As the global war on cash continues to accelerate, outspoken libertarian Ron Paul summarizes the effort to eliminate cash perfectly - as an “attack on individual freedom.”
Restricting and discouraging the use of cash, suggests Paul, has always been a goal of statists as a means to reduce individuals’ independence.
“A cashless society is very, very dangerous,” continues Paul.
Watch the complete interview, which includes an extensive discussion of economic issues and the Federal Reserve, here:
In September of 2015, Paul further discussed the war on cash at the Ron Paul Liberty Report with Joseph Salerno, a professor of economics at Pace University. Watch that interview here.
So we know how is hurt by the cashless society, consider just who is gaining from this war on cash.
The banks, of course, are charging as many fees as they can think of. More importantly, your cash card leaves a wide data trail detailing your buying preferences, used by merchants and advertisers to entice you into more buying. How convenient. These thoughtful companies even offer reward points every time you use the card. Cash offers the ultimate in privacy. Your cash card might as well be a walking billboard.
The government, of course, is extremely interested in your spending habits. The taxing authorities use an electronic money trail to monitor your spending and ensure against tax evasion. In addition, cards save the government the cost and trouble of printing and storing additional currency.
Your electronic purchase trail is nirvana to large corporations. Knowing your spending habits allows them to customize their ads to an ever-larger consumer base. They know what you need before you do and are ready to entice you with specials, sales and “act now” deals.