Cashless Society and the End of Freedom

In the 1970’s, a group of researchers was
assigned a simple task. Imagine you work for the KGB and you need
to create a perfect surveillance system without creeping people out. And this is what they came up with. [1]
They predicted a widespread adoption of debit cards would be the best surveillance system
within the constraint of not being obtrusive. And they were right. With a debit card, you are not thinking about
surveillance. It’s been sold to you as a convenient payment
method. And yet it maintains a detailed record of
your purchases with a precise location and time. [2] This data can be sold and marketed by your provider, retailers, and payment processors,
or be collected by a three-letter government agency just in case they need to look at what
your shopping reveals about your personality – you know, for national security purposes. [3] The surveillance capability introduced by debit cards diminishes the anonymity of cash
payments. This makes it easier for the government to
collect taxes and eliminate black markets that heavily rely on cash precisely for its
untraceability. [4] But the success of such surveillance is only viable when anonymous options are no longer
available. We will soon approach that reality as we are
being transformed into a cashless society. An average pack of cigarettes in Australia
costs about $40 AU. That’s due to Australia’s heavy tax on
tobacco products, which is the highest in the world. But such high taxes incentivized unintended
behavior. [5] Australia struggles with a huge black market for smuggling cigarettes and there is a crime epidemic of stealing products from tobacco warehouses. The result is a massive tax avoidance and
organized crime which the Australian government decided to deal with by cracking down on cash. It is now illegal to “make or accept a payment
or series of connected payments in cash in excess of” $10,000 AU. Some are floating proposals to do away with
the Australia’s two highest denominations – $100 and $50 bills. [10] The goal is to squeeze the juice out
of the black market and starve out their businesses. [6] Limiting cash payments and banning high-value bank notes is becoming a global trend. In France the cap on cash transactions is
only 1,000 euros and in Italy it’s at €2,999.99. [7] The European Central Bank has recently
stopped issuing €500-notes, although they will remain accepted as a legal tender indefinitely. To put it in perspective, this little European
project of replacing 500-euro banknotes is actually going to require covering 300 billion
euros in circulation and it will cost 600 million euros. [8] In some countries, the war on cash gets much worse . India’s Prime Minister Modi banned the use
of 500 and 1,000 rupee notes basically overnight, giving Indians 50-day grace period to return
their notes. 1,000 rupees may sound like much, but it only
amounts to roughly $14. [9] This was a catastrophic blow to the Indian economy and poor working people that relied
on cash to receive wages and pay rents. The country’s economic growth slowed down
by 17% and Indian cities suffered from a massive exodus of up to 60% of migrant workers who
fled the cities because there was not enough cash in circulation to replace the two highest
denominations. [11] [12] Poor working people suffered the most from Modi’s plan, but his support was rock-solid,
because he framed it as a strike against the corrupt elites in India. [12] In fact, in all cases of eliminating
high-value notes or posing caps on cash transactions, black markets and crime is always quoted as
the main reason. However, a recent study conducted in the UK
focusing on money laundering and terrorist financing revealed that regulated banks and
accounting firms were the two biggest facilitators of illegal transfers and funding. Although cash ranked the third, banks were
almost twice as likely to be involved in money laundering than cash. [13] So as Elaine Ou from Bloomberg said: if illegal transactions are the reasoning “for banning
cash, then it only makes sense to ban banks and accounting firms first”. It seems that living in a cashless society
would be convenient for many, but an ordeal for others. Homeless people, charity workers, small retailers,
cab drivers or casual workers getting paid in cash would suffer the most in a world with
no physical currency. But there is a country closer to being a cashless
society than any other country in the world, and it’s proving everyone wrong. Sweden. In Sweden, no high street bank in big cities
handles cash anymore with 85% of the population banking online. [14] Even paying for a coffee or a bus transfer
requires mobile or card payment. Cash is so uncommon in Sweden, that even homeless
people carry credit card readers that are supplied to them by charity organizations. Donating to a church or splitting a restaurant
