{"id":193700,"date":"2019-08-24T05:47:01","date_gmt":"2019-08-24T05:47:01","guid":{"rendered":"http:\/\/www.thetruthseeker.co.uk\/?p=193700"},"modified":"2019-08-26T07:21:57","modified_gmt":"2019-08-26T07:21:57","slug":"the-push-to-kill-cash-australias-proposed-ban-shows-its-not-conspiracy-theory","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=193700","title":{"rendered":"The Push to Kill Cash \u2013 Australia\u2019s Proposed Ban Shows It\u2019s Not Conspiracy Theory"},"content":{"rendered":"

By Graham Smith<\/a> \u2013 Activist Post Aug 23, 2019<\/h1>\n

The supposed coordination of governments and tech companies to create a one-world, cashless society is often viewed as little more than fodder for silly YouTube conspiracy videos. After all, cash is still king in daily life, even in extremely high-tech, innovative societies like Japan. Upon closer examination, though, current realities like Australia\u2019s proposed cash transaction ban for 2020, the continuing removal of higher denomination bills from several world economies, and the creation of centralized, state cryptocurrencies by governments worldwide cannot be ignored. <\/em><\/span><\/p>\n

These trends signal a global push to kill paper money in the name of safety, security, and financial inclusion.<\/em><\/span><\/p>\n

You Can Pay, But It Better Be Our Way<\/h2>\n

Australia\u2019s \u201cBlack Economy Taskforce\u201d wants to put people accepting over 10,000 AUD (~$6,750) in cash in the slammer for up to two years, or fine them up to 25,000 (~$16,890), in an ostensible bid to fight black market economies. The Currency (Restrictions on the Use of Cash) Bill<\/a><\/strong><\/span> 2019 states:<\/span><\/p>\n

Transactions equal to, or in excess of this amount would need to be made using the electronic payment system or by cheque. The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities.<\/span><\/p>\n

\"The

Long lines of people wait to exchange their obsolete rupee notes in India.<\/p><\/div>\n

Note the similarity here with talking points of other governments. India\u2019s Prime Minister, Narendra Modi, when announcing the devastating surprise removal<\/a> <\/strong><\/span>of 86% of the country\u2019s circulating paper cash in 2016, proclaimed:<\/span><\/p>\n

Black money and corruption are the biggest obstacles in eradicating poverty.<\/span><\/p>\n

Not surprisingly, Modi\u2019s shock move put the dominantly cash-based society in a panic, forcing people to take their now worthless 1,000 and 500 rupee notes to banks within 50 days of the announcement, to exchange them for smaller denominations. Now The Royal Bank of India is moving to ban all cryptocurrencies but one, the state-approved, digital rupee<\/a><\/strong><\/span>.<\/span><\/p>\n

\"\"<\/a>

500-dollar federal reserve notes were officially discontinued in 1969.<\/p><\/div>\n

The removal of large cash bills is a worldwide, ongoing reality, with the European Central Bank (ECB) stopping production of the 500 euro note earlier this year<\/a><\/strong><\/span>. The note, dubbed by the media as \u201cthe Bin Laden,\u201d was said to be used disproportionately in financing terrorism. The U.S. used to have banknotes worth $500 and higher as well, some which were known as gold certificates, entitling the bearer to physical gold upon redemption. As fractional reserve banking took over, however, and national debt increased, these systems were progressively abandoned. The trend continues today in the form of Negative Interest Rate Policy<\/strong><\/span><\/a> (NIRP), and the resultant push for digitization of money.<\/span><\/p>\n

Stop Holding Cash and Take Our Debt<\/h2>\n

\u201cIf everyone is holding cash, negative interest rates become useless.\u201d These are the words<\/a> <\/strong><\/span>of former People\u2019s Bank of China (PBOC) governor Zhou Xiaochuan after the Chinese government had just completed a trial run of their new national cryptocurrency back in 2017. Now the country\u2019s sovereign digital currency is \u201calmost ready<\/a><\/strong><\/span>.\u201d Zhou has also officially stated<\/a><\/strong><\/span>:<\/span><\/p>\n

At the current stage, the central bank\u2019s major goal of issuing digital currency is to replace the physical cash.<\/span><\/p>\n

