DonDiego cannot name a specific individual, but those of a Libertarian-leaning recognize that the dangers of an all-knowing Government would be enhanced by a cashless, (i)i.e.(/i) electronic money, society.
A.
There've already been some foreshadowing events as to the "benefits" of the Government knowing what one does with one's money.
********quote*****
In the spring of 2014, the Department of Justice began to come under fire for Operation Choke Point, an initiative aimed at discouraging or shutting down exploitative payday lenders. The ends were, on the face of it, benign, but the means were highly dubious.
At the time, the need for consumer protection was painfully obvious, but payday lending was and is still legal. So the DOJ got creative, and asked banks and payment processors to comply with government policies, and proactively police “high-risk” activity. Banks were asked to voluntarily shut down the kinds of merchant activities that government bureaucrats described as suspicious. The price of resistance was an active investigation by the Department of Justice. By December 2013, the DOJ had issued fifty subpoenas to banks and payment processors.
*****endquote*****
Ref: The Atlantic
In addition to "payday loans" the Department of Justice targeted the following "high risk activities":
n.b. Some of these activities might be illegal; some are not.
As a result of this surveillance by the banks, the accounts of folks were "frozen" and "shut-down"
by the banks without any proof of any illegal activity. The banks, being highly regulated by the Government, just co-operated in the surveillance and penalties.
DonDiego opines in an absolutely cashless society, such judgements would be more plentiful and eventually more severe.
DonDiego suggests the reader contemplate living under a Government which knows every financial transaction which he makes. Then contemplate that one may not be in agreement with the policies currently followed/proposed by the Government. And the Government may be able to do something about it.
On the other hand, . . . maybe it's a good thing.
B.
And there's other possible applications.
The reader may have noticed that interest rates are extremely low. They are low because Central Banks in accord with Government wishes are attempting to encourage more spending.
There are suggestions among the Powers-That-Be that negative interest rates should be adopted to "force" citizens to spend their money.
If one has only "electronic money" and one chooses not to spend it, it will slowly, at least at first, become worth less.
However, if one has cash one may secure it, f'rinstance under one's mattress, and avoid the effects of negative interest rates.
Whatever one opines about the cashless society it opens the path to greater control of its citizens by the Government.
It may not
be Big Brother, . . . but Big Brother would approve.
