Being a student of money of sorts for many years and knowing that money creation is related to physics, I have watched over the years how cash is being slowly phased out in many countries. After this expected coming financial crash or restructuring, digital money will be replacing cash. At this point it seems almost inevitable. There is a major global effort underway to eliminate cash as a form of money and replace it with digital money using zeroes and ones. Does that sound impossible? One example is to start noticing how many countries have made cash transactions over certain amounts “illegal.” Italy made cash transactions over ₤1,000 illegal, France made cash transactions over ₣1,000 illegal, down from the previous limit of ₣3,000, and Norway’s biggest bank has come out recently suggesting the elimination of cash. On the one hand imagine how much money it would save banks if banks switched to digital cash instead of having to physically print money? As it appears there is a “war on cash” just as there have been previous “wars”: War on drugs; war on terrorism; war on cancer; war on poverty; war on gangs; war on AIDS. So like how many more wars can we endure? Another pernicious war but this “war on cash” is far different. The obvious con is directly related to individual sovereignty and privacy rights. The ability to perform anonymous transactions will become impossible under the protocols of a cashless society.
Here’s a very real scenario coming: bail-ins. “Bail Ins” occur when “troubled banks” confiscate deposits of some customers and then converts these confiscated deposits to stock in the bank. The European Union had authorized Bail In procedures for all EU banks awhile back. And in Moscow, news appeared that the Russian Ministry of Finance authorized Bail Ins in Russia (January 29, 2016). In 2013, banks in Japan began discussing private investors being forced to pay for Japan’s bank failures. This issue has not disappeared. The wizards of money have a curtain they will be lifting if cash goes completely digital. The fact is people don’t “own” the money they use. They can use this money but they didn’t create it and they don’t own it. It represents time as energy. And energy is a physics concept.
The War on Cash: An Open Source Investigation