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War on cash

Economics

Why would banks/governments want to get rid of cash?

- Prevent hoarding of cash
- Force people to put money in banking system
- Prop up fractional reserve banking system
- Easier for governments to track purchases
- Allows banks to have negative interest rates
- Prevent bank runs
- More money for bail-ins
- Credit card transaction fees
- Gather purchasing data
- Avoid tax evasion (black market transactions)
- Collect bank account fees
- Prevent bank robberies
- Easier to move to a government backed cryptocurrency

How do banks/governments prevent use of cash?

- Ban large denominations
- Ban cash for certain transactions
- Difficult to withdraw large sums of cash from bank
- Difficult to transfer money overseas
- Propoganda (cash is only used for drugs, bribes, illegal activity)
- Fewer ATM machines
- Inflation

What are advantages of cash?

- Can be used when there is no power, no cellphone service
- Cash is accepted everywhere, by everybody
- Cannot trace transactions
- Not vulnerable to bail-ins
- No need to have a bank account
- No transaction fees

How to defend against war on cash?

- Gold, silver
- Cryptocurrency
- Bartering
- Hoard cash
- Convert to other currency

Links:
The Global War on Cash
The War On Cash
The War on Cash: Transparently Totalitarian
The US government's war on cash

Posted: 2018-02-21 23:46:18


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