Waiting for my laundry to wash, I dropped by a local Subway today. Hungry for a meaty 12 inch sandwich, I placed my order, offering the lady a ten dollar bill. As I looked below the cash register, I saw a sign that read -
Sorry, we no longer accept $50 or $100 dollar bills.
I was quickly reminded how our world is moving to a cashless society, something for which I have no appetite for.
I recently saw on YouTube that even car dealerships hate cash, as it is much harder to make money off you. So much for cash being king.
The Cashless Society of Consumerism
One by one, countries are moving toward a cashless society. China, India and yes even the good old USA. While waiting in the checkout line at my local grocery store, a lady scanned her card in the reader, waiting to move along the conveyor belt of retail consumerism. It is convenient and fast to use, but is it good?
Is Restricting Freedoms
We see in China where the cashless society is in full swing, citizens are regulated by a social credit score. It is like our credit card score here in America, yet more strict. If you do something out of line, you are restricted to travel and money. It is digital, and it is controlled by your big brother government. If you protest or try to exercise any freedom of speech, your money is restricted.
This sounds like we give up freedom for convenience.
Also note. All transactions are trackable. There is a digital paper trail required by government. Gone is the private trade between two individuals. Gone is total privacy.
Making Us Vulnerable And Dependent
What if the electronic grid were to go down? What if the markets crashed and there was a bank holiday? What if your account was accidentally deleted? Should you really give that much power of your finances to the government or strangers? What have they done to deserve your trust?
Moving From Hard Assets
Hard asset have countless times prove their worth. Silver, gold, land, supplies. Some folks believe that if you cannot touch it you do not own it. Others take it a step further and say, if you pay yearly taxes on it, it is not yours. You are only renting that which you think you own.
To One World Currency
Then there are those who believe that all these crypto currencies, including Bitcoin, Steem, etc., are being beta tested for an eventual one world digital currency that will replace all other currencies. It sure seems the world is going that way.
And now the Corona Virus (Covid 19) provides more ammunition to move to a digital cashless society. The virus could be transmitted on paper money.
I will continue to use my cash as long as I can. I will invest in hard assets, as I know they retain value. And yes one more thing.
Tomorrow I am going to trade in my larger bills for smaller ones at my local financial institution.