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