Wednesday, August 2, 2017

Ban on Cash Coming to America?

Saw this headline running across Google late last night.

Ban on Cash — Coming to America?

A firestorm of speculative commentary has been ignited by reports that JPMorgan Chase has ceased to accept cash for payments on credit cards, mortgages, auto loans, lines of credit and so on. Not to defend any bank actions, but it is not difficult to imagine the confused look of a teller when you show up with a bundle of cash and instructions on how to apply the cash toward a loan payment.

Of course it would beg the question, where did you get the cash? Did you steal it? Is it unreported income? Did you print it yourself? Or are you just trying to make a point? Point being: A ban on cash has begun.

It has long been argued that cash is a relic. It’s dangerous to carry large amounts; counterfeiting is still a threat; cash enables a myriad of illegal transactions especially when it comes to drugs and gang violence; and, to the extent one can earn cash and bypass tax laws — that hurts everyone. Besides, the digital alternative is so much more convenient and efficient. Scan your wallet over the Starbuck’s payment device or transfer money to your college kid with two clicks of a mouse.

These are the arguments in favor of eliminating cash. As you see, they are compelling. Nonetheless, the dollar bills in your pocket are supposed to be legal tender for all debts public and private. Instead, a shift in sentiment is relegating the role of cash to a tool used by criminals to somehow defraud the system.

How ironic, as it was cash that once replaced gold and silver coins under the auspices that cash was as good as gold, and in fact backed by gold and silver. This is how far we have come in the evolution of money. Ben Bernanke once responded to the question, “is gold money?” with the simple answer of “No.”

The reality is this: There is already so little cash in circulation as compared to the digital transactions taking place at every level of the economy and in the financial system that eliminating cash won’t matter one bit or byte. This will be illustrated further into this report. Nonetheless, it appears we are now near a time when cash won’t be money either. But why?

Indeed some point to practical reasons for its elimination as previously mentioned. Others claim an insidious plot by the banks to control all your money (for many reasons) and cash just gets in the way. Government is interested in making sure all taxes are collected and when it comes to actions that may threaten national security, monitoring the digital footprint of suspicious transactions is a priority. While still others point to an end-times scenario where you cannot buy or sell without using a numbered account. So go ahead, pick your reason and know the end of cash is coming. Now it’s your turn to get educated and see if there’s an opportunity that may change how you invest or protect your assets.

So last week the buzz was all about the company in Wisconsin putting micro chips in their employees hands so they could enter the building and buy anything from the vending machines.

Today we find more evidence about how the world is beginning to talk about the end of cash.

Should we be surprised if Jesus were to return for His bride sometime soon?

Luke 12

But understand this: If the owner of the house had known at what hour the thief was coming, he would not have let his house be broken into.


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