Is the Cashless Society basically here?
There is only enough physical currency for every person in the U.S. to have $2.50 in their possession.
Long anticipated, or dreaded, the cashless society seems to be more or less here. Bit by bit, cash is being totally replaced by numbers, blips on a computer, all of which are associated with your name.
Possibly because in the eternal struggle between control vs. freedom, digital ledgers enable total control, while paper changing hands is private. Numbers can be tracked, while physical cash cannot.
Another possible reason is digital blips are much easier for politicians and bureaucrats to create from thin air - since they ARE thin air! This throws all remaining pretense of fiscal responsibility out the window. So politicians can spend on pet projects and distribute benefits and stimulus to their heart's content.
How it started
Remember when the checkout clerk would ask, "will that be cash or check today"? Those were the options. In 1958 Bank of America launched its first credit card. However, it wasn't until 1966 when the technology was licensed to other financial institutions. By 1985 the first Discover Card purchase was made for $26.77 at a Sears Store in Atlanta.
That was a quantum leap toward a cashless society. Soon after, cashiers began asking, "will that be cash or credit"?
How it’s going
According to USDEBTCLOCK.ORG, since year 2000, the supply of cash in our money system has dropped 76% from $3.55 billion to just $840 million today.
That's barely enough for every person in the U.S. to have just $2.50 in their pocket. That means if you have $25 in your pocket right now, 9 other people have zero.
Forget the GOLD standard. We don't even maintain a PAPER and TIN standard anymore.
Meanwhile, our GDP has gone from $9.4 trillion to $26 trillion. They are destroying our currency in more ways than one.
We’ve been moving farther and farther away from cash for decades, so much so that most people might not even notice the switch to Central Bank Digital Currencies when they are implemented.
Enter Modern Cash Alternatives
Since credit cards made their debut over 50 years ago, a number of alternative-to-cash payment methods have been introduced. Here's just a few:
Palm of Your Hand
Central Bank Digital Currencies
Now every transaction, using these payment tools, is tracked and recorded in some cloud somewhere.
Spooky isn't it?
Financial Privacy is no longer a sacred right. Recent headlines prove this. One of the directives of the proposed addition of 87,000 IRS agents is to limit Venmo payments to $600 or less or enforce the consequences – audits!!!
Really Spooky Money
Even more spooky are the three more options that are coming soon: microchips, biometric data linked payments, and CBDCs. These don't even fit conventional definitions of money, yet this is how we could soon be forced to transact in our economy.
Microchip Implants - These chips were first Implanted in humans in 1998, however, it's only been in the last decade that these chips were made commercially available. Implanted in the hand, these chips are usable wherever "Contactless Payments" are accepted. Right now you can just wave your chipped credit card in front of a payment scanner. With an implant, you won’t even need the card. One less thing to forget or lose. How convenient, right?
The Palm of Your Hand - Look Mom no chip. Most people have no idea this technology is already being used. It's called Amazon One. Amazon collects the biometric data of your unique palm and stores it as your ID, linked to payment systems. To pay for your groceries at Whole Foods you now need only wave your hand in front of a scanner.
The future of money is unfolding right before our eyes. The only question remaining is "when will we be entirely cashless"? Watching one indicator can give us a clue: Central Bank Digital Currency (CBDC).
Central Bank Digital Currencies
The CBDC will be issued right from the Fed. When you see the initial rollout of CBDC's that's when you know the final step toward a totally cashless society could be upon us.
Some have called CBDCs “programmable currencies” meaning they can be programmed to only purchase certain approved items, could have an expiration date and accounts can be restricted with the same ease (and user frustration) as disabling a social media account. Possibly even for the same reasons (or lack thereof).
I’m sure the appeals process will be just as fair and efficient.
When will the CBDC be put into use? How will it be used - at least initially? Who will it be offered to? What can you buy with it? Can you use it to store wealth? Will it replace the dollar? What if you are locked out of your account? Can gold and silver be a viable replacement to cash? These are all questions we should be asking... and preparing for the various answers that seem plausible or possible.
Privacy's Last Safe Haven
Did you know . . .
12 States now accept gold and silver coins as legal tender?
42 States have removed some or all of the taxes from the purchase of gold and silver?
Gold and silver may be privacy's last safe haven because it can’t be printed into oblivion or arbitrarily cancelled. Stay ahead of the move to a cashless society.
Don't wait! It's coming fast!