Cash is being removed from circulation in other countries, and North America may not be far behind. Paper money is the vehicle that
allows nominally free people to transact their personal daily business in relative anonymity. Governments don't like this, because
every time a dollar changes hands, the government wants to tax it, or at least see where it's going. Currency is being taken out of
circulation in other countries already, under the guise of fighting crime. Eventually, credit cards (or the equivalent) will be the
only money, and ultimately you will be expected to have the RFID chip of a credit card
embedded in your hand or your forehead. Without it, you will not be able to buy or sell anything. That's where all this
America's poorly-educated young people probably don't see the elimination of cash as a serious problem, because they
rely on debit cards and cell phones already, and have greatly excessive confidence in computer systems and have been taught
to have complete faith in the all-powerful government.
Error Leads To Incorrect SmarTrip Card Balances Showing Up For Some Metro Riders. Commuters returning to Metro
for the first time might be surprised to have a lot more money on their SmarTrip card than they should — and even
more surprised when that dollar amount drops suddenly. A technical issue with SmartBenefits — the system
used by employers to deposit money onto their employees' SmarTrip accounts — is causing higher amounts of money to
be displayed for some riders when they swipe into the system. Once the rider uses up the actual amount on the card, it
will display zero dollars, despite the prior swipes showing much more. The problem comes from a lot of people stopping
SmartBenefits during the pandemic. People who haven't ridden the system for a year and a half likely don't remember how
much money they had on their card when they last traveled.
The Editor says...
The balance available on your card — no matter what you remember it was — is no more and no less than the government
says it is. The bureaucrats and pencil-pushers will claim their computers are always right. At that point, you have no recourse.
proposing bank-controlled digital currency amidst warnings of state control, loss of freedom. The U.K
government has partnered with the Bank of England to draw up plans for a digital currency for use "alongside" cash, in a move
which some have warned will usher in a "dramatic increase in state control of our lives." Back in April, Her Majesty's
Treasury and the Bank of England announced their decision to investigate the benefits of a central bank digital currency,
Associated Press News reported.
are using credit card purchase data as "contact tracing' COVID surveillance. The ongoing "war on cash" that far
preceded the pandemic, whose goal is to steer people towards using traceable forms of payment, is coming in very handy in the
COVID era precisely for the reason the policy is criticized in the first place — it makes it easy for authorities
to keep tabs on individuals who use card transactions. Reports now mention instances of Australian residents receiving
a mandate to quarantine after using their credit card to pay at an establishment, where somebody known to be infected with
the virus had stayed. Credit card receipts led back to the person that was then forced to self-isolate (although they
did not have coronavirus) — and apparently led the person to consider what, if anything, is left of their privacy
in a world where more and more people leave long "data trails" behind them. [...] As for using card transactions to do COVID
contact tracing, Australia is far from being the only country that is doing it. In fact, those lauded as most
successful in even getting their contact tracing efforts off the ground, like South Korea, pioneered the practice. Data
surveillance, reports said, was used by authorities there to make sure that people who were either unable or unwilling to
share their every move are eventually forced into doing it. Australia has "distinguished" itself for being willing to
jeopardize people's privacy with a series of COVID surveillance and control measures over the past 18 months, and last
November, the National Contact Tracing Review, whose chair is Australia's Chief Scientist Alan Finkel, recommended using
consumer credit card data for track and trace purposes.
Fed explores 'once
in a century' bid to remake the U.S. dollar. The Federal Reserve is taking what may be the first significant
step toward launching its own virtual currency, a move that could shake up banks, give millions of low-income Americans
access to the financial system and fortify the dollar's status as the world's reserve currency. The idea of creating a
fully digital version of the U.S. dollar, which was unthinkable just a few years ago, has gained bipartisan interest from
lawmakers as diverse as Sens. Elizabeth Warren (D-Mass.) and John Kennedy (R-La.) because of its potential benefits for
consumers who don't have bank accounts. But it's also sparking strong pushback from those with the most to lose: banks.
Report: Banks Discouraging
Cash Deposits. Banks have announced they no longer want cash deposits, particularly from their corporate
customers who say they're flushed with cash. According to recent reports, banks are describing their current cash flow
as "too much." With companies loaded with cash and interest rates near zero, banks are stressing they are unable to
make a profit by lending the cash to borrowers. Reports said deposits have surged this year, jumping from
$411 billion to more than $17 trillion between the months of March and May. [...] This comes as the Biden
administration is flooding the country with more cash and is seeking even more spending amid inflation concerns.
Are Doing Harriet Tubman a Disservice. I am sure there is something ironic about finally putting a person of
color onto our money, all while it ends up with the lowest value in our history. We have been through decades of the
Dollar's domination in world markets, however, those days have come to an end, as we continue to feed inflationary policies
that send the value of the dollar down the tubes. First is in the continued printing of money. This goes back to
simple Economics 101 theory. The prevalence of something reduces its value. If there are 1 trillion dollars
issued in the world, and suddenly we increase that number to 2 trillion, one could expect that the value of the dollar would
drop, as there is more of the currency currently flowing. It is part of what makes blockchain so valuable —
the scarcity of it. With the dollar, there is not a fixed and finite amount of which the Federal Reserve can release.
COVID-19 policies have simply required that the Fed make more printed money available to cover the bills which Congress has
written. Just how exactly did you think the US Federal Government was going to afford trillions of dollars of stimulus
bills absent increasing the amount of money available to do so. Either we have to borrow the money, or we have to
Great Reset and Klaus Schwab. [Scroll down] Instead, the Great Reset will remake the world —
in Schwab's words, "to create a more inclusive, resilient and sustainable world going forward," all the platitudes neatly
packed into one sentence. Private property deforms the natural relations between human beings and must be
abolished. Private transportation will not be allowed. "Contrary content" in the printing or production of
materials will not be permitted, at the cost of access to social media and Internet domains. Fossil fuels will be
replaced wholesale by Green technologies. Home gardens will be outlawed. The Christian faith will be gradually
suppressed (as is happening today). Vaccines will become mandatory. Society will become "cashless" and all
standard monetary transactions replaced by digital currency and governed by electronic means, which can be cancelled by
reigning authority at the slightest provocation. Debts will be forgiven and creditors will face the prospect of
bankruptcy. The middle class and small entrepreneurs will be wiped out. Commerce will become progressively
This Is Why They Want to Go Cashless. Venmo just refused to do business with a conservative, Jaden McNeil,
because they didn't like his political views and activities. There are dark times ahead if banks and financial
processors can prevent a person from feeding his family if he dares to speak out against our oligarchs. This is why
they are using the fight against a supposed "pandemic" to promote the cashless society that the elitists have wanted for
decades. [Video clip]
7 Things That Used
to Be "Crazy Conspiracy Theories" Until 2020 Happened. [#4] Cashless societies: Somehow, the United
States ran out of change. There were no coins to be had - anywhere - for a while. Bloomberg reported in August:
["]As if a deep recession and a never-ending pandemic wasn't enough, the U.S. now faces another crisis: a coin
shortage. Thanks to the lockdowns, fewer coins are in circulation, leaving businesses unable to make change when
customers hand over paper money.["]
A Tyranny Perpetual
and Universal? [Scroll down] The playbook is already being expanded to banking and credit. To be
on the wrong side of elite-woke opinion increasingly is to find yourself locked out of the financial system: no bank account,
no credit card, no ability to get a loan, or pay a mortgage. Pay cash? The move to a "cashless
society" — purely to prevent drug lords and Russian spies from laundering money, you understand — will
obviate that option right quick. [...] Britain's nationalized healthcare service now denies medical care to those deemed
"racist, sexist, or homophobic." What's to stop the wokerati from pressuring America's patchwork of public and private
healthcare providers to do the same? And why stop there? Why should "racists" even be allowed to buy food?
