I dont think it would be by legislation aka 'a move', but rather a natural phase-out, where digital becomes so common, that businesses don't want to deal with paper & change anymore and stop accepting it. It saves then time and money. I think that is how it is in Europe at the moment, where many businesses don't take cash anymore, while some others still do.
Even though our current version of fiat currency is crap, it can give you anonymity and privacy for transactions and you can shove it under the mattress, you can't do that with digital currency. However, it is not attached to anything of value, it has no gold standard as it had in the past. Digital currency is even worse. You cannot touch it, it is backed by nothing again, and all interested parties (government and other agencies) can view your spending, and control your spending and your account. It has a lot of negative tones of control, as what is happening in China, social credit system, if you don't play by the rules, you can end up with a zero balance in your account. Digital currency is all about CONTROL.
It may resurrect local currency ideas - https://en.m.wikipedia.org/wiki/List_of_community_currencies_in_the_United_Kingdom
In my opinion Mr. Jim Rickards made a powerful point in his message on this topic........ he warned Americans to take a look at how Prime Minister Justin Trudeau behaved during the attempt by truckers to protest against the experimental Covid 19 vaccine and the vaccine mandate. Trudeau ordered the control of banking accounts of his political opponents who simply disagreed with him.....and his blind obedience to everything that Bill Gates tells people like Trudeau to say.... and write...and do! Fox News: “This is a deeply troubling development.” Biden Orders US Dollar Replaced with Trackable “Spyware” Version Former Advisor to Pentagon and CIA: "Your life savings and freedoms are at immediate risk. Do THIS today..." .....
Please understand that there are about trillion and change in currency afloat (from here) and at the same time we got about $20 trillion (from here) that are in banks and people's budgets. This means for every dollar, 95 cents are digital and only a nickel is cash.
So will you, as your opinion may be against the governing narrative may class you as a dissent, a terrorist in their eyes. So you will have to obey and think and act the way the system wants you to if you want access to your funds. As for the drug dealers/traffickers, that would put a dampener on the black money earnings (government black budget), just a small %.
We have been mostly digital for decades and you didnt even know it. Where do you get your cash? If you get it from bank or ATM, then it already leaves a digital record.
Didn't you know you can withdraw cash from major retailers? So when you buy crap off craigslist and vice versa, people trade with money, yeah? As an example. When you go to an ATM, you withdraw your funds, so what, did you forget the premise of using cash to be anonymous? How do you get tracked when you pay for goods using cash? I'm talking physical paper money, you're talking about going to a store and using your debit card, that's not the same thing. You withdraw actual physical polymer or paper money. How can you do this with digital currency? You can't, there is no physicality about it, and that's why every transaction made will be transparent. Whereas digital currency, that is just 1s and 0s on a computer screen and when the government owns, operates and issues it, they control you and it. You can be locked out of your account, or all those 1s and 0s disappear if you misbehave. You can't shove any of those 1s and 0s under your mattress for a rainy day, as you need a digital wallet that ultimately is connected to government frameworks. One push of a button and your digital currency is gone, that's if you've been bad and don't play by their rules
When you draw money from ATM, it leaves a trace, much you buying milk and eggs leaves a trace (the horror). Not that I have something against paper money, because I don't, but I think many businesses will stop accepting it because its an overhead for them. The idea of storing piles or paper money at home out of fear of government stealing it is absurd. All they would have to do it criminalize paper money, and it would become worthless.
Yeah it's a great idea to follow in the footsteps of Communist China. I mean where could that go wrong.
Why would you want your economy limited by the amount of a metal you keep in storage whose worth is just as transient and based on nothing as the currency you're already using? Outside of some industrial applications, gold has no real value beyond the subjective value we place on it, the same type of selective value we place on paper currency.
No, there's no correlation. You can't print up 5 trillion dollars worth of gold and destroy your economy like the current morons running the government.
Right, you can only print as much money as you have gold which limits your economy for no reason since the worth of gold is just as subjective as the worth of fiat currency. Neither have intrinsic value, they only have the value we place on them. If we wanted to base a currency on something with real worth, we'd use water.
Yeah, that's called preventing unchecked inflation. That's a good thing. I won't go into it, but gold has far more uses than you think. It's value is tied to it's inherent rarity. While it may fluctuate in value, it's certainly not an arbitrary value.
Gold is a commodity w/ a highly volatile wildly fluctuating price. Pegging the dollar to gold was crazy and it caused tremendous economic swings. Right now the value of the dollar is pegged on a market basket of average purchases along w/ a percent or two of inflation so as to avoid periodic deflation. imho it's worked out pretty well.
Those wild fluctuations in the value of gold are typically caused by the instability of an economy based purely on faith. Gold is least valued when economies are stable. In other words, the volatility of the value of gold is derived from the problems of a faith based economy that is backed by nothing at all. The price of gold has also been greatly affected by so-called "gold investing", where the trading isn't even based in actual gold.
That may be more or less true but the market price of gold can swing all the hell over the place while the price of say, bread and eggs stays the same. I prefer a currency that ignores gold and is regulated to keep the price of bread and eggs more stable.
It is very much an arbitrary value and has been since it started being used as a currency thousands of years ago by the rich elite of the time to show off their wealth. This was during a time where gold had no industrial value at all making it even more worthless outside of pure human subjectivity.
over the past 30 years price of eggs has tripled while the price of gold is up ten fold. Gold volatile eggs stable.
Thank you for posting this. I read all of it and it scares me. If this digital dollar system is ever firmly in place, we will all be nothing but SLAVES. I have a question: Do you believe Republican politicians will be just as complicent in this scheme as Joe Biden?
