There has been a lot of speculation lately over the fate of physical cash (folding money as Grandpap used to say). Many self-appointed seers have stated that it is no longer needed because we have a plastic card with a chip, by golly!
Folly, I tell you. To rely on electronics and fancy machines for making our transactions is convenient. Yes, I will give you that. I do it myself. But a problem arises when the grid falters; everything electronic grinds to a halt. And woe to the Captains of Complacency.
The problem becomes more severe in an EMP (Electromagnetic Pulse) attack. Everything digital or electronic (other than things which have been properly shielded) go bye-bye.
The Government’s Interest in a Cash-Free Economy
The government has a huge interest these days in a cash-free marketplace. Every transaction by strip or chip can be recorded and made accessible and recordable since those freedoms against intrusiveness have been eroded. So long, Bill of Rights.
The government databases can record your purchases, your preferred stores and websites, your personal demographics, oh, and your bank balance and credit card info. Feel all snuggly and warm now? Didn’t think so.
Is there an upside? Sure! Organized crime and drug dealing will have to scramble to find new ways to keep up business as usual. But you know that they will so to assert “not” is a straw man argument. However as a citizen, where do you draw the line between personal anonymity and “We’re just here to help?”
Public Acceptance?
To this writer it is amazing how many people are willing to give up their personal rights to the state for convenience at Starbucks. According to Reuters.com, “Overall, 34 percent of respondents in Europe and 38 percent in the United States said they would be willing to go cash-free, according to the survey conducted by Ipsos for the ING bank website eZonomics.”
I suppose that most of the respondents never went through the aftermath of a natural disaster like a hurricane when there were no electronic transactions for basic necessities for weeks. Cash is king, baby. Be ready for cash or bartering.
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