Rogoff and a Cashless Society: Be Careful What You Wish for

I have been warning for years that my cycles are converging, leading to what will be the worst financial crisis of all time — a loss in confidence in government — creating utter chaos in the markets over the next few years.

Case in point: Governments around the world are trying to restrict the use of cash, or paper currency.

If central bankers and governments have their way, large denominations of physical cash are going to be banned. This push toward a fully digitized (cashless) monetary system — where every transaction will be recorded, scrutinized, controlled, and taxed — is being sold to the public as “the cure” to rid the world of terrorists, drug lords and other criminal behavior.

And just to point out how mainstream this way of thinking has grown, Kenneth Rogoff, a respected economist from Harvard, has a new book — “The Curse of Cash” — arguing the benefits of a cashless society.

Rogoff has written many insightful articles about various aspects of the economy. But when it comes to his views on a cashless society, he is just plain wrong.

In his book, Rogoff argues that paper money fuels:

101016_1315_RogoffandaC1.jpg
When it comes to his views on a cashless society, Rogoff is just plain wrong.

1. Corruption

2. Terrorism

3. Tax evasion and

4. Illegal immigration.

Rogoff claims that his plan would reduce money-laundering and thereby reduce crime while at the same time exposing tax cheats who deal in cash payments.

But, do you really believe the mafia or drug cartels will stop doing business just because the government eliminates paper currency? Not a chance! It might inconvenience them, but it certainly won’t stop them. This will just force these illegal activities to go further underground, and/or come up with a new form of exchange or a barter system.

And what about good people? They’ll be forced underground too.

In the U.S., the state of Louisiana has already banned the use of cash in all transactions involving secondhand goods. That means that you are not allowed to pay with cash at a garage sale or a flea market anymore. Likely result? People will come up with new ways to make the same transactions without Big Brother watching over them.

So for respected Dr. Rogoff and others advocating a cashless society, I say “Be careful what you wish for!”

Best,

Larry

 

Larry Edelson, one of the world’s foremost experts on gold and precious metals, is the editor of Real Wealth Report and Supercycle Trader. Larry has called the ups and downs in the gold market time and again. As a result, he is often called upon by the media for his investing views. Larry has been featured on Bloomberg, Reuters and CNBC as well as The New York Times and New York Sun.

Comments 103

peter October 10, 2016

It's all part of the plan for the new world order.

Pete October 12, 2016

Interesting take. One only have to look at Bitcoin to realize that it's not about government control but rather the efficiency, transparency, and the cost of moving money around. It is why billionaires like Warren Buffet had dumped billions into Bitcoin because of its safety as a hedge against currency down turns. It is in fact the banks and the Fed that still want to control the currency flow by printing more of it when they need to control the markets. The financial institutions goal is give us debt and keep us in debt for our life time. Just imagine a global digital currency that can be used as a peer to peer currency where one can transact anywhere in the world and where the transaction from one side of the globe can be in receiving ountry's currency. Banks have now only noticed the explosion of digital currencies and now have their own digital coin patents

Mike Martin October 10, 2016

why have you quit showing commodity prices in your market report?

FRANK ELLISOR October 10, 2016

I HAVE NEVER BEEN INVOLVED IN POLITICS. BUT IF PUSH COMES TO SHOVE I WILL JOIN IN PROTEST FOR OUR WICKED GOVERNMENY.

GB October 10, 2016

If those who wish for a cashless society get their way it is likely that the government will soon require a implant {RFID Tag} for everyone who makes any economic transaction. For anyone who refuses to get a tag or what no one is talking about is anyone the government bureaucrats don't like they will be completely shut out of the economy. No money to buy food, pay for gas,rent utilities, clothes or anything that requires money. It is easy to see the bureaucrats shutting out of the economy gun owners, pawn brokers anyone on the Operation Choke Point list. If any of the liberal idiots think crime is a problem now wait till the bureaucrats shut 1/3 of the populace off from the economy.

Gary October 12, 2016

You are SO OOO RIGHT! IF THE UNARMED CAN MAKE SHAMBLES OF A GROCERY STORE just watch what happens when they try bullying food from someone who may be armed! I'm not advocating it just facing cold hard reality. HUNGER CAN MAKE PEOPLE VICIOUS! !

