Banks in the US and Europe are trying to develop a cashless transactions system. The concept is to establish a comprehensive ledger for a business or a person that records everything received and spent, and all of the assets held – mortgages, investment portfolios, debts, contractual financial obligations, and anything else of market value including pleasure boats, automobiles, and other machinery. There would be no need for cash because the ledger would tell you and anyone you were considering a transaction with how much is available and would be transactable at any specific moment. Any purchase, past or recent could be found and details provided whenever such information was sought. Governments would very much like such ledgers to exist because they could view everything that is taking place financially in real time, including ability to evaluate net worth, patterns of spending and of earned and unearned income, and of course, an instant assessment of all taxable activities. Governments would be able to gauge overall economic activity in real time, no longer needing to wait for months the collection of revenues and sales of businesses and surveys of consumer spending.
This is not a dreamy idea. Blythe Masters, the JP Morgan architect of organized market trading of modern asset backed securities like mortgage backed securities and collateralized debt obligations, became known as one of the great financial engineers in recent decades. Widespread adoption of the trading techniques she devised led to an historic expansion of credit to households and great corporations alike. Subsequently she led innovations in trading of both commodities securities and physical commodities. In 2015 she is leading a new business effort to develop a universal cashless system. Not only is she gathering significant investor interest, but the Federal Reserve and various US Government agencies have become keenly interested in the potential usefulness and efficiencies of a universal cashless system. Needless to say, agencies concerned with illicit uses of cash or cash enabled means of tax evasion are enthusiastic.
Estonia, a small country next to Russia with which I am personally familiar, essentially has a cashless economy. They use mobile phones to pay for almost all daily living requirements, including car parking, public transport, fuel, and in fact most of their daily purchases. This system does not yet include records of all personal assets, and especially personal gambling and other private activities. This hasn’t been developed here in the US yet, but one can envisage our government liking the idea.
If we go cashless we are doom. They will control every aspects of our daily life. With a click of a mouse you won’t be able to do anything.
If you recognize the consequences of a cashless society, you can take measures to ensure your security. As for being doomed, the abortions of 60 million babies for profit has already assured this for the country.
Aside from us pretty much already being doomed due to mass immigration from third world sh*t holes,including the importation of musloids from Somalia,Yemen,Syria,Iraq,Libya,Egypt,Afghansitan- who have no intention of assmilating into American culture-
and as David stated-the sickening number of abortions performed is also assuring our doom.
Cashless is not doom-people will simply barter,exchanging goods for goods,goods for services,services for goods,and skilled labor for skilled labor.
The “underground economy” will always exist-the means will simply go from cash to barter.