the total prohibition of paper money. This is unlikely, both in Switzerland and in the United States because the economies are dominated there by a certain “liberalism” to some extent but also because their currencies also circulate outside their domestic economies. The fact that but the question of the cash ban in the context of a global conference with the participation of the major central banks of the US and the ECB will be discussed, demonstrates by itself that the problem is not a regional problem.

Nevertheless, there is a growing assumption that the negative interest rate world (tax on cash) is likely to increase dramatically in Europe in particular since it is socialism that is collapsing. Government in Brussels is unlikely to yield power and their line of thinking cannot lead to any solution. The negative interest rate concept is making its way into the United States at J.P. Morgan where they will charge a fee on excess cash on deposit starting May 1st, 2015. Asset holdings of cash with a tax or a fee in the amount of the negative interest rate seems to be underway even in Switzerland.

***

The movement toward electronic money is moving at high speed and this says a lot about the state of the financial system. The track record of the major financial institutions is nearly perfect – they are always caught on the wrong side when a crisis breaks, which requires their bailouts. The fact that we have already seen test runs with theory-balloons flying, the major financial institutions are in no shape to withstand another economic decline.

For depositors, this means they really need to grasp what is going on here for unless they are vigilant, there is a serious risk of losing everything. We must understand that these measures will be implemented overnight in the middle of a banking crisis after 2015.75. The balloons have taken off and the discussions are underway. The trend in taxation and reduction of cash seems to be unstoppable. Government is not prepared to reform for that would require a new way of thinking and a loss of power. That is not a consideration. They only see one direction and that is to take us into the new promised-land of economic totalitarianism.

People can’t pull cash out of their bank accounts – for political reasons, because they’ve lost confidence in the bank, or because “bail-ins” are enacted – if cash is banned.

The Financial Times argued last year that central banks would be the real winners from a cashless society:

Central bankers, after all, have had an explicit interest in introducing e-money from the moment the global financial crisis began…

***

The introduction of a cashless society empowers central banks greatly. A cashless society, after all, not only makes things like negative interest rates possible, it transfers absolute control of the money supply to the central bank, mostly by turning it into a universal banker that competes directly with private banks for public deposits. All digital deposits become base money.

The Government Can Manipulate Digital Accounts More Easily than Cash

Moreover, an official White House panel on spying has implied that the government is manipulating the amount in people’s financial accounts.

If all money becomes digital, it would be much easier for the government to manipulate our accounts.

Indeed, numerous high-level NSA whistleblowers say that NSA spying is about crushing dissent and blackmailing opponents … not stopping terrorism.

This may sound over-the-top … but remember, the government sometimes labels its critics as “terrorists“.  If the government claims the power to indefinitely detain – or even assassinate – American citizens at the whim of the executive, don’t you think that government people would be willing to shut down, or withdraw a stiff “penalty” from a dissenter’s bank account?

If society becomes cashless, dissenters can’t hide cash.  All of their financial holdings would be vulnerable to an attack by the government.

This would be the ultimate form of control. Because – without access to money – people couldn’t resist, couldn’t hide and couldn’t escape.

And see this:

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  • brucekrasting

    I think there is some misunderstanding of who would be the winners and losers if cash-less would happen.

    By far, the biggest loser would be the Federal Reserve (and all other central banks). Printed money (cash) is a big source of funding for the Central Banks. The Fed has 1.3 Trillion of liabilities that it pays NO INTEREST AT ALL. Paper money in circulation is free money for the Fed.

    It would put a huge dent in the Fed if it lost this free money. Therefore they would never support the move to go cashless.

    PS – Go to any store that sells Lotto. They all have a sign, “Cash Only”. The Lotto money is supported by the black (cash) economy. Tell me what state wants to lose half of their Lotto earnings?

    The details of the cash liabilities of the Fed can be found on page 5 of the March 2015 Fed report (Scroll to liabilities section):

    http://www.federalreserve.gov/monetarypolicy/files/quarterly_balance_sheet_developments_report_201503.pdf

    • therooster57

      Interesting. Can I add a second hand to that ??? The dollar is not just a currency. It doubles as a relative measure in the paradigm of debt-free payments by using bullion’s real-time pricing and comparing it to the pricing of another debt-free widget ….. let’s say a man’s new suit or a new TV. That allows for a debt-free trade but the FED is not cut out because they have the rights to the universal price measure used in the digital algorithm . They also set the stage for real-time (floating) gold’s monetary application with Bretton woods and then the subsequent de-pegging and thus freeing gold for real-time use and real-time trade applications.