Earlier in the same interview, he maintained that \u201cThe cost for cash transaction will gradually increase in the later stage. For instance, banks do not charge any fee for counting a large amount of coins now, but in the future they may charge their clients for such services.\u201d Zhou\u2019s remarks about negative interest rates are arguably the biggest giveaway as to what is going on here. If people are holding cash outside of banks, reckless, Keynesian NIRP policies won\u2019t have the desired effect of coercing spending in the populace.<\/span><\/p>\n

New Zealand Reserve Bank governor Adrian Orr agrees with Zhou:<\/span><\/p>\n

Let\u2019s tax cash holdings, simple as that: we\u2019re back to monetary policy as usual; people are disincentivised to be holding large lumps of physical cash; they are having to think harder about putting money to work.<\/span><\/p>\n

Big Tech: We\u2019ll Create the Digital Money, Thank You<\/h2>\n

While draconian government monetary policy is alarming, the lack of support for actual financial sovereignty in the crypto and tech space is indicative of another problem. Government\u2019s designs on eliminating paper money and fighting permissionless, decentralized crypto exchange \u2014 both moves to control money supply and populations of individuals \u2014 are obvious, and to be expected. But even big tech companies and exchanges like Facebook and Binance are jumping on the propaganda bandwagon, dragging many well-meaning enthusiasts into the fight against financial freedom (even if unintentionally) right along with them.<\/span><\/p>\n

\u201cWe believe that we all have a responsibility to help advance financial inclusion, support ethical actors, and continuously uphold the integrity of the ecosystem.\u201d \u2013 Libra whitepaper<\/strong><\/span><\/a><\/span><\/p>\n

\u201cBinance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.\u201d \u2013 Binance\u2019s \u2018Venus\u2019 announcement<\/strong><\/span><\/a><\/span><\/p>\n

The common theme here is eager compliance with Keynesian value destroyers. And these examples are illustrative of the true financial epidemic.<\/span><\/p>\n

Forced \u2018Perfection\u2019<\/h2>\n

Digital currencies really are extremely convenient. Everybody in the world really should have a chance at financial inclusion. Holding wads of paper cash and coins really can be a bother, as well as a safety hazard, where crime is concerned. In Finland<\/strong><\/span><\/a>, passengers on state railways won\u2019t be able to purchase tickets with cash for long-distance trips, starting in September. Much easier than messing with the paper stuff. ATMs are becoming less common<\/strong><\/span><\/a> worldwide, even in countries like China, the U.S., and cash-obsessed Japan. Settlements and payments can be made effortlessly, though, with just a quick scan or entering a PIN, so it\u2019s no big deal.<\/span><\/p>\n

But this is not a perfect world. Governments are corrupt. Artificial monopolies and seas of red tape exist, keeping the life-threateningly impoverished and entrepreneurial from accessing crypto and banking services via strict KYC and AML policy, and by mandating, like Modi in India, that their hard-earned and hard-saved money is worthless. People already have the opportunity for extreme financial inclusion. A $40 smartphone and an internet connection enables anyone, anywhere in the world, to make or receive money with Bitcoin. In the name of regulation, safety, and financial inclusion, however, the state makes the situation more chaotic, less safe, and extremely exclusive where real human need is concerned.<\/span><\/p>\n

Some of us crazy people still like paper cash, and prefer to pay that way. Some annoying, behind-the-times Luddites still put money in their mattresses, where global financial policy turns more and more toward negative rates, continued inflation, and devaluation of money sitting in banks. Some entrepreneurs and tech-savvy fans of crypto simply think it\u2019s nobody else\u2019s damn business, preferring paper wallets, coin shuffling, and VPNs, in a world where everyone but those in power are presumed guilty until proven innocent. Some of us \u201cconspiracy nuts\u201d just like crypto for crypto<\/strong><\/span><\/a>, and paper cash is still closer to that clean and private model than any slimy, centralized digital state currency could ever hope to be.<\/span><\/p>\n

Graham Smith is an American expat living in Japan, and the founder of Voluntary Japan\u2014an initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.<\/em><\/span><\/p>\n

 <\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The drive for a global system of cashless transactions is underway, and the tech giants are pushing hard for it to be adopted <\/p>\n","protected":false},"author":39262,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[61,66],"tags":[],"class_list":["post-193700","post","type-post","status-publish","format-standard","hentry","category-Commentary","category-Economics"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/193700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/39262"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=193700"}],"version-history":[{"count":5,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/193700\/revisions"}],"predecessor-version":[{"id":193740,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/193700\/revisions\/193740"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=193700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=193700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=193700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}