That is, assuming they can even earn the money to pay for it. But that problem can probably be taken care of by denying
the bad guys credit or debit cards and phasing out cash.
Deems Cashless Society a 'Conspiracy Theory' — After Admonishing Cash Use. Before there was a coin
shortage, cash was under attack in the media, and ridiculously hailed as a COVID-19 hazard. Now, it seems that news
outlets have pivoted to making sure the public thinks of a looming cashless society as a "conspiracy theory." At the height
of anxiety over the coronavirus, CNN berated the American people for using cash. "Do NOT take a bunch of cash out of
the bank," rang one headline; "Dirty money: The case against using cash during the coronavirus outbreak," read
another. CBS News similarly ran an anti-cash story at the time, as did other mainstream networks. More recent
stories, however, have pivoted to feign concern about the growing suspicion of an impending digital coup against paper and
coined money. (It's always fascinating to see how the media manipulates emotions, giving us something to be outraged
about one day, and trying to calm us down the next day by trying to convince us we're outraged about the wrong thing.)
lawsuit alleges Chipotle keeping the change with cash-paying customers. A lawsuit seeking class-action status
contends that Chipotle stores in Pennsylvania are not giving proper change to customers and instead are lining their pockets
with it. The complaint, filed Thursday in Allegheny County Common Pleas Court, alleges hundreds of thousands —
if not millions — of dollars in consumer losses. It provides two examples — on Aug. 13 at a
store in Pine and on Tuesday in Hampton, in which customers were not given the change they were entitled to when they paid
their bills. A spokesman for the state Attorney General's Office said that they have received five complaints similar to
those filed in the lawsuit.
How a coin
shortage is hurting US laundromats. The coin shortage is changing the laundry industry. Mom and pop
laundromat owners are considering pivoting payment systems from cash-only to credit card-loaded machines as a result of the
coronavirus-fueled coin shortage following nationwide business shutdowns. But cash is still king for many customers who
may not have access to credit cards or smartphone-linked apps.
are coins hard to find during the pandemic? The Federal Reserve has seen a significant decline of coins in
circulation because people are not spending them as regularly at businesses, many of which are either temporarily closed or
not accepting cash. Coins are still plentiful. In April, the U.S. Treasury estimated more than $47.8 billion
were in the market, up by more than a billion dollars compared to last year.
Stops Giving Customers Change As Nationwide Coin Shortage Worsens. Due to an ongoing, and in some respect, a
worsening nationwide coin shortage, The Kroger Company has stopped returning coins to cash-paying customers. At the
same time, remainders can be donated to a charity or transferred to the customers' loyalty cards, reported NewsChannel 5
Nashville WTVF. Kroger officials said, "at Kroger, we are implementing several creative solutions to minimize the impact to
our customers... We know this is an inconvenience for our customers, and we appreciate their patience. The Treasury
Department expects the shortage to diminish as more regions of the country reopen." [...] Last month, the Federal Reserve
warned coin disruptions were coming due to the COVID-19 pandemic and shutdown of the economy.
Editor's note, expanded on 8/2/2020:
[#1] Fortunately, I've only lost 34 cents to this scam new policy. I was
caught by surprise the other day, agreed to donate 34 cents to the charity of their
Kroger's choice, which the friendly checker did not name, and was not told that I could apply 34 cents to my
"loyalty" card. Maybe the checker himself didn't know.
[#2] Is there really a shortage of coins?
The coins are all being collected Many of the coins are being collected
by the Coinstar machine at the front of the grocery store. People dump jars and buckets of loose
change into these machines every day, and the coins are eventually collected and taken away.
(Poorly-educated millenials probably see loose change as a nuisance, since the use of various
denominations of coins requires a lot of mental arithmetic, for which they are not prepared.)
Somewhere, there may be a Coinstar warehouse full of coins, most likely waiting for the day when it's legal to melt them down and
recover the copper and silver content. At least it would be easy to arrive at this inference. In my opinion,
Coinstar appears to be a mining operation. (I wish I had thought of it first.) In the long run, this means
that the government will start making coins out of zinc instead of copper, pennies (which are already zinc) will be
eliminated soon, and nickels most likely will, too. If nobody has coins, it's a bad year to be in the vending
machine business. If pennies and nickels are eliminated, that leaves dimes and quarters, since there are no half-dollar
coins any more and the one-dollar coins, sometimes called the Carter Quarter (since they are easily mistaken for quarters), are
unpopular. The alternative to Coinstar, for small amounts of change, is the self-checkout machine at the grocery store,
which has a big advantage: The self-checkout machine will give you credit for 100 percent of the coins' value,
whereas the Coinstar machine will not.
It's not about the virus any more. Maybe it never was. How
COVID-19 is accelerating the shift to a cashless society. Tom Ivory, the founder of the Baker Street Bread Co.
in Philadelphia's Chestnut Hill section, fought a valiant effort for years to rein in bank fees by imposing a minimum credit
card purchase of $10. But more customers wanted to go cashless, and Mr. Ivory eventually relented and accepted plastic
for any transaction, no matter how small. About 78% of the purchases at the cafe and store are now paid through credit
cards or other electronic transfer — up from 10% just five years ago. "You have to keep up with technology,"
Mr. Ivory said.
The Editor says...
Cash is unpopular because millennials are lazy and most of them can't do arithmetic in their heads, so they never know how much money they
really have, and wouldn't know if they were being shortchanged. It's far easier to use a debit card and keep spending until it bounces.
Stops Accepting Cash As Nationwide Coin Shortage Erupts. We recently penned a piece on a developing nationwide
coin shortage sparked by the virus pandemic. As a result of the shortage, at least one major supermarket chain has
removed the ability to pay in cash at self-scan checkout machines. Meijer Inc., a supermarket chain based in the
Midwest, with corporate headquarters in Walker, Michigan, announced last Friday, that self-scan checkout machines at 250
supercenters would only accept credit or debit cards, SNAP and EBT cards, and gift cards.
The Editor says...
Without accepting cash, how will they sell you a gift card?
The Sneaky Covid
War on Cash. UN One-Worlders will not let this Covid crisis go to waste. They dream of one-world
government (the "National Cabinet" writ large) with no circulating cash and mandatory use of Digital Money (Credit Card
currency.) The Climate Alarmists would also like to use a digital money monopoly to promote their war on carbon.
They could control and ration what we buy and consume — lettuce, tofu, bicycles and green energy only, with no
overseas trips and no secret buying of diesel, bacon or beef. We have already seen the start of their war on cash [...]
People Are Hoarding Cash in the Coronavirus Panic. To keep the COVID-19 economy rolling, the Federal Reserve
pumped in trillions of dollars — mostly by buying securities to increase the lendable reserves of commercial
banks. The people behind all this didn't ignore us little folks, either: according to the most recent Fed data,
they increased the amount of currency in circulation too. That's money that folds folks — over 65 billion
more dollars during the last sixty days alone. [...] It's not being spent. Credit and debit card use at retail
stores — mostly grocers these days — is way up. The popular story being bandied about is that
cash carries the virus, so people are avoiding its use. [...] However, if that's really the case, then why are ATM
withdrawals up so much that many banks are having to order extra currency just to keep them stocked? [...] So that brings us
to the reasoned conclusion that people are hoarding cash while using cards and cellphones for their transactions.
a pandemic, no one wants to touch it. Why cash has become the new Typhoid Mary. The Almighty Dollar has
lost some of its might in the time of COVID-19. While most struggling businesses will take payment in any form to make
ends meet during the economic downtown, a minority reject cash, fearing that it could be a transmission vehicle for the
SARS-CoV-2 virus. Some experts predict that the pandemic will accelerate a steady flight by American consumers away
from dollars and cents.
The Editor says...