    • I concur, there are oxes being gored by eliminating cash and it’s not just the little people. I also suggest that the Fed is worried that, at peak interest rates, there’s nowhere for the value of its assets (bonds) to go but sideways or DOWN. If their asset value drops but their liabilities (banknotes) remain the same, they’re losing, aren’t they? If this view is accurate, it in part explains why the Fed might wish to stop movement of bank liabilities (deposits) to Fed liabilities (banknotes.)

    • Arthur Lander

      I don’t believe that going cashless would affect the federal reserve at all! The physical cash now in circulation would simply be replaced by a “cash account” line item on their books the same way it works for anybody’s brokerage account. It is simply the amount that is not currently invested directly in treasury bills, etc. It is rather the amount that has been circulated (or digitally transferred) to it’s member banks.

      • brucekrasting

        A bank calls the Fed and orders $1m in cash so it can fill its ATMs. This happens every day.

        The bank wires $1m to the Fed, The Fed delivers the bills.

        When this happens the Fed records a liability on its books. The liability is there because the same bank may want to deposit cash the next day.

        Now if you did magically eliminate cash, then all of the $1.4T of paper money outstanding would have to be returned to the Fed. In the process the Fed would have to pay those banks the $1.4T.

        The Fed does not have $1.4T sitting around, so it would have to borrow that amount through the market.

  • Bob C

    Good article, but should have
    been proofread.

    • Ed

      The poor grammar and improper sentence construction was in the quote from Martin Armstrong. Martin is a sound thinker, but a poor writer.

      • Jellric

        Martin is too good not to have a proofreader.

  • Schiepers

    Could people please stop referring to Marx so often. Socialism and Marxism systems have all been horribly defunct for one reason only: Keynesian economics and the abolishment of the market

  • “Negative interest rates” are literally a means of destroying wealth. Why is this being so forcefully pushed? Simple. The wealth never actually existed.
    Ditto for “bail in’s,” which are nothing but an accounting recognition that the bank in question lost the deposits, and cannot return them.
    A towering game of Jenga stacked the illusion of wealth to low Earth orbit. None of it was real, it was just a product of mass psychology that worked in a positive feedback loop: “I have lots of wealth in the form of other people’s IOU’s, so I feel frisky enough to enter the auction and bid higher-higher-higher on OTHER PEOPLE’S IOU’s!”
    Now that this tower of illusory wealth is teetering, monetary authorities are desperate for ways to deconstruct it block-by-block rather than let it fall over. Negative interest rates and bail-ins are part of their attempt to do so, to destroy wealth (not theirs, others’) gradually.

    • BOBinBrooklyn

      It seems that Negative Interest Rates (INRs) are only for the little guy. For some time the Big Banks have had about $2.6 TRILLION in Excess Reserves at the Fed, and the Fed was paying them 1/4% interest on that Money. I understand the Fed recently raised that Rate.

  • MikeW_CA

    For a “taste” of what a Cashless Society might be like, have a look at the efforts by Republican politicians in several states to increase regulation of what people can and cannot buy with food stamps.

    http://thinkprogress.org/economy/2015/05/01/3653919/wisconsin-food-stamps-shellfish/

    Once we’re cashless, politicians, governments, banks, and businesses would be able to make consumer choices for all of us, not just the poor, by restricting our payment options.
    Just think of the money that could be saved on health care if everyone’s allocation of unhealthy food could be controlled.

  • come-and-take-it

    What do you suppose the peoples reaction to not being able to garage sale or craigslist will be? Do you suppose they would finally arise from their TV induced slumber? I fear we have awakened the sleeping giant…

    • MacUndecided

      They would create alternative currency. This would backfire on the totalitarians.