Gary October 12, 2016

I believe CASH IS AND ALWAYS WILL BE KING! IF NOT, WHY DOES THE GOVERNMENT WANT OURS? IF THEY DID CONFISCATE IT WHAT WOULD THEY DO, INCINERATE IT? HA HA HA!!! IT WOULD, IMO, FILL THE POCKETS OF THE THIEVES RESIDING ON CAPITOL HILL AND THEIR RETIRED PEERS!

Pat October 14, 2016

Of course it's a fraud! They did the same thing with gold. Telling people they had to turn it in. We still don't know where it all is.

Beth October 15, 2016

So, because you desperately believe that cash is and always will be king, does that make it true? If that were the case, you could make anything you want, come true just because you choose to believe it.....not

Siggy Latarski October 10, 2016

I agree, a cashless society is another step towards total elimination of privacy and total control of an individual. The past 50 years or more have seen the government employ Incremental steps toward erasing individual privacy and rights. Unfortunately the majority of the masses do not see or understand this process in progress.

RICHARD SCHNEIDER October 10, 2016

Even if Rogoff is bright in some respect, I must say he is BRAINLESS here, Harvard or not.

Morris Jesion October 10, 2016

Larry, When will gold/silver bottom? Thank you. Morris

Gary October 11, 2016

Not just yet,maybe few months.

Duncan October 10, 2016

Larry: I could not agree with you more on this issue.This is not about crime, it's about government control.

Thomas October 10, 2016

History has taught us that in the end, the will of the populous through revolution always wins! People power brought down the Roman empire, British empire in India, Apartheid in South Africa, etc, etc. Why would the masses settle for a cashless society? The right leader at the right time will capture the hearts and minds of the masses, then it will be like the French revolution all over again. Guillotine time is near!

r October 11, 2016

go Trump!

Old goat October 10, 2016

Larry is absolutely correct on this issue beside a cashless monetary system being a burden on allot of people it will open the door for a hacker's haven

James October 10, 2016

Larry: what happened to your "watching like a hawk and keeping your readers" apprised of the metals market. Has gold bottomed or just taking a dead cat bounce before heading lower? Would appreciate an answer. James Ledbetter Loyal Lifetime RWR member

Walter October 15, 2016

Hi Larry, I agree with James. More information about the metals market would be appreciated. Thanks for your response. WK

Mark October 10, 2016

_http://www.snopes.com/politics/business/cashillegal.asp

vennerip October 10, 2016

Great Job on this Larry your right on lately.

Wow. You are correct. October 10, 2016

Eliminating cash can present all kinds of problems as you indicated. Plus, people who evade taxes will continue to do so by finding a way around the system, as they currently do.

Steve October 10, 2016

The "money" held in a bank is actually bank credit and is subject to the financial health of the bank. The cash I have in my pocket is the only thing officially recognized by the US Government as legal tender (money). I absolutely hate that a bank has to approve all my non-cash transactions and that I am marked a criminal if I have too much money on me. There is no requirement to keep your "money" in a bank (at this time) and I will find an alternate method of money should the government ever require that. Controlling how I store and use my money/wealth is the act of tyrants.

Ben October 10, 2016

Does everyone have a goodly supply of pre-1965 silver coins + a few one ounce gold coins? What cashless Society!!!

Drew McKenzie October 10, 2016

When it's way too late, the anti-cash pundits will realize they ran the economy head on into the Law of Unintended Consequences... When you're in my neighborhood, I'll offer you hospitality and a home grown steak dinner. You'll probably be so touched that you'll send me a copy of your newsletter. You might wine & dine out every night and "lose" 365 Taxable subscriptions. We'll become a nation of "under the table" job holders using our wealth redistribution benefit checks to meet our few "above the table" needs. The S. will really H.T.F. when government employees and the 1%ers are the only people with traceable, taxable income.

David October 10, 2016

Do you still believe there is yet another gold and stock market bottom before the super rally? If so, what will they bottom to and when do you predict them bottoming? I'm still standing on the sidelines with cash, ready to invest.Thank you.

