The Endgame of the Cashless Society By Peter Ewer

     Some of the negative consequences of the cashless society are appearing in that great social disaster experiment in Nordic genocide, Sweden:
  http://www.collapse.news/2018-04-29-sweden-reveals-why-a-cashless-society-may-not-be-such-a-good-idea.html 

“Only recently, Stefan Ingves, the current head of the Swedish central bank Riksbank, issued a statement warning the country that it could soon be faced with a situation where private sector banks have taken complete control over the national payment system. In his view, it’s something that’s not really desirable. Therefore, he called for new laws that would help to secure public control over any payment system, mainly because a working payments system is a “collective good” that benefits the general public as a whole. According to Ingves, the citizens have every right to not let control of payment systems go to private institutions, much less those that are financially interested, especially for certain things like public works and national defense. “Most citizens would feel uncomfortable to surrender these social functions to private companies,” he said. “It should be obvious that Sweden’s preparedness would be weakened if, in a serious crisis of war, we had not decided in advanced how households and companies would pay for fuel, supplies and other necessities.”

Now based on online reports, these remarks have helped to bring cashless society concerns mainstream in Sweden. In particular, a group called Kontantupproret, or Cash Rebellion, has come into prominence. Its leader, former national police commissioner Björn Eriksson, said that the central bank governor’s statements have helped swing things around for the group, which used to get dismissed as the voice of the technologically illiterate and those who were unwilling to “get with the times.” In Eriksson’s view, a national cashless payment system could be used as a point of attack that would essentially cripple the nation. “When you have a fully digital system you have no weapon to defend yourself if someone turns it off,” he said. “If Putin invades Gotland [Sweden’s largest island] it will be enough for him to turn off the payments system. No other country would even think about taking these sorts of risks, they would demand some sort of analogue system.”

     The cashless society is not only vulnerable to crippling cyber-attacks, and in fact invites them, being too delicious a target to ignore, but also centralises finance beyond what we have presently, and what we have presently is problem enough. Add to this, that most people do not want a cashless society:  https://meltwater.pressify.io/publication/5aafa7622b5e1600044e6c36/59c3b9f4c092c50e004bb05c?&sh=false

     Put on your fridge in the things to do list: “Oppose creation of cashless society in Australia.”

 

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Sunday, 25 October 2020
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