Wednesday, September 15, 2021

The War On Cash, Is It A Real Thing? The Answer Is Yes

In our bizarre economy, we hear many things, and ideas are constantly being thrown out to us. This all tends to flow together and help us develop a strategy as to how we should cope with the changing times. One thing we continue to hear is that a war is being waged to eliminate cash. Not only are most people going along with this but many have embraced the notion. 

Some people view carrying cash as dangerous or burdensome. This also dovetails with their desire to spend more than they can afford, when using a credit card it is far easier to continue spending money you do not have. All things considered, when asked, is the war on cash a real thing being directed from those on high, sadly we must answer yes. Cash reflects "options for the people" and it appears those in charge of such things want in gone.

Currencies were developed to facilitate and ease transactions between individuals and businesses. The war on cash is simply another way Washington can continue to show its favoritism towards big business. Small businesses often rely more on small cash transactions and often lack the ability to process other forms of payment. It is ironic that while big businesses and companies like Amazon flourish with each move government makes, the small businesses on Main Street are left worse off.

Your Wealth Will Be Locked In A Computer
A cashless society where records are made and kept reflecting every transaction we make even down to buying a candy bar also allows the government to monitor our every move. This is something Big Brother-type governments strongly aspire to under the guise it will extend its ability to protect us or tamp down on crime, tax evasion, and corruption. For some reason, they seem to think this will allow them to collect more taxes, yet it comes at the same time they continue to tilt the tax code in favor of massive companies.

The way the government has handled coins during the pandemic is a clear indication of its unconcern over the role cash plays in our economy. When coin shortages developed, little or no effort to straighten out the mess was instituted. Considering the massive number of coins sitting unused in jars and cans across America it is a situation that could easily be resolved. In fact, coinage has yet to return to full use following the pandemic, and claims of coin shortages persist. 

This Is Far Too Common
Another place this "war on cash" is showing its head is that as of July 1st my bank started to charge a "cash handling fee" of 13 cents per hundred dollars. Simply put, banks want and feel they are in a position to charge customers for the "inconvenience" of having their employees handle cash. 

Let me be clear, banks, saving accounts, and other vehicles designed to hold cash are paying little or nothing in the way of interest. With the numbers just out that the CPI is up for the 15th straight month, cash is under assault.  this reflects the fourth straight month above 5% on a year-over-year basis. 

While this is the first time the month-over-month CPI has come in below expectations since November 2020 that is not something worthy of celebration. The CPI is routinely criticized for understating and not accurately portraying the true rate of inflation. Another issue is this could be merely the Delta variant's impact creating the illusion inflation is not rising as rapidly as some people think. 

We Should Be Concerned
Inflation, currency debasement, and a slew of other problems have always haunted those holding fiat currencies. This does not mean placing your wealth into one of the new cryptocurrencies is the solution. It does not help that in our world where everything seems to be manipulated, central bankers and their ilk all seem to be moving in the same direction. The masses are trapped in a box and the sides are slowly being moved inward.

Because central banks must keep a lot of liquidity in the system in order to keep it functioning, we have the potential of reaching the place where we drown in paper money and inflation soars. This would signify the end of this war on cash and that cash had lost. It is difficult to justify leaving your wealth in cash that is rapidly losing its value. As we stare into the face of rising inflation and possibly lower negative interest rates the reality that all fiat currencies are in trouble and this is just one big Ponzi scheme becomes very apparent. 

How fast events unfold is impossible to predict. Just as important is the order in which the four major currencies fail. We have good reason to be concerned about this because it has the potential to strip us of our wealth and cause major disruptions throughout society. Until then, which may be years away, cash has value and plays a very important part in our lives. 


(Republishing of this article welcomed with reference to Bruce Wilds/AdvancingTime Blog)

10 comments:

  1. Excellent subject and yes, cash is on the way out and digital currencies are on the way to replace them. At 63 I remember a time when you were viewed as responsible and trustworthy whenever you payed with cash and people raised an eyebrow if you used a CC. Today, it's just the opposite. Try buying a $1500-2500 HDTV at your local brick and mortar retailer and whip out 15-20 Benjamins to pay for that TV. You'll have the cashier call for assistance in no time flat. Yes those who pay with cash in today's bizarro world are viewed as criminals.

