With so much news about an economic reopening, a border crisis, massive government spending and exploding deficits, it’s easy to overlook the ongoing war on cash.
That’s a mistake because it has serious implications not only for your money, but for your privacy and personal freedom, as you’ll see today.
Cash prevents central banks from imposing negative interest rates because if they did, people would withdraw their cash from the banking system.
If they stuff their cash in a mattress, they don’t earn anything on it; that’s true. But at least they’re not losing anything on it.
Once all money is digital, you won’t have the option of withdrawing your cash and avoiding negative rates. You will be trapped in a digital pen with no way out.
What about moving your money into cryptocurrencies like Bitcoin?
Governments Won’t Surrender Their Monopoly Over Money
Let’s first understand that governments enjoy a monopoly on money creation, and they’re not about to surrender that monopoly to digital currencies like Bitcoin.
Libertarian supporters of cryptos celebrate their decentralized nature and lack of government control. Yet, their belief in the sustainability of powerful systems outside government control is naïve.
Blockchain does not exist in the ether (despite the name of one cryptocurrency), and it does not reside on Mars.
Blockchain depends on critical infrastructure, including servers, telecommunications networks, the banking system, and the power grid, all of which are subject to government control.
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Ask yourself how Bitcoin went from $1 to $60,000 in ten years.
Maybe the better question is why? Why do people feel more secure with a cryptocurrency than central bank fiat currencies?
The price of gold has been suppressed by banks and central government to conceal the loss of value of their currencies. If gold was not manipulated, it would have the same chart as Bitcoin. What will happen to cryptocurrencies once all currency goes digital?
Negative interest rates coupled with high inflation and government control of your money digitally in the future only lead to complete control.
David DeGerolamo
My card reader has been “out of service” since January. I have not lost any business do to this -- had zero complaints to the inconvenience. I am however taking steps to go completely contactless by late summer. I trade and barter my service work (side gig) when possible but most people still tie it to the failing dollar.
The loss of value of the dollar is even more frightening if you use the creation of the Federal Reserve System in 1913, rather than 1954, as your base reference.
Agreed. Hyperinflation with negative interest rates = Lords and serfs.
The war on cash is not going so well in rural Missouri. Many businesses here prefer cash and upcharge one’s purchase by 3-4% if one chooses to use a credit card. Bitcoin? Crypto? What’s that? I know. Flyover country. Rubes. Deplorables.
David’s article on relating to the war on cash is very important. Few people really understand the various reasons for the war on cash. Alison McDowell is one of the very few people who has connected the dots to the main stakeholders bringing about the cashless economy and what their plans and objectives are. The plans are actually frightening, and, yes the plans are already affecting each of us.
Alison McDowell has many videos on youtube. I doubt that the videos will remain on youtube much longer.
To defeat your enemy, you must first know your enemy.