  • Robert

    Direct(electronic) deposit, FDR’s Gold confiscation(1930), Nixon gold window closed, I.M.F., World bank, constant killing for profit and conflict minerals. When the people have control over their money and the market decides prices. individuals decide terms of contracts, then people are free. A government that controls the economy owns you ,we are wage slaves, no matter how free we think we might be. Perception of free is not the same as reality. We fought a war against England over items infinitely smaller than this absolute, Tyranny by the Banking, political and military industrial cartels. I suggest Peacefully ignoring them , use barter, Bitcoin,black market and any peaceful means to thwart their criminal actions. Switzerland, Australia, France and all most all Fiat money governments are in financial trouble and are robbing the people at gun point. They need us we do NOT need them, Now let us prove it to them. Refuse to abide their criminal cartel rules. Refuse their money and trade with alternatives. Durable, fungible, portable, valuable, recognizable and scarce are the criteria of money. Paper with a politicians or dictators face do not qualify. Everything is illegal and contraband except what the tyrants decide. illegal laws should be broke at every opportunity, resist or die on on your knees begging.

    • Kira Gutierrez Reyes

      bartering will come back.. but Robert sir..If I may.. how is bitcoin or black marketing not in same realm of what seems to be coming to be.. cashless … . bit coin… electronic.. which is what ?? funded by your bank account to have these bitcoins ?? black market.. ?? unless you have something of need or value to barter with you would need cash.. cash of which we may soon loose..

      • BOBinBrooklyn

        I have never really understood Bitcoin –ever since I first heard about it 3 years ago. Wasn’t the inventor of Bitcoin involved in some legal trouble.

        • MacUndecided

          The powers that be saw him as a threat. Now they understand that they can be in control.

      • MacUndecided

        Bit coin is a sham. The reward system for mining bit coin favors large elite enterprises. The block chain algorithm itself is not the issue but the rules of incentivization that bitcoin created are a problem. They favor totalitarians.

        • Stephen Kepple

          How do you mine bitcoins? I want to get in on that.

    • democratnomore

      I Agree, I didn’t think much of social media at first but, it turns out to be a powerful tool. The use of things like crowd funding has allowed individuals to help others get new wheel chairs, pay doctor bills, pay for school might have even helped with mortgages.There’s even Facebook style apps for getting a ride where you can see who’s coming and may even know the driver which also allows both to rate each other. In other words people helping people without the need of big government, that’s got to scare them since the message they promote is people won’t help others unless we put a gun to their heads to take what is theres to hand out as they see fit.

  • G. Miller

    May we republish in http://citozensjournal.us, with credit and linkback?

  • Donnie

    Oh holy c**p!-“Of course the socialists hate Capitalism and see other people’s money should be theirs”…..OK guys ,I’ll tell you what: I’ve lived in socialist country (USSR)for the first 25 years of my life. Yes, I’m that old, but not too old to remember things.So I remember that in those socialist times all salaries were paid in cash. Yep, you go to work, do your job at the end of the month-cash in hands. To everyone! Don’t remember myself or my parents talking (thinking) how to skip the work and get hands on other people’s money.Also I need to tell you that in the USSR virtually everyone was employed.Unemployment was non-existent.So again: everyone works, everyone is paid in cash. (And cash is the King!-remember?) Then came capitalism and did marvelous job in defeating socialism. And now capitalist dudes complaining that cash is going to be taken from them.The winner takes it all indeed.And your cash too.

    • pat

      Donnie, I tried to give you a thumbs up, but it didn’t work. I’ll try again. You are forgetting, however, that the definition of “socialism” in these here forcibly United States is simply “end-stage capitalism.” They have no idea what you are talking about, though I give you credit for a valiant attempt at enlightenment.
      It seems all systems of government are ultimately subject to corruption. Even Buddhist governments go tyrannical (see US black site in Thailand). That does not make Buddhism “an evil socialist construct” any more than it would make Catholicism that. But because we have this very well publicized case in the USSR (held over our heads for decades as terrifying “what-if”), “socialism” wound up equated with end-stage corruption. I think socialism gave the USSR a much kinder collapse than is likely to be experienced in the US. There was little homelessness, transportation was still affordable, and everyone still had the dacha for growing their own food–unless Uncle Vova sold it for his next booze relief under the newly imposed capitalism.
      To Washington: I love love love your blog! But can you not see the “divide and conquer” strategy behind such widely accepted characterizations?

