U.S. Government Is Going To Monitor All Your Financial Transactions Very Soon

Image

Ever since Nixon took the United States off the gold standard, the US dollar has continued to lose it’s redeemable for gold or silver. Now, money derives its value purely from faith, a dogmatic faith in our government and the laws of the land.

This no good given how many rights we’ve already lost.

Even as the Federal Reserve tries to maintain control over the physical cash system, various companies (IT giants and financial backers) are hacking at the system, trying to kill it in an attempt to make a ghost of its former self.

It will create a digital ghost, one that would then roam in the new cashless society.

At one extreme are the world’s leading IT giants and financial companies tirelessly working to completely replace paper money with a wireless payment system for the smartphones  Apply Pay set to drive contactless payments up to $300m by 2016, rivaling with Samsung Pay, and Google Wallet, to name a few. On the other extreme are the technology giants such as  IBM developing highly sophisticated biometric systems that create a highly unique personal ID using (do hold your breath) a person’s eyes, fingerprints, face, facial expressions, voice, heartbeat, and more.

The end result is the same: loss of not just paper money, but also plastic money.

It will lead us into a new world order with a cashless society.

It may sound fantastic, and within this cashless system are various traps ranging from loss of our freedoms and rights to leaving a significant part of the society in a tough situation.

Let’s start with stating the cases being made for the cashless society, identifying the proponents, and dissecting the reality of it all.

The Cases for Cashless Societies across the globe

Cashless is gaining momentum. It is often portrayed as an ode’ to progress and development…

Here are the primary cases being made for a cashless society, let’s start with the one’s given by its biggest proponent, the United Nations’ Better Than Cash Alliance who has partnered with  Bill & Melinda Gates Foundation UNCDF, CITI, MasterCard, Ford Foundation, USAID, Omidyar Network, and Visa Inc., and offers the following reasons:

  1. Transparency — In a cashless society where payments can easily be tracked and traced, theft of payments and hence corruption can be dramatically reduced
  2. Security — The money goes where it is meant to. The biggest threat to a digital transaction is the loss of information. Hence in case of the digital payment systems, it is extremely easy to shut down a digital wallet if it gets stolen whereas in case of biometric, your ID is yours alone and very hard to copy.
  3. Financial inclusion — The unbanked of the society will be able to create a record of their timely payments, allowing them to get other services including loans for instance
  4. Cost savings —Digital payments reduce bank processing fees
1 2 3 4
View single page >> |

Nothing in this report should be ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Joe Economy 3 years ago Member's comment

This isnt exactly new news, the NSA has been monitoring credit card transactions, phone calls, emails for probably more than a decade following stricter anti terrorism laws after 9/11. What I would like to see is more security and protection for consumers after the huge breaches of security that exposed credit card data on millions of consumers in the past decade including: TJX 2007 94million records, Ebay 2014 145million records, and Target 2013 110million records. Furthermore, how trustworthy is the government? Can we trust their data protection? In June this year...(From CNN) The personal data of an estimated 18 million current, former and prospective federal employees were affected by a cyber breach at the Office of Personnel Management. In June we also saw a slight reversal in the trend of big brother watching us. Congress voted in a new Act called the USA Freedom Act which was the first time since the 1970s that Congress has indicated its intention to restrict the vast powers of intelligence agencies like the NSA, rather than exponentially expand them. I believe this is just a gesture and a nod at those crying foul to intrusions into citizens' personal freedoms. US Government monitoring will I am sure continue to prevail as society moves increasingly further from a cash based economy and relies more on digital and online transactions.

Gary Anderson 3 years ago Contributor's comment

Well written about the possible cashless society. One can hope it doesn't happen. However, fiat money is backed by the bonds a country has and defaults on those bonds. So, the US has never defaulted and the bonds have great demand as collateral for derivatives. Fiat money does not have to be cashless. Stopping the use of long bonds as collateral for derivatives deals would be a way to prevent it.

Gary Anderson 3 years ago Contributor's comment

So, cashless society, gun control and electric self driven cars will cause a totalitarian nation and world for the globalists. I am a liberal for gun rights, like JFK was. He was our last truly sovereign nation president.