Steven October 10, 2016

Larry, What do you think of this "Goldmoney" idea. https://www.goldmoney.com/ Is this an idea that could allow us to become less dependent on the fiat money systems of the world? Steven

FRANK October 10, 2016

A ..cashless society we will return to a time before Babylon. when everything was bartered.

KJ October 10, 2016

Between the creation of Dodd-Frank, the undermining of reserve currencies by central bankers, the propensity of governments to spend well beyond their means, the quantity of precarious bank balance sheets throughout the world, the explosive growth of financial derivatives and underground economies, plus the increasing need of indebted governments to grab money from people under the guise of getting them to cough up their "fair share," there is plenty of reasons to fear the invisible hand of government which appears poised to tighten into a fist and knock us out. A cashless society is the wet dream of irresponsible spendthrift governments worldwide--the most egregious of these being The United States. With no viable plan going forward to address debt, Mr. Adelson's worst fears will be realized in the most painful ways.

Tom Burnett October 10, 2016

Please continue keeping us updated on Gold - that seems to be your forte - you vacillate back and forth on the downside and would appreciate your current downside risk along with the upside going forward - in other words , give us your current opinion for this market on a current basis - if you don't know , just say so as you have been all over the map and losing respect I might add - Tom

Seth S. October 10, 2016

Larry, I am also very apprehensive about a cashless society and how its full-play will affect us as a people that seek freedom in all respect. So what is you take? The preaching is going on even in Africa - cashless society is being preached by the central banks, so how do we stop or prevent?

Edgardo Perez-De Leon October 10, 2016

It is clear what the New World Order wants to do is place a tax in every transaction and leave us to prove that the transaction is not taxable if it is not. For most people will be extremely difficult to design schemes that escape taxation when you want to sell a valuable item purchased long time ago --having no prove of purchase to declare the purchase price as tax deduction. e Bay and Craig List do not care. That is your problem. Still they will charge for their fees and it is your problem to prove their payment to claim the deduction. And the Girl Scouts will have to pay taxes in their cookies and the volleyball team of the middle school taxes in the lemonades. The government will be after our pennies. The Mafia can develop parallel bartering economy consisting of fake purchases. In the time being Hillary Obama and the others will charge their expenses to the government, foundations and corporate accounts.

Eli Martinez October 10, 2016

Does Dr. Rogoff foresee Cyber World War One? Unimaginable consequences that I cannot foresee myself.

Samuel October 10, 2016

Yes! the cashless society is the corruption of the one World Government seekers. To remove all money freedom and totally monitor and control all Transactions! It is a product of the Beast Gov to control by using the Computer!

Chuck Burton October 10, 2016

Politicians are just gangsters by another name. They have preyed on the more or less innocent to any degree allowed, but now they seem to have decided that isn't enough. They pass "laws" that give them even more power to steal from us. Next, they will doubtless end elections, and just fight it out among themselves. That will inevitably result in revolution and maybe some justified executions to set them back a step or two. It might not happen in my time, since I am well up in my 90th decade, but it WILL happen.

Randy October 12, 2016

9th decade unless your name is Methuselah. We know what you mean. I've been here just over 6 decades... and I think we are headed for a world wide revolution by all the people to get rid of all oppressive governments. Governments world wide are the problem!

Bill October 15, 2016

It is now time to pass an amendment to the federal and stares constitutions. All elected officials (only two terms, subject to the laws they PASS, Past,Present, Future. Can not go to another state and be elected to the same office. This is the only way to keep away elected Gangsters. We have nothing to louse. Why NOT?

Dan S October 10, 2016

Time to tell big brother they are no longer what this once free society needs. The US Government can hand money away and waste it on worthless police actions around the world but can't seem take care of this country. Time to have pensions retroactively removal from all government employees and their pay scales dramatically reduced. Public pensions are presently underfunded to the tune of 3.5 trillion dollars. Approximately 3 Trillion dollars conveniently borrowed/stolen from Social Security and replaced with IOU's (US Bonds). A stock market rigged to protect the retirements of most everybody in the country but how long can this Ponzi Scheme continue. Look up the government debt for the United States of America and any of the 50 individual states, do you see any black. How in the "H E double toothpick" is all this debt going to get paid off? Look out IRA's, 401K's and everything else tangible they can steal to continue their addictive spending habits. What a sad state of affairs this country is presently in and guaranteed to get much, much worse very soon. Gold at 10,000.00 dollars/oz.? Why not!