    • democratnomore

      If you did live through socialist ussr you were born a slave to the state and since the people around you were also living on the same scraps you saw it as normal. the era your talking had no E-money the term wasn’t even coined yet so of cause salaries were paid in cash.
      Socialists take control normally by military force if that’s not possible then they go through the existing government system, lying, paying and corrupting there way in so they can force in socialists policies like obamacare. E-cash would make it to easy for them to come up with policies allowing them to freely steal from individuals not to mention track, so the socialist party can identify anyone working against them and use government thugs like the IRS, EPA, or even FBI to harass them.

      Right now the goal of the american socialist is to collapse the capitalist system, and big government the enemy of freedom takes total control. In the aftermath of that the freeloading vermin will get a shock when they’re told to report here for work and rioting will get them shot no matter the skin color.

      • Keith Cooper

        Obamacare isn’t “Socialist” to start. Obamacare is a huge Corporatist giveaway to the Insurance Industry. Designed by Republicans (the Heritage Foundation) and first instituted by Republicans ( Romneycare) . Socialism is society collectively pooling their money to benefit the greater good..like in the US ARMY, Navy, Marines, Air Force, the US Postal Service, the Interstate Highway system, Rural electrification, et al…the very wealthy has successfully propagandized “socialism” in the minds of the low information voter so that these great American Socialist institutions are somehow magically not what they are in fact. Grow up…stop being manipulated..wake the f up.

    • MacUndecided

      Cash is butter. The world consists of guns and butter. Guns will always win over butter.

  • Montecristo

    Why the panic? Why the pessimism and fear? You’ve just written an article claiming that “the elites” have outlawed freedom. OMG!!!! Panic. Please. You can no more outlaw freedom than you can outlaw gravity or breathing. We are born free. Can we not act like it?

    Rogoff and Buiter are incredibly clever stupid people for the following reason: the idea doesn’t work! Why? Because “cash,” more specifically, money, does not originate with the government but in human freedom and valuation. Let’s suggest that cash is “outlawed” — how do you suppose that can be enforced? What’s to stop people from buying gold, silver, platinum…BitCoins, etc. etc. etc. You cannot outlaw individual valuation and wealth no matter what collectivist fantasies or nervous nellie panic attacks are written into disgraceful acts of pretend legislation.

    Every civilization whose foolish herds of morons try to implement full totalitarianism or even significant impediments to human freedom ends disastrously, and this will be no exception. The real trick here though is for the people who have worked and amassed some capital not to get it stolen from them. That can happen, and is far too common and tragic in all eras the world over. I would worry about that, but I wouldn’t worry about plans by idiots to abolish free will and individual valuation. Let the morons burn, and if one is not a moron, then let him be careful to not burn with them.

  • jake6348

    I believe people are over thinking the “cashless society”. The big difference is the banks would have more control of the flow of money and governments would have total control of tax revenues, fines, etc. It would be like Obamacare. Whatever they want, they will just take it out of your account, without asking or any fuss, unless you don’t have any. With that type of control, try having a dispute or getting a refund.

    The Fed never loses. The international bankers, through their schemes and scams, will always come out on top. If you think they will lose something, they are making double it up somewhere else.

    Think of people as a crop. People are born and die. How do the bankers make money? People will procreate by themselves. Hiding behind the scenes and corporations. They make good tasting food people like, but bad for their health. Then they make artificial medicines, like chemo, that are almost worthless, while banning all the real medicines. The international bankers, along with there corporations, end up with all the money. And people die poor.

    I was once told, it isn’t how much you make, it is how much you spend. The international bankers are like scrooge. They get you to make money, and then spend it in their company store. The store is so diverse the people never wise up to the scheme.

    Only the international bankers and their like minded criminals prosper.

    • joejoe222

      move…when it happens you must move.

      • Greg

        move to where, exactly?

        • joejoe222

          If I tell you it would be flooded with expats before I get there….that wouldn’t be smart. I’ll let you know after I’m in.

