The Survival Economist
Premiered Jan 16, 2022
Banking and technology companies have spent years relentlessly working to replace cash with plastic, digital, or mobile alternatives.
China is at the forefront of the war on cash. It has the most residents paying via mobile wallets. Chinese people already use their phones to make payments for everything, even highway tolls. They won’t even notice going cashless.
Physical forms of currency — cash and personal checks — are losing favor among global consumers to alternative forms of payment, including debit and credit cards, digital wallets, mobile commerce platforms, and, in some circles, even cryptocurrencies.
Online banking applications and automatic bill-pay options are making writing checks, using cash for high-cost transactions, and other traditional financial services less and less attractive.
While cash is far from nearing extinction and, surprisingly, is more robust in some places than one might first think. The overall trend seems almost undeniable when one considers the paradigm-shifting trends such as e-commerce and mobile payments at play.
With a cashless society, we are closer and closer to totalitarianism. A cashless society is a psychopath “wet-dream,” and we know who these psychos are, don’t we? The totalitarians will eventually cross the line, and Hong Kong will look like nothing compared to what comes next.
Back in 2017, the IMF published a creepy paper offering governments suggestions on how to move toward a cashless society even in the face of strong public opposition. It hasn’t been in the news a whole lot lately, but the war on cash undoubtedly continues.
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In fact, the Chinese C-------t Party (C-P) may be planning to embrace the idea as another weapon to wield against its people. In August, the People’s Bank of China said it was close to launching a digital yuan. This could take the first step toward pushing China toward a cashless society.
https://www.youtube.com/watch?v=wSqOzvxVhpY
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