Frank Schwartz October 10, 2016

Larry, Just an example of getting around the "cashless" hurdle. Being in our seventies, my wife and I hire a young teen from our church to help in the Autumn with the leaves - we live on a heavily wooded lot, beautiful but a lot of work. Of course, we pay in cash; but, if cash were illegal, I would simply go to the nearest Wal-Mart or wherever and buy a gift card on my credit card and give it to the young man. In the prisons they trade in cigarettes even now; the rest of us could keep a supply of gift cards, bottles of beer, or any other durable commodity in high demand. Is not that the way the invention off money got started?

good idea but dangerous for you.lee October 12, 2016

Good idea but dangerous for you as they will know you have the cards and word gets around and you could get a home invasion and that is not good.

russian bear October 13, 2016

Many years ago I read about some washing fluid / detergent serving as sort of money in american "lower ways" - as it can be stolen from shops or wherever, accumulated, is highly durable and always wanted - nothing is new under the moon :-)

Edward October 10, 2016

Do you still that Trump is going To win the election?

Randy October 12, 2016

I'm voting for Trump... even if I'm the last supporter left.

Tall Tom October 10, 2016

The logistics for the cashless economy is already in place. Just what do you think the Obamaphone giveaway was about? They wanted everybody to have a Cell Phone. The reason should now be clear. And the most funny part is that you have paid for it through paying your Cell Phone Bill every month. Just the activation of one applet will transform your cellphone into a transaction terminal. It is happening and much more rapidly than you think. Keep making your payments folks. Your Government is DEPENDENT upon you.

alex October 10, 2016

please reinstall the box that you have that list the daily close of the stock market the S&P the price of gold excetera. I find that a valuable tool and I have no idea why you have dropped it in the last week. I'm sure I speak for many people when I ask you to restore that to your afternoon emails.

Jon Dykema October 10, 2016

Larry, You might want to check out snopes regarding your comments on the Louisiana law. I do, however, share your concerns about restrictions on our use of cash.

Carl October 10, 2016

Snopes.com says the 2011 LA law was intended to target sale of copper and aluminun scrap, to stop vandalism of power lines and AC coils. The law was reportedly badly written and quickly amended to specifically state that only "precious metals" are targeted by the law. The garage sale problem is supposedly fixed. If true, it's more proof that it's good to live in a democracy where the elected respect (aka "fear" in the Old Testament) their constituents.

Neal Gardner October 10, 2016

Also being tracked will be your online transactions.....Those of us who live in high sales tax States like N.Y N.J and others will now be tracked and taxed...Amazon, and other large online retailers already do this....If we go cashless you will never avoid paying even from small retailers...

rex willard October 10, 2016

when do you see this unfolding? this year or 5 years or 10 years . respectfully, rex willard

Will October 10, 2016

Spot on presentation Larry. Some day we may all be jingle-jangle with silver and gold "non-cash" in our pockets when the next hurricane hits landfall or the grid is down or for whatever other reason. Here in Vietnam we are used to small bills, you just end up sitting on a rock like wad of cash in your hip pocket. The largest bill, 500,000 dong (VND) is worth about USD $22.50 at the present exchange rate. USD one hundred dollar bills and gold get hoarded by those that can afford to do so. When I see a photo of a sign at the entry to a restaurant in the States that reads "Cash not excepted excepting for tips", it reeks of hypocrisy to me. Just avoid a place that is pushing you to pay taxes while trying to avoid taxes for themselves and their employees. God help America. Will

RODERICK FLINT October 10, 2016

In Argentina, where we have had high inflation for years, estimated over 40% during the last year, the previous gov't refused to print higher denomination currency because they didn't want to admit that inflation even existed in an environment where maybe 60% of operations are made in cash mainly in order to avoid high sales tax (21%) and/or the necessity to avoid justifying income. Also, another excuse was that printing a higher denomination currency would make it easier for the drug trade and other illegal activities to transport money. If one were to add up all the taxes that would have to be paid by any citizen who fully complied with all applicable taxes, the amount would be roughly 60% of one''s income. Consequently, approximately 40% of the economy is "black", plain cash with no receipt. This is what happens when governments get too greedy!

