The IRS, the FBI, big corporations, online hackers… they’ll all be able to track what you earn, what you spend, and what you spend it on.
Let’s count the benefits governments and big business — especially banks — get by forcing a cashless system down our throats.
First, banks can charge negative interest rates on your savings and you’ll have no recourse. That means that you’ll have to pay for the privilege of keeping your money in a savings account instead of getting paid to essentially lend the bank money that it in turn lends out for interest. No more. With a cashless society, banks have a captive market… and they will charge you for it.
Second, you’ll be forced to finance more of your purchases. Gone will be the days of paying cash to avoid financing fees on a car, for example. With a cashless society, banks will be able to limit what you can withdraw on a given day. Big purchases will have to be financed. More money for the banks.
Third, when governments can track your purchases, they’ll be able to track you. They’ll be able to build a dossier on where you spend your time, how you spend your money, how much money you spend… and if you’re paying all the taxes and fees you’re supposed to.
The ongoing effort to move us to a cashless society is the biggest assault on our privacy we’ve seen yet.
Oh… and one last benefit to governments and banks… in the next economic crisis, a bailout would be easy. They already have access to all the money in circulation… they can just enact emergency powers to seize it and reroute it for whatever bailouts they deem necessary.
Read more about the war on cash here. It’s critical to stay informed on this one. And if you aren’t already keeping silver coins on hand, that’s a step you can take to insulate yourself form the repercussions of the global war on cash.