Following last nights shutdown of Visa’s payment system across large parts of Europe, we thought this would be good time to revisit the topic of money. Cold hard cash is on the way out, following a sustained global effort to undermine its usage. Is that a good thing? Does the Visa crash exemplify just how little power the consumer wields in a world of universally digital payments? James Corbett has been running his Open Source Investigation into the “War on Cash” since 2016, here we post some of the more concerning findings. Feel free to contribute BTL if there are any further developments, or get in touch with The Corbett Report directly here.
The Cashless Society List
ARGENTINA – Argentina’s currency crisis has been known for some time. In short, Argentinians don’t trust the peso and are willing to pay premium for any currency they perceive as “more stable,” especially US dollars which are traded on the black market as “blue dollars” at prices far exceeding the official exchange rate. That’s why Argentina has been tipped for some time as a country that is likely to go cashless sooner than later, with a 2014 report from the Bitcoin Market Opportunity Index ranking Argentina as the most likely jurisdiction to replace sovereign currency with bitcoin. Argentinians have reason to be wary about this New Monetary Order, however; in a move described as “an eerie glimpse of what a cashless society enables” the Argentinian government mandated that banks report every credit card purchase made in the country directly to the tax authorities and added a 15 percent tax surcharge every time a purchase is made outside the country using a credit card issued by an Argentine bank.
AUSTRALIA – Late last year the Westpac banking group issued a “Cash Free Report” touting the highly self-serving finding that “Over half (53 per cent) of payments currently made in Australia are cashless” (using Westpac online banking services like their cardless ATMs, no doubt). The report goes on to predict that Australia will be cash free by 2022. Meanwhile, the government is readying a cashless welfare system that will allow the government to control what the money is spent on.