Paul October 10, 2016

Dear Larry, Will this be an issue for selling physical assets in the future such as Precious metals, jewelry etc?

Eric October 10, 2016

That 2011 law was amended in 2012 to be applicable to scrap metal and precious metals, to stop thieves. I haven't read the entire bill word for word, but you may be overstating its impact.

BERNARD BRONSTEIN October 10, 2016

That law was amended to apply only to the sales of copper not to other sales.

Rick October 10, 2016

The harder you squeeze your hands together the more squirts out between your fingers. It's one of those laws, the tighter things get, the more pressure to get out.

RB October 10, 2016

Did not Franklin say " Those that would trade essential liberty for a little security will end up with Neither "

Rich C October 10, 2016

Larry, Thanks for your attitude of working with us. We appreciate your letters and trying to make things work for us. More letters will keep us better informed. When you upped the price for gold mining shares I understood that you were trying to make sure that we got even though you believed the price was going to go much lower so we bought a few at the higher price and held for a much lower price as you had said the price of gold would probably go much lower.

Howard October 10, 2016

Hi Larry Could governments stop the spread of weapons by controlling them or would this also just create underground markets. This is what is fuelling resentment by many folks is the pandering to special interest groups by lobbyists in government. Some of us would be happy if the government just got out of the way and stopped trying to run our lives.

Steven Hougland October 10, 2016

Larry, More government involvement. More power to the corruption. Your story is so sad. With the news media now being owned by one man under the influence of the our wonderful Bush-Clinton tag team. Under the Washington mantra of GOD is dead and we the few here in Washington are your only hope of existence, you will see the guns being confiscated first. Dr Rogoff, Is he the guy who also stated that he wonders who will be the first nation to use nuclear bombs? Probably. Will Washington ever shed the paranoia and get rid of ours? Probably not. They are to busy keeping us safe from terrorism as they continue elevating terrorism to push their power grabbing for the protection of their own corruption. By the way Hillary Clinton's campaign contributions that are rolling in from Saudi Arabia aren't really campaign contributions. That money she claims she is getting as support is the money she and Bill had stuffed offshore from the sale of our harbors and oil reserves. The noose is tightening with few safe places left.

lee October 12, 2016

Heres the problem. Knowing the news is corrupted why do you bother to watch the garbage? You are part of the problem. You keep them in business by listening and then fueling the economy wirh doom and gloom which goes rampant and destroys people who would usually fight for America but are so torn with so much wishy washy gossip that they do nothing. We need people to stand up for their rights and inspire others to do the same. Take back America one person at a time. That is the only way to stabilize their corruption and their ungodly desire to enslave anyone who accepts this control on good people. Satan is here to steal, kill and destroy. Only if you allow it.

Mangubhai Patel,MD October 10, 2016

Hi Larry/Martin, Your services ARE best. I am life member for more than 5 yrs. I wish to see you in person if u allow. I am 81yrs. retired physician. The way US is going US existence is AT STAKE. US is marching towards TOTAL GOVERNMENTAL CONTROL WITH POLITICIANS and Government employee DEEP STATE ( BILL BONNER) will be in Charge and everybody will have to surrender to THE WILL OF PEOPLE IN CHARGE. PLEASE COMMENT OF YOUR THOUGHTS.. Thanks. U r appreciated. Regards to MARTIN. Mangubhai Patel

johannes October 10, 2016

Rogoff......?? Just a prog.lib in a tin foil hat. Reduce crime? No way. Terrorism? Yeah right. Corruption........don't make me laugh! Cars, TVs, cigarettes, guns n ammo, food. Money rules.

David Clumpner October 10, 2016

Larry, there's still a VERY good bet that Bernanke's 'Helicopter Money' thesis will be employed before or post the reset. Trump has even hinted at it from time to time.