check among friends that used to be a domain of cash is now a matter of using inter-person
payment apps. [15] Going cashless is certainly going to have its benefits. Payments will be fast and convenient. Theft will be basically non-existent. And tax collection will be easier and fairer. In the US, people without a bank account spend 5 to 9 minutes longer to get cash than average Americans. [16] Theft of cash alone cost businesses $40
billion a year, which is more than credit card fraud, refund fraud, Internet fraud and
bad checks combined. [17] Credit card fraud results in $16 billion in losses affecting 15.4 million Americans although
this number is rapidly increasing year by year. [18] Tax evasion is a huge problem in the United States. The IRS estimates an average tax gap between
2008 and 2010 to be $458 billion. This is the amount of tax revenue the IRS
expected to be collected but was not even reported. How much of this revenue is black market or
financing illegal activities is unclear. But much of the tax evasion happens in plain
sight. [19] Recent investigations show that in total $2.6 trillion in profits is held offshore by the
US Fortune 500 companies. [20] This is achieved by abusing loopholes
in foreign countries. Four jurisdictions – Bermuda, Ireland, Luxemburg
and the Netherlands – account for 63% of all profits from American multinational companies. [21] Between 2008 and 2015, Apple earned $305 billion in revenue and paid only 5.8% in foreign tax
and returned nothing in the US taxes. They were able to do this not by hiding their
earnings in cash, but by shifting their profits through three Irish subsidiaries that are
structured so that they are not “residents” of neither Ireland nor the US because, for
tax purposes, they are under foreign control. [20] Living in a cashless society will represent a major change in economic dynamics. People will no longer have custody of their
money. All that will be left for them is a mere claim
that a number on their account balance belongs to them. But this claim only means as much as it can
be enforced. [13] During the Greece debt-crisis in 2015, banks imposed a nationwide limit on cash withdrawals
to 60 euros a day, essentially preventing people from accessing their savings in the
name of protecting national economy. The capital controls that also prohibited
foreign transfers were only fully lifted three years later. [21] Cashless society will grant banks and card companies unaccountable and unchecked control
over people’s finances. There will be no choice but to accept their
service on their terms. The affects will spill over into social and
political realms, as payment providers already ban their customers for speech or political
positions. The existence of cash made it difficult for
central banks to enforce monetary policies. During the Eurozone crisis, the European Central
Bank resorted to charging negative interest rates on savings and deposits in order to
discourage saving and boost spending. [27] The strategy of quantitative easing didn’t bring the desired results. When people started to lose interest on their
live savings, it only incentivized them to spend less and save even more. People who wanted to avoid being charged for
their savings could simply store their savings as cash in a safe. In a cashless society, this scenario would
not be an option and central banks would always have an ultimate say over people’s funds. [22] [13] [23] [24] [25] Making all transactions electronically creates troves of data that can be used to track individual
purchases or even macro-engineer economic behavior of an entire nation. [2] Data is one of the most sought-after commodities
in the world and digital payments allow companies to track real identities and build profiles
of shopping habits. For regular people, this will mean they will
no longer be allowed to buy drugs, visit a pub, or buy a book anonymously. Gradually, we are being nudged into a cashless
society. [26] Banks are making it more inconvenient
to use cash by closing down their branches or limiting cash withdrawals at counters and
ATMs. [28] In 2017, Visa ran a campaign where it
wanted to reward $10,000 to 50 US-based businesses who go completely cashless. [29] The resistance to cashless society is not all that futile. Germany is the leader of stubbornly holding
on to cash. 80% of point-of-sale transactions are made
in cash, and an average German carries over 100 euros in their wallet. [30] [31] Big supermarket chains only began
introducing card payments in 2015 and tens of thousands of restaurants and shops are
still cash-only. Most Germans view cash as a means of freedom
from government control and a way of preserving privacy and anonymity which they are refusing
to give up.

