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Cashless Society and the End of Freedom

Cashless Society and the End of Freedom

In the 1970’s, a group of researchers was
assigned a simple task. Imagine you work for the KGB and you need
to create a perfect surveillance system without creeping people out. And this is what they came up with. [1]
They predicted a widespread adoption of debit cards would be the best surveillance system
within the constraint of not being obtrusive. And they were right. With a debit card, you are not thinking about
surveillance. It’s been sold to you as a convenient payment
method. And yet it maintains a detailed record of
your purchases with a precise location and time. [2] This data can be sold and marketed by your provider, retailers, and payment processors,
or be collected by a three-letter government agency just in case they need to look at what
your shopping reveals about your personality – you know, for national security purposes. [3] The surveillance capability introduced by debit cards diminishes the anonymity of cash
payments. This makes it easier for the government to
collect taxes and eliminate black markets that heavily rely on cash precisely for its
untraceability. [4] But the success of such surveillance is only viable when anonymous options are no longer
available. We will soon approach that reality as we are
being transformed into a cashless society. An average pack of cigarettes in Australia
costs about $40 AU. That’s due to Australia’s heavy tax on
tobacco products, which is the highest in the world. But such high taxes incentivized unintended
behavior. [5] Australia struggles with a huge black market for smuggling cigarettes and there is a crime epidemic of stealing products from tobacco warehouses. The result is a massive tax avoidance and
organized crime which the Australian government decided to deal with by cracking down on cash. It is now illegal to “make or accept a payment
or series of connected payments in cash in excess of” $10,000 AU. Some are floating proposals to do away with
the Australia’s two highest denominations – $100 and $50 bills. [10] The goal is to squeeze the juice out
of the black market and starve out their businesses. [6] Limiting cash payments and banning high-value bank notes is becoming a global trend. In France the cap on cash transactions is
only 1,000 euros and in Italy it’s at €2,999.99. [7] The European Central Bank has recently
stopped issuing €500-notes, although they will remain accepted as a legal tender indefinitely. To put it in perspective, this little European
project of replacing 500-euro banknotes is actually going to require covering 300 billion
euros in circulation and it will cost 600 million euros. [8] In some countries, the war on cash gets much worse . India’s Prime Minister Modi banned the use
of 500 and 1,000 rupee notes basically overnight, giving Indians 50-day grace period to return
their notes. 1,000 rupees may sound like much, but it only
amounts to roughly $14. [9] This was a catastrophic blow to the Indian economy and poor working people that relied
on cash to receive wages and pay rents. The country’s economic growth slowed down
by 17% and Indian cities suffered from a massive exodus of up to 60% of migrant workers who
fled the cities because there was not enough cash in circulation to replace the two highest
denominations. [11] [12] Poor working people suffered the most from Modi’s plan, but his support was rock-solid,
because he framed it as a strike against the corrupt elites in India. [12] In fact, in all cases of eliminating
high-value notes or posing caps on cash transactions, black markets and crime is always quoted as
the main reason. However, a recent study conducted in the UK
focusing on money laundering and terrorist financing revealed that regulated banks and
accounting firms were the two biggest facilitators of illegal transfers and funding. Although cash ranked the third, banks were
almost twice as likely to be involved in money laundering than cash. [13] So as Elaine Ou from Bloomberg said: if illegal transactions are the reasoning “for banning
cash, then it only makes sense to ban banks and accounting firms first”. It seems that living in a cashless society
would be convenient for many, but an ordeal for others. Homeless people, charity workers, small retailers,
cab drivers or casual workers getting paid in cash would suffer the most in a world with
no physical currency. But there is a country closer to being a cashless
society than any other country in the world, and it’s proving everyone wrong. Sweden. In Sweden, no high street bank in big cities
handles cash anymore with 85% of the population banking online. [14] Even paying for a coffee or a bus transfer
requires mobile or card payment. Cash is so uncommon in Sweden, that even homeless