Jason October 10, 2016

Thank you, Larry! I couldn't agree with you more!

Michael Nwafor October 10, 2016

Yes Edelson. ...you are correct. The bad guys will start asking for gold or jewelry if you ban cash. Are you also gonna ban gold and jewelry? Are you? If you ban gold, they will move on to other commodity or metal until everything will be illegal.

Cliff October 10, 2016

If this is the case, Louisiana is illegally attempting to restrict commerce. Reading from the face of an Andy Jackson twenty, "This note is legal tender for all debts public and private"

Ron October 11, 2016

If you have an older Federal Reserve Note (FRN) then you could read the whole sentence. If you read the current statement the first thing to notice is that there is no period at the end of the "sentence" but there is punctuation, a comma after the word debts. Next you have to look up the definition, in a law dictionary, of tender. It translates to "offered up as evidence." So the statement as it stands reads 'this note is legally offered up as evidence of all debts' and never mind public or private. In other words this green piece of paper is a piece of debt, not positive money. Seriously, the FED loaned it into existence. The full, older, sentence reads "This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank." Analyzing this sentence reveals that this note (FRN), no matter what it is, is redeemable for lawful money, which immediately implies that this note is NOT lawful money, some thing else is. A look at the Constitution tells us that Gold and Silver are lawful money, and NO THING ELSE. (emph. mine)(Art. I sect 8- does not mention Gold or Silver, nor defines money) (Art I sect 10 prohibits the states from tendering in payment any thing but Gold and Silver) This also implies that there is a difference between legal and lawful. Of course "THEY" don't want you to read the full sentence, so it does not appear on the FRN any longer. And redeeming the note? "THEY" will no longer do it. You have to do it on your own, where ever you can... It is all right there for any one to read.

annie October 10, 2016

So, what is our takeaway from this? A cashless sociaety isis dangeroulsy big-brothery, what do we do?

KP TONG October 10, 2016

SINCE YOU " have been warning for years that my cycles are converging" YOU HAVE BEEN WRONG SO FAR BUT AS EVERYTHING IS CYCLICAL IN NATURE YOU WILL LIKE A BROKEN CLOCK BE RIGHT SOME TIME ? BUT WHEN ? Dear KOK PAU, I have been warning for years that my cycles are converging

marie tasker October 10, 2016

i did not receive the forecast that you are predicting for 2016 and 2017 . please can you send to me because i am to old to travel . thank you so much mrs marie tasker

D Braatz October 10, 2016

What about poor folks thst don't have credit cards, checking accounts, savings accounts and no real banking relationships. Look to inner cities and rual America.

plumb level square October 10, 2016

Larry, you are a bit off the mark with the Louisiana comment. A law was passed in 2011 that did ban cash transactions for secondhand goods (inadvertently covering garage sales as well), then amended in 2012 to be restricted to scrap metal, which was the intent of the first law. See" Louisiana Laws > Revised Statutes > Title 37 > Chapter 21 > Part II – Secondhand Dealers" for this update. BTW - I am not a fan of cashless societies, because of the potential for the government (both Fed and State) to do too much tracking, and thereby abuse this power.

Shar October 10, 2016

I would have expected you to address the situation of gold closing below your 'low' which was suppose to propel the buy signal you've been promising to give us.???

Vincent October 10, 2016

All the good it would solve ? Then the next leg in history would begin. All that would be lost & forgotten in our history

Hank Stevens October 10, 2016

Since I began trading only 2months ago I have been reaching for every available source of information possible. Recently I have unsubscribed to almost all of those sources except yours. I'm so glad to have what seems to be clean, clear, honest advice without all the crap. Thank you soooo much for your help and advice. I'm determined to make it as a trader and thankful to call you a mentor. Hank

Scott Hartzler October 10, 2016

Cashless. How idiotic. Besides, how would the Fed use QE to "stimulate" the economy. (Tongue in cheek, of course)

Larry Edelson October 10, 2016

Larry - the market during the last half of a week has been very uncooperative to me! Would you please get out your crystal balls and take the one that has all of the answers regarding AU, AG, Plat. & Plad. and find out what is going to take place and when so I can again sleep at night. Thanks John Everett

