by James Corbett
February 16, 2016
You might remember that a couple of weeks ago we launched an open source investigation
into the war on cash. As I noted at the time, the investigation was
spurred by an uptick in anti-cash rhetoric over the last few months from
the media, from central bankers and from politicians. Since that
investigation took place, however, things have gotten even more
Just four days after we started the investigation Bloomberg came out with an op-ed urging the banksters to “Bring On the Cashless Future.”
Four days after that PayPal kicked off their anti-cash, “PayPal is New Money” advertising campaign at the Super Bowl.
And in the latest move the ECB is now officially considering scrapping the 500 euro note, a move that some worry is just the first step toward limiting cash purchases or eliminating it all together.
“There is a pervasive and increasing conviction in the world of
public opinion that high denomination banknotes are used for criminal
purposes … It’s in this context that we are considering action,” ECB
President Mario Draghi told a journalist in response to a question about
the European Council’s recent resolution to “consider appropriate measures” regarding the future of the 500 euro note.
Mahrer is one of the people warning about the move, and he’s not just
your average Joe. He’s a Deputy in the Economic Ministry of the Austrian
government. “We don’t want someone to be able to track digitally what
we buy, eat and drink, what books we read and what movies we watch,” he told
Austrian public radio station Oe1 last week. He argues that the ability
to use cash should be a constitutional right for Austrians.
Mahrer is just reflecting what an increasing number of people are
beginning to realize: that cash transactions are a key to maintaining
anonymity. Heck, when even mainstream propaganda outlets like Slate.com
are running pieces making the case that “cash is a classic privacy protection” (in direct contradiction to their earlier anti-cash propaganda) you know the would-be Gods of Money still have a way to go to convince the public to part ways with paper.
But more than just privacy protection, the true importance of cash
becomes apparent in times of banking crisis. Just witness when Greece
started clamping down on cash withdrawals during their banking panic and people began literally stuffing it under the mattress. It is no coincidence that we are moving into a time of global economic uncertainty being frontrun by (what else?) a banking crisis in Europe.
this front, at least, it seems like Mahrer and the forces of common
sense might actually be beating back the banksters. Draghi for his part
had to almost immediately back off of his cash demonizing comments. He came out on Monday
to clarify that the potential scrapping of the 500 euro bill is only
about cracking down on money laundering and has nothing to do with an
attempt to limit cash transactions.
Trust him as far as you can throw him, but at the very least his
backpedaling shows that the banksters have not yet got public opinion on
their side on the war on cash. For the time being, anyway…