people carry credit card readers that are supplied to them by charity organizations. Donating to a church or splitting a restaurant
check among friends that used to be a domain of cash is now a matter of using inter-person
payment apps. [15] Going cashless is certainly going to have its benefits. Payments will be fast and convenient. Theft will be basically non-existent. And tax collection will be easier and fairer. In the US, people without a bank account spend 5 to 9 minutes longer to get cash than average Americans. [16] Theft of cash alone cost businesses $40
billion a year, which is more than credit card fraud, refund fraud, Internet fraud and
bad checks combined. [17] Credit card fraud results in $16 billion in losses affecting 15.4 million Americans although
this number is rapidly increasing year by year. [18] Tax evasion is a huge problem in the United States. The IRS estimates an average tax gap between
2008 and 2010 to be $458 billion. This is the amount of tax revenue the IRS
expected to be collected but was not even reported. How much of this revenue is black market or
financing illegal activities is unclear. But much of the tax evasion happens in plain
sight. [19] Recent investigations show that in total $2.6 trillion in profits is held offshore by the
US Fortune 500 companies. [20] This is achieved by abusing loopholes
in foreign countries. Four jurisdictions – Bermuda, Ireland, Luxemburg
and the Netherlands – account for 63% of all profits from American multinational companies. [21] Between 2008 and 2015, Apple earned $305 billion in revenue and paid only 5.8% in foreign tax
and returned nothing in the US taxes. They were able to do this not by hiding their
earnings in cash, but by shifting their profits through three Irish subsidiaries that are
structured so that they are not “residents” of neither Ireland nor the US because, for
tax purposes, they are under foreign control. [20] Living in a cashless society will represent a major change in economic dynamics. People will no longer have custody of their
money. All that will be left for them is a mere claim
that a number on their account balance belongs to them. But this claim only means as much as it can
be enforced. [13] During the Greece debt-crisis in 2015, banks imposed a nationwide limit on cash withdrawals
to 60 euros a day, essentially preventing people from accessing their savings in the
name of protecting national economy. The capital controls that also prohibited
foreign transfers were only fully lifted three years later. [21] Cashless society will grant banks and card companies unaccountable and unchecked control
over people’s finances. There will be no choice but to accept their
service on their terms. The affects will spill over into social and
political realms, as payment providers already ban their customers for speech or political
positions. The existence of cash made it difficult for
central banks to enforce monetary policies. During the Eurozone crisis, the European Central
Bank resorted to charging negative interest rates on savings and deposits in order to
discourage saving and boost spending. [27] The strategy of quantitative easing didn’t bring the desired results. When people started to lose interest on their
live savings, it only incentivized them to spend less and save even more. People who wanted to avoid being charged for
their savings could simply store their savings as cash in a safe. In a cashless society, this scenario would
not be an option and central banks would always have an ultimate say over people’s funds. [22] [13] [23] [24] [25] Making all transactions electronically creates troves of data that can be used to track individual
purchases or even macro-engineer economic behavior of an entire nation. [2] Data is one of the most sought-after commodities
in the world and digital payments allow companies to track real identities and build profiles
of shopping habits. For regular people, this will mean they will
no longer be allowed to buy drugs, visit a pub, or buy a book anonymously. Gradually, we are being nudged into a cashless
society. [26] Banks are making it more inconvenient
to use cash by closing down their branches or limiting cash withdrawals at counters and
ATMs. [28] In 2017, Visa ran a campaign where it
wanted to reward $10,000 to 50 US-based businesses who go completely cashless. [29] The resistance to cashless society is not all that futile. Germany is the leader of stubbornly holding
on to cash. 80% of point-of-sale transactions are made
in cash, and an average German carries over 100 euros in their wallet. [30] [31] Big supermarket chains only began
introducing card payments in 2015 and tens of thousands of restaurants and shops are
still cash-only. Most Germans view cash as a means of freedom
from government control and a way of preserving privacy and anonymity which they are refusing
to give up.

