How do you feel about a cashless society? Imagine a place where we never use cash and instead all of our purchases are made by the flick of our wrists, the rhythm of our heartbeats, mobile devices and the list goes on.
The theme of this past month has been a cashless society. Ostensibly, in all of the major newspapers and television shows, there was some sort of discussion on the United States transforming into a cashless society. First, it was a Citi economist suggesting the idea (SEE: Citi economist loses his mind – proposes abolishing cash, taxing currency). And then there were reports of Denmark becoming one of the first cashless societies in the world today because it is on the cusp of eliminating cash requirements for retailers and restaurants (SEE: Denmark soon to become world’s first cashless society).
Former Texas Republican Congressman and three-time presidential candidate Ron Paul explains in a new report that a cashless society is just another way to attack our privacy. It’s true. The federal government would love to eliminate cash because then they could track and monitor every person’s transactions digitally. Right now, gold and cash are two anonymous forms of money that can be hidden from the government (look at the underground economy).
Dr. Paul sat down with Daniel McAdams to tackle the subject.
One interesting tidbit of news Paul cited was Louisiana banning cash transactions on used goods. Wow!
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