100 thoughts on “Cashless Society and the End of Freedom”

  1. Bullshit title. If society goes cashless people who want secrecy will trade valuable goods instead. Gold, diamonds, guzzolene, you name it.

  2. making it all cashless wont prevent stealing at all. anyone with a portable card reader can scan the card and get the account details off it then sell it on the dark web.

  3. You're forgetting one thing precious metals. I was thinking about becoming a junk collector hunting Dowell computers extract gold out of it and then just melted and then create gold bars.

  4. also paper money or paperless money has nothing of tangible value backing it. gold and silver and resources is the real money.

  5. This is going to go against the sentiment of the video and its audience but most of my money is in a bank and I use a card when I can. It's way more convenient and cannot be lost or stolen. You set up autopay for your bills, Venmo back and forth, and order stuff online with a couple of clicks.

  6. What the hell makes governments think they have a right to take away our basic rights? They are dictators. The only way such a law should be implemented is if the people vote to implement the law, otherwise, that is dictatorship and against democracy.

  7. In a totally cashless society, the Government could have total control over everyone by simply blocking access to funds.

  8. The thing is… if the savings rate goes under 0%…

    Everyone will want to pay with cash because that is stable currency. Currently I get €4 per 1000 I have saved, it’s retarded. The ECB has negative rates for a few years already so consumers will take that hit soon enough

  9. Hello there, your like button is stuck on 4,600. The thumb down is not blocked. How strange! Cheers from Italy

  10. Blah blah blah. I don't care if the government or anyone else knows where I shop and what I buy. Cash is filthy germy trash. Want to avoid getting the flu? Or colds? Or something worse?
    I recognize your voice you're just a clickbait utube attention whore.

  11. When I was teaching accounting I would hold up a dollar bill and a debit card and ask what was the difference. The students said the card is safer and more convenient. I pointed out to them that on the dollar bill it reads 'for all debts public and private'. It doesn't say this on a debt card.

  12. Whether you pedestrian plebs like it or not, digital coins & a cashless economy is the future. Accept it, adopt and profit from it, or stay poor and cry about "muh privacy".

  13. wee need hackers and black market to defeat this kind of system… sounds bad but that's the only thing we can do.

  14. Theft non-existent?? Not to hackers or banks charging a negative interest rate for storing you cash in a bank, like Germany is doing. Customers are paying banks interest for them to go gambling with investments with their own money.

  15. 1.Pay CASH for local purchases. 2. Paperless billing [automated bill paying] is another collectivist tool. Be wary of anything "they" present to "make life easier", "help you" or "protect you". Last, get off intelligence projects like Facebook.

  16. "And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand or foreheads:

    And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name,

    Here is wisdom, let him that hath understanding count the number of the beast: for it is the number of a man: and his number is Six hundred threescore and six" (666)

    Revelation 13:16-18

    Do. Not. Take. The. Mark.
    Trust in Jesus. Accept Him as your Lord and savior. Repent of your sins. We are in the last days. Amen.

  17. Why do I keep thinking of things like Watch Dogs? If anyone can break into such a "moneyless" system, they can just wire themselves money. Preferrably in a way that doesn't trace back to that person.

  18. Call to value privacy over other things should be unpacked.

    A competitive environment, that weeds out weaknesses byway of profit seeking groups, who create private wealth through such practices (living off of weaknesses) creates a situation where cheating is the driver and basis of rules.

    While such wealth bases and methods, then need to be concealed or keep moving indefinitely (until tracks that lead to dirty basis, as well as obligingly weak partners, who are propped up by their larger patrons, are concealed)

    An end to physical liquidity, where all movement and transactions are recorded, may mean this. A system that will lead to the largest wealth deposits (like the largest organ in the body) organizing all other organs so that it continues to expand.

    Flushing out all other predator/prey, master/slave, husband/wife partnerships, who cover for one another, and provide favors in kind, outside numerically monitored systems. Except ones where it is the head of such rings of patrons,

    However for centuries at least, this has led to many things, including time and space being exploited and abused.

    Byway of immediately gratifying (but non beneficial acts, inadequate material returns) being encouraged by way of stored or surplus wealth, plowed into these ends, Creating master slave, husband/wife, goods/services dichotomies, who buy time in exchange for space and labor

    Space in the form of those self same dirty bases, with compromised human networks, that man the underground pumps, that draw in one form of life giving resource (developed nation effluence) in exchange for another type (under developed nation effluence). Where it is unclear who ends up with the shorter end of the stick at the end of the day.

    Because the weaker partner, once old pacts are dissolved, can always enter into another abusive relationship with a new greater power. As second, third, fourth largest powers are eliminated. That will ultimately culminate in 1, 2, or 3 heads (apexes) too strong for all others to break free from its net,

    So that that no other body can ever catch in these types of dirty trades, even though this is the basis of its own existence – converting bads into goods and vice versa

  19. Eliminates black markets? Obviously you have no bearing on how the black market works. Also cash is not as private as you suppose unless you are keeping it under your mattress and you obtain it on the floor. Also as things become more sophisticated and connected, do you think that'll be the end of arm robbery?