    Switching from physical to digital has now become just a matter of when rather than if. Many in the alternative media have been jumping up and down saying this would happen and they were labeled either conspiracy theorists or nutjobs. In fact back in the mid 80's the Financial Times wrote an article regarding the "Rise of the Phoenix" which was in reference to a global currency. Some have even gone as far as to suggest that Bitcoin was a Gov't creation to get the masses to accept digital currencies. There's also talk in the financial alt media by the likes of currency expert Martin Armstrong that the US for the first time in its history may cancel its currency i.e. the Mighty US Dollar and replace it with an IMF global digital currency.

    You have also probably seen over the years a concerted effort to get the masses hooked on using digital vs physical with Credit Card "Cashback Offers" along with Apple Pay, Samsung Pay, Google Pay, Walmart Pay et al.

    The real danger here is that once they switch to digital trash, I mean cash, say bye bye to any last vestiges of "freedoms and liberties". The Bankers along with the Government will own you once "they control your money". Buck the system, refuse vaccinations, oppose the government, they can shutdown your account and access to your money in a blink of an eye. If you are not spending enough they can prod you like cattle to buy stuff or else they will take it away via NIRP. They can also ban you from buying things they don't want you to have like firearms, ammo, too much beer, or too much meat. The list goes on but once the switch is made it will have George Orwell spinning in his grave.

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    1. Rod, thanks for a great comment. You made many great points. In my opinion, the "cash option" is too valuable to simply toss into the dust bin.

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  2. The above article ties into the article below which ask why they are still making and using the worthless penny. According to the “citizens to retire the penny” it cost the Country one hundred million dollars a year to produce the penny, and more than $15 billion dollars annually is wasted just in handling it.

    https://brucewilds.blogspot.com/2020/07/national-coin-shortage-shines-light-on.html

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    1. That's right as the new leaders of Afghanistan need more weapons !

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    2. a penny saved is a penny earned

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  3. Can't drown in what doesn't exist.

    Bank deposit liabilities are not US currency.

    The Federal Reserve is barred by US law from using US legal tender currency in any of its market operations, it's all done in deposit credit.

    The Fed cannot expand or contract the US money supply, it can only attempt to influence deposit account holders who control the amount of US currency in circulation at any given time.

    'Money', within the US are very specific things designated in US law (31 USC 5103) as being Federal Reserve notes and US coin. If it's not federal reserve notes (fiat) or US coin, it's not a US currency.

    Currently, there are a total of $2.1 Trillion in US legal tender FRNs in circulation around the globe, combine that with $4.3 Billion in US coin and you have all the US money/currency existing today. Everything else erroneously referred to as 'dollars' or 'US currency' or 'fiat' is either bank deposit liabilities or asset values neither of which are US currencies.

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  4. again---you didn't get it...why worry about a few millions for pennies when we left $ 85,000,000,000 + ID CARD MACHINES-BLANKS---THE LISTS OF OUR WORKERS THERE--AND THE entire region is now destabilized---THANK YOU A* JOE

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  5. I'm under the impression that, poodle barf was trying to comment on a prior article about Afghanistan and mistakenly placed his comments here. The war on cash has little to do with Afghanistan.

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  6. Another point to add to the article is that once they eliminate all physical cash, we have lost our last ounce of independence/freedom. If you don't walk the straight and narrow path, they will cut your credit account and you will have no means to buy food, gas or whatever.

    As I've been saying in my networks here in Brittany, the bids on eBay for Qrwell's crystal ball have exploded. It just took 36 years for the technology to catch up ;o)

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  7. Yes indeed, many good points made by Rod.
    I remember when parents bought a TV, 3 piece suite, fridge, on Hire Purchase (H.P.) and if you stopped repayments the item was repossessed.

    Groceries, meals out,petrol, were never offered on H.P.
    Credit cards were a dream that could only be had by the wealthier in society not the masses.
    Ending cash would be extremely foolish, and potentially dangerous in terms of our liberty and our nutritional necessity in electricity supply breakdowns.(or control freakery as Rod mentioned)
    The financial system is a complete charade, as is 'foreign exchange rates' and almost the entire stock market, and I often wonder if this ending cash and replacing it by electronic means is just to 'cover their backs' or make it even EASIER to obfuscate what is going on in all their financial actions and with the bonus of antithetically making it totally unclouded in every one of ours.

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