I seldom pay with cash. Nothing against Lil George or DJ Franklin, but it is rare for me to have any need, and paying with a credit card actually earns some cash back (mainly in the denomination of Abraham the Creator). Nevertheless, I have a burner phone that is refilled with smacker payments for the purposes of privacy. As I went about completing the transaction today, I snatched a prepaid card, marched to the Wal-Mart self-checkout, and saw the following sign:
Really. Not only the poor spelling, but each register strictly refused to accept cash, leaving me to drop the card by the register shelves and break the rules by exiting through a one-way entrance. For this I received a stern finger-wagging from the staff, who were terrified that I might spread coronavirus to other shoppers. Strangely enough, the store had closed down an entire entrance, as though having everyone enter and exit through the same spot is a clever way to promote public health.
Regardless, the coin question struck me as grimly predictable. The empowered news media is claiming the culprit to be a disruption of supply due to less circulation. I would argue there is a far more to the story. Many of us have been warning about the danger inherent to a cashless society, even as the authorities that preside continue zealously pursuing it. The boldest step in this direction recently came in the form of Flimsy Andrew, whose campaign centered around direct payments from the Fed to Americans, and elimination of the penny. In fairness to Yang, your money would be worth about the same if his policies went into effect, but that is besides the point.
Why do they hate cash so much? Because it is difficult to control. Someone on Craigslist can offer up a service for a flat rate fee, and pocket the cash upon completion, simplifying the process and eliminating the government’s ability to tax. Transactions are very difficult to keep track of without card payments, whether because the State wishes to monitor a person or some corporation wants to use your buying habits for marketing purposes. The only identifying factor on a cash payment receipt would be the time and whatever video footage is available in-store. Nothing else.
So naturally the pandemic is a great excuse to further diminish the freedom of citizens and consumers in everyday life. It is likely that stores will attempt to maintain these policies in the future, and perhaps prohibit cash payments altogether, unless of course they get accused of waycism for the practice. We can only speculate and see.
Actually, there are more concrete actions which can be taken. Consider starting (or building on) a stash of precious metals. I would stay away from the SLV and GLD trusts, which have unclear guidelines as to the physical ownership of the metal. APMEX is a reasonable option, and there is of course Bezosmart. Be careful with pawn shops or gold stores, as they tend to jack up prices compared to online.
Some things just glitter and shine.
2 thoughts on “The War On Cash”
That’s totally correct. They can ban cash but they can never ban silver and gold, transactions will happen one way or other. Although they may make some Know-your-cuckstomer norms where anyone buying and selling gold above a certain threshold must be reported just like they do with banks on significant transactions. Or maybe they can go way of the UK and make it compulsory to have a gold loicense mai8.
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