We've been covering the War on Cash in this rag for a while now. Most recently, we checked in with Argentina and Lebanon as their governments instituted severe capital controls and shut down the whole banking system for weeks on end, respectively. This week we're circling back on the topic as Greece and Italy have recently enacted some pretty draconian laws(?) that are forcing their citizens to transact digitally or face severe fines.
In an effort to crack down on the black markets that have emerged as political instability has reigned supreme in both countries, the governments of Greece and Italy are coercing their citizens to transact electronically. Severely punishing those who do not comply with hefty fines. Greeks must spend 1/3 of their income electronically and pay a 22% fine if they do not meet the threshold. Italian business owners are being forced to limit the amount of cash they can accept and to offer credit card payments lest they be fined a flat rate plus some vig on the total amount of the transaction.
Think about that for a second.
The governments of these countries are herding their citizens into the digital panopticon that is the current global financial system so that they can milk them for all of that sweet sweet tax money. Limiting the privacy preserving alternatives that have served humans for millennia. Mainly, bearer assets (cash) that can be transacted in a peer to peer fashion. Tightening the vice grip that the powers that be have over the common man's life.
Whether it's limits on the amount of cash that can be used throughout the economy or straight up theft of individual wealth via NIRP, these kleptocrats want control over you and your money. To me, it seems that the world finds itself at a very important juncture in human history. There are two very clear paths that I can discern; one easy and the other hard. We either continue down the path we're going, completely succumb to the convenience of a fully financially surveilled world and allow the elites to develop social credit systems that help divide us into our cognitive hubs. Or, we can do the hard work, stop being a bunch of complacent bitches, and build out the open source distributed technologies that will give us a chance to preserve individual sovereignty and privacy as we venture further into the Digital Age.
The choices lay before you. Action is required.
I'm a big "sleep on top of the covers" guy.