GOODBYE CASH! Some banks to go cashless

Consumers lose freedom as banks, governments take away cash.

Citibank has announced it will stop accepting cash at some branches. The move is sparking surprise and anger as the bank appears to be moving customers towards virtual banking. Around the world, there is a trend to suppress the use of cash in favor of electronically exchanged currency, which can be monitored.

LOS ANGELES, CA (California Network) - Experts have warned for decades that a cashless future awaits. Such rumors began decades ago as banks stopped trafficking in ultra-large denomination bills. The decision to stop printing such large denomination bills was to improve security and to discourage crime. As electronic transactions became safe and reliable, it appeared to be a sensible move. After all, who needs a $10,000 bill anyway?

In the meantime, the general public in the U.S. has used the $100 bill, carrying them in $10,000 stacks for large cash transactions. It is imagined this is standard practice for criminals. This is true not only in the U.S., but also overseas.

Cash is very democratic. Universally accepted, a large bill can be carried and traded at anytime and it's nobody's business. Cash is difficult to regulate, and unless a person self-reports their income, it is nontaxable. This has inspired many governments and banks to discourage the use of cash.

A week ago, India announced they would stop printing and using large denomination bills. This has resulted in a crisis as the people must now exchange their large bills for small, and are using small bills for all transactions. One commentator compared it to Americans being forced to deal only in $1 bills.

The move came as a surprise, but it is intended to crack down on the black market. Most transactions use black money, that is unreported income which cannot be taxed. This has allowed many wealthy people to escape taxation. However, these people are now forced to move their money into banks, where it can be taxed. Even the act of exchanging the currency will force them to declare their money to a bank, resulting in taxation.

Those who refuse to comply will lose the use of their money as their bills will not be accepted after Dec. 31. At the stroke of a pen, billions of dollars of Indian fiat currency was outlawed, no longer worth the paper it's printed on.

In Australia, Citibank has announced that some of its branches will become cashless. The move is undoubtedly an effort to move people towards cashless transactions.

Cashless transactions can be tracked and taxed. It also limits what people can buy and who can do business. Cottage industries such as home bakers or handymen get forced onto the books, or out of business.

In both the United States and Europe, there has been discussion of eliminating large denomination notes, such as the $100 and $50 bill in the USA. Already many small stores refuse to accept such large bills, although they say this is for security. It is also to ensure they can make change for subsequent customers.

No matter what, any move away from cash is a move away from democracy. People are prevented from buying goods and services off the government radar. While this ensures that people pay taxes, it is also a form of control. Even many legitimate businesses rely on unreported cash transactions to make ends meet.

There is a growing obsession with control and taxation, facilitated by intense, never-ending scrutiny. Spot audits are being replaced by constant monitoring. This is the path to a police state. Sure, there will be less of a black market and the ills associated with it, but there will be less freedom too, possibly a lot less.

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