On The Decashing Hysteria

Posted: 4/16/2017

Trigger

The irrational fear of decashing is spreading around the globe, seen as a serious threat to individual liberty and other arguments. Leviathan government and businesses are trying to gain control and monitor all our lives and every of our moves. Leviathan businesses are trying to commercialize everything by knowing everything.

E.g. India banned all large denomination bills. Similar measures have been discussed in the European Union, and so on. Politicians claim this will reduce corruption or crime, and tax evasion.

The IMF published a working paper captioned The Macroeconomics of De-Cashing in March of 2017 extolling the virtues of it.

The Benefits

Humanity has used metal coins for over 2700 years or so. Time for a change! Time to adjust to the Internet & digital age! Furthermore, money has also evolved over the centuries from e.g. knife money or agrarian implements, shells etc. to metal coins.

One of the major functions of money is the convenience of use. What is more convenient and easy than to pay everything with your smartphone or a chip containing card?

When I think of the heavy and clunky metal coins that the European Union introduced with the Euro in the early 2000s, I could not believe this was happening.

The Dangers

The citizens of the world would need to unite and get government out of their exclusive power and control over money, which governments have carefully guarded and vigorously exerted since time immemorial.

Money needs to be more privatized again! There are plenty of examples in human history that private citizens can manage money very well without extensive government interference and oversight.

Perhaps, new privately created, electronic currencies like Bitcoin are a step in the right direction! And let’s make sure, government does not take over again!

Post Scriptum

Decashing simply defined here for the purposes of this blog post as the abolishment of conventional, traditional cash (metal coins & paper bills) and its replacement by electronic, digital money.