Cash is king – for now. Over the years, many shots have been fired in the war on cash, but physical money is still surviving, despite the myriad payment options available in the marketplace. According to a 2018 report by the Federal Reserve Bank of San Francisco, cash accounts for 30% of all transactions and more than half of purchases under $10. This battle is now revving up to warp speed on behalf of academics, the banking system, and globalists who would want nothing less than to monitor, track, and surveil every move of the population, turning the world into an advanced surveillance hub.
Speaking at Fortune magazine’s Brainstorm Finance conference, Bank of America CEO Brian Moynihan recently made quite the admission: “We want a cashless society.” He was about as nonchalant about this as a hipster from Greenwich Village ordering a venti salted caramel mocha Frappuccino with extra whipped cream from Starbucks.
Bank of America’s Bold Admission
The head of the nation’s second-largest financial institution told attendees that his bank has “more to gain than anybody” from digital money becoming the norm. Explaining how the industry has “already digitized,” Moynihan noted that the BoA has veered in this direction in the last few years and “will continue to move that way.”
Moynihan discussed how important it is to address the needs of its entire clientele – baby boomer and millennial alike – but he added how it is also imperative for the business to rely on technology because it “has changed the way money works.” For him, these advancements have improved customer service, enhanced every client’s experience, and slashed billions in operating costs – the bank stock’s performance checks out, climbing more than 100% since 2016. According to Moynihan, this is part of the reason why the BoA is embracing the shift to a cashless world.
The war on cash varies from country to country. Some nations are more digital than others, while some states are slower to adopt these developments. It has been estimated that non-cash transactions will grow by 13% within the next two years. This suggests that banks would be the primary beneficiaries because there needs to be a middleman to facilitate these transactions, and a centralized location for customers to perform their routine banking needs.
When you factor in other bankers’ desires for a digital identification structure that links your federal information and financial data, you can envision a boot stamping on your face – forever.
Shots Fired in War on Cash
Anyone who fears the government and values their freedom should be worried about the war on cash. In recent years, there have been increased calls by the elite to abolish cash. The likes of Andy Haldane, Joseph Stiglitz, and Kenneth Rogoff contend that it is for our own economic gain and protection to get rid of banknotes because it stops illicit activities, prevents tax evasion, and rescues us from the big bad terrorists, drug dealers, and money launderers. But their intentions are not as benevolent as it may appear.
In early 2017, the International Monetary Fund (IMF) published a working paper titled “The Macroeconomics of De-Cashing,” which provides governments with advice on how to transition to a cashless society, even when there is fierce public opposition. In other words, who cares what the citizenry thinks? In the document, IMF analyst Alexei Kireyev suggested that countries phase out large denomination bills, institute cash transaction ceilings, and mandate reporting of cash movements across borders. He also recommended to introduce economic incentives, simplify deposits, and expand the digitization of the financial system to encourage capitulation.
This isn’t just the pipe dream of some obscure person working for a global organization with illusions of repression and delusions of grandeur. Many prominent individuals have demanded the same thing. For example, former Treasury Secretary Larry Summers has demanded for a few years the end to $50 and $100 bills, the 500-euro banknote, and the 1,000-Swiss franc note.
Both the government and the private sector are listening. Here is what has happened in the last few years around the world:
European Central Bank stopped producing and issuing the 500-euro note.
JPMorgan Chase capped ATM withdrawals for non-customers at $1,000 per day.
CitiBank Australia is no longer accepting cash transactions.
The Indian government abolished 500- and 1,000-rupee notes in just four hours.
Australia installed a snitch line for anyone who has information on someone violating its $10,000 payment limit.
Anyone returning to the U.S. and depositing $3,000 in cash will be reported as participating in “suspicious activity.”
These trends are frightening because they are additional steps toward restraining freedom.
April 4, 1984
The primary beneficiary in a cashless world is the government. By abolishing cash and utilizing a digitized system, the state can spy on the public, coerce the people to hold opinions that conform to the hive, and transform the world into a prison planet. The next recipient is the big banks. Financial institutions are incentivized to facilitate the evisceration of physical money. In a cashless economy, consumers are forced into the banking system, and depositors are unable to withdraw their savings, even when their capital is threatened by subzero interest rates.
If cash is gone, then you cannot avoid the system, shield your assets from negative rates, and potentially live off the grid to escape mob rule. Some might dismiss these legitimate concerns as conspiratorial, but we have already witnessed what happens if you dare violate popular opinion. Alex Jones is a prime example of someone whose livelihood was taken away by the big banks, by payment processors, and by Big Tech because he said things the globalists didn’t like.
The worst-case scenario could be similar to what is happening in China with its social credit system. If you contradict the state, then you cannot pay for groceries, cover the rent, or take transit. You will be shunned from society like a leper; sent down the memory hole and unpersoned. Eventually, because it will be commonplace and most people will be afraid to speak their minds, nobody notices.
Welcome to a world where every day is April 4, 1984.
Freedom Haters
The smartest men in the room are peddling toxic advice that is the antithesis to freedom – and statists are lending an ear. If the Swamp gets its way and eliminates cash, then you might as well put your hands up and concede that you are now the prisoner of the United States government, the United Nations, and every other pillar of subjugation on this planet. This escalation in the war on cash is a despotism being inflicted on the everyday man, not the criminal scapegoat, for the supposed greater good. Sweden has fallen prey to this technological tidal wave, who’s next to become shackled by banks, government, and digital wallets?
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