The abolition of cash has been a goal of the political left for a long time. The coronavirus hysteria is just a little leverage
toward that end. Nobody other than the one-in-a-million germophobe like Howie Mandel or Howard Hughes is afraid to handle money.
Bank tellers are wearing gloves these days because they're "just following orders," like everyone else.
and the War on Cash: What Is Behind the Push for a Cashless Society? Cash may well become a casualty of
the COVID-19 pandemic. As these COVID-19 lockdowns drag out, more and more individuals and businesses are going
cashless (for convenience and in a so-called effort to avoid spreading coronavirus germs), engaging in online commerce or
using digital forms of currency (bank cards, digital wallets, etc.). As a result, physical cash is no longer king. Yet
there are other, more devious, reasons for this re-engineering of society away from physical cash: a cashless society —
easily monitored, controlled, manipulated, weaponized and locked down — would play right into the hands of the government
(and its corporate partners). To this end, the government and its corporate partners-in-crime have been waging a subtle war on
cash for some time now. What is this war on cash? It's a concerted campaign to shift consumers towards a digital mode of
commerce that can easily be monitored, tracked, tabulated, mined for data, hacked, hijacked and confiscated when convenient.
Distancing" Just Made Accessing Your Cash A Lot Harder. [Scroll down] A big problem is that people have
been voluntarily distancing themselves from money in favour of technological convenience. Who is to say that
restrictions on bank opening hours and access to ATM's won't eventually extend to the banking system itself coming under
pressure? Back in 2007 when the Bank of England provided liquidity support to the now defunct Northern Rock, the
reaction from account holders the next morning was to start withdrawing their savings. Is it not feasible that the
economic fallout from Covid-19 could lead to liquidity problems for banks? Recent signs of severe dollar liquidity
stress in global markets would suggest that it is.
Society: Democrats Propose 'Digital Dollar' Run By The Fed. In the latest step toward a cashless society,
House Democrats have proposed a "digital dollar" currency controlled by the Federal Reserve that's meant to make payments to
people and businesses forced to shut down amid the coronavirus pandemic. What could possibly go wrong? House
Democrats included a provision for a digital dollar in their $2.6 trillion draft stimulus bill they introduced Monday that
would provide monthly economic relief to "qualified individuals." According to the draft, a digital dollar is defined as
"a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts
of any Federal Reserve bank; or an electronic unit of value, redeemable by an eligible financial institution (as determined
by the Board of Governors of the Federal Reserve System)." The digital dollar would also be managed and controlled
solely by the Federal Reserve Bank.
selling cashier-free technology to other retailers. Amazon has a new weapon in its war against checkout
lines. The e-commerce colossus is reportedly launching a new business to sell other retailers the technology it uses in
its cashier-free Amazon Go stores. Amazon has already inked several deals to sell the so-called "Just Walk Out"
technology and will launch a new website Monday to field inquires from other interested customers, the Seattle-based company
debuts its first supermarket with no checkout lines. An automated gate equipped with a series of scanners
greets the mid-morning wave of shoppers entering the first bricks-and-mortar Amazon Go Grocery store on Tuesday [2/25/2020] in
Seattle. It was opening day for the supermarket, and one by one each visitor placed their phone, with the Amazon Go app
open, on to a clear square, allowing them access to pristine aisles of everything from oranges and avocados to yogurt and bacon.
Presidency Reveals 7 Undeniable Facts About The Swamp. Although Trump may appear invincible at the time of this
writing, ask yourselves who controls the helium to the biggest economic balloons. The stock market is the pressure
release valve. But when the bond market blows, the USD is toast. And, as supply chains snap and the bankers
foreclose on the world, there will be ever-expanding pain for everyone to varying degrees, as the earth exhales.
Therefore, all current global trends, including especially Coronavirus®, are about
establishing control prior to the advent of a new order. Although the immediate future will be anarchy, out of that
chaos will come order administered by technological switches and gates. And the future will be cashless
because slavery is rooted in economics.
Mnuchin explains why nearly $1.5 trillion worth of $100 bills reportedly disappeared. Almost $1.5 trillion of
the world's cash, with U.S. $100 bills making up a great deal of it, is reportedly unaccounted for. So what happened to
the money? "Literally, a lot of these $100 bills are sitting in bank vaults all over the world," Treasury Secretary
Steven Mnuchin told FOX Business' Lou Dobbs during an interview on Tuesday [12/17/2019]. Mnuchin pointed to the negative
interest rates causing people to turn to American dollars as a solid investment. "The dollar is the reserve currency of
the world, and everybody wants to hold dollars," Mnuchin said on "Lou Dobbs Tonight." "And the reason why they want to
hold dollars is because the U.S. is a safe place to have your money, to invest and to hold your assets."
How my iPhone landed
me with a £476 fine and made me a criminal. The digital payments revolution was meant to make things
better for the consumer. No more banknotes falling out of your back pocket; no more waiting days on end for cheques to
clear; no more missing your train because the tourist at the front of the queue doesn't know how to use the ticket
machine. Or it was for me, anyway — I'm fully signed up to the digital revolution, you see. Not only
do I rarely carry cash, but I hardly ever leave the house with my wallet. I'm one of the estimated 8m Britons who use
their smartphones to make contactless payments. But smart though my phone is, it is not infallible.
Dystopian Los Angeles Measures Up to Rwanda. [Scroll down] I asked our guide how the Rwandans manage to
keep their city so clean. "Umuganda!" he shouted. "Before Umuganda, there were piles of garbage
everywhere! Look! Now, no one is now allowed to even use a plastic bag, no one is allowed to buy
water in a plastic bottle. We are solar. Rwanda is green!" He explained that on the last Saturday of every
month, all able-bodied Rwandans (18-65), including the president and his Cabinet members, are required by law to go out
and clean the areas around their homes and businesses. The police fine eligible citizens who fail to participate
5,000 Rwandan francs (about U.S. $5.00). These fines and traffic tickets are sent via text to the violator's mobile
phone. The fine is paid via the phone. Mobile phone transactions have all but overtaken those involving currency
cashless stores. Cashless stores are experimental at the moment, as cutting-edge businesses try to figure out
ways to trim costs and improve efficiency. Dos Toros, which has 17 outlets in New York and four in Chicago, says that
its restaurants haven't been robbed once since going cashless. It's also cut down on employee theft, and spared
managers the time and expense of counting and reconciling cash. Those savings can get passed on to its customers.
Good for them. But if other companies find that going cashless means cutting off too many customers, they will find a
way to accommodate those carrying around wads of bills. Which is exactly what's happening. Shake Shack, for
example, was considering converting stores to cashless, but decided against it when it realized how many of its customers
paid with cash.
In Money We Trust?
Look at the dollar bills in your wallet. They say they are "legal tender for all debts." But are they? What makes
them valuable? What makes them worth anything Each bill says, "In God We Trust." But God won't guarantee their
value. The $20 bill depicts the White House. Congress is on $50s. But neither guarantees the value of our
dollars. I wouldn't trust them if they did. I don't trust politicians, generally, but I especially don't trust
them with money. Since President Richard Nixon took the U.S. off the gold standard, the dollar has lost 80 percent
of its value. So what makes money trustworthy?
is still king: San Francisco bans credit-only stores. San Francisco officials voted Tuesday [5/7/2019] to require
brick-and-mortar retailers to take cash as payment, joining Philadelphia and New Jersey in banning a growing paperless practice that
critics say discriminates against low-income people who may not have access to credit cards.
becomes the first city in the US to BAN 'discriminatory' cashless stores and restaurants. Philadelphia has
become the first US city to ban cashless stores and restaurants, amid backlash from critics that legal tender-free shopping
is discriminatory. Retailers who've adopted the practice may argue that eradicating cash makes for more convenient
shopping, but many believe the policy actually discriminates against those without bank accounts or credit cards.
