Cash Ban Would Be Devastating To Our Freedom

There is a growing movement among global elites to ban cash, moving all transactions to digital.

The justifications they give for banning cash include: reducing crime, making transactions more efficient, and strengthening monetary policy (more on this later).

Those are some good political justifications, but they miss the real story.

Banning cash is about control.

Think of what cash gives you: It gives you freedom, anonymity, and most importantly, it gives you a chance to get your money physically out of the bank.

Now, why would anyone want to ban that?

Well, as I wrote before, the globalists want control. The end of cash would mean the total dominance of banks and government – even more than now if that’s possible.

A total cash ban means every transaction could be monitored, and you could never truly take your money out of the bank.

And even worse, the government would be able to manipulate your financial choices to a much greater extent than they can today.

Negative Interest Rates And A Cash Ban

Japan, and some European governments have been experimenting with negative interest rates, though banks there are still too afraid to pass the negative rates fully onto consumers while cash is still available.

Negative rates are what they sound like. Instead of your money in the bank earning you interest, it loses value – which is taken by the bank.

What this means is that if negative rates were imposed, you would be paying the bank to hold your money.

Nothing legally stops the government from imposing negative rates now. However, the availability of cash means tons of us could pull our money out of the bank if the government set negative rates. If many people pulled their money out of the bank and demanded cash, the banking system would quickly collapse.

That threat of collapse gives each of us leverage over the banks and the government.

But that leverage only exists because of cash.

If cash were banned, all our money would just be numbers in the bank, with no physical currency for us to demand.

If negative rates were imposed, where would we put our money? We could only spend it quickly to stop it from losing value further down the road – which is why governments want the power to impose negative rates and boost short-term spending.

The result would be a loss of financial freedom, and a consolidation of power on the part of the government and banks. They could use the fear of losing our money to force us to spend.

Not sure about you, but I think that’s a bad idea.

Consequences of a Cash Ban

If cash were banned, we would lose anonymity, we would lose the ability to pull our money out of the bank, and we would be vulnerable to government financial manipulation.

We would lose our financial freedom.

That is far too high a price to pay for a bit of “efficiency” or “crime-reduction.”

After all, the government is often horribly inefficient and the banks can seem like the biggest criminals of them all, so why would we want to give them more power?

We need to maintain our freedom. We need to make sure a cash ban never happens.

Spencer Fernando

Photos – Twitter