A cashless society

As the world’s economy emerges from the crisis caused by the pandemic, global elites are calling for a transition to a cashless society.

“If governments around the world could completely remove coins and paper currencies from the markets today, they absolutely would. And the motivation is really simple: most of the cash transactions that take place governments can’t see. They can’t track. They have to trust that a business is going to pay taxes on those transactions. They have to trust that somebody that might sell their car in cash is going to report the sale and pay tax on that transaction. But so many of these transactions go unreported. And so there is a very material motivation for governments to be able to see, analyze, track, and tax every transaction.” (Brownstone Research founder Jeff Brown)

The pandemic became a catalyst for “contactless transactions,” as businesses increased the use of phone apps and direct credit card payments in order to limit physical interactions.

“There was a major push to make these things not only simple to use, but also in many cases required to use,” Brown explained.

The government – and the IRS in particular – is “deeply motivated” to create a cashless economy because such a system lets government officials “track every single transaction,” “see how every dollar is spent,” then “tax every single transaction,” Brown explained.

“It is an ultimate ability for a government to have centralized control over its monetary policy – how it’s distributed and how it’s taxed,” he added.