Cash for Freedom
by Charles Goyette: Health
Care and the Supremes: So Much for the Revolution
article is an excerpt from Charles Goyette's bi-weekly Freedom
& Prosperity Letter podcast, Cash for Freedom, originally
published on March 22, 2012. To listen to the podcast in its entirety,
The one thing
about cash is that it is anonymous. And that's the one thing that
intrusive governments don't like about it.
hate that cash gives you anonymity. And they are often very anxious
to track it and to control your use of it. They often attempt to
criminalize the use of cash or at least criminalize having too much
of it around.
7% of the U.S. economy is cash-based. Across the Eurozone, it's
a little bit higher, 9%, but in Sweden cash transactions are falling
by the wayside. You can't use cash for buses there. A growing number
of businesses are going entirely cashless. In fact, only 3% of all
purchases in Sweden are transacted in cash. And some people think
that 3% is too much.
are things you give up when you go cashless, and privacy is only
one of them. Because you also give up a piece of every transaction
to the facilitating financial institution, a state-approved financial
institution that is going to take a cut one way or another of every
purchase that it processes. And that cut will be paid by you.
In the United
States, the government has implemented increasingly punitive and
burdensome measures for those who use cash. Banks, for example,
are required to file reports on the use of cash in certain circumstances,
including suspicious persons reports for some cash activities. In
fact, if you seem to be trying to transact in cash below the reporting
threshold, that alone can trigger a suspicious persons report on
you. Like a lot of the states' heavy-handed measures, this was all
targeted at getting those drug dealers.
And you see
how well that worked out.
are plenty of perfectly good reasons for someone to wish to do business
in cash and anonymously. This is an age of home invasions and identity
thefts. So the desire to do business in cash can simply be prudent.
I mean, you wouldn't want to leave a receipt laying around in some
business where you bought some expensive piece of jewelry for your
wife, for example, for her birthday.
important is this: In a free country, your transactions shouldn't
be anybody else's business. And that's the bottom line.
At least it's
the bottom line in a free country.
For a free
and prosperous country, I'm Charles Goyette.
© 2012 Charles Goyette
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