    • e m

      the cashless society inhibits our freedom to conduct commerce freely it also is a benefit to the bank when it comes to negative interest rates and we all know that governments hate anyone who doesn’t agree with their official story or reasoning so wouldn’t it be safe to say that every single purchase you make will be documented and controlled if you’re buying something that they don’t necessarily agree with let’s say gold your debit card won’t workhow about your closet too much attention and people are starting to listen to you can’t they shut off your debit card completely to the point where you can’t even buy food to feed your family I don’t care which way you spin it a cashless society is straight totalitarianism

  • All bank accounts are subject to immediate seizure by the executive without judicial input right now. What does it matter if it is “cash” or wholly electronic. Cash as it exists in your bank accounts are nothing but electronic ledgers. The only difference is currently you can withdraw some of what is on the bank’s ledger as FERNs without begging permission and waiting for a reply from the government/banksters. Over $10,000 and you have to wait to pick it up.

  • Arthur Lander

    After all of the Quantitative easing purchases that the Federal Reserve has done since the Great Recession, their balance sheet is now up to at least 2.5 T in excess reserves. They will be looking to slowly wind it back down to a lower amount in the coming years anyway. Let’s not forget that the U.S. Treasury and the Federal Reserve with it’s member Banking system is really all one and the same. Money can be created and destroyed digitally just the same as it can be with physical cash. The amount of reserves required by each member bank can be increased or decreased as needed. The Fed balance sheet can also be lowered by simply letting outstanding T-bills and notes mature over time without floating new ones to replace them.

    • BOBinBrooklyn

      Yes, how high do “Excess Reserves” have to be, before they are considered too “Excessive”?

  • rbblum

    Fascinating yet bewildering – Currency having true, historical value in the hands of every man affords liberties that can not be controlled by the state. In essence, relinquishing control of one’s self-reliance and self determination with fantasy currency will expose every man to diminished liberties.

  • Ellis Baxter

    Cash is not the issue. A 2020 bank run would last a few minutes… it is all digital …

  • Ellis Baxter

    I mean really ? Watch the move to Silver and Gold to heat up fast ….

  • Keira

    Never heard about moving to another financial system! I guess that transition of real to electronic money is for better, but who will be favored is the question. Well, the ordinary man may not even see it coming till it’s done! Imaginary paper money goes to imaginary electronic one – I see no difference as long as I can live a normal life!
    http://manwithvanbrockley.co.uk/

    • MacUndecided

      Nor will you until your normal life slaps you in the face. A good friend of mine who was a Nurse in GB for 12 years, says that you Brits are very proud of your health care system until you find yourself actually using it and then your eyes are opened. Time to take the Red pill my friend.

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  • giveandtake

    Can banks close down when they feel they want, and we would have no access? Can they also determine how much we can spend daily or weekly or monthly? If we have unusual expenses like health can they penalize us. In other words we have no control of our money with Digital Currency.

    • MacUndecided

      When is the last time you paid cash for your health care or any other major purchase?

      • Stephen Kepple

        And when was the last time you paid a reasonable health care bill? Basic health care should not have to be a “major purchase.” One of the consequences of electronic money is inflation and lack of accountability, facilitating manipulation and fraud.

  • democratnomore

    Just another attempt from socialists currently known as progressive democrats and republicans to steal and control our money, how far off do you think it will before your money goes into a general fund where it stops being yours. How long do you think it will be before you will need government authorization to buy things like an xbox or go out to dinner and receive sorry that $300 you earned is going to some low life who’s never worked to pay his rent. This is whats coming if you don’t vote out the fake democrats and fake republicans these socialists are the enemy and those of you who vote for them are as well.

    • Kira Gutierrez Reyes

      i think we are beyond that.. they play both sides.. they make us think we have a choice.. do we really.. how many politicians play the devils advocate.. support another that prior they claimed to be corrupt or below American standards.. and visa versa

    • MacUndecided

      If you are talking about the US dollar, the money does not belong to you. It belongs to the federal reserve. If you don’t think so just walk up to an FBI agent and burn a 100 dollar bill and see where it lands you. Only the ability to kill anyone who would dare to take your shit guarantees ownership.

  • I respect this blog, but make no mistake, this is capitalism. Saying it is socialism is a diversion. Capitalism is not free, but it is still capital dictating the rules.

