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Jim Rickards: The digital cattle pen is here already
By James G. Rickards
The Daily Reckoning, Baltimore
Monday, September 25, 2023
When I talk about the war on cash and a cashless society, some people think I'm exaggerating the threat or they don't take it seriously.
But I'm not exaggerating the threat. It's here, it's growing, and it'll only get worse. Today I'll show you the latest example.
The proponents of the cashless society cite convenience as a major benefit. Why bother having to tote a bunch of cumbersome cash and coins around when you can just swipe a card or pay with your smartphone?
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Besides, they say, cash enables criminal activity on the black market. Cash is the money of crime. And in some respects, they're right.
Swiping a card or scanning your smartphone is certainly easier than having to get cash from a bank or ATM and lugging it around in your wallet, dealing with change, etc.
If you eliminated cash and replaced it with digital money, it would impact the black market (though they'd figure out a workaround).
Meanwhile, cash is costlier to produce than digital money and unlike with cash, you don't need to hire a Brinks truck to move digital money around. No more bank robberies! And all those truck drivers and security guards can now learn to code!
You get the point. And that's why the war on cash has been so successful. Digital money is simply more convenient to use than cash.
And the surest way to lull someone into complacency is to offer a "convenience" that quickly becomes habit and impossible to do without. ...
... For the remainder of the commentary:
https://dailyreckoning.com/its-not-coming-its-already-here/
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