Siding with the critics, Philadelphia Mayor Jim Kenney signed a motion last week banning stores in the city from enacting a
cashless service. As of July 1, any businesses failing to comply with the law will face fines of up to $2,000.
Inserting Nano-Chips in $50 & $100 Bills to Track Underground Economy & Coming Barter System. While the BitCoin
people have hated me for not agreeing with them that a private currency could displace the currencies of all nations and
BitCoin would be the new "reserve currency" killing the dollar, to me they are in serious need of help. They have ZERO
comprehension of governmental power and ZERO understanding of what is going on behind the curtain. The IMF has come out
and stated that each nation should issue their own cryptocurrency and these fools cheers claiming I am not with it and do not
get this new age of technology. Sorry, but these people are really clueless if not perhaps undercover people with a
mission to get people willing to surrender their final liberty — paper money.
Your Cash Is No Good Here. Literally. More
and more businesses like Drybar don't want your money — the paper kind at least. It's making things awkward
for those who come ill prepared. After all, you can't give back a hairdo, an already dressed salad or the two beers you
already drank. The salad chain Sweetgreen has stopped accepting cash in nearly all its locations. Most Dig
Inns — which serve locally sourced, healthy fast food — won't take your bills either. Starbucks
went cashless at a Seattle location in January, and at some pubs in the U.K., you can no longer get a pint with pound
notes. The practice of not accepting cash has become popular enough to catch the attention of American lawmakers. [...]
Despite the popularity of debit- and credit-card transactions, plenty of people do still pay for things with actual
money. Cash represented 30% of all transactions and 55% of those under $10, according to a Federal Reserve survey of
2,800 people conducted in October 2017.
Like Cash Is No Longer King. The WSJ reports that an increasing number of US retailers and restaurants are no
longer accepting cash payments. Most of us use credit cards to pay for larger purchases. However, for smaller
purchases, such as a cup of coffee or a small order at a fast-food restaurant, we often pay in cash. Now a growing
number of businesses have shifted to "no-cash" policies. A Starbucks in Seattle adopted a cashless policy earlier this
year joining a growing number of similar businesses.
On the Coinage. The value of coinage
is twofold. First, there is its natural value based upon the quality and quantity of the metal used, which can be
called its "intrinsic" value. The second value is its legal and "extrinsic" one, which the prince sets by law, as he
does the prices of other goods so that they are not sold for more than what the law without question has ordained. He
is a fool who so separates these two values such that the subsequent legal value does not stick to its natural value.
many passwords can you remember? Get ready to remember more. Got too many passwords to remember?
Just wait. It's going to get a lot worse. Average consumers five years from now may face double the demands for
passwords, said Emmanuel Schalit, chief executive of Dashlane, a consumer password security company. Schalit and other
experts predict that passwords will explode in further use before they eventually fade, replaced by new technology.
Digital devices in homes are growing more numerous, but Schalit said the real driver behind the steady increase in the need
for passwords are the sprawling number of accounts for consumers to obtain public services, interact on healthcare and
education websites and deal with retailers.
The Editor says...
As digital transactions become more ubiquitous and less anonymous, and data breaches become more likely to affect more users, and
cash is accepted in fewer places, the pressure will build to adopt some sort of digital verification, most likely in the form of
a National ID number, carried on an RFID chip in your hand or your forehead. The convenience will only be temporary.
The repercussions will last literally forever, according to Revelation, the last book in the Bible:
Revelation, Chapter 13: [Verse 11]
And I beheld another beast coming up out of the earth; and he had two horns like a lamb, and he spake as a dragon. [...] [Verse 16] And he
causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:  And that
no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [...]
Chapter 14: [Verse 9] And the third angel
followed them, saying with a loud voice, If any man worship the beast and his image, and receive his mark in his forehead, or in his hand,  The
same shall drink of the wine of the wrath of God, which is poured out without mixture into the cup of his indignation; and he shall be tormented with
fire and brimstone in the presence of the holy angels, and in the presence of the Lamb:  And the smoke of their torment ascendeth up
for ever and ever: and they have no rest day nor night, who worship the beast and his image, and whosoever receiveth the mark of his name.
Sweden, cash is almost extinct as people implant microchips into their hands to pay for purchases. More than
4,000 Swedes have implanted microchips in their hands, allowing them to pay for rail travel and food, or enter keyless
offices, with a wave. Just a few years ago, there were a couple of hundred of people in Sweden using human implantable
microchips. The a thousand, then a few thousand, and now Sweden leads the world in microchip purchases. Cash in
Sweden now accounts for only 1% of all transactions, and a full 50% of all Swedish banks will not accept cash deposits.
Push to Get Rid of Cash Has Some Saying, 'Not So Fast'. Cash is disappearing in the country faster than anyone
thought it would. Now, officials are trying to slow its demise as they determine the societal costs. Few
countries have been moving toward a cashless society as fast as Sweden. But cash is being squeezed out so
quickly — with half the nation's retailers predicting they will stop accepting bills before 2025 — that
the government is recalculating the societal costs of a cash-free future.
Tries to Halt Its March to Total Cashlessness. A key committee of Swedish lawmakers wants to force the country's biggest
banks to handle cash in an effort to halt the nation's march toward complete cashlessness. Parliament's Riksbank committee, which
is in the process of reviewing the central bank law, proposed making it mandatory for banks to offer cash withdrawals and handle daily
receipts. The requirement would apply to banks that provide checking accounts and have more than 70 billion kronor
($8 billion) in deposits from the Swedish public, according to a report. The lawmakers said there needs to be "reasonable
access to those services in all of Sweden," and that 99 percent of Swedes should have a maximum distance of 25 kilometers
(16 miles) to the nearest cash withdrawal. The requirement doesn't state how banks should offer those services, and lenders
can choose whether to use a third party, machines or over-the-counter services.
Reserve Nominee Wants To Take Your Cash And Track How You Spend. [Scroll down] Not only will you not be
getting paid interest for your keeping your savings in a bank account — you will now be charged for having
one. The way around this, of course, is to simply take your money out of the bank and keep it under your
mattress. In fact, this is what we have seen in Japan and various European countries who own banks that have tried this
very policy. And [Marvin] Goodfriend has a solution for this, too: eliminate cash entirely. A cash-free
society may not seem like a big deal in an age where debit cards and mobile payments are often more convenient than dealing
with loose change, but it's important to understand that the goal is not convenience, but control. The elimination of
cash also eliminates the ability to avoid banks and therefore gives more power to the Federal Reserve and other central banks
that regulate and back those institutions.
Gold Depository — A "Bank" For Gold-Based Money — Has Now Opened. In 2015, the Texas
State government announced plans to create a "gold depository." At the time, we reported this could be a significant
step toward wider use of gold and silver as legal tender by essentially creating a parallel banking system based on precious
metals. The basic idea has always been simple: create a place where gold and other precious metals could be
stored. The implications, however, are for far ranging in that over time, such an institution has the potential to
function as a bank that could potentially offer the ability to facilitate the use of gold as money.
New Technologies Nurturing
Big Brother. Centralized control over all financial activity has reached the point where there is talk of abandoning cash for all-0electronic
transactions, the better to flesh out the state's dossiers on all of us. Various security measures allow eavesdropping on our telephone conversations,
monitoring our internet access, and taking photos of us in public places. [...] Money was created as a vehicle to grease the wheels of commerce, a way to
transact business without having to trade two swords for a horse. And money provided an accurate method of valuing disparate objects: a pair
of shoes is worth three chickens, but you no longer need the chickens to acquire the shoes. [...] Money's only purpose is to facilitate free trade.
But in a Big Brother state, free trade will wither and die, eliminating the need for money.
In Defense of Cash.
