Update on the Death of Cash
Andy Snyder|January 9, 2023
The gravest threat to your money is growing like an unstoppable tumor.
We’ve been drawing attention to the trend for years. We’ve now got a legion of followers pointing in the same direction.
Even the press is getting in on the predictions. Just this week, the folks at The Hill ran a piece about the death of cash. It detailed how Congress is yearning to use the FTX fallout to drum up favor for its own form of digital currency… and a ban on cash.
A ban is coming.
The only variable will be the timing.
Last year, two-fifths of Americans did not use cash – not once. It’s a nasty trend that will make the government’s mandate quite easy for many to swallow.
But what’s to come is far from good news. The informed know it.
“When you pay cash, I give you money, you give me a good, end of story,” Jay Stanley, a senior policy analyst at the ACLU told The Hill. “If you’re using your credit card for all of your transactions, then data is being collected about an enormous range of your activities, including medical conditions, political donations, sexual activities, how much liquor you buy, how many cigarettes you buy.”
If that’s data you don’t want your extended family to have… it’s data you don’t want the government to have – especially these days.
But the trend is clear. The cancer is spreading.
The EU recently banned cash transactions of more than 10,000 euros. If a deal’s that large, government leash-holders need to know about it.
The bloc also launched laws that put close government scrutiny on any crypto deal worth 1,000 euros or more.
It’s tightening the screws.
The same thing is happening in tech-heavy Israel. Any payment to a business of more than $1,700 must be made via an electronic platform. For consumer-to-consumer sales, the limit is just over $4,000.
It’s great news for the middlemen… the folks who get a cut of each electronic move. It’s even better news for the folks who collect all that data. They get it for pennies and sell it for dollars.
But it’s bad news for the fella who wants the freedom to buy something without the eyes of the nation upon him.
The lawmakers say their gunshot to the head of cash is meant to curtail criminals who skirt the system. But criminals will skirt this system too. Making it a crime to use cash doesn’t create more of a deterrent for criminals. It just creates more criminals.
It means the value of cash will likely rise. We’ve seen it in almost all third-world economies.
Speaking of which… Nigeria is the latest nation to throw shade at paper money.
You may not have heard it in the mainstream press, but the country recently launched a central bank digital currency (much like the one Washington is working on with Project Cedar). It’s called the eNaira.
To get folks to rely on this new form of money, the Nigerian government has limited the amount of cash a person can pull from their bank to just $1,120 per week. Businesses are limited to $11,220.
All of this is aimed at giving the nation’s central bankers more control of the money supply and therefore the economy.
Adoption of the eNaira has been slow. Though it launched more than a year ago, just 0.5% of the population has used it.
The latest noose tightening around the neck of economic freedom will certainly help to boost that number.
It’s a scary idea. Basic, innate freedoms are being destroyed because governments insist they must control the economy. It’s the only way to keep things propped up, they claim.
It won’t work. And it will be painful.
Take warning… It’s coming to America.
Note: What should you do about all this? It’s easy. Here's the first step…
Andy Snyder is the founder of Manward Press, the nation’s premier source of unfiltered, unorthodox views on money and what it means for a free society. An American author, investor and serial entrepreneur, Andy cut his teeth at an esteemed financial firm with nearly $100 billion in assets under management. Andy and his ideas have been featured on Fox News, on countless radio stations, and in numerous print and online outlets. He’s been a keynote speaker and panelist at events all over the world, from four-star ballrooms to Capitol hearing rooms. Today, Andy’s dissident thoughts on life, liberty and investing can be found in his popular daily newsletter, Manward Financial Digest.