Tag Archives: cashless society

The Rise of Tech Totalitarianism, by James Kirkpatrick

Big Tech has become just as big an enemy as Big Government, and the two are closely allied. From James Kirkpatrick at unz.com:

Michael Rectenwald’s GOOGLE ARCHIPELAGO

The Wall Street Journal just published a shocking expose, How Google Interferes With Its Search Algorithms and Changes Your Results, [by Kirsten Grind, Sam Schechner, Robert McMillan and John West , November 15, 2019], revealing not only that Google is exploiting its market power in ways the clearly raise anti-trust questions, but also that it shadow-bans sites that promote “hate or violence” even if “expressed in polite or even academic-sounding language”—i.e. VDARE.com and all immigration patriots. This confirms the terrifying message of Michael Rectenwald’s new book Google Archipelago: The Digital Gulag and the Simulation of Freedom: the combination of Woke Capital and monopoly power is turning America into an open-air prison.

Rectenwald is a liberal academic who was chased out of New York University for dissenting mildly from the “pronoun wars” and the Leftist demand for blanket approval of transgenderism [I was a liberal NY prof, but when I said the left was going too far, colleagues called be a NAZI & treated me like a RUSSIAN SPY, RT, November 12, 2019]. In his book, he shows the Left is consumed by collective hysteria, a theme with which VDARE.com readers are familiar, and also that the ideology of “Corporate Socialism” and the emerging “Internet of Things” is making it impossible to escape from a repressive system.

Continue reading

Who’s Powering the War on Cash? by Don Quijones

A lot of very powerful institutions are pushing for an end to cash. From Don Quijones at wolfstreet.com:

On Monday in Japan, Apple CEO Tim Cook vented his spleen once more against physical currency, telling the Nikkei that “we don’t think the consumer particularly likes cash.”

It’s a bizarre conclusion to reach, especially in Japan where cash is still the undisputed king. At ¥90 trillion ($885 billion), or about a fifth of gross domestic product, the value of banknotes in circulation is the highest in the world as a proportion of the economy. Many small businesses, including many restaurants, don’t even take plastic. Yet, the country was also the first to popularize mobile wallets and smartphones.

“We would like to be a catalyst for taking cash out of the system,” Cook said, his mind fixed on Apple Pay, which takes a cut on every transaction it processes.

Yet Apple Pay isn’t generating substantial revenue for the company, as Fortune points out. The service — as with just about everything Apple ever produced — is only compatible with Apple’s own products, leaving the more than a billion people worldwide who use Android-based smartphones out of the loop. Not to mention the billions more who don’t use a smart phone at all.

But cash’s days are numbered, as technological advances and changes in generational priorities dampen its allure. The world is brimming with individuals and institutions determined to put it out of its misery.

The Usual Suspects

Top of the list are the world’s central banks, which have the perfect motive for whacking cash: i.e. to make negative interest rates an eternal — or at least, more enduring — reality. And the only way to do that is to stop depositors from cashing out, as the Bank of England chief economist Andrew Hadlaine all but admitted in 2014.

Japan and Europe are already deep into negative territory, and Fed Chair Janet Yellen has already said that the U.S. should be prepared for the same outcome. But as long as cash exists, there’s no way of preventing depositors from doing the logical thing – i.e. taking their money out of the bank and parking it where the erosive effects of NIRP can’t reach it.

Central banks are not the only ones who dream of a cash-free world. For credit card companies, cash is the ultimate rival. As such, it’s no surprise that the likes of Visa and MasterCard are among those pushing the hardest for a cashless economy. For banks, the benefits are no less obvious, including cost cuts, greater control over the flow of customer funds, and larger fees.

As for politicians, Eurocrats and global plutocrats, including the senior servants of the IMF, World Bank and United Nations, they will enjoy even greater access to and dominion over the people’s funds. What better way of controlling the people than by controlling their access to the money they need to survive? It would amount to what Martin Armstrong calls “totalitarian control over the economy.”

To continue reading: Who’s Powering the War on Cash?

He Said That? 9/5/16

From Don Quijones of ragingbullshit.com:

And yet we continue to sleepwalk, almost zombie-like, towards a cashless society. For the sake of a few gains in convenience, we are prepared to grant our governments and biggest, too-fat-to-failest banks the possibility of complete control over our every single daily transaction. And while virtual currencies like Bitcoin might seem like an antidote from this scenario, they are, as Shay warns, also subject to monitoring and can be regulated in ways that could limit or even end their utility.

Paraphrasing one of the most quoted dictums of our time — courtesy of the great, late Lord Acton — we are, it seems, descending into a world where new technologies threaten to put absolute power well within the grasp of a select group of individuals and organizations — individuals and organizations that have through their repeated actions betrayed just about every possible notion of mutual trust.

https://ragingbullshit.com/2014/01/28/we-are-sleepwalking-towards-a-cashless-society/