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Electronic Cash: The End of Privacy

Imagine cash never existed. There are only electronic records of all our financial transactions. Then imagine the reaction from the government if cash were to be introduced.

They’d be horrified. They’d fear financial collapse. They’d consider cash a weapon of mass destruction launched against law enforcement. They’d claim that because cash is anonymous and untraceable, it’s only of interest to criminals, drug cartels, terrorists, prostitution rings and money launderers. They’d demand a licensing procedure for individuals or businesses that plan to use cash, limiting it to trustworthy individuals who keep detailed, auditable records of all their cash transactions, in order to keep America safe from criminals.

Sounds crazy, right?
Not so fast. The pressure to eliminate cash — and to turn you and anyone else who prefers it into a presumptive criminal — is growing fast.

Cash — coins and paper money — is only about 10% of the aggregate U.S. money supply, or M2. The rest is just entries on the balance sheets of banks. Nevertheless, plenty of people want to get rid of this remaining bit of real currency.

Cash allows private peer-to-peer transactions. It decentralizes power in society, and preserves a space where government and corporate elites can’t monitor and control everything. That’s why, for those elites, cash has simply got to go. And it’s why we have to fight for our right to use cash.

There’s a certain irony in that. After all, most cash in use today is issued by governments, and remains their property. They retain control over it and can manipulate its value at will. They can even declare it invalid and launch a new currency, as has happened numerous times in recent history. So in fighting for the right to use cash, we’re fighting for one form of enforced dependence on government (state-issued cash) as opposed to another (electronic currency).

Source The Sovereign Investor

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