War On Cash Losing Ground As Circulating Currency Doubles In 10 Years

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The globalist “war on cash” appears to be overrated and over-hyped.Americans love their cash – all $2.2 trillion of it – and Technocrats will have a hard time convincing them otherwise. These levels of cash in circulation have doubled in ten year and are still rising. Remember to always spend cash on “Cash Friday”! ‚ĀÉ TN Editor

President Biden’s latest executive order calls for extensive research on digital assets and may usher in a U.S. central bank digital currency (CBDC), eventually allowing individuals to maintain accounts with the Federal Reserve. Other central banks are already on the job. The People’s Bank of China began piloting a digital renminbi in April 2021. India’s Reserve Bank intends to launch a digital rupee as early as this year.

A CBDC may upgrade the physical cash the Federal Reserve already issues ‚ÄĒ but only if its designers appreciate the value of financial privacy.

Cash is a 7th century technology, with obvious drawbacks today. It pays no interest, is less secure than a bank deposit, and is difficult to insure against loss or theft. It is unwieldy for large transactions, and also requires those transacting to be at the same place at the same time ‚ÄĒ a big problem in an increasingly digital world.

Nonetheless, cash remains popular. Circulating U.S. currency exceeded $2.2 trillion in January 2022, more than doubling over the last decade. The inflation-adjusted value of circulating notes grew more than 5.5 percent per year over the period. And U.S. consumers used cash in 19 percent of transactions in 2020.

Why is cash so popular, despite its drawbacks? Cash is easy to use. There are no bank or merchant terminal fees associated with cash. And, most importantly, it offers more financial privacy than the available alternatives.

When you use cash, no one other than the recipient needs to know. Unlike a check or debit card transaction, there’s no bank recording how you spend your money. You can donate to a political or religious cause, buy controversial books or magazines, or secure medicine or medical treatment without much concern that governments, corporations, or snoopy neighbors will ever find out.

Privacy means you get to decide whether to disclose the intimate details of your life. Some will happily share. That is their choice. But others will prefer to keep those details private.

In a digital world, personal information can spread far and wide. And it can be used to exclude or exploit people on the margins. The choice about what information to share is important. For some, flourishing depends on carefully choosing how much others know about their politics, religion, relationships, or medical conditions.

Financial privacy matters just as much as privacy in other areas. What we do reveals much more about who we are than what we say. And what we do often requires spending money. In many cases, meaningful privacy requires financial privacy.

Privacy also operationalizes the presumption of innocence and promotes due process. You are not obliged to testify against yourself. If law enforcement believes you have done something unlawful, they must convince a judge to issue a warrant before rifling through your things. Likewise, financial privacy prevents authorities from monitoring your transactions without authorization.

The recent executive order, to the administration‚Äôs credit, notes that a CBDC should ‚Äúmaintain privacy; and shield against arbitrary or unlawful surveillance, which can contribute to human rights abuses.‚ÄĚ But¬†a reasonable person might worry¬†that the government is paying lip service to privacy concerns.

A¬†recent paper from the Fed, offered as ‚Äúthe first step in a public discussion‚ÄĚ about CBDCs, suggests the central bank has no interest in¬†guaranteeing privacy at the design stage. Instead, it maintains that a ‚ÄúCBDC would need to strike an appropriate balance […] between safeguarding the privacy rights of consumers and affording the transparency necessary to deter criminal activity.‚ÄĚ The Fed then solicits comments on how a CBDC might ‚Äúprovide privacy to consumers without providing complete anonymity,‚ÄĚ which it seems to equate with ‚Äúfacilitating illicit financial activity.‚ÄĚ A U.S. CBDC, in other words, will likely offer much less privacy than cash.

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About the Author

Patrick Wood
Patrick Wood is a leading and critical expert on Sustainable Development, Green Economy, Agenda 21, 2030 Agenda and historic Technocracy. He is the author of Technocracy Rising: The Trojan Horse of Global Transformation (2015) and co-author of Trilaterals Over Washington, Volumes I and II (1978-1980) with the late Antony C. Sutton.
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CAWS

Love how the govt talks about protecting us from crypto currency hacks etc and then turns around and wants us to believe they will honor our digital privacy and keep us safe! What a joke. We need to rabidly keep explaining to all these young folks who don’t do transactions unless you use paypal or venmo or similar “apps” that this CBCD will mean permanent slavery.. Credit cards are fine for paying you bills online but cash is private;just don’t flash it around & keep it safe. Otherwise the Globalists will soon be telling you what, when & where you… Read more »

CAWS

If US Govt pulls the same stunt they did in India [with 500 rupee notes] and announces tomorrow that $100 bills will no longer be legal in next two weeks and must be turned in to the banks for digital ; will we have any recourse? Prior to that act they had already BIOLOGICALLY IDed 1.2 Billion people in India in order for them to get any benefits [including SS, food stamps etc] so it was way too easy. Now with so many id tracked for Covid and DNA during roadside PCR tests turned over to the state & feds… Read more »

gregory alan johnson

The UCC is codified within all STATE/COMMONWEALTH revised statutes. Find Article 3-603b concerning payment of a debt. In order for a registered business to refuse physical currency as ‘payment’, the UCC would have to be revised and codified for all 50 land areas and DC/Territories.

L.G. Brandon

This will likely ensure a thriving black market that uses barter and silver to trade. That will drive the authoritarians crazy. Making the average life harder s what they do best.

Marilyn Griffin

Yet, this is the same government that wants to turn banks into their spies and report to the government every expenditure over $600 made by anh customer. That is a total lack of privacy. But, then, we always thought reporting our financial info to the IRS and paying our taxes on that income to the IRS was, all, supposed to be total private information. Yet, we have seen during the “Hate and get Trump and his supporters” years, that the right of privacy exists only for those who totally support the democrat crowd; otherwise, the IRS can provide all of… Read more »

Elle

“… a reasonable person might worry that the government is paying lip service to privacy concerns. Ah? Ya’ think?

“Duh, I don’t know. Maybe we should get one of those digitty things, Marg. They might run out!”

Again, IS THEIR MOUTH MOVING? Yes. LYING!

Last edited 1 month ago by Elle
Nigel Watson

Good article. Time to turn up the heat on Mr Global. Using cash exclusively is definitely something we all should be doing – other useful tactics here https://www.youtube.com/watch?v=gfGTpEjH-zE&t=53s