100 thoughts on “Cashless Society and the End of Freedom

  1. Stuff this. Convenience and security. What a joke. Any infrastructure failure, power failures, hacking, electronic warfare, you name it, and the little person is screwed. There goes privacy. Say no thanks to any of this.

  2. The statement about $10k cash payments in Australia is incorrect. This is a proposed law they are trying to pass, not a current law. It’s very unlikely it will pass.

  3. If you have nothing to hide, it is not a problem. The mob and drug cartells needs cash.
    What makes you loose your freedom, is listening to advertizers.

  4. Buy coinage in precious metal, particularly silver, but by all means diversify into gold, maybe even platinum or palladium although I'd stick with the classics. There are regulations around .999 bullion trading coins in many countries, and even in some cases for less fine silver like .900, however there may be loopholes like in the United States you can buy and sell as many low silver content coinage as you want without filling out an IRS form, so 35% silver Jefferson war nickels and low-silver foreign coinage is another option to diversify. Have a stash of real money that they can't artificially devalue overnight. Precious metals markets do fluctuate, sometimes even to insane degrees, but it'll always be valuable, which you can't say about paper money. In rare cases, paper money can go to zero value in an all out economic collapse, but silver and gold will always be worth at least something.

  5. It's not illegal to make transactions of 10k or more multiple times in Aus. It just gets recorded and has to be reported. It's not illegal. That's just wrong Hated One. So is the cost of cigarettes which are about $20 AUD on average, not $40 and there is not rampant crime associated with this. I liked your videos, but this is horribly inaccurate misinformation. What is your hidden agenda?

  6. Nope… not gonna happen..
    Central banks have hegemony over the money press because they are the only legal authorities that can print and issue bank notes.

    As soon as cash disappears, the legal foundation of central banks of states will disappear. It is not without reason that central banks of states have expressed their concern about the rapid rise of electronic payments.

  7. Bitcoin and he barcode? Well thats great the ones who ruined the count EU will be able to make the new system and do nothing to earn a real living. Investors are entitled SEC FINRA ENTITLEMENT….WOW IS I AM GONNA NEED TROOPS FOR THE FORCED GAME OF US

  8. When I was in Sweden this year at my relatives' place they asked me what I think about the country.I said that it's a great place to do buisness,but definetly not a place for anyone looking to raise a family or otherwise isn't in their prime.Eastern Bloc drills a few things into your memory,and one of those is "if it's cheap or free,you are paying it with your and your family's blood."

  9. One unstoppable thing is keeping cash alive: poor people. Poor people use cash even though it tends to be more expensive. The poorer you are, the higher the costs and risks of cash become. Anyone you know can beg you for a few bucks or steal the hard-earned money that you're trying to save to pay your children's school fees. A fire or natural disaster can obliterate your meager savings. And you may have to spend days riding buses and walking to the countryside to deliver cash to, or retrieve it from, a relative. Even if a wire service is accessible, that means paying steep service fees.
    The poor rely on analog currency because many are going unbanked. As long as banks keep up monthly fees and balance minimums, don't expect this to change.
    the bank's side: "It has never been profitable to put bank branches in the slums and rural villages where poor people live, while balance minimums and the time required to get to and from a branch make old-school banking unrealistic and unattractive."

    I don’t fully agree with a cashless society at all (the government needs cash autonomy just as much as its people do); think how much money the federal reserve would loose from not being able to print America’s cash for us, the Jewish family’s that own the reserve would not allow that to happen.

  10. You are no longer aloud to conduct business anonymously, you must now obey the machine.
    Holy moly, cyberpunk 2077 is a glimpse at our ACTUAL possible future. Scary AF !!

  11. Cashless is a cancer of modern era, in my country if bank gets closed (for a big list of reasons that has “loosing government license”) no one will restore my money that I have in it if the sum is over certain amount, this amount is less than a descent car will cost you, so how am I supposed to save money?

    In addition to that my earnings are mine and I do not want them to be presented by some nonexistent number, having money on bank account means I have no actual proof of money, which means if something goes wrong I may loose it and will have no way to prove I had it, right now my bank told me that I won’t be able to get info of my operations in my app ore on their website if they were done more than 90 days ago and this is bad for predicting my budget, as before it was possible to see this info for 13 months meaning I could always check what we’re my spendings one year ago.
    There was a number of reasons in my country history why people do not believe banks as they already have a record of screwing whole country. I have a restaurant near that has a fat discount for cash payments, Uber drivers here often cancel rides when they see that it is not cash, some shops and cafes that have “broken” credit card terminal for years just not to use cashless methods))

  12. And the big boys don't like bitcoin……so…….wtf?
    Monetary killswitch, personal exile from society, digital descent, mark of the beast….

