Cashless society

By | February 26, 2016

You might have been wondering why you’ve seen so many articles lately about how the $100 bill should be eliminated because it aids terrorists, and also propaganda concerning the magisterial wonders of a cashless society.

There are two reasons for this. One is that cash transactions are one of the last bastions of anonymity and privacy. That alone is enough for corporations and the government to want to trash cash.

But that’s not the main reason. The main reason is of course an even more corporate-focused one and that is compulsion of spending through negative interest rates. If there is still cash then negative interest rates don’t work — anyone with half a brain will just pull all their money out of the bank and avoid that.

But if there is no cash that becomes impossible.

So for the financial industry and corporations in general banning cash will have two benefits: forced negative interest rates on bank balances compelling spending because on balance it is better to buy something now than have less money later.

Second and just as importantly, investments such as stocks, 401ks, IRAs and similar will be immune to these negative interest rates so investment funds and other legal scam purveyors will enjoy trillions of dollars of ill-gotten largesse from negative interest rates combined with possession of cash being made illegal.

So you can see why this is being pushed so hard, and will eventually occur. It’s going to make people like Jamie Dimon billions.

And it is inevitable, even in the US.