  20. As an Australian I can say you need to make a few corrections to this video, firstly no it isn't illegal to spend over $10,000 cash in Australia, the idea was floated and is very likely to be voted down as it has near zero crossbench support. Secondly you got the $50 note wrong, you showed the old $50 which hasn't been used for over 20 years. Thirdly the removal of the $100 and $50 note has almost no support and hasn't even touched mainstream media much, its a very far-fetched idea in Australia right now. Not to mention the huge taxes on ciggies have greatly decreased the amount of smokers here and the issues with black-market smokes are very minimal, bordering on not a problem. We have a far worse issue with meth than we do with black-market ciggies.

    I don't disagree with the video but a lot of your research about Australia is just wrong…

  21. This phenomenon of "no bidding place" was prophesied in the book of Revelation. How can the Antichrist control the entire world after rapture outside MONEY?

    You can afford to miss anything but not rapture – JESUS is coming back was agreed by both Bible and Quran. They only differ in what HE SHALL DO

    No doubt, either Bible or Qur'an lied. I have chosen STORIES OF ACTUAL EVENTS that happen 2,000 year ago and rejected "revelations 600 years after" whose content contradict "written histories"

    Righteousness is the only ticket to paradise and you better be assured while on earth


  22. 1000 and 500 were banned and replaced by new notes . And as you are telling nothing of that sort happened. Infact the government got huge amounts of black money . Money was literally flowing in the drains and cannals . They were replaced by 200 and 2000 notes . FYI Everybody in India uses cash for daily use . We use card for withdrawing cash . During demonetization the rich people suffered more because of the black money . The poor guys also suffered but it was for a few days

  23. I hate you. Subscribed the second i saw your name. We'll get along just fine.

    Fuck going cashless.

    Also, fuck sweden.

  24. 40 bucks for a pack of smokes ?!?!?!?!?! geeeeeeeeeeeeeezus christ that is theft. i dont smoke but imagine they would do that with fast food, people would be outraged.

  25. And what happens when a foreign power wants to cripple a cashless society? Hack the banking system bring down their computer systems and the country will be screwed for as long as it takes to fix the problems.

    No one could buy food, gas, pay for public transport or anything else. They may only disrupt the system for a week or two but imagine not being able to get fuel for your car to get to work or not being able to feed your family for a week.
    And what happens when your own government no longer has to worry about allowing banks to pay interest on deposited funds? They could keep bank accounts at negative interest rates for as long as they want because you can't take cash out and you must have some money in the bank just to live.

    This is a dystopian measure to control the masses.

  26. Lmao, there's this company called DANA in my country which is pushing this hashtag called "GantiDompet" which translates to "ChangeTheWallet". This is to push their alternative payment app which I'm willing to bet is selling data to China on the side.

  27. I call bullshit. Getting rid off paper money will be a blessing not a burden. "Oh but company X wmight get some info on your spending habbit". Well they will get sorely disapointed because I am cheapskate. Overall this has the smell of the libertarian fearmongering "but MUH FREEDOMZ BRO.." Not that are a thousand and one other ways to store vaule like crypto, gold, bonds, stock market, real estate, stamps etc.

  28. TF a pack of cigarettes costs you 40 bucks?! I was there in 2010 and paid like 15 and already wondered how it could be that expansive… here in Germany it's like 6€ (10 AUD)

    Also 0,5 l of decent beer for 0,35 €, or 0,50 AUD 🙂

  29. It would seem the banks would have to transfer something of value among themselves? Not just electronic credits? Like Precious metals: Gold, Silver, etcetera, cash, and coin, (diamonds, and other jewels)? Since all electronic credits can just be deleted? Or could that be prevented? Which makes one wonder how cryptocurrency works. I like in Sweden that the homeless are seen with some sort of electronic payment acceptor device. ? 🙂

  30. The benifits are bs anyway:" save 5-9 minutes"," pay taxes faster", 😮😮😮 who…cares lol. Cashless society is catastrophic for economic freedom( freedom in general). Its a trick, for "convieneces" 👲👲👲durrp

  31. As long as cash and coin is accepted in the world and at businesses, it would still seem to exist. I hope it doesn't go out of circulation completely. Just Iike I would think, an electronic reader device just doesn't. I know some businesses in some cities like New York and San Francisco are going cashless (but the governments of those cities are passing laws that they can't).

