We’ve written about the war on cash many times, including the article above about the cash shortage in Puerto Rico. This is not a U.S. or even western phenomenon. It’s happening all over the world including socialist India. This article reports that the world leader in eliminating cash is Communist China.
Why are Communists the leaders in getting rid of cash? The reason is that Communists despise privacy and value control. By forcing all citizen transactions into a small number of digital payments systems, Chinese Communists can keep an eye on their own citizens. They can also cut you off from the system by freezing your bank accounts or blocking your payments if you do not adhere strictly to Communist philosophy or if you cause trouble by expressing dissent or religious views.
There are many forms of violent and non-violent coercion. Control of money is one of the most powerful. Cutting off your money flows is like cutting off oxygen to a patient in intensive care. The result is predictable and fatal.
Whenever you hear about plans to eliminate cash in the U.S., just think about the Chinese example. The reason to eliminate cash is not convenience or efficiency as the proponents claim. The reason is control.