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The USA Must Save Itself From The Coming Cashless Society!

Date: Monday, September 21, 2015 7:01 PM EDT

A. Scott Shay and the Cashless Society are discussed:

On CNBC Scott Shay, Chairman of Signature Bank, spoke about the Cashless Society. This isn't news, as the interview took place in 2013, but it is applicable in the face of many calls for the cashless society, that are ongoing from Larry Summers and others.

Others include the influential Scott Sumner, of Bentley University, the Financial Times, that calls cash a "barbarous relic", the British Central Banker, Andy Haldane and economists Kenneth Rogoff and Citi's Willem Buiter who says cash stands in the way of the ELB, the Effective Lower Bound.

Haldane is one of the 100 most influential people in the world, so these folks mean business.

Larry Summers is diabolically logical, as I pointed out. He makes a reasoned argument, perfect sense, but it isn't worth it to mankind to be subjected to the cashless society, where every transaction is tracked and where emergency situations could cause the loss of life.

Imagine coping with no cash in an earthquake, or in a hurricane. Imagine a tsunami or the electricity being shut off. What would happen in a flu pandemic or massive drought, where people would all have to move? One wonders if in their logic and reason if these globalists have completely lost their minds. 

Can you imagine how many more times mobile phones would be used, making driving even more dangerous? The globalists have an answer for that too, driverless cars.  

Human beings are not going to stand for the risk to their families that a cashless society could present. They won't permit it. They will look for ways to escape it or at least find an alternative if needed.

Scott Shay is also opposed to the very real potential human cost of the cashless society and that is certainly a positive hope for the future when bankers are willing to condemn the idea.

He opposes the idea that every transaction can be monitored and that negative interest rates can be forced upon society. Scott made an interesting point that even Bitcoin could fall victim to the totalitarianism of the cashless society and could be monitored.

Shay believes that the totalitarian aspect, complete control of the individual, resulting from a cashless society, would be unprecedented. In other times, totalitarian governments operated through cult of the leader, through brute force, through slavery, through secret police. This cashless totalitarianism would work through electronic slavery and secret police to stop those issuing alternative currencies.  

Scott Shay misspoke regarding Libertarianism and the invisible hand, but I support his basic position about electronic money. His mistake is in equating economic freedom with the invisible hand of self interest. Economic freedom is the ability to have and spend cash.  The idea that Libertarianism has the answer is without merit. They already failed us when deregulation led to the housing bubble of the last decade. They had their chance and failed.

The Libertarians talk about cashless socialism, but really, economic totalitarianism is capitalism as it now exists. It is control by the corporation, specifically the banking corporations, including the Fed private bank as ruled in the Lewis versus USA lawsuit in 1982. The Fed and the central banks are private. The socialism they wish to impose is for profit, and is about private control. It is all about big capital that wants more control. Bankers are capitalists.

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