[Scroll down] Classical liberals believe an individual has the right to pursue her own ends up to the point where
[his or] her actions violate the rights of another. In general, therefore, they think the power of the state should be
limited. Sure, governments might be used for good. But both theory and experience show that they will not always
make the right choices. It is more important to limit the harm such a powerful institution might cause. It is
easy to see how these two views can lead to opposite conclusions regarding the desirability of cash. Physical currency
enables one to disobey the government. If the government is a force for good, efforts to circumvent its orders are
generally bad for society. On the other hand, if the government must have a compelling interest before it can
justifiably interfere in people's lives, a blanket ban on cash is too broad. Individuals should be more or less free to
act privately. And governments should only invade those private spaces if there is sufficient reason to believe someone
is being harmed by someone else. Call it a moral presumption of liberty.
This item may be slightly off-topic: Kansas
woman reportedly sued by bank after ATM dished out $100 bills instead of $5s. A Kansas woman is facing a pricey
lawsuit after a bank accused her of making dozens of withdrawals from a faulty ATM that was dispensing $100 bills instead of
$5 bills, a local report said Tuesday [2/27/2018]. The Central National Bank in Wichita claimed in a Jan. 22 lawsuit that
Christina C. Ochoa knew the ATM wasn't functioning properly and used it to receive as much money as possible, The Wichita
Eagle said. Ochoa reportedly made more than 50 withdrawals over five days in mid-January, several of which were done in
the middle of the night, according to documents obtained by The Eagle. The bank wants her to pay back $11,607.36 plus
interest, the outlet said.
Hate Bitcoin and Cash for the Same Reason: They Protect People's Privacy. Why are government officials
sounding such similar notes of hostility to increasingly popular non-state cryptocurrencies? "The core technology
underlying cryptocurrencies, known as blockchain, is premised on anonymity," Richard Holden, an economics professor at the
University of New South Wales, and Anup Malani, a law professor at the University of Chicago, explain. "But anonymity
is also the main fuel for the underground economy, which is now conducted largely via cash." They add, "If cryptocurrencies
were to replace cash as the preferred anonymous medium of exchange, they could significantly expand the underground economy
because they are so much more convenient than cash." It's worth remembering that India's government hates cash,
too. Less than two years ago, India demonetized all [Rs]500- and [Rs]1,000-notes — the highest denominations
in circulation — turning them into worthless paper overnight. Officials happily plunged the economy into
chaos, and forced many people to resort to barter, in an effort to force the private cash holdings powering the country's
vast shadow economy into official view, subject to tracking and taxation.
like Amazon and Starbucks want to kill cash. Companies like Starbucks and Amazon are testing stores that do not
accept cash. Going cashless can provide key advantages for retailers, such as boosting efficiency and preventing robberies.
However, for the 7% of Americans without a bank account, a cashless society would mean complete exclusion.
Cryptocurrency and Fiat
Money. In the twenty-first century, cryptocurrencies have entered upon the world stage. The biggest criticism of
cryptocurrencies is that they have no backing — but neither does the dollar, if you get right down to it. It has been said that if
some way is found to counterfeit cryptocurrencies, then no government will have jurisdiction to prosecute the counterfeiter under
counterfeiting laws, which is true. However, prosecution could proceed as a case of fraud. Clearly that is as much a
deterrence as any other law. The concept that cryptocurrencies embody is that they are a currency free of government or banking
restrictions. The Federal Reserve has zero authority over this modern currency, nor does any other central bank.
Civil War. In a civil war, the tools of finance
would come to bear. Assuming the civil war began as a revolt, the ruling class would first attempt to squeeze the rebels financially,
by cutting them off from the financial system, making it hard to raise money. In this age, that means shutting down their PayPal
accounts and booting them from crowdfunding systems. Credit card processors would be pressured to discontinue service. When that
failed, banks would be forced to close accounts and the seize assets of trouble makers. This would also discourage members of the
elite from getting any ideas about supporting the rebels against the senior elements of the elite. This would be augmented by the
use of information war to undermine the moral authority of the rebels, thus starving them of ability to gain popular support.
Bitcoin Leading to a Cashless Society? Predictions by financial and technology experts tell us our world is
headed for a cashless society, and that's not for our benefit. There might be merit to the claim, but we probably won't
know until it may be too late. The signs are generally pointing in that general direction, however, so it would be a
smart idea to stay informed about the developments.
Bitcoin Leading to a Cashless Society? At the RFID tags were introduced as a convenient way to keep track of
pets, it seemed like a reasonable move. When someone brings a lost dog to the vet, if the owner can't be found, the
animal gets sent to a shelter. If the dog has been microchipped, it can be reunited with its owner fairly easily.
But then people began to tag their children and even themselves, which raised some concerns. Those red flags were
subsequently validated when RFID tags became mandatory for employees of Cincinnati's video surveillance company
CityWatcher.com. Since then, RFID tags have been pushed as an easy way to manage one's finances: the suggestion has
been made that an implant in your body may make your physical bank card superfluous someday. The idea would be to implant
everyone with an RFID chip that not only serves as a locator, but also connects you to your individual bank account wirelessly.
If you don't pay your taxes or behave responsibly, access to your funds may simply be shut off.
Comes the 'Cashless Society'. When that day comes — and we may be only one more "market correction"
away — the call will go out to have all disposable cash surrendered in exchange for bank accounts or money
funds. A time period will be set up. Possibly two months, extended one or two times to make the bureaucrats
appear merciful. Fluff stories will appear in the press to ease the process. There will be stories about a
seventy-year-old granny who marches in with a mattress containing $100,000 of her life earnings. She will smile, and
tell the announcer, "I was always afraid of a fire; but now I feel safer." It will look so cute on the Five O'clock Action
Report News. Kids will turn in their piggy banks at school — does anybody still use piggy banks
anymore? — for prepaid money cards. They won't be told the cards depreciate one or two percent a month, if
they do not spend it immediately. Remember, that in all of these transactions, the central government/bank wins.
Dudley Sent Puerto Rico A "Plane Loaded With Cash". In the days following Hurricane Maria's devastating blow to
Puerto Rico, air traffic on the island came to a complete standstill as airport damage prevented commercial pilots from
servicing the island. That said, with the island economy grinding to a halt, San Juan International apparently managed
to find a way to accept one very important plane... a "jet loaded with an undisclosed amount of cash" from New York Fed
president William Dudley.
The Editor says...
What does that mean? Where did the money come from and what was it for? Was the money evenly distributed to everyone, or was it all delivered to one place?
Robbery, The Cashless Society. The dwindling share of cash-based transactions in the world has made online
payment a profitable market, on which the operating companies (online payment solutions and banks) are keen to pursue the
expansion, all around the world. Recently, Mastercard convinced the Kenyan government to push the cashless front nationwide.
Society Alert: Visa Will Be Giving Up To $500,000 To Restaurants That Go '100% Cashless'. The food
industry is still one of the last bastions where cash is used very heavily, and so it makes sense that Visa would want to
target that segment. Of course the more people that use cards to pay for meals, the more money that Visa will
make. When I go to restaurants, I almost always use cash, and I know a lot of other people that very much prefer to use
cash in those situations as well. But if Visa has their way, soon all of us will be forced to use some form of digital
Begins Bribing Merchants To Stop Taking Cash. The war on cash is escalating. A big driver isn't central
banks who want to be able to inflict negative interest rates on savers, or Treasuries who see cash transactions as hiding
revenues from their tax collectors, but the payment networks that want to kill cash (and checks!) as competitors to their oh
so terrific (and fee-gouging) credit and debit cards. [...] In the meantime, those of you who like cash should not just make
a point of paying in cash, but also tell the employees and in particularly, anyone who appears to be a manager that they will
lose your business if they stop taking cash. Vocal customers may be the best way to head off Visa's profiteering.
Cashless Sweden, Even God Now Takes Collection Via an App. In the most cashless society on the planet, even God
now accepts digital payments. A growing number of Swedish parishes have started taking donations via mobile apps.
