The War On Cash
- The U.S. government may be considering taking the $100 bill out of circulation.
- The E.U. is scrapping the $500 euro note.
- India is recalling the 500 and 1000 rupee notes.
- Greece is stealthily going cashless to appease the EU.
- 900 of Sweden’s 1,600 bank branches no longer keep cash on hand or take cash deposits.
The war on cash is in full swing and while the banks are, as usual, winning, the citizenry is losing money and privacy. As physical transactions with cash decrease, electronic transactions with plastic increase, which means that more transaction fees get collected and the banks get richer. In addition, since every transaction is electronically recorded, your privacy can get hacked by criminals and/or your “friendly” government.
The only way I know of for the average Joe Schmoe to fight back is for him to buy, and personally take possession of, precious metals and cryptocurrencies like bitcoin. Taking physical possession of your property is crucial because any asset that you own which resides in an entry on a centralized institutional ledger can be confiscated or frozen by your government in times of a crisis of their own making – even if you are a hard-working, law-abiding, citizen.
Regarding the precious metals and cryptocurrencies, taking possession of, and storing, a physical precious metal is much more costly/risky than doing the same for a virtual cryptocurrency. The larger the amount, the more costly/risky it is….
Ah yes, one more thing about precious metals, specifically gold. The government can unconditionally ban the possession of physical gold and demand its return to the US government. It actually has done this before. In 1933, F. D. R. issued executive order 6102, which forbade:
Notice the use of the word “hoarding” – as if trying to protect your hard earned property from seizure is a bad, immoral, thing.
In the future, governments can forbid the “hoarding” of cryptocurrencies. However, since decentralized networks cannot be shutdown and private keys can be stored on tiny devices, large scale enforcement would be next to impossible.