    • BOBinBrooklyn

      This may seem like Semantics, but since the “Collapse of Communism” in Russia, Russia has developed “State Capitalism”. However, the State is still in control in Putin’s Russia.

      In a somewhat similar way, China is still ruled by a Communist Party, but she has unleashed the power of Capitalism. About 5 years ago, China took about $200 Billion of her then over $4,000 Billion in Foreign Reserves, and put it into China Investment Corporation (CIC), a Government-run Hedge Fund to get a better “Return” on its money.

      If the U.S. Government ever eliminates Cash, it will give the Government so much power, as to be a kind of De Facto Socialism.

  • As far as the video is concerned, economic freedom is not the invisible hand. Economic freedom is the ability to have cash. The invisible hand is deregulation which worked to create the very system that now could impose a cashless society.

  • BOBinBrooklyn

    I have seen many internet ads saying that The Fed will eliminate Cash on March 18th. But the audio recording does not say WHAT YEAR! All the ads want me to pay $39 or more to get the “inside information that the Mainstream Media is not telling me”. Sometimes it’s hard to tell what’s “Real” and what is a “Scam”.

    However, while this whole business of eliminating cash is downright scary, there is another aspect to it that no one mentions.

    An Economy without Cash would be an economy based on numbers in a computer.

    Just read this:
    “…no one could buy or sell unless he had the Mark, which is the Name the Beast or the Number of his Name”.

    Those words describe an economy based on numbers, but they were written nearly 2,000 years ago in AD 96, by a man named John, when he was a Roman slave on the Greek Island of Patmos. You can read them in The Book of Revelation (also known as The “Apocalypse”), Chapter 13, Verse 17.

  • dennis richardson

    rbblum Those words sound like what could have been used to refute bad British economic theory of Eighteenth century Adam Smith or David Richardo. Were not these two men strong supporters of a British Empire and its warmongering ideas and motivations.

  • Keith Cooper

    No need to drag in the “Socialist” boogyman here…a cashless society, and all that it entails…control, control, control, is an ubercapitalistic creation. If anything, “Socialism ” is as relevant in this argument as would be including Religion into the discussion. A cashless society has everything to do with absolute control and very little to do with whatever arbitrary economic system the citizenry choose as to how they allocate their resources.

  • texshelters

    You start off with a good idea, then get caught in the dualism of left and right ideologies and lose it in the process. PTS

  • gordo53

    As much as I dislike and distrust government, there is another, less onerous reason our “fearless leaders” want to see an end to cash. In the next few decades, intelligent automation is going to eliminate a great many low-skilled under-educated workers from the job market. Full employment will soon be a thing of the past. We currently have a patchwork quilt of government subsidies for the less fortunate, but what is coming is a guaranteed minimum income for all. When the “real” unemployment rate rises over 25% or so, such a system begins to make sense. Digital currency will allow the government to efficiently manage the system and minimize abuses which with a cash based system would be astronomical. Unfortunately, it will also allow an increased level of control and a reduction of liberty. The next wave of automation (ai and robotics) is going to dictate a whole host of radical changes to our society. Let’s hope we are prepared to cope.

  • rolatvian

    There are alternatives.Barter,gold/silver coins,labor,favors,etc.

  • dissturbbed

    Bitcoin will take over, banks are afraid this will happen which is why they came up with this propaganda.

  • MacUndecided

    If we go cashless, then anyone with a computer can set up a monetary system. Fuck the banks. Go ahead make our day. During the prohibition era the mafia set up their own currency system. The units they used were called markers.

  • Stephen Kepple

    Elimination of cash or of bills larger than $10 is a truly frightening prospect. It’s so obvious that this is what “they” want and are slowly shoving the people toward. Individuals must resist the move toward a cashless totalitarian state with every fiber of the paper bills in their wallets, and every fiber of their being. If this happens we can just kiss freedom goodbye.

  • Adam1776

    Get rid of cash? Oh, so that’s why the Pres sent it all to Iran.

  • HW developer

    These phony academics serve their masters well, promoting a cashless society – attempting a crass power-grab with intellectually bankrupt arguments.