Tuesday, February 9, 2016

The Push For a #CashlessSociety

News
This is mostly misdirection, a change designed to support 'the the greater good'. This is similar to fighting drug abuse by eliminating the sales of needles. Did 18th Amendment to the Constitution eliminate the consumption of alcohol from 1920 to 1933?

Human behavior drives crime, corruption, and terrorism, not banknotes. A cashless society significantly reduces privacy for the millions of honest and law bidding people. Electronic money is the future. It's implementation, however, cannot be driven by the need to support the whims and largess of the minority.

Headline: Here’s Why We Should Think About Scrapping the $100 Bill

Scrap the penny? How about the $100 bill? There’s a new argument that calls for doing away with the c-note and other high-value banknotes because they facilitate crime, corruption, and terrorism.

According to a report by Peter Sands, former CEO of Standard Chartered Plc., entitled “Making it Harder for the Bad Guys,” around $3 trillion related to illegal activities and corruption are moved around globally every year, and authorities are successful in intercepting and seizing less than 1% of that. He argues that larger bills make smuggling and hiding sizable amounts of money easier for criminals, tax evaders, and terrorists.


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