Cash Is No Longer King: The Phasing Out of Physical Money Has Begun

Lew Rockwell ^ | Dec 13, 2016 | Shaun Bradley

[upchuck]

As physical currency around the world is increasingly phased out, the era where “cash is king” seems to be coming to an end. Countries like India and South Korea have chosen to limit access to physical money by law, and others are beginning to test digital blockchains for their central banks.

The war on cash isn’t going to be waged overnight, and showdowns will continue in any country where citizens turn to alternatives like precious metals or decentralized cryptocurrencies. Although this transition may feel like a natural progression into the digital age, the real motivation to go cashless is downright sinister.

The unprecedented collusion between governments and central banks that occurred in 2008 led to bailouts, zero percent interest rates and quantitative easing on a scale never before seen in history. Those decisions, which were made under duress and in closed-door meetings, set the stage for this inevitable demise of paper money.

Sacrificing the stability of national currencies has been used as a way prop up failing private institutions around the globe. By kicking the can down the road yet another time, bureaucrats and bankers sealed the fate of the financial system as we know it.

[B4Ranch]

The local restaurant won’t accept gold ingots to pay the dinner bill. Suggestions?

[Foundahardheadedwoman]

‘The local restaurant won’t accept gold ingots to pay the dinner bill. Suggestions?’

I will take the ingot and pay for your supper.

[B4Ranch]

That’s quite a tip that you are taking for your services.