The War on Cash and the Future of Cryptocurrencies
The War on Cash and the Future of Cryptocurrencies by Nick Giambruno International Man
Editor’s Note: Financial repression is a devious tactic, and at some point, every heavily indebted government uses it. It’s inevitable. And no entity on the planet is more indebted than the US government.
The Financial Times defines financial repression like this:
A term used to describe measures sometimes used by governments to boost their coffers and/or reduce debt. These measures include the deliberate attempt to hold down interest rates to below inflation, representing a tax on savers and a transfer of benefits from lenders to borrowers.
Financial repression is also used to describe measures to facilitate a domestic market for government debt and the imposition of capital controls. The combined effect of all these measures means funds are channeled to the government that would otherwise flow elsewhere.
The Financial Repression Authority had Nick Giambruno on their show to discuss how it may play out.
If you value privacy and personal liberty, you don’t want to miss the discussion below.
Financial Repression Authority (FRA): Let’s begin with your thoughts on the war on cash. Where do you see that trending?
Nick Giambruno: I’m not going to mince words. The war on cash is evil. It’s an all-out assault on your privacy.
George Orwell once wrote, “If you want a picture of the future, imagine a boot stamping on a human face—forever.”
Not exactly a cheery thought. Unfortunately, we may be headed toward this dark future… and soon.
It’s a world where privacy is dead, where the government knows everything about you. And we’re almost there.
The government already knows what you watch on TV, what you read on the internet, whom you call, and everything you do on your smartphone and computer.
It has a record of every penny you’ve ever earned, saved, borrowed, or spent. It knows where you’ve been, where you are, and where you’re going.
This is all possible thanks to the mountain of laws and regulations that sprouted from the war on (some) drugs, the war on terror, and so forth. Over the years, these schemes have incrementally destroyed your privacy.
Now, with the war on cash, the government is going in for the kill.
There’s not much about your life the government doesn’t already know. The last vestiges of privacy may vanish very soon. Once that happens, governments will have almost unbreakable control over the individual.
This is exactly the opposite of how a free society should work.
The war on cash does not protect you from drug dealers or terrorists. It only helps the government seize more power. This is why proponents of big government reflexively support it.