| Submit your comments on this article |
| -Land of the Free |
| Doug Casey on the Death of Privacy… and What Comes Next |
| 2023-05-28 |
| [International Man] International Man: In practically every country, the allowable limit for cash withdrawals and transactions continues to be lowered. Further, rampant currency debasement is lowering the real value of these ridiculous limits. Why are governments so intent on phasing out cash? What is really behind this coordinated effort? Doug Casey: Let me draw your attention to three truths that my friend Nick Giambruno has pointed out about money in bank accounts. #1. The money isn’t really yours. You’re just another unsecured creditor if the bank goes bust. #2. The money isn’t actually there. It’s been lent out to borrowers who are illiquid or insolvent. #3. The money isn’t really money. It’s credit created out of thin air. The point is that cash is freedom. And when the State limits the utility of cash—physical dollars that don’t leave an electronic trail—they are limiting your personal freedom to act and compromising your privacy. Governments are naturally opposed to personal freedom and personal privacy because those things limit their control, and governments are all about control. International Man: Governments will probably mandate Central Bank Digital Currencies (CBDCs) as the "solution" when the next real or contrived crisis hits—which is likely not far off. What’s your take? What are the implications for financial privacy? Doug Casey: CBDCs are proposed as a solution, but in fact, they’re a gigantic problem. Government is not your friend, and CBDCs are not a solution. |
| Posted by:Besoeker |
| #4 When cash is scarce or unavailable, other forms of currency arise. Like, nature, economies abhor a vacuum. |
| Posted by: M. Murcek 2023-05-28 11:56 |
| #3 Cash is an essential component for freedom, security and privacy. The push for ending cash is the push for ultimate control/visibility of every aspect of your life. |
| Posted by: NoMoreBS 2023-05-28 11:41 |
| #2 I believe in privacy. I also believe my life is boring enough to kill anyone who was tasked with surveilling it. |
| Posted by: M. Murcek 2023-05-28 10:05 |
| #1 I am heavily invested in damaged and broken furniture as a hedge against a banking collapse. |
| Posted by: Super Hose 2023-05-28 09:22 |