If the IRS has its way, cash will be a thing of the past. In its place, every transaction will be digital, every purchase will leave a footprint. And it will tell your story – where you go and what you buy while you are there.
A cashless society means your bank – and the US government – controls every penny you own and every purchase you make. They can freeze your account at will, leaving you destitute with just a few taps on a keyboard.
As Ron Paul said, ‘The cashless society is the IRS’ dream: total knowledge of, and control over, the finances of every single American.’
Now you may ask, why? Simple answer, because cash is anonymous and almost impossible to track – so Uncle Sam cannot control it.
The move towards a cashless, controlled state has been in motion for decades. If you travel by air, you have experienced this first hand. ‘Cashless cabins’ are the rule on nearly all airlines. Every glass of wine, extra cushion or headset must be purchased on credit. Every transaction is tracked, every purchase made subject to interest being tacked on to the principle.
According to Fed data, digital payments have risen from just $60 billion in 2010 to an enormous $619 billion this year. Some estimates show that80% of consumer purchases in the US are now electronic. Meanwhile, payments on a mobile device are rising at an 80% growth rate, predicted to account for $503 billion by 2020.
Other governments around the globe are even closer to a cashless society. In Sweden, cash transactions now account for just 2% of the economy. Denmark, Thailand, and South Korea follow closely behind. Bankers at The Bank of England have called for the abolition of money, and Germany has proposed a severe cash restriction.
But as we’ll see in the case of Sweden, the cashless society is also used for something far scarier. By combining a cashless society and negative interest rates, they effectively flush out any hidden or saved wealth.
This post was published at Lew Rockwell on August 27, 2016.
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