By Robert Appel, B.A., B.C.L., L.L.B

March 8, 2016

Cash Could Be Victim of Economic Collapse

Is it possible to be in a war, to be moving towards economic collapse, and not know it? Yes, it is. In the last few years, a clandestine war has been waged behind the scenes between the governments of the Western world and a tiny handful of consumer and libertarian groups. The governments want to ban cash. Not to simply reduce its importance. Not to just minimize its use. To outlaw it completely.

Proponents of banning cash tell us that this will be the ultimate convenience. No more of those pesky pieces of paper to carry around. No more worrying about losing cash or having it taken from you. Forget about counterfeit bills. They’re no longer an issue. No more having to rescue cash from your pants before doing a wash. The list, arguably, is endless. Trivial, perhaps, but endless.

And there are other, more subtle benefits as well. No more worrying about whether the guy standing next to you on the elevator is a tax cheat, because in a cashless society, it becomes a certainty that, over time, virtually all tax revenue will be found and accounted for. (In the U.S. alone, it is estimated that some $500 billion a year slips through the cracks and is never seen again.)

Crime, you will be assured, will also disappear because criminals, unable to deal in cash, will be bereft and immediately seek gainful, legal, employment. Peace and harmony will be yours in a cashless world. Everyone open your books now and we will sing a Psalm.

 The Dark Side of the Force

Opponents of the proposal see a darker purpose, however. A cashless society is one of the ultimate iterations of “capital controls,” and capital controls are themselves part of the financial repression scheme that Western governments have been silently implementing—along with ZIRP and QE—to pass along the cost of their own mismanagement and incompetence to the unwitting citizenry. (See for example, “QE Must End in Economic Collapse.”)

Opponents argue that going cashless is the final step the government needs to take to finally control every aspect of your life. Pretty soon, you won’t even need to fill out an income tax return. The government will already know what you made, how you made it, and even what you spent it on. And most likely, they will have already taken their cut before you even had a chance to stop at Starbucks for a coffee on the way home from wherever it was you made your money in the first place.

Think about it. In late 2014, the U.S. Congress passed a strange piece of “backdoor legislation” that most of us missed. (“Backdoor legislation” is used to describe a law that seems to do one thing, but in fact, does another. For example, a “Farm Act” may contain a provision penalizing drivers of V-8 engines, or a “Labor Bill” may demand people pay sales tax on

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