A cashless society would be the nail in the coffin for liberty and freedom, offering centralization, the likes of which Marx could only dream. The existence of a government backdoor or spyware becomes a real possibility, and given the State’s track record, a real likelihood. Then, of course, the ability to track, freeze, and even set expiry dates on money, will be marketed as “features” to protect the public.
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As for the 5.9 million Americans considered “unbanked,” i.e., those who have no checking or savings accounts, (the poor, weak, and vulnerable) they can expect life to get more difficult. This is the price we pay for free market intervention.
Earlier in the week, the Federal Reserve Bank of New York made the announcement:
The explanation may only make sense for those well versed in crypto technology:
Basically, Fedcoin is advancing and is now in the testing stage:
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Some of the largest financial institutions are involved in this 12-week program:
From Bitcoin to Dogecoin, there seems little long term hope for those who love privacy and autonomy when the largest corporations and fintech firms work with the Federal Reserve to roll out a Central Bank Digital Currency (CBDC).
Would you like to know who else is was working with the Feds? Courtesy Coindesk:
We know for certain CBDCs are coming, as well as more regulation. And given the trajectory of both, a cashless society is too. What is less certain is whether or not Sam Bankman-Fried, for his culpability in what may amount to one of the largest thefts of all time, will ever see jail time.
Robert Aro is a chartered professional accountant (CPA, CA) from Toronto who writes for the Mises Power and Market blog on issues surrounding the Federal Reserve and central banking. He is currently enrolled in the Mises Institute’s graduate school, working toward his master of arts in Austrian economics. This article was originally published on Mises Institute.
Nothing can stop the people from finding something else to use as currency if they don’t like what the government offers.
I’ve got some rocks to trade for your garden food. What do you mean you won’t take them ?! Ok, I’ve got some “gold” and we know it’s gold because I said so. Now give me what I want ! Wait, you mean you aren’t going to take my word of the value of anything I try to trade? Well how the heck do you expect a barter system to work? Everyone is honest now trust me.