War On Cash: The Next Phase Begins

With so much news about an economic reopening, a border crisis, massive government spending and exploding deficits, it’s easy to overlook the ongoing war on cash.

That’s a mistake because it has serious implications not only for your money, but for your privacy and personal freedom, as you’ll see today.

Cash prevents central banks from imposing negative interest rates because if they did, people would withdraw their cash from the banking system.

If they stuff their cash in a mattress, they don’t earn anything on it; that’s true. But at least they’re not losing anything on it.

Once all money is digital, you won’t have the option of withdrawing your cash and avoiding negative rates. You will be trapped in a digital pen with no way out.

What about moving your money into cryptocurrencies like Bitcoin?

Governments Won’t Surrender Their Monopoly Over Money

Let’s first understand that governments enjoy a monopoly on money creation, and they’re not about to surrender that monopoly to digital currencies like Bitcoin.

Libertarian supporters of cryptos celebrate their decentralized nature and lack of government control. Yet, their belief in the sustainability of powerful systems outside government control is naïve.

Blockchain does not exist in the ether (despite the name of one cryptocurrency), and it does not reside on Mars.

Blockchain depends on critical infrastructure, including servers, telecommunications networks, the banking system, and the power grid, all of which are subject to government control.

More…

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Ask yourself how Bitcoin went from $1 to $60,000 in ten years.

Maybe the better question is why? Why do people feel more secure with a cryptocurrency than central bank fiat currencies?

The price of gold has been suppressed by banks and central government to conceal the loss of value of their currencies. If gold was not manipulated, it would have the same chart as Bitcoin. What will happen to cryptocurrencies once all currency goes digital?

Negative interest rates coupled with high inflation and government control of your money digitally in the future only lead to complete control.

David DeGerolamo