Doug Casey on the Death of Privacy… and What Comes Next
International Man: In practically every country, the allowable limit for cash withdrawals and transactions continues to be lowered.
Further, rampant currency debasement is lowering the real value of these ridiculous limits.
Why are governments so intent on phasing out cash? What is really behind this coordinated effort?
Doug Casey: Let me draw your attention to three truths that my friend Nick Giambruno has pointed out about money in bank accounts.
#1. The money isn’t really yours. You’re just another unsecured creditor if the bank goes bust.
#2. The money isn’t actually there. It’s been lent out to borrowers who are illiquid or insolvent.
#3. The money isn’t really money. It’s credit created out of thin air.
The point is that cash is freedom. And when the State limits the utility of cash—physical dollars that don’t leave an electronic trail—they are limiting your personal freedom to act and compromising your privacy. Governments are naturally opposed to personal freedom and personal privacy because those things limit their control, and governments are all about control.
International Man: Governments will probably mandate Central Bank Digital Currencies (CBDCs) as the “solution” when the next real or contrived crisis hits—which is likely not far off.
What’s your take? What are the implications for financial privacy?
Doug Casey: CBDCs are proposed as a solution, but in fact, they’re a gigantic problem.
Government is not your friend, and CBDCs are not a solution.
If they successfully implement CBDCs, it would mean that anything you buy or sell, and any income you earn, will go through CBDCs. You will have zero effective privacy. The Authorities will automatically know what you own, and they’ll be in a position to control your assets. Instantly.
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