  32. Australia was made by pirate's law can stop the underground networks.
    Look at the government fight against drugs, there's more in Australia than there was in 1990..why? Cause like the English we play there laws against them as weapons..
    If there's stealing going on ..look to England ..biggest land thieves out there..
    Money is a Jewish method, before that crap we did bartering.. Don't need the Jews n there trash in blackfellas land's..
    Just stating the obvious downunder!!

  33. Without cash you are a slave. If credit is what determines your ability to buy, those who control your credit determine if you can buy food. Ultimately this is a mark of the beast technology.

  34. When there is no cash they'll be a 10c "administration charge" on your favourite candy-bar – and $140 for the car you want to buy!

  35. There is one colossal problem with the cashless society. I was at the gas station during a power outage, and the welfare parasites were yelling at the cashier because they couldn't use EBT card. I started laughing and said,'' Why didn't you have a contingency plan in place for these types of situations''? I think he said ,''Man, feels ya be a sweaten me cause yas be feel'n n shit man…so bull$hit bro.'' …….yep, to retarded to work, can't speak any known dialect, but drives a nice car wit rims. Should have never freed ya from the Jews.

  36. 30 years ago in New Zealand they launched debit cards, I was a child in school, banks came into the schools and taught us kids how to use them. They taught us how to save and check our balances in ATMs. Fast forward virtually no one uses cash anywhere in New Zealand. Like the Swiss, many places don’t use cash for transactions. There have never been bank charges for debt cards. I don’t carry cash and people rarely have coins. It’s far toO LATE in NZ, to resist, it seriously disadvantages the individual

  37. Just for clarity:
    In Melbourne, Australia, in a supermarket smokes start at $22AUD for a pack of 20s and go up to $55 for a pack of 40s. Add $5 a pack at a convenience store.

  38. i don't think a cashless society will happen worldwide anytime soon, and in reality, it'll never happen due to silver and gold being used as money anyway…

  39. It makes no difference what medium you use for cash, metal discs, bits of paper, magnetic etchings or cyberspace digits, its all cash, what seems to escape you and others is that Cashless means exactly that, CASHLESS!, No Cash get it?, of course you don't, your a fool,
    RATIONING!, is Cashless, got it?.

  40. Are you paid by the ATM corporations?

    Having to run to an ATM to draw a printed piece of paper arbitrary determined as valuable by some self-serving scavengers (read coeporations controlled politicians) is not a sign of freedom either.
    Stop money & fear mongering around! The less cash we have to use the less we are exposed to the preying instincts (sovereignty, inflation, interest rate and fx manipulation) of greedy scavengers.

  41. as a mr nobody like most of us, it's interesting but still a bit scary to explore these topics, as you really can't do anything about it.

    The concept of you using a potentially value-less currency and your savings being affected by other people's decisions … plus maybe soon you can't even access the market without a permit from the governament.

    lots of F being pressed XD

  42. The boomer generation are a bunch of creepy buggers. They're the ones pushing this, then the brain dead millennials latch onto it. I never asked for this Orwellian shit.

  43. And it’s about time for all those develloping countries like UK and USA to get within the times.

    Cash is outdated for multiple reasons, I hate when travelling I’m required to carry cash with me since in so many countries you can’t buy almost anything with a credit card.

    And if you wan’t anonymosity there is ways of getting credit cards and similar methods that are untrackable or at least require consent or warrant so that goverments and officers can’t just check unless they actually have a reason to believe you might have some major criminal activities.

    Okay, I get that in those 3rd world countries the government could be oppressing their people but let’s not pretend that wouldn’t happen anyway/ already.

  44. The amount of times I've been stuck behind someone who's " plastic money card " isn't cooperating is ridiculous.
    My cash has yet to fail.
    But if the dummo's get their way,,,,, it one day will, and another form of freedom will be gone.

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