  13. India's PM Modi a while post "going after the rich elites" of the country, practically sold the country to the elites by making election funding to the political parties entirely anonymous. The Indian government is rabid for surveillance. They used fearmongering to get the entire population to give up their bio-metric data and now the idea of linking of Aadhar numbers to social media is being floated.

  14. This would be because Federal Reserve Banks around the world owned by Rothschild, who wants to control every part of your life.
    There are only 2-3 countries left without a central bank AKA the Federal Reserve Bank & that's where war's are taking place.
    & guess who the government goes to to get money to go to war the Federal Reserve Bank so this family has been funding both sides of which ever war that is going at that time in history since the 1700s.
    If you don't believe me type in THE INVISIBLE CRITIC that guy will open your eyes right up

  15. China has already became cashless bundle with their wechat pay, the government can track every transaction and move you made

  16. Crypto Curriences are a joke. Relies to much on outside infrastructure like electricity and internet, which the Govt. owns. You have to own a computer to have Crypto, too much barriers to simply use it. Nothing beats cash.

  17. that group of researchers did not predict it, the Holy Bible is just fulfilling the BEAST SYSTEM prophecy , it is very clear

  18. Human civilisation is circling the drain. Enjoy it while it lasts, only a matter of time before a straw breaks the camel's back and we all end up in a Mad Max existence.

  19. I'm from Germany and I hate this ultra conservative thinking of not having cashless payment options.
    Most of my friends now use US based payment options like Mastercard, Paypal or others. GG Germany.
    And don't get me wrong, I'm with you, cash should always be an option but having only cash is driving young people away.

  20. The apathy of Australians in general allows the govt and elite to chip away bit by bit any semblance of the right to privacy. Essentially we sheeple are well and truly on the road to being social capital resources commodity, and manipulated consumers.

  21. most of the sheep will follow cashless how stupid can you be the banks dont need that power 2 stop us from getting our hard earned money the bank scames 2 much from us allready ppl AND if you dont have somthing 2 back your money up your praktely a poor broke country just as amerika is now

  22. looks like a good time to piss off into the wilderness and live on berries and fruit and switch over to using universal energy more…I re-discovered recently something I was taught by a chinese master many years ago…a method of brea thing with visualization while standing still on the earth for hours which charges the body up with so much power that very little food is needed…I am putting on weight after practicing only 1 hour a day for 2 weeks even though my 2 meals are medium sized same as always…quite possibly 8 hours of standing still doing this practice means living on chi alone…the power in the air..but visualization of the substance drawn in is very important…I'm getting more insight and confidence in this method…look up pralad jani…indian man who has not had food or water for 30 years or so…humans are gonna have to evolve quickly or be killed off in their millions or die off in their millions possibly billions

  23. What a great society multinationals are leading us into. They will fully control us through our money and track our every step selling our private information to the highest bitter, while simultaneously not paying any taxes through various loopholes. Once people controlled corporations, now it seems corporations will control the people. And nothing can stop them while they can just buy politicians without any repercussions who then feed us the utopia of endless "economic growth" forgetting to tell us who is main beneficiary of that growth is.

  24. Yeah I'm German. I can't believe people are voluntarily giving up cash. I'll die before I pay everything with a piece of plastic. Fuck that

  25. The problem with money is, that it´s a myth. It has no intrinsic value. We all agreed that it´s a great storage of wealth. At least it´s physical though. Imaginary digital bank account, which is a complete fiction on itself, is a bit too much to swallow. Cryptos are at least trying to protect your freedom from central banking systems but are still in their infancy. This topic makes me absolutely mad, as I don´t see better alternatives to what we already have here in Germany.

  26. This guy hasn't heard of the drug industry where more and more drug dealers use different forms of bit currencies. I watched a documentary on this via VICE.

  27. So your telling me I can't use debit/credit
    I can't use the Internet at reasonable speeds (tor)
    I can't use the best os with a Lot of productivity tools(Windows)
    And I can't talk to my friends on anything but pigeon

    How about no just take my data

  28. Noo, Carry cash!!! Never stop using cash! When you get paid, go and take out money from the atm and use it!! Never let them take our 100$’s!

  29. This is all done by design people, money doesn’t bloody exist and these elites or globalist whatever you wanna call them are tightening their grip on us, they’ve been controlling human society for centuries. Leave the city, grow your own food loool live by your own rules.

  30. utilize technology to its fullest.  use robots machines and computers to their fullest capabilities freeing humans from tedious work.  have machines and robots mine materials, make homes and transportation, farm and upkeep on food.  while it wouldn't be perfect, you wouldn't need cash or any form of capital at all.

  31. Well Australia is like this now, it’s all designed to keep you in the system, people will just go back to gold and silver, it’s as simple as that.

  32. Traveling to Germany from a nordic country feels like going to the stone age. when a shop keeper told me they only accept cash and was grumpy when I only had a €50 note for a €3 purchase proves how backward the country is

  33. Convert your money into (PEOS) – A anonymous cryptocurrency with transactions going through within a half second.

  34. There will never be a cashless society : radical Islam will invade Europe militarily and many other countries will go for it. And the Quran prescribes one single money, the dinar, always exchangeable against certain amount of gold (subdivisions may be exchangeable against silver and copper) and to be lent with no interest.

  35. As Long as cryptocurrency works or could be implemented. That's digital cash.
    And to get rith of cash itself is good as long as all people även poor have options that's the loss here most for poor people. And crypto are for them hopefully!

  36. Quantitative easing: A nice fuzzy way to describe DEVALUING YOUR MONEY THROUGH DILUTION. I just love the way that after the banksters nearly crashed the global economy over the cliffs in 2008, only Iceland sent the worst offenders to jail. Governments never fixed the problem back then, they just jammed the interest rate control into the bottom end stop & snapped the handle off then started creating more money from thin air & handing crooked banks & bloated auto companies bail out money. Printing more money (actually most new money is created electronically) & reduced the value of every dollar, pound & Euro in your pocket through dilution. Now we are staring into the biggest abyss of a global recession the world has ever seen…a perfect storm, but they never re-attached the main control lever for interest rates so they are now facing trying to control this bucking & weaving "Rube Goldberg" machine they call the economy using only 30% of the control mechanisms. This is going to be a recession which makes the great Depression & 2008 combined look like a quiet night in front of the TV watching Coronation street & drinking cocoa!

  37. Hey, it's all based on the same principles used when boiling a frog. Turn the heat up slowly and the frog won't notice. So what are any of you people gonna do about it. Nothing.

    So maybe it's time to move on to other matters.

  38. problem with Sweden is they are literally running like communist countries………you hand out cash readers to homeless paid by tax payers (another cover for redistribution )

  39. taxes collected by IRS
    are funding illegal activities
    wars chemical spraying
    weather weapons
    NASA lies
    etc etc etc

  40. Money itself is pegged to nothing and could be inflated at will by the central banking system so even if you hide piles of cash under your bed when economies collapse it will cost you an absurd amount of money to buy anything maybe $100 US for a gallon of gas the point os the whole system is a fraud but societies love to be sheep

  41. So this is a sales pitch for pushing for a cashless society. The rich, criminals and the banks will always find a way out. I'm more concerned about the loss of freedom

  42. There is a big hole in your analysis. If not having cash becomes a big enough problem for enough people, then ordinary people will create their own alternative to cash, and start using it for transactions. Crypto is a good example of this, or, in prisons, they use cigarettes and canned fish as a form of cash. The possibilities are abundant. You don't give enough credit to the independence and ingenuity of ordinary people. The only real need for government issued fiat is to pay taxes, and if things get bad enough, people will stop doing that too. Governments are only as powerful and as necessary as we think they are.

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