Edouard D'Orange October 10, 2016

I need a new country. ZIRP (zero interest rate policy) with NIRP (negative interest rate policy) ahead and already in place in lots of countries, un-audited, out of control Federal Reserve, $19 trillion in debt with $100's of trillions in unfunded liabilities, regulatory over-reach, 35% corporate tax rate, IRS targeting patriot organizations, millions upon millions more claiming disability in recent years, invasions of illegal aliens taking jobs; then the social aspects of political correctness, criminal and un-vetted aliens - I don't see how we're ever going to salvage freedom and a "normal", growing economy. I wish there was a place to go.

Larry Edelson October 10, 2016

Moderation? - Normally during a bottom I don't find myself bouncing along like a tennis ball. It might be that HRP was dethroned by DJT and we are witnessing a delayed reaction. But again does that mean a slide down from one's horse, or will the someone ride off with the pot of gold rising to new heights? I must confess that I think only you know the answer! Thanks again, John Everett

Jacob Steelman October 11, 2016

If cash (paper & metal fiat currency) is outlawed silver and gold will take the place of cash.

Dafydd October 11, 2016

Indeed Larry, I envision illicit drugs and other high value items being used as currency. Imagine ten grams of cannabis being worth one gram of cocaine and so forth. Stupidly easy to implement by even the most rudimentary persons and far more effective than bartering.

Expat Tom October 11, 2016

I couldn't agree with you more. I think that much of the world is coming to the realization that less government is better government.

Val October 11, 2016

We had better be careful to do everything possible to stop this BS. Our credit cards now have a chip on them to track our every purchase that we make. I do not know if we can stop this crap but as always the sheep are lead to slaughter without knowing it. Germany and the Jews all over again. usmc1

Robin Wood October 11, 2016

Cashless Society and the Mark of the Beast, they go together: They give all the so-called benefits, but they always conceal the many disadvantages of a Cashless Society wich go together with the Mark of the Beast (i.e. Implanted Micro-chip).

Rick Frazier Jr. October 11, 2016

Dear Sir, the "cashless," society you speak of is a "Biblical," veiw of "end times,". Also a "one world," government. Do you see this in the near future also? If so, some believe that instead of a creadit card, that we would receive our card number on our body so that it won't get our number stolen. Our "chip"' would be apart of our "DEA"! That way, it would be unable to get stolen. What is your way of thinking? Thank you so much! Rick

Frank October 11, 2016

WHere have we heard this before? HUmmmm REvelation 13-16&17

Craig October 11, 2016

Big brother has been checking up on you lot for ages. Who has "Fly Buys" or any other reward program? The data is provided to your government. The computer checks your "fly buys" expenditure against your income tax return. Consider, when you earn your 100000 fly buys based on $50000 expenditure (or whatever the math) and you declare income of $25000 and you're bank account has maintained the same balance for a year. Maybe you sold your boat, your car or another asset. Doesn't matter. You're Marked. Someone will do the math, research, investigate and if necessary pounce. Carrot and stick.

Symeon Romylos October 11, 2016

If I understand things correctly, blockchain technology (used by bitcoin) allows secrecy of transactions -and this is one more reason its use is not adopted yet... . Only after a court order will the goverment be informed about details

Jeff October 11, 2016

I spent 2 weeks in Germany and Austria last month. Most retailers request cash and many won't even take credit or debit cards. They don't want to pay the fees. This practice is so ingrained that it would take some major directive to change it and then it likely would not be obeyed by most.

Tom October 11, 2016

The government controlling cash or banning it is nothing more the the elitist's way of taking control of everything. The government has flunked every time it has tried to "fix" the tax system. It is flunking badly with Obamacare. Eventually, it will be the reason social security and medicare blow up. Eliminating cash will not stop the crime lords or any illegal activity. As usual, it is the middle classes that will suffer the most.

Ron October 11, 2016

The government did not flunk as you satirically suggest. "If politicians were merely stupid, then the odds are that they would make a mistake in our favor once in a while, but the never do." Sorry I don't know who first uttered this, perhaps Myