World Without Cash! Cashless Society is Closer Than You Think!

Cash is no longer King over the years The use of physical notes and coins has Declined in most countries this is in Part because cashless payments by card Phone or QR code are simply more Convenient however many countries around The world have also been pressurizing Their citizens to go cashless in recent Years and depending on how this is done It could mean the end of Financial Freedom so that's why today we're going To explain what a cashless Society is Who is pushing for it and why which Countries will become cashless first and How to make sure you don't end up in a Digital Dystopia the concept of a cashless Society has been around for hundreds of Years it's not known who coined the term But it's believed that American Author Edward Bellamy was the first to describe The idea in his book Looking Backward in 1888 it's about a socialist Utopia where The government controls everything I Think you can see where this is going in Fact the concept of a cashless Society Has probably existed since cash itself Has been a thing obviously cash includes Coins and paper Bank notes as a fun fact The first coins were minted over 20 700 Years ago in the ancient Kingdom of Lydia located in modernday Turkey as for The paper Bank notes we typically refer To as cash these were first created in

China during the 7th Century in fact It's believed that the word cash comes From the physical paper Bank notes Issued in China during the 14th century Under Mongol rule you'll know this if You watched our video about the Companies that printed the world's Currency you'll also know know that the Demand for cash fell after digital Payments started to become popular with Banks central banks and businesses the First electronic payment was made by Western Union in 1871 FYI and of course The most popular form of digital Payments are done via credit or debit Card as another fun fact credit cards Actually came before debit cards the First credit card was issued by the Bank Of America in 1958 But the first debit cards didn't come Until 1966 from the bank of Delaware funnily Enough the cashless society that Edward Bellamy envisioned back in 1888 replaced Cash with credit cards and he actually Used the term credit card 11 times in His book The Catch is that the credit Cards he envisioned worked more like Debit cards with the government Periodically giving all citizens the Same amount of credit to spend today of Course there are many different types of Cashless payments ranging from Cryptocurrencies to Central Bank digital

Currencies or cbdcs for the purposes of This video though the only thing you Need to know about these cashless Payment methods is that they exist on a Spectrum from centralized to Decentralized at the centralized side of The spectrum you have cbdcs which make It possible for central banks to see and Control every transaction in the economy If you've watched any of our many videos About cbdcs you'll know central banks Have stated their intentions to do Things like set limits on saving and Spending on the decentralized side of The spectrum meanwhile you have Cryptocurrencies which are supposedly Not controlled by anyone but this really Depends on which cryptos we're talking About some cryptos like Bitcoin are very Decentralized most other cryptos are Almost as centralized as cbdcs and can Impose the same controls most Cryptocurrency transactions are also Publicly viewable which can threaten Financial Freedom but we'll come back to That later the key takeaway for now is That a centralized cashless Society is a Dystopia whereas a decentralized Cashless Society is something closer to An actual Utopia now most of the Cashless payment methods we use today Lie somewhere in the middle take credit Cards and debit cards for example if Your bank or card provider decides to

Say prevent you from buying crypto then Chances are that you can change Banks or Card providers this ability to switch is One of the only reasons why Banks and Card providers haven't exercised more Control over their customers payments as Time has gone on however some banks and Card providers have evolved to become Monopolies and this has made them them More willing to exercise this control The most infamous example of this on the Banking side is the pandemic protests in Canada early last year when Banks froze The accounts of protesters at the Request of the government for context Canada has an extremely centralized Banking system with only five banks Controlling most banking activities now The most infamous example of this on the Card provider side meanwhile is Visa and Mastercard's decision to start tracking All gun purchases in the United States a Decision they decided to undo in March This year for reference visa and MasterCard issue more than 80% of credit Cards in the US logically freezing the bank accounts Of protesters and tracking specific Purchases sets a terrifying precedent And yet it's been one of the main Justifications for a cashless Society After all if everything can be tracked And controlled then there'll be no more Crime and no more corruption right now

Based on our research the push for this Centralized dystopian cashless Society Started sometime in the early 1970s this Makes sense considering that this is Roughly when debit and credit cards Started becoming widespread it's also Shortly after the Gold Standard was Abandoned by the United States if you Watched our video about how the Financial system is rigged you'll know That money is a store of value like gold Whereas currency is supposed to be Something that's backed by money until 1971 cash currency was backed by gold Money since that time though currency Has been backed by well Nothing the consequence of this is that The financial system is becoming more Unstable now the explanation for why is Outside the scope of this video but the Short of it is that abandoning the gold Standard made it possible to create Unlimited amounts of currency this has Made the boom and bus cycle of the Economy much more volatile there's just One thing to keep in mind though and That's that these instability issues Didn't arise right away much like the Control issues of a cashless society as A result it appears that it was Primarily Banks and card payment Providers that were pushing for a Cashless Society in the early days Meaning the 1970s this makes sense since

Banks and card payment providers stand To profit the most from a cashless Society they collectively earn hundreds Of billions of dollars in fees from the Hundreds of trillions of dollars in Cashless payments they process news Flash those fees are paid by you and the Places you shop at following the 2008 Financial crisis however central banks Realized just how unstable the financial System was and started looking for Solutions most of these involved Introducing restrictive regulations that Further centralized the financial system As you've learned this makes it easier To control the economy lo and behold the Justification for these restrictive Regulations was identical to the Justification for a cashless Society we Need to collect detailed personal Information about every person and every Transaction in the name of fighting Crime and Corruption and tax evasion the Perfect excuse but it seems it wasn't Until 2019 that the central banks got on Board with the cashless Society idea 2019 was when Facebook unveiled its Libra stablecoin project at that moment The central banks realized they'd lose Control of the increasingly unstable Financial system if they allowed a Private currency to take over one year Later the pandemic began and the Resulting restrictions conveniently made

Made it possible for central banks and Governments to justify going cashless as Much as it was possible to do so this is Also when they started pushing cbdcs and You can see this on Google search Trends Searches for cbdcs have gone parabolic Ever since and in case you're wondering No cash did not contribute to spreading Sickness in fact a 2020 study by the Bank for international settlements or Bis the bank for central banks found That the payment terminals used for card Payments harbored exponentially more Bacteria than cash the more you know Anyways much to the shagrin of the Governments central banks commercial Banks and card payment processes cash Use is almost back at its pre-pandemic Levels in most countries in some Countries many businesses have even Removed the cashless payment options They implemented during the pandemic This sounds strange until you remember That businesses bear the brunt of credit Card fees and that being paid in cash Means that you can evade taxes another Justification for a cashless Society on The consumer side using cash helps Control your spending Studies have found That handing over cash elicits a pain Response more importantly using cash Means that you are in control of your Transactions and the only person who can Track your transaction is the

Counterparty in your transaction and if You happen to be saving cash it means You don't have to worry about a bank Bailin where your savings are used to Bail out the bank more about that in the Description I digress anyhow another Reason why cash use has been on the rise Is because more and more people are Realizing that the cashless Society most Countries are trying to introduce is of The dystopian kind this is evidenced by The countries that have tried to Enshrine cash use into law over the last Year like for instance Slovakia however There have been just as many countries That have doubled down on their plans For a dystopian cashless Society the Country that comes to mind here is Nigeria where the government is trying To force the adoption of its enira cbdc By restricting cash use thankfully this Hasn't worked at least not yet hold up a Second there guy sorry to interrupt Folks but I just wanted to to very Quickly tell you about the coin Bureau Deals page now this is the place where We have put together some of the very Best deals and Promos in all of crypto So you can think things like exchange Signup bonuses trading fee discounts and Money off of Hardware wallets and much Much more besides so if you want to Check that out coin.com deals is the Place to go or you can just use the link

In the description of this video down Below thanks very much and now back to You guy this this begs the question of Which countries will be the first to go Fully cashless well the answer seems to Be those in Scandinavia starting with Sweden now believe it or not but Sweden Has been trying to go cashless since the Early 2000s it serves as the perfect Case study for how societies become Cashless for starters Sweden has a very Centralized banking system the four Largest banks reportedly account for More than 75% of the country's deposits And lending in the early 2000s these Banks started experimenting with Cashless branches by 2019 only half of Bank branches worked with cash this Didn't happen overnight to convince Their customers to go cashless Banks had To extend them an olive branch now this Came in the form of various products and Services that made it easy to go Cashless like the swish phone payment System in 2012 by 2019 children aged six And older could get a debit card what's Interesting is that the push to go Cashless in Sweden apparently began After the 2008 financial crisis this Makes sense when you remember that Central banks all around the world Started looking for ways to increase Financial stability post 2008 Sweden Went straight for the cashless solution

Cash use in Sweden started declining After that but it wasn't until 2015 that Sweden's use of cash really fell off a Cliff this was because the Swedish Central Bank announced that all coins And cash notes needed to be exchanged For new ones can you guess the excuse That's right to fight crimes Specifically Counterfeiting at the same time Sweden's Mega Banks started dismantling ATMs Around the country especially in rural Communities where cash was being used The most The Practical effect of this was that Cash became almost impossible to get Hold of today less than 10% of all sales Are made in cash in Sweden the lowest Level in the world what's fascinating Though is that Sweden's cash use seems To have bottomed around this 10% level Over the last few years this is despite The fact that Swedish Banks continue to Scrutinize cash transactions regardless Of the amount some have refused used to Accept cash and others have confiscated It from clients all in the name of Fighting crime of course to add insult To injury there have been lots of Controversies during Sweden's cashless Society transition besides technical Issues that have reportedly led to Bankruptcies the Swedish government once Put out an emergency preparedness guide

That included an instruction to always Keep some cash on Hand what did you say Anywh who for what it's worth Sweden was Expected to become completely cashless By March of this year and it seems to Have missed the mark by quite a margin Even so it begs the question of why Sweden's transition to a cashless Society has still been so successful and Why it's a similar story in other parts Of Scandinavia the answer is trust Swedes Norwegians Danes and fins all Trust their govern governments the same Seems to be true of the Dutch which Explains why the Netherlands is headed In a similar Direction so to speak the Caveat is that trust in governments is Declining everywhere including in Scandinavia this might have something to Do with the fact that it's becoming Obvious to the average person that the Real motivation of a cashless Society is Not to fight crime or corruption or Collect more taxes it's for control once The this control has been exercised There will be no escape from the Dystopia that ensues the scariest part Is that the average person won't realize This until it's too late as we mentioned In our video about fast payment systems These cashless payment methods are just Too convenient they will be voluntarily Adopted and it's only when controls are

Imposed that people will realize their Fatal error the Silver Lining is that Sweden provides a play book for what we Can expect our governments to do as part Of their push towards a cashless society And how to protect against it first they Need an excuse for Sweden it was the 2008 financial crisis for everyone else It might be the next financial crisis Second they need to make cashless Payments as appealing as possible to Clarify by they I mean the governments Central banks commercial Banks and Payment processes as we've seen in Sweden en they will work in unison to Introduce solutions that are analogous To swish the phone payment platform Third they need to make it harder to Access cash based on what we've seen in Sweden this will involve requiring all Existing coins and Bank notes to be Exchanged for new ones it will also Involve removing ATMs introducing Cashless Bank branches and making it Very difficult to deal with cash at the Bank chances are that you've noticed all Of the above happening in your country To some degree The Only Exception might Be the return of existing coins and Bank Notes this will be extremely difficult To do in larger countries particularly Those with lots of currency in Circulation like the United States or The EU countries but it will be

Necessary if these countries want to go Truly cashless note that by this point It's not a question of if they want to They must must if they want to maintain Financial stability centralizing the Financial system is the only way the US The EU and others will need to find some Way to get rid of cash we've long Believed that the only way you can get Rid of cash in these countries is to Inflate it away to make the cash in Circulation worthless to the point that There's no point in holding it however We're starting to think that it could be A combination of inflation and Incentives via interest rates take a Second to consider that interest rates Are at their highest levels in decades Assuming they stay this high or even go Higher then it will eventually Incentivize large holders of physical Cash to go to the bank and earn a yield On their massive cash pile particularly If there's lots of inflation too if you Watched our video about the man who Predicted everything you'll know we Could very well be entering a world of Higher inflation and higher interest Rates again this would cause cash to Flood into Banks once enough cash is in The bank they can get rid of the rest With forced currency exchange all in the Name of safety now this brings me to the Big question and that's what you can do

To make sure you don't end up in the Dystopian version of the cashless Society that most countries are not so Subtly rushing towards the answer is Twofold enshrine access to cash in law And use utopian cashless Payment Systems Instead regarding access to cash it's Important to remember that having the Right to pay for things in cash doesn't Necessarily mean that you have the right To access said cash to ensure that cash Payments remain an option you need to Ensure that both the access and the Payment are enshrined in law it's also Important to note that access to cash is Not always something that you can vote To change last I checked you can't vote To prevent the Central Bank from forcing The exchange of all Bank notes in Circulation on the grounds of combating Counterfeiting or whatever else if it Even can be done it won't be easy to do That's for sure not only that but Advocating for enshrining cash access And use into law could have unwanted Social repercussions and it could Backfire if your advocacy fails look no Further than Austria for evidence of That the mainstream media is painting People pushing for cash protections as Rightwing make no mistake in the kind of Cashless Society most countries are Pushing for what you've said and what You've done will eventually be used to

Limit what you can do with your money You'll be labeled as high risk because Your non-compliance is fundamentally Threatening the fragile Financial system The scariest part is that advocating for Cash access and use won't be sufficient To escape a cashless Society as I Mentioned in the introduction cashless Payments are just more convenient going Cashless is inevitable given the Circumstances regardless of the laws People will naturally stop using cash But going cashless doesn't have to be Dystopian it can be something closer to Utopian if it's done using decentralized Digital currencies that can't be Controlled by anyone such as some Cryptocurrencies as I mentioned earlier Though crypto has an Achilles heel and That's that all transactions are Traceable for those unaware Financial Privacy is required for Financial Freedom that's because even if the Government or Central Bank can't control Your transactions being able to see them Means they can control you in other ways For instance coers those you transact With or limit your access to credit and For those unfamiliar Financial Freedom Doesn't mean having lots of money Financial Freedom Freedom means being in Control of your assets and deciding when And how they are spent this is something That is slowly disappearing from the

Digitized financial system and it will Be completely gone if we go cashless That is unless the cashless solution is Decentralized and private in case the Reaction to Facebook's Libra didn't make It clear enough any kind of cashless Solution that competes with cbdcs will Be significantly restricted Ed by Governments and central banks and it Would be game over if cbdcs were adopted Instead but it looks like that's the Game we're all playing someone will lose If we play wisely though we may just be Able to Win and that's all for today's video if You found it informative smash that like Button to let us know if you want to Make sure you stay informed subscribe to The channel and ping that notification Bell and if you want to help inform Others be sure to share this video with Them if you're already accumulating your Utopian cryptos in preparation for the Inevitable cashless Society the coin Bureau deals page can help it's got up To $40,000 of bonuses on the best crypto Exchanges and the biggest discounts on The most secure Hardware wallets the Link to that is in the description as Always thank you all for watching and I'll see you in the next one till then Stay cool stay safe and stay crypto [Music]