What are the pros and cons/advantages and disadvantages of the cashless society? Are there any advantages at all in a society without cash?
LACK OF CASH IN INDIA IS A PROBLEM
They want a cashless society for a lot of different reasons, and we’re seeing it from country to country. It’s not a conspiracy theory to talk about many of the concerns that we should all have. The last time i talked about cashless society and also talked a little bit about the crunch in India. Cashless in India is absolutely destroying their economy and bringing it down. People not being able to actually just do their day-to-day purchasing and transactions. But whats happening is much bigger than that. When I talk about the cashless society I get comments like: it’s supposed to bring down the corruption, the backroom deals, the black market stuff. We have been fed with this kind of stuff in articles and blogs. There are much bigger problems on the horizon then some corruption and cash deals on the side. There are already things being done that put you at risk losing your liberties and freedom, even from making mistakes.
CASHLESS ECONOMY AND CYBER SECURITY
Here are some of the dangers of the cashless society. First one is cyber security. Identity fraud and cyber security is the biggest growing illegal activity in the world. Why wouldn’t it be with the expansion of internet, expansion of digital currencies, transactions, everything being done online. Even bigger is the identity theft. There’s so much that can happen from identity theft. The banks love the idea of this. One reason the banks loves the idea of the cashless society is transaction costs. Every single transaction where money is involved and the banks are a part of the transaction. Instead of me handing a few dollar for something, I have to go through some kind om digital transaction. I don’t want to be forced to do it. I don’t want to lose my freedom to purchase or to sell something with somebody down the street. Now that’s just simply control and there’s a transaction cost associated with every one of those single maneuvers.
PRIVACY ISSUES REGARDING DIGITAL TRANSACTIONS
Problem number two with a cashless society is privacy issues. Anytime I use these transactions you can create a pattern and a trend. That means that your privacy is out the window. You can be invested for some kind of money laundering. You could wind up in jail for doing nothing but transacting with your own money. We already not that there is problems with government infringing on our privacy issues and it’s getting worse and worse. We got data tracking, we got location tracking and we got pattern tracking. Every single thing that you do would be tracked if all your transactions has to by force or by law has to be some kind of digital transaction. We’re moving in that direction very quickly.
Here’s an example what’s happening already. This is by law. If you go into a bank in USA and you take out 10 000 dollars or more, the bank is required by law to create a paperwork trail in order to follow people because they trying to “stop corruption, money laundering, major trends in terrorism”. Nowadays when you go into a bank and you say that you want your money because its mine and I let you use it for a period of time but now I need my money back. Nowadays you can be brought up on charges for something called ‘structuring’ if you even go below the 10 000 dollars and you do it more than one time in a 12 month period of time. They’re fringing on the 99 % of us that is doing everything right. So they’re stopping you from creating any kind of freedom between your own transactions with your own money.
LACK OF CONTROL WITHOUT CASH
An even bigger problem with a society without cash is loss of control and negative interest rates. We’ve been primed on negative interest rates. Negative interest rates was designed to stimulate the economy and try to get banks to get people to get the money out of the deposit boxes, from their mattress, to put their money in to some investment a vehicle or to spend some of that money. If everything is in digital currency and you say to the bank that you wanna keep your money in that account. By the wave of a law they could say ” we’ve deducted one percent of your funds”. Whether you take it or don’t doesn’t make any difference because there is no physical cash for you to take. They can even start digging you more fees and penalties. When we’re in a cashless society we can withdraw money from your account every time they want.
Have you used your credit card and then you went to another place and your credit card were frozen? It’s frozen because they think of identity theft. So they freeze your account. Can you begin to imagine what would happen if all of a sudden there were some kind of glitch, some cyber security, some electrical problem or some internet crash which we had recently.
THE GLOBAL ELITE WANTS NO CASH
We’re watching the global elite and we’re watching certain politicians and certain groups that are pushing for a cashless society. Because they are trying us to believe that the corruption, the stealing, the money laundering and all that will be taken care of when all the global elite has been doing the exact corruption, stealing and funneling your funds while we all look the other way.