Uppsala's 13th-century cathedral also accepts credit cards. The churches' drive to keep up with the times is the latest
sign of Sweden's rapid shift to a world without notes and coins. Most of the country's bank branches have stopped
handling cash; some shops and museums now only accept plastic; and even Stockholm's homeless have started accepting cards as
payment for their magazine. Go to a flea market, and the seller is more likely to ask to be paid via Sweden's popular
Swish app than with cash.
Bill to Restore Sound Money Awaits Governor's Signature. Arizona advocates of sound money landed a solid body
blow to fiat currency on May 10 when the state Senate voted 16-13 to end the taxation on income derived from the purchase and
sale of gold and silver. The bill — HB 2014 — would further bolster the strength of sound money
in Arizona by encouraging the use of specie as currency. Although it seems self-evident, the condition of the U.S.
economy, as (mis)managed by the Federal Reserve, makes it necessary to point out that it is financially unjust to tax the
profit "derived from the exchange of one kind of legal tender for another kind of legal tender." If a person goes to the bank
and exchanges a twenty-dollar bill for two tens, there's no tax on that transaction. Likewise, there should not
be — and in Arizona soon won't be — a tax on the exchange of paper currency for specie —
coins containing precious metals.
Cashless tolling at Rockaway bridges.
Starting Sunday [4/30/2017], the Marine Parkway-Gil Hodges Memorial Bridge and Cross Bay Veterans Memorial Bridge in Queens
will no longer accept cash or metal tokens at toll booths. Instead, cashless tolling will be in place, through sensors
suspended over the highway.
end of cash? Canadian retailers, consumers shifting to cards, apps. Shoppers looking for the cash
register to pay for their purchases at Vancouver's Kit and Ace active apparel stores in Gastown and Kitsilano will find a
complete absence of banknotes. The Vancouver-based brand — founded in 2014 by family members of Lululemon
Athletica founder Chip Wilson — is one of the most notable cases of retailers abandoning bills and coins, which
some observers have heralded as "the beginning of the end" for cash transactions in Canadian society. In September,
payment technology company Moneris said in a report that cash will make up only 10 percent of the money spent in Canada by
2030, with credit or debit card payments and mobile solutions like Apple Pay making up the vast majority of day-to-day transactions.
Cash is passé. But digital money makes you
easier to track. Our transactions are increasingly digital (and thus easily tracked), and in places like China many companies
are adopting biometrics (like fingerprints or eye scans) to verify who we are (see "10 Breakthrough Technologies: Paying with Your
Face"). In India, the government has taken biometric data from 1.1 billion people. But these developments alone don't
give us a good answer to the question of what we should do with good old-fashioned paper currency. The demand for cash has dwindled
in the legal, tax-compliant economy, but the underground economy uses it as much as ever. Incredibly, given that 95 percent of
Americans report that they've never held a $100 bill (the rest say they hold one occasionally), there are 34 $100 bills
floating around for every man, woman, and child in the country.
of America opens its 3rd employee free branch. An alarming trend is emerging throughout society; companies are
ditching humans and replacing them with automation. We mostly hear about these situations in tech and supply chain
companies and even fast food restaurants, but now we see this come to fruition in banking as well. Banks already
operate with little to no physical cash on hand, making the elimination of the bank teller that much easier. Armed
guards will be replaced as biometric eye scanning software contracts become the next big thing in banking security. The
loss of these jobs alone will result in hundreds of thousands without work in the next ten years.
Seeks Cash Limits in Push for Orwellian "Cashless Society". As the establishment's global push for an Orwellian "cashless society" kicks
into high gear, the European Union is pursuing a plan to impose limits on cash transactions as the next phase in the war on cash. The goal,
according to the unelected EU bureaucrats behind the plot, is to fight "anonymity" in economic transactions — or, said another way, to crush
privacy and give authorities the power to monitor every exchange. Amid a United Nations-led effort to sideline cash and privacy around the world,
the EU's anti-cash move follows similar schemes by a number of national governments within and beyond the EU in recent years. However, as the
effort picks up steam, critics are lambasting the controversial agenda from all angles, highlighting the dangers of the plan and the huge threat it
poses to privacy, freedom, and real human rights.
is behind India's brutal experiment of abolishing most cash. In early November, without warning, the Indian
government declared the two largest denomination bills invalid, abolishing over 80 percent of circulating cash by
value. Amidst all the commotion and outrage this caused, nobody seems to have taken note of the decisive role that
Washington played in this. That is surprising, as Washington's role has been disguised only very superficially.
Currency Ban Hits Real-Estate Market. [Scroll down] Prateek Patel, the cousin of the developer,
complained that he hasn't sold an apartment since early November, when Indian Prime Minister Narendra Modi shocked the
country by announcing an unprecedented currency overhaul. Mr. Modi's move took aim at the heart of India's
black-market economy by taking out of circulation existing 500- and 1,000-rupee bills in an effort to reduce corruption,
counterfeiting and tax fraud. Much of the country's real-estate transactions, particularly land and home sales, have
been conducted on a largely cash basis to avoid taxes. With many buyers now on the sidelines, sales have evaporated and
huge price discounts are expected when the market gets its bearings back.
War on Cash Accelerates. As part of the globalist establishment's on[-]going push to create a totalitarian "cashless society"
where every transaction can be tracked and controlled, Indian authorities last week suddenly demonetized the two largest denomination bills
in circulation. In Sweden, where government already tracks and monitors almost everything, central bankers are plotting the creation
of a "digital currency" that could be completely controlled — along with those who use it — by authorities. And in Australia,
establishment-minded mega-banks are plotting with politicians to force everyone into a United Nations-backed "cashless society" where
banks and government have total control over the population. In each case, different excuses have been used. But taken
together, it is obvious that something major is going on, worldwide. Liberty and privacy are literally at stake.
Countries Have Nearly "Eliminated Cash From Circulation". The cashless society is catching up to all of
us. Most of Europe has shifted that way, and now India is forcing the issue. In the United States, people are
being acclimated to it, and may soon find that no other option is practical in the highly-digitized online world. Once
that takes hold, the banksters, bureaucrats and hackers will have total information on all your transactions, purchasing
behavior, profiles about consumers, political and social background history and even predictive behavior, allowing them to
control the population with ease. If/when a major crisis hits, nothing will work if the grid goes down; nothing will
take place that isn't strictly authorized — apart from a barter and precious metals exchange system that will be
marginalized to the pre-digital ghetto.
of Money. Some people believe that money is the root of all evil. At least to the government of India it
is the root of all corruption and tax evasion and consequently it is doing everything in his power to withdraw cash from
circulation. "On Nov. 8, the Indian government announced an immediate ban on two major bills that account for the vast
majority of all currency in circulation. Indians would have until the end of the year to change those notes for other
bills, including newly minted ones" reported the New York Times. All that will be left is small change. Ramesh
Thakur a professor at the Australian National University explained in the Japan Times what the new policy was supposed to do
and why it won't work.
is for Criminals — Taxing Cash Withdrawals from ATMs. We are entering a very dark phase in this
battle to retain our liberty. A proposal now being whispered behind the curtain in Europe is to impose a tax on
withdrawing your own money from an ATM. The banks support this measure as a whole because they see this as preventing bank
runs. Nobody will look at the direction we are headed. I am deeply concerned that these type of proposals will
send the West in a real revolution not much different from that of Russia in 1917. The divide between left and right is
getting much deeper and the left is hell bent on stripping those who produce of their liberty and assets.
Angry As ATMs Run Dry After Cash Ban. The blowback from the world's latest strike in the war on cash is
unraveling fast in India. This week's decision by PM Modi to ban some high-denomination banknotes (on the premise of
fighting corruption) has left "chaos everywhere" according to one official who accused the prmeier of wreaking havoc
on the poorest Indians. As Reuters reports, nearly half of India's 202,000 ATMs were shut on Friday [11/11/2016] and
those that operated quickly ran out of the new notes as scores of people descended upon them.
