Why You Need to Prepare for the Cashless Society
Earlier this month, the European Central Bank suggested that the 500 Euro note needs to be eliminated. Not long after, academics and policy makers in the US started to call for the elimination of the $100 bill. This isn’t something that the average person really thinks about on a regular basis, or even cares about. The vast majority of our purchases are done through digital channels these days. Unless you’re about to buy a used car on Craigslist, you probably won’t be needing the hundred-dollar bill. For most people, eliminating it would be an inconvenience at best.
So what gives? Why is anyone even considering the elimination of these bills? It seems like there is simply no need for it.
The truth is there are a lot of reasons why governments and banks want to eliminate these high denomination notes, and none of them are good. It should go without saying that the people who are pushing this are not going to give you a straight answer. You’re going to hear them give the same excuse over and over again for the foreseeable future: Large denominations are indispensable for black market transactions. They enable drug dealers, tax evaders, corruption, and terrorism.
But that’s just what they’ll say in the beginning. One day they’ll give all those same excuses, except instead of suggesting the elimination of large denomination bills, they’ll suggest we get rid of cash instead.
That’s right. What the government, multinational corporations, and the central banks really want, is a completely cashless society, and they’re going to start by eliminating the bills we don’t use very often. Pro-gun supporters will recognize this strategy as the “slippery slope.” Start out with something small that sets a precedent, and quietly eliminate everything over a long period time so no one notices.
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