Will Your Cash Expire Like a Coupon?
I sent this urgent note to all of my premium subscribers, but I think it's very important for everyone to know about a dangerous new development in the banksters' war on cash...
Soon, your cash may expire!
What I mean is, just like coupons have expiration dates, the cash in your pocket may soon have an expiration date, too — after which it will be totally worthless.
Now, think about that for a minute...
You go to sleep one night with a $100 bill in your pocket. When you wake up the next day, it's nothing more than a souvenir.
Your money has expired.
Does that sound like the beginning of some Orwellian nightmare or economic dictatorship? Well, that's exactly what one Australian task force is already proposing!
Australia's Black Economy Taskforce recently submitted its interim report, which had a call to action for cracking down on cash and cash payments.
So, what is the Black Economy Taskforce, and why doesn't it want citizens using cash?
Well, it's a federal organization that targets “people who operate entirely outside the tax and regulatory system or who are known to the authorities but do not correctly report their tax obligations.”
It's essentially the Australian government's tax-collecting muscle. If you don't pay your taxes, that muscle flexes.
And this means that among its biggest enemies is cash.
Unlike bank-to-bank transactions, cash doesn't have to leave physical or digital footprints. So, the less physical cash floating in the market, the easier it is to enforce taxation.
The Black Economy Taskforce says “consumers are part of the problem,” and it wants to punish consumers who use cash.
Here are the words of Michael Andrew, head of the task force:
We intend to examine the merits of consumer focused sanctions, including the loss of consumer protections, warranties and legal rights for people who make cash payments without obtaining a valid receipt. This is not simply of matter of imposing new penalties, but part of a wider cultural change agenda.
“A wider cultural change agenda.”
I want to let those words sit with you for a minute. And remember: This is coming directly from the head of the Australian government's tax-collecting muscle.
What are the final goals of this “wider” agenda?
Because it sounds like the perfect conditions for creating an economic dictatorship.
And here's where things get scary...
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As part of the punishment for using cash, the task force proposed inserting nano chips into $50 and $100 bills. This way, the government can know where all the cash is at all times.
That's nice for the government, isn't it? But it gets even better...
These nano chips would be subject to expiration dates. After these expiration dates have passed, the nano chips would render the currency notes valueless.
This is currently being proposed only in Australia for the time being. But the war on cash is waging hard here in America, as well. And that's not hyperbole...
Visa, the largest credit card processor in America, recently announced its new “cashless challenge” program, which gives $10,000 to restaurants that don't accept cash.
At the announcement of the new program, Visa spokesman Andy Gerlt blatantly said: “We are declaring war on cash.”
And I'm not sure there's anything we can do to stop it. The banksters are probably going to win this one. They own the cash, anyway.
But we can prepare.
We can say with good certainty that the introduction of currency notes with nano chips would create a premium for non-chipped notes. So, if this is something that's going to be proposed here in the U.S., we'll want to stockpile some cash.
If the U.S. ever adopts such a policy, the first notes to be chipped will be $50 and $100 notes as well. Remember, back in August 2016, G30 member Kenneth Rogoff published The Curse of Cash, which specifically called for the elimination of $50 and $100 U.S. notes. Also remember that the Indian government just demonetized its equivalents of $50 and $100 notes back in November 2016.
The $50 and $100 bills make up over 85% of all U.S. currency, so they make the most sense to track first. If you want to start stockpiling ahead of cash nano chipping, you'll want to focus on those notes.
We can also say with good certainty that the introduction of currency notes with nano chips would add to gold's appeal. Next to cash, gold is the most anonymous monetary asset.
Bitcoin is a very close second to gold in terms of anonymity. Even though Bitcoin is anonymous, transactions must leave digital footprints. With gold transactions, there's no requirement to leave any footprints at all.
Another way to play the war on cash includes manufacturers of point-of-sale (POS) devices — those machines you insert or swipe your credit card into or through at cash registers. Following the demonetization of India's largest notes, local POS device sales are on track to increase ten-fold. And the largest POS device manufacturer in the U.S. is VeriFone Holdings (NYSE: PAY).
Nano chipping notes might ultimately be figured too expensive to justify. The government already spends something like $200 billion a year just to keep physical currency in circulation. So, a better solution for the banksters would be to just follow Rogoff's proposal and, in the footsteps of India, simply demonetize $50 and $100 bills.
Either way, the war on cash is waging. And it's a fight the banksters will likely win.
If you want to know more about exactly how they're going to win and how Bitcoin's technology is a part of that win, click here.
Until next time,
As an editor at Energy and Capital, Luke’s analysis and market research reaches hundreds of thousands of investors every day. Luke is also the investment director of Angel Publishing’s new Secret Stock Files newsletter, which helps investors leverage the future supply/demand imbalance that he believes could be key to a cyclical upswing in the hard asset markets. For more on Luke, go to his editor’s page.
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