Society: India Bans Currency Notes Sparking Chaos At Banks. The government in India has recently made a
move to ban large currency notes, continuing the push towards a cashless society, an effort that the country has been working
on for decades. 500 and 1,000 rupee notes were banned throughout the country, which may seem like large currency notes, but
they exchange for just a few American dollars, and represent 85% of the cash transactions in the country. The ban sparked a run
on the banks in India this week, with customers forming massive lines at banks attempting to get cash notes out while they still
could. Banks then shut down on Wednesday [11/9/2016], and limits were imposed on ATM withdrawals.
Endgame: First Your Guns, Then Your Cash? Ken Rogoff, economics professor at Harvard (and previously an
economist at the IMF and at the Board of Governors of the Federal Reserve System), wants to take that liberty away. He
has a new book out on the wickedness of cash, calling out the usual suspects — tax evaders and other
criminals — to justify doing something about it. [...] His solution is to eliminate all denominations of currency
above ten dollars. This sounds suspiciously like the argument for taking away firearms from law-abiding citizens to
keep criminals from using guns. It makes no sense unless your ultimate goal is to disarm the population —
or, in this case, take one more step to tracing, taxing, and then controlling the spending habits of law-abiding
citizens. The plan is quite devious. It is probably backed by credit card companies.
The War On Cash: Your Money
Or Your Life. What is this war on cash? In this episode of On Target, John W. Whitehead discusses the
government's concerted campaign to do away with large bills such as $20s, $50s, $100s and shift consumers towards a digital
mode of commerce — one that can easily be monitored, tracked, tabulated, mined for data, hacked, hijacked and
confiscated when convenient. [Video clip]
Sinister Side of a Cashless Society. Some on the left are proposing the elimination of currency bills larger than $10.
This may seem like an insignificant matter, but if adopted, the proposal would be a giant step in the direction of totalitarianism.
By forcing Americans to use an electronic means of payment, government would gain the power to monitor and manipulate every aspect of one's
finances. Washington would know what you buy, where and when you buy it, where you travel and eat, and whom you associate with.
Granting government this kind of power is madness unless you're one of the political elite. They seem to be lining up in favor
of a cashless society.
To A Cashless Society Is Snowballing. Love it or hate it, cash is playing an increasingly less important role
in society. In some ways this is great news for consumers. The rise of mobile and electronic payments means
faster, convenient, and more efficient purchases in most instances. New technologies are being built and improved to
facilitate these transactions, and improving security is also a priority for many payment providers. However, as Visual
Capitalist's Jeff Desjardins explains, there is also a darker side in the shift to a cashless society. Governments and
central banks have a different rationale behind the elimination of cash transactions, and as a result, the so-called "war on
cash" is on.
War Against Cash, Part III. Although it doesn't get nearly as much attention as it warrants, one of the
greatest threats to liberty and prosperity is the potential curtailment and elimination of cash. As I've previously noted,
there are two reasons why statists don't like cash and instead would prefer all of us to use digital money. [...] In general,
they don't talk about taxing our savings with government-imposed negative interest rates. Instead, they make it seem like
their goal is to fight crime.
Banks Told To Start Hoarding Cash. German newspaper Der Spiegel reported yesterday [3/3/2016] that the Bavarian
Banking Association has recommended that its member banks start stockpiling physical cash. Europe, of course, has
been battling with negative interest rates for quite some time. What this means is that commercial banks are being charged
interest for holding wholesale deposits at the European Central Bank. In order to generate artificial economic growth, the
ECB wants banks to make as many loans as possible, no matter how stupid or idiotic. They believe that economic growth is
simply a function of loans. The more money that's loaned out, the more the economy will grow. This is the sort of
theory that works really well in an economic textbook. But it doesn't work so well in a history textbook.
Begins 5 Year Countdown Until It Eliminates Cash. How much louder can the "ban cash" calls get? Recall it
was just last year when we catalogued the growing cacophony of crazies for whom banning physical currency is the only way to
ensure that depositors can't simply reassert their economic autonomy under a low or zero rate regime. [...] Now, the excuse
given for banning big bills is that it combats crime. And maybe it does. But in the end the rationale is
simple: if there are no more physical banknotes, people have no economic autonomy.
for [the next] Presidency: Issue $500 Bills. When I graduated high school, in 1969, a $20 bill had about as much
value as a $100 bill today. Inflation has taken a toll. In 1969, $500 and $1,000 bills were still in reasonably
common circulation. They had been issued up until 1945. With the turn toward ever increasing government snooping and
tracking of financial transactions, the bills were taken out of circulation with an executive order by President Richard Nixon.
It is long past due to bring the $500 bill back into common use. The European Union issues 500 Euro bills.
Cash is useful for preserving privacy and transportation of value to those who wish to avoid the electronic trail that follows
digital transactions everywhere. All it took to remove the bills from circulation was a simple executive order. That
is all it would take to bring them back. But more should be done. The insane tracking of every one's financial transactions
should be scaled back. The forfeiture laws that allow legal theft of property need to be revised or repealed.
Bank Decides ATM Withdrawals Over $1000 Are Shady. Not kidding. Regular Americans must be stopped from
taking out $1001 at a cash machine because it's probably shady, but Iran getting $150B is just fine. The new ATM rule,
f[o]r the moment, applies to non-Chase account holders. Give it a little while and I bet it'll apply to Chase accounts
sooner than later.
Call Cease-Fire in the War on
Cash. Last summer, London buses stopped accepting money. To pay your fare, you now have to wave either a prepaid
Transport for London Oyster card or a contactless payment bank card at a receiver. For some, not having to dig out a handful
of coins is a welcome relief. For others, though, the disappearance of cash represents a dangerous threat to our liberty.
Bank In America Joins War On Cash. Just a week ago, the infamous Willem Buiter, along
with Ken Rogoff, voiced their support for a restriction (or ban altogether) on the use of cash
(something that was already been implemented in Louisiana in 2011 for used goods). Today, as Mises'
Jo Salerno reports, the war has acquired a powerful new ally in Chase, the largest bank in the U.S.,
which has enacted a policy restricting the use of cash in selected markets; bans cash payments for
credit cards, mortgages, and auto loans; and disallows the storage of "any cash or coins" in safe
Totalitarianism — The Conspiracy to Abolish Cash. For many years figures on the political
fringe, especially on the right, have claimed that the government and its corporate owners want to transform
us into a cashless society. Their warnings about the conspiracy against paper money fell on deaf ears,
primarily because the digitalization of financial transactions seemed more like the result of organic
business trends than the manifestation of some sinister conspiracy. Now, however, those who want to do
away with liquid currency are stepping out of the shadows.
The Political War on Cash. These are strange
monetary times, with negative interest rates and central bankers deemed to be masters of the universe. So maybe we shouldn't be surprised that
politicians and central bankers are now waging a war on cash. That's right, policy makers in Europe and the U.S. want to make it harder for the
hoi polloi to hold actual currency. Mario Draghi fired the latest salvo on Monday [2/15/2016] when he said the European Central Bank would
like to ban €500 notes.
Pushing "Cashless Society" to Control Humanity. Proponents of the government-enforced
move away from physical currency cite a wide array of potential real and imagined benefits. Among
them: possible reductions in armed robbery, tax evasion, black-market commerce, the cost of printing
and securing physical cash, and more. Critics, though, are warning of the dangerous and Orwellian
schemes that could be unleashed in a world where out-of-control governments can monitor literally
every purchase, transaction, and bit of economic activity. In light of the recently exposed NSA
snooping scandal, the possibilities for abuse and total surveillance are more than hypothetical, obviously.
is the currency of freedom. Former Treasury secretary Larry Summers wants to get rid of the $100 bill. But I think he has it exactly
backward. I think we need to restore the $500 and $1000 bills. And the reason is that people like Larry Summers have done a horrible job.
