The cashless society is catching up to all of us, by Tyler Durden. The problems with eliminating cash, summarized by Mac Slavo, are:
Once that takes hold, the banksters, bureaucrats and hackers will have total information on all your transactions, purchasing behavior, profiles about consumers, political and social background history and even predictive behavior, allowing them to control the population with ease.
If/when a major crisis hits, nothing will work if the grid goes down; nothing will take place that isn’t strictly authorized — apart from a barter and precious metals exchange system that will be marginalized to the pre-digital ghetto.
Our individual sovereignty is tied directly to our ability to move freely about. When every step we make is tracked by the bank/government our sovereignty is gone forever. Freely trading commerce is one of the cornerstones of human sovereignty.
Without the ability to conduct business with whom we wish, when we wish we are nothing more than cattle to the overlords of the land.
Thailand and South Korea are eliminating coins from circulation in the next year. India recently took major action. The US is thinking about cutting use of cash back.
Larry Summers … has called for the elimination of the $100 bill. With the elimination of the largest denominated bank note from circulation this would effectively kill the use of cash. Why? Because it would eliminate most of the total cash value from circulation in one-fell-swoop.