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What’s So Bad About a Cashless Society?

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Moneyby Jeffrey Folks, The American Thinker

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.

In a recent article, The Sinister Side of Cash, Harvard economist Kenneth Rogoff argued the case for drastically reducing the supply of cash currency – eliminating all bills above $10 and thereby forcing consumers and businesses to rely on electronic exchange.  Rogoff claims that his plan would reduce money-laundering and thereby reduce crime while at the same time exposing tax cheats who deal in cash payments.

The elimination of large bills would also have the “advantage” of further enabling the central bankers to manipulate interest rates since holders of electronic funds could be more easily pressured by negative interest rates and other central bank schemes.  Holding cash in a money market fund would produce a loss under negative rates; holding cash would not.

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© 2016 American Thinker

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