How the Federal Reserve Will Ban Cash

How the Federal Reserve Will Ban Cash

The government hates cash for the same reason it hates anonymity.  It makes it difficult to control people.  Folks are able to engage in commerce freely, something that terrifies every good exponent of greater official control over the people’s lives. So we are regularly treated to noises about banning cash.  Will one of these episodes of official criticism of cash eventuate in its abolition?  Perhaps.

That cash can be used to evade taxes or facilitate illegal activities is true.  But as the source of of this article points out, lots of things can be used to facilitate the commission of crimes including cars, phones, airplanes, and shoes.  So far, there is no serious attempt to ban those proven facilitators of illicit activities.  To that list of things that are often used in committing crimes I would add politicians.  But that’s probably impolite.  Or at lease inconvenient.

Let’s take a look at what venerable institutions such as central banks might have in mind for us.

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