Summers wrote recently in The Washington Post that the $100 bill needs to go. The reason, he says, is that it's a favorite of criminals,
along with the 500 euro note, which is likely to be discontinued.
Revolution In Money: The long-predicted "cashless society" has quietly arrived, or nearly so;
currency, coins and checks are receding as ways of doing everyday business; we've become Plastic Nation.
In the tangled history of American money — from tobacco receipts to gold and silver coins to paper money
and checks — this is a seismic shift. Time to pay attention.
The Editor says...
First of all, how is a pre-paid debit card capable of incurring a 23 quadrillion dollar charge? And
secondly, if the customer had been charged $23 instead of $23 quadrillion, what are the chances that he
could have recovered his money?
U.S.'s dilemma: It costs 1.7 cents to make
a penny. The U.S. penny is not what it appears to be, and some in Congress would like to see it
change further, if not disappear entirely. Because of a surge in the price of copper, the U.S. Mint
decided 25 years ago to manufacture the coins almost entirely with zinc, save for the coating on which
Abraham Lincoln's profile is engraved.
Lawmakers Consider Elimination of
Pennies. The rising cost of metals isn't just hurting jewelry makers and aluminum
consumers. The price of copper and nickel, the very materials used to make U.S. currency, is
on the minds of House lawmakers trying to find a way to cut production expenses.
Penny. Giving money away for free is not behavior one expects from ordinary, rational
Americans. But it's something they do every day in massive numbers — that is if you
consider the penny to be money. At store counters around the country, people will leave
pennies for the next customer, something they'd never do with a dime or quarter or any piece of
currency they actually value.
shortage could turn pennies to nickels. Sharply rising prices of metals such as copper and nickel
have meant the face value of pennies and nickels are worth less than the material that they are made of,
increasing the risk that speculators could melt the coins and sell them for a profit. [...] The best solution,
[Francois] Velde said, would be to 'rebase' the penny by making it worth five cents rather than one cent.
Doing so would increase the amount of five-cent coins in circulation and do away with the almost worthless
one cent coin.
The Editor says...
A penny very clearly has "ONE CENT" printed on it. That's
an iron-clad (or at least copper-clad) guarantee that it is never going to be worth five cents.]
Congress looking at steel pennies and nickels.
Further evidence that times are tough: It now costs more than a penny to make a penny. And the cost of a
nickel is more than 7½ cents. Surging prices for copper, zinc and nickel have some in Congress trying
to bring back the steel-made pennies of World War II, and maybe using steel for nickels, as well.
House passes bill to make coin-making
cheaper. The House voted for cheaper change Thursday [5/8/2008], the kind that would make pennies
and nickels worth more than they cost to make and save the country $100 million a year. [...] The bill would
require the U.S. Mint to switch from a zinc and copper penny, which costs 1.26 cents each to make, to a
copper-plated steel penny, which would cost 0.7 cents to make, according to statistics from the Mint and
Rep. Zack Space, D-Ohio, one of the measure's sponsors. It also would require nickels, now made of copper
and nickel and costing 7.7 cents to make, to be made primarily of steel, which would drop the cost to make
the five-cent coin below its face value.
Do pennies still make sense?
Penny haters [...] love Lincoln. It's the zinc lobby they're after. As an "act of civil disobedience" among the
scones, Concord Teacakes became the first retailer in the nation Thursday [2/12/2009] to refuse to accept pennies as
payment, rounding down all transactions to bypass small change.
Nickels Make a Dime's Worth of Difference? It costs the federal government up to nine cents to
mint a nickel and almost two cents to make a penny. So, in addition to overhauling Big Finance, President
Barack Obama wants to tinker with America's small change. The president's plan to save money by making
coins from cheaper stuff seems simple on its face. But history shows it would rekindle an emotional
debate among Americans who fear changing the composition of their currency will hurt its value.
Speaking of coins...
Keep the change.
The American people have never loved the Susan B. Anthony, nor the Sacagawea. Even the presidential
$1 coin has been a total flop. Yet Capitol Hill commands the production of five new dollar-coin designs
every year, with a 20 percent quota for Sacagawea, an Indian guide on the Lewis and Clark Expedition.
Aside from a handful of numismatists who enjoy adding new specimens to their collections, the coins simply
the dollar bill, some lawmakers say. Some House Republicans have introduced legislation to
phase out the paper bill we all know and crumple in our pockets and replace it with coins that'll likely
wear a hole in our pockets instead, The Hill reports.
It's time to
eliminate the penny. Increasingly, Americans have stopped using the penny, as we turn toward
electronic payments and away from cash. Sadly, inevitably, like so many other beautiful, venerated
historical objects, it appears that the penny now belongs in a museum.
The Editor says...
If Americans are using plastic cards and turning away from cash, it's not just pennies that will be
eliminated. In a cashless society, you'll have real convenience, but no privacy. And even the
convenience will vanish the first time a "computer error" at the bank puts all your money in someone else's
account. If you drop a $100 bill in Wal-Mart, you've only lost $100; but if you lose your electronic
wallet card with all your digital cash, you've lost everything.
Laws Change, 'Penny Hoarders' Could Cash in on Thousands of Dollars. Joe Henry is on a first name
basis with bank tellers across his hometown of Medford, Ore., scouring 15 banks a week with one thing on his
mind: pennies. Henry is often seen toting around bags of pennies, some he buys, others he changes back
in for cash, which seems a little strange at first. He's not a collector, he is what's known as a "penny
hoarder" and he is not alone.
Canada to Stop Making Pennies.
Say goodbye to the Canadian penny. Lawmakers in Canada have decided it makes little sense — or cents — to
continue making the 1-cent coin. Canada's Minister of Finance, Jim Flaherty, announced the penny's demise during his 2012
budget speech Thursday [3/29/2012]. "Pennies take up too much space on our dressers at home. They take up far too much
time for small businesses trying to grow and create jobs," Flaherty said. He said each penny costs Canadian tax payers one
and a half cents to make.
Canada ditching the
penny; is US next? It costs the Canadians 1.6 cents to produce a penny — about what it costs the
US mint. Now Canada has decided to stop minting pennies as a means to save money.
Canada penniless as it marks coin's end. Canada's last penny was
struck Friday [5/4/2012] at The Royal Canadian Mint's manufacturing facility and will become a museum piece as the one-cent coins are withdrawn from circulation.
"For over a hundred years, the penny played an important role in Canada's coinage system," said Finance Minister Jim Flaherty. [...] The last penny struck for
Canadian circulation will be entrusted to the Currency Museum of the Bank of Canada in Ottawa, he said.
foolish? The cost of zinc, one of its main current component elements, is rising. A penny
was worth just under a cent (.97 to be exact) in metal last year; each one is worth 1.4 cents now.
One dollar coins
Lawmakers (again) propose replacing $1 bills with coins. Eliminating the dollar bill in
favor of the coin would save $13.8 billion over 30 years, says the consumer group Council for Citizens Against Government Waste (CCAGW).
At a Capitol Hill briefing on Monday [7/22/2013], the group said printing dollar bills may be cheaper than minting coins, but they last only about four
years compared with 30 years for a coin.
Only 18 months earlier... Treasury
to stop producing unneeded dollar coins. Vice President Joe Biden and several cabinet secretaries
announced today the administration's efforts to identify and eliminate misspent tax dollars. My
favorite — the savings of $50 million annually by no longer minting unneeded and unwanted
dollar coins. Deputy Secretary of the Treasury Neal Wolin says they currently have a decade worth
of excess coins on the shelves!
Document location http://akdart.com/cash.html
Updated August 23, 2021.