November 22nd, 2024
Staff writer for Wake Up World
The push towards a cashless society is gaining momentum, promising greater convenience and ease. However, beneath the surface of this cashless revolution lies a significant threat to our financial autonomy, sovereignty, and personal well-being. As governments and big businesses worldwide push us away from cash, many are left unaware of the hidden consequences of this shift. This article explores why cash remains an essential tool for maintaining financial freedom.
The Psychological Power of Cash: Why We Need to Keep It
Cash is more than just a form of payment. Recent research from the University of Surrey reveals that physical money fosters a deep psychological connection to our spending habits, something digital payments cannot replicate.
The Emotional Connection to Cash
When we handle cash, we engage with it physically. The feeling of the notes in our hands, counting them, and even the smell of the paper create an emotional connection. This connection serves as a constant reminder of the value of money and helps regulate our spending.
The Risk of Digital Payments
In contrast, digital payments are abstract. Whether swiping a card or using an app, money feels distant. This detachment can lead to impulsive spending, as we are no longer emotionally tied to the value of our transactions.
As Dr. Jashim Khan, the study’s lead author, points out, “When we handle cash, we are not just spending money; we are parting with a piece of ourselves.” Cash’s emotional connection is vital for mindful spending and financial responsibility.
The Multiplier Effect of Cash: How $50 Can Keep Circulating in the Local Economy
When we spend cash, it doesn’t just leave our hands and disappear—it continues circulating within a local economy, creating value for everyone involved. This is known as the multiplier effect, a powerful force that keeps local businesses thriving.
Cash Circulating in the Local Economy:
Imagine you spend $50 at a local store. That store owner then spends that same $50 on supplies or services from another local business. Perhaps the next person buys groceries, and the process continues, with each transaction creating value for the local economy.
In this scenario, if the $50 circulates through 10 transactions, it doesn’t just represent $50—it has generated much more value. Each time money is spent, it supports a local business, pays wages, and stimulates further economic activity within the community.
The Local Economic Impact:
- Local businesses benefit as money circulates.
- Jobs are created and sustained within the community.
- Local services and infrastructure receive more support, strengthening the town as a whole.
This multiplier effect happens naturally with cash, especially when it stays within the local economy. You contribute directly to your town’s vibrancy and resilience by spending cash.
The Corporate Payment System: Fees and Detachment from the Local Economy
Contrast this with paying via debit or credit card, which is increasingly the norm in a cashless society. When you use a card to purchase, your $50 no longer circulates similarly within the local economy. Instead, the money passes through corporate banking networks, with fees at each step.
How Digital Payments Disrupt the Local Economy:
- Bank Fees: Financial institutions charge the merchant a fee for every transaction made through a debit or credit card. This means that some of your money goes to corporations, not local businesses.
- Centralized Control: Instead of supporting local businesses and keeping money circulating within the town, the fees and profits from digital payments often end up in the hands of large banks or corporations outside your community.
If you spend $50 using a debit/credit card, much of that money is siphoned off by middlemen: banks, payment processors, and credit card companies. Over time, the effect is compounded, and the $50 may never return to your local economy, unlike the cash circulating in the community. For example, if the $50 is spent by 10 people in a digital system, each transaction could be subject to a fee. Let’s say each transaction has a 2% fee—by the time the $50 passes through 10 people, the value could be reduced to just $39.16. This ongoing reduction means that less of the original $50 stays within your local economy, diminishing its impact with each step.
The Dangers of a Cashless Society: Control, Surveillance, and Privacy Loss
A move to a fully cashless society isn’t just about convenience; it’s about control. Eliminating cash as a viable payment method would give governments and large corporations immense power over individuals.
The Deep State Agenda: The shift to digital currencies enables centralized tracking of every transaction. Governments and corporations can monitor spending, influence personal financial choices, and even restrict access to money. A prime example is China’s social credit system, where citizens’ behavior and financial actions are tracked and scored, impacting their ability to access services, travel, or even secure loans. This creates a scenario where financial freedom is compromised in the name of convenience and security, as individuals are no longer in full control of their own money or how it’s spent.
Financial Surveillance: Digital payments are traceable, leaving a digital footprint of every transaction we make. While this might sound harmless, it erodes our privacy and exposes us to constant surveillance. Every purchase tracks our spending habits, preferences, and even locations, creating a detailed profile of our financial lives. Governments and corporations could gain access to this information, potentially influencing or restricting our choices based on algorithms. This level of financial surveillance makes it increasingly difficult to control our money and decisions, as we lose the ability to make private transactions in a cashless society.
Moving towards a cashless society risks sacrificing the last remnants of financial privacy, a vital aspect of individual freedom.
Why Cash is Key to Maintaining Financial Awareness
While digital payments have become the norm, we cannot ignore the crucial role cash plays in maintaining financial awareness. The physical act of spending cash reminds us of its value in a way digital payments cannot.
Mindful Spending: With cash, we make conscious decisions. Each transaction feels more personal. As the University of Surrey’s recent research demonstrates, cash encourages greater awareness of how we manage our money. In a cashless society, this awareness diminishes, leading to overspending and financial irresponsibility.
Financial Independence: Cash gives us a sense of control. It allows us to make transactions without the prying eyes of governments, corporations, or financial institutions. In a world where digital transactions are increasingly common, cash remains a symbol of personal independence and financial freedom.
How to Protect Your Financial Freedom
While the world may be racing towards a cashless future, there are steps we can take to maintain our financial independence and awareness.
Support Cash Payments: Continue to use cash whenever possible. It reminds you of the value of money and helps you maintain a tangible connection to your finances. In most countries, cash is by law a method of payment, and businesses are required to accept it. If a business refuses to accept cash, assert your rights, and push back—there is no valid reason for them to do so under the law.
Advocate for Financial Privacy: Speak out against policies that promote the removal of cash and support initiatives that protect personal privacy and financial freedom. Cash is an important tool for maintaining privacy and autonomy, and advocating for its preservation ensures that our financial choices remain our own.
Educate Others: Help those around you understand the importance of cash in maintaining financial autonomy. Share research and knowledge about the psychological and practical benefits of using cash so more people can appreciate its value in a world dominated by digital payments.
Conclusion: The Power of Cash in Preserving Financial Freedom
As we move toward a digital future, it’s important to recognize the true value of cash. It’s more than just a payment method—it’s a tool that helps us stay connected to our finances and control our spending. The push for a cashless society threatens our privacy and our ability to make mindful financial decisions. We must advocate for preserving cash and retaining our autonomy in an increasingly connected world.
About the Author
Jordan McKenzie advocates personal freedom and unwaveringly opposes the subtle mechanisms that threaten individual sovereignty. His commentary and thought-provoking analyses challenge readers to awaken to the realities of our times, advocating for a world where progress does not come at the expense of our foundational freedoms. Jordan’s writings are a call to reclaim our power, question the status quo, and forge a path toward a future that honors the sanctity of individual choice and expression.
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