8. No More Cash


Soon, you won’t be able to see or touch cash in the coming global cashless society.

The pace at which currency across the globe was challenged or devalued accelerated in 2016. The stage is now set for even greater momentum: In 2017, there’ll be a global sprint toward digital currency.

Sweden – where barely 2 percent of all payments are in cash, according to the central bank, Riksbank – is leading the way. And government-orchestrated demonetization efforts in India, Britain, France, Austria, Belgium and other countries also fuel the cashless movement.

Ranging from eliminating some currency, to negative interest rates on cash deposits, to assigning fees to cash payments and more, the war on cash grows in reach and intensity.

Technology fuels the trend

Another factor feeding the cashless trend is the growing investment in the technology needed to support a cashless world.

Forget those vaults where cash once was kept. Digital dough will be stored and transacted electronically. From Bitcoin to Citicoin to SETLcoin, the world is moving to digital currency.

And driving this digital-currency rush is blockchaining. It’s technology that legitimizes and services a cashless world. A “block” is a record of a transaction between two people that’s permanently stored in a database. A “chain” is a series of blocks stored in the order they occurred.

Indeed, the biggest of the too-big-to-fail banks are teaming up to harness blockchain technology to manage and settle financial transactions. And the World Economic Forum predicts blockchaining is speeding toward a central role in the global financial system.

Already, about $20 billion in value worldwide is traded inside chains.

With the technology growing more sophisticated and, thus, adaptable, 2017 will see the biggest advance yet toward a cashless world. Also fueling the trend: The absence of any substantial fundamental opposition. That’s the case even though Big Brother will be able to watch even more how you spend your money, conduct your daily life and engage the world around you.

It’s clear: Your privacy will be lost.

Without hard cash, every digital purchase logged is subject to taxes, fees and penalties. Owe back taxes? Overdrawn on your account? Had a lien filed against you? Forgot a mortgage payment? In a
cashless society, government or big banks can more easily take your money without resistance or due process. And in doing so, those entities will have an entirely new cache of information about you.

Despite those obvious and formidable risks, there is no substantial anti-digital-currency movement.

In developed nations, the only measurable obstacles to digital currency’s fast track are segments of poor people and very small, cash-only businesses. They rely more heavily on cash because they don’t have credit cards and maybe not even bank accounts. They’ll find the transition harder, but unavoidable.

Already, companies and technologies are emerging to target these groups.

TREND FORECAST: While the complete transition to a cashless world will take a decade or more to complete, digital transactions will become more dominant in 2017. Technologies and companies that accelerate and facilitate digital currencies will grow in demand.

And privacy concerns will grow as well.


In this new cashless society, financial and even governmental institutions – not you – have custody of your cash. Every purchase you make, and where and when, draw a profile over time of your preferences, habits, needs and interests.

The cashless movement, which empowers corporate giants and accelerates government control over your money and privacy, continues unabated.

Bet your bottom dollar – or your digital dollar – on this: The transition to a cashless society in the US and across the Western world, as well as much of the world, is cemented.

Comments

Submitted by joseph_1 on Wed, 12/07/2016 - 01:10 Permalink
So we are beyond George Orwell's '1984'an Aldous Huxley's 'Brave New World'. That this trend is not raising hell over the heads of government officials and their puppet masters in the matrix of control is testimony to the total insouciance and lethargy of the public, be it Baby Boomers or Millenials. A world without some minimal privacy is hardly a free world. Welcome to the Big Brother tyranny!
Submitted by onlyme on Wed, 12/07/2016 - 09:02 Permalink
Open the flood gates. Governments with no limits on creation of digital money will grow unabated and unrestrained. Seems to me this will be the major cause of Point #2: Economic Disaster. My grandfather used to carry a 1898 Morgan Silver Dollar in his pocket and occasionally when people talked of money he would throw it on the table, which created a resounding thud, and say that's real money. Most people looked at him as if he were crazy. I now have that same silver dollar and treasure it for the monetary value and the lesson he taught me. However, I agree with Gerald's trend prediction. There will be no limit to the control that government has over society when they eliminate money or the favors that can be doled out to special people.
Submitted by dknudson on Wed, 12/07/2016 - 13:12 Permalink
In the U.S.A. there exist many minorities ... numbering in the MILLIONS OF PEOPLE ... who daily function in BLACK MARKETS using unreported cash transactions. For some, this activity using cash is voluntary. For others, it is simply an involuntary necessity: i.e., to use cash in order to survive. For the impoverished latter, cash is like water, food, rent, and air. In particular, a few current American, Mexican, and Colombian CASH USERS are participants in illegal American industries like SELLING ILLICIT DRUGS, PROSTITUTION, URBAN WASTE COLLECTION, and GAMBLING which require cash money. THIS IS NOT CREDIT CARD BUSINESS! This reality truly complicates the societal mega-plans of brilliant intellectuals like Kenneth Rogoff. Why so? It is because principal actors in illegal American unregulated and THRIVING BILLON DOLLAR INDUSTRIES will not take kindly to Harvard Professor Kenneth Rogoff's plans to end CASH transactions ... and direct their lives! In the past, Dr. Rogoff may have worked with digital criminals operating central banks and the IMF. He is not bulletproof. Organized crime families employ HIT MEN TEAMS ... who together with organizations like the CIA ... take DIRECT ACTION against trouble makers. Professor Kenneth Rogoff is such an intellectual ... who is definitely a king-sized, first class Harvard intellectual, trouble maker. He's even bigger than one time President Jack Kennedy once was. Meanwhile, consider that in major American cities there live many innocent minorities (e.g., poor Afro-Americans, Irish, Italians, illegal immigrants, etc.) who can not possibly SURVIVE for 30 days without using CASH. These humans do not have credit cards, debit cards, bank accounts, or even simple email or physical addresses! These outsiders would not be at all happy with Professor Rogoff's cashless society scheme. However hard Dr. Rogoff tried in large American ghettos, his "hopefully and benevolent" cashless schemes for CENTRAL PLANNING and CONTROL ... would threaten and infuriate millions of DISADVANTAGED PEOPLE. THEY WOULD BE MADDER THAN HELL ... AND THEY WOULD LOSE IT FAST. The IVY LEAGUE has produced neocons who wish to start WWIII. They are missing something simple: THE END OF THE WORLD and ISRAEL, too! Now comes a scheme to end cash money in society ... so that WISE MEN LIKE KENNETH ROGOFF CAN DIRECT OTHER PEOPLE'S LIVES. Sadly, this is no joke.
Submitted by nick.simmons@s… on Wed, 12/07/2016 - 13:39 Permalink
I wonder whether a big bank going belly up and millions of people's account balances vaporizing, way beyond the ability of FDIC to cover, would help slow this trend. Or perhaps an EMP event that wiped out a bunch of digital-only records. My biggest issue is that I don't trust the banks or the government to have my assets there when I need them, more so even than the privacy aspect. That's why I have a quantity of physical gold and silver as well as a few month's cash needs. I'll try to push back and use cash for most of my smaller transactions, until I can't.
Submitted by djsj@optonline.net on Wed, 12/07/2016 - 18:21 Permalink
add in the ability to block gun sales from digital transactions and you have the perfect liberal wet dream.
Submitted by Piper Pilot on Thu, 12/08/2016 - 13:48 Permalink
Consider that "hacking" is getting worse and worse, and there seems to be no way to stop it. Hillary's gang was yelling "hacking" as one of the reasons she lost. This is also why "direct democracy" will not be accepted until the hacking issue is solved.
Submitted by alpha7B5 on Sun, 12/18/2016 - 06:25 Permalink
This cashless society is all according to plans. It's the best way to control the SLAVES! A handful of the rest, few mega millionaires and billionaires, will keep doing business the old and ancient ways!