Electronic Currency Recommended to “Help Economy”; Just Say No!

Forcing us to exclusively use electronic currency and banning cash is an insane proposal.

The mind boggles that anyone could seriously think this is a good idea, but here is Jim Leavis advocating it in the Telegraph:

A proposed new law in Denmark could be the first step towards an economic revolution that sees physical currencies and normal bank accounts abolished and gives governments futuristic new tools to fight the cycle of “boom and bust”.

The Danish proposal sounds innocuous enough on the surface – it would simply allow shops to refuse payments in cash and insist that customers use contactless debit cards or some other means of electronic payment.

Officially, the aim is to ease “administrative and financial burdens”, such as the cost of hiring a security service to send cash to the bank, and is part of a programme of reforms aimed at boosting growth – there is evidence that high cash usage in an economy acts as a drag.

But the move could be a key moment in the advent of “cashless societies”. And once all money exists only in bank accounts – monitored, or even directly controlled by the government – the authorities will be able to encourage us to spend more when the economy slows, or spend less when it is overheating.

Men like this are a danger to human existence—those who believe they really are smart enough to run everyone else’s lives, and to dictate what they can and cannot do. Do you really want some self-interested government hack determining what you should and shouldn’t do with your money? Whether you should spend or save?

Having everyone’s account at a single, central institution allows the authorities to either encourage or discourage people to spend. To boost spending, the bank imposes a negative interest rate on the money in everyone’s account – in effect, a tax on saving.

Yeah, sure, and I should just set up a room for a government bureaucrat to sleep in my house, so he can dictate everything I do. Absolutely not! This is insane.

[See also, “The Cashless Society Is Being Proposed Again.”]

Apart from the control over the economy, there would be many other advantages of a cashless society. Such a system is much cheaper to run than one based on banknotes and coins. Forgery is impossible, as are robberies.

Has this “intelligent soul” ever heard of identity theft, and other electronic means of stealing from others? I guess he hasn’t. Robberies impossible… this guy is truly delusional in the most profound sense.

The fact any serious media source would publish this dangerous tripe is unsettling to the highest degree. As Tard the Grumpy Cat would say: No, just No!