Cash Is No Longer King: The Phasing Out of Physical Money Has Begun
(ANTIMEDIA)
– As physical currency around the world is increasingly phased out,
the era where “cash is king” seems to be coming to an end. Countries
like India and South Korea have chosen to limit access to physical money by law, and others are beginning to test digital blockchains for their central banks.
The war on cash isn’t going to be waged overnight, and showdowns will continue in any country where citizens turn to alternatives
like precious metals or decentralized cryptocurrencies. Although this
transition may feel like a natural progression into the digital age, the
real motivation to go cashless is downright sinister.
The unprecedented collusion between governments and central banks that occurred in 2008 led to bailouts, zero percent interest rates and quantitative easing
on a scale never before seen in history. Those decisions, which were
made under duress and in closed-door meetings, set the stage for this
inevitable demise of paper money.
Sacrificing the stability of national currencies has been used as a way prop up failing
private institutions around the globe. By kicking the can down the road
yet another time, bureaucrats and bankers sealed the fate of the
financial system as we know it.
A currency war
has been declared, ensuring that the U.S. dollar, Euro, Yen and many
other state currencies are linked in a suicide pact. Printing money and
endlessly expanding debt are policies that will erode the underlying
value of every dollar in people’s wallets, as well as digital funds in
their bank accounts. This new war operates in the shadows of the
public’s ignorance, slowly undermining social and economic stability
through inflation and other consequences of central control. As the
Federal Reserve leads the rest of the world’s central banks down the
rabbit hole, the vortex it’s creating will affect everyone in the
globalized economy.
