Tuesday, February 16, 2016

War on Cash: Crime, Terrorism and Tax Evasion

News
History, specifically Benjamin Franklin, reminds us that changes driven by the perception of enhanced security often sacrifices liberty.

Any society that would give up a little liberty to gain a little security will deserve neither and lose both.


The war on cash, the coming cashless society, is coming Australia and Europe. It will have profound effects on capital flows and investment, the engine of future job growth for these regions.

Headline: Crime, terrorism and tax evasion: why banks are waging war on cash

I can remember the moment I realised the era of cash could soon be over.

It was Australia Day on Bondi Beach in 2014. In a busy liquor store, a man wearing only swimming shorts, carrying only a mobile phone and a plastic card, was delaying other people’s transactions while he moved 50 Australian dollars into his current account on his phone so that he could buy beer. The 30-odd youngsters in the queue behind him barely murmured; they’d all been in the same predicament. I doubt there was a banknote or coin between them.


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