Ending the Ownership of Money and Transitioning Into A Cashless Society

Unless you’ve been living under a rock, you are well aware that some of the world’s most powerful countries are insolvent due to ever-increasing debt. At this point, the economies are being held together through only one factor: continued faith in the currency by the average citizen. As soon as that faith disappears, the economies will crash.

Not surprisingly, the leaders of these countries and their close associates (the banks) are actively seeking means by which they can escape the effects of the crisis they have created and still retain some sort of control.

So how can they maintain their control? One way in which they will accomplish this will be the elimination of cash. This will be done to prevent a run on the banks in which the average citizen simply removes his money from the system. However, such a removal would be made impossible by ending the existence of bank notes. It would be replaced with an electronic currency system, so that the only “cash” that exists is a credit in a bank account.

Are you starting to get the picture here?

The thought of going to a cashless society seemed to many at the time to be both alarmist and ridiculous. Mankind has always had hard currency in some form, something physical that could be held in the hand. But with computers, the elimination of physical currency is not only possible but starting to happen..

Banks, with the support of legislation, are going to require that all transactions (even the purchase of a candy bar) be electronically performed by the account holder. Once this has been achieved, two other advantages (to the bank, not to the account holder) become possible.

First, paper currency can be eliminated, which assures that, no matter how bad things get, account holders can’t remove their cash from the bank and stuff it in a mattress at home, since no physical cash exists. Second, banks could then charge account holders interest for their savings accounts, since transactions could take place only through the banks. News flash, they are already doing this.

Now the concept of electronic currency is no longer the stuff of fairy tales. Most of the world’s governments have passed laws restricting the amount of cash an individual might use. Those who use cash over the designated amount are, in some cases, harassed or even investigated (generally for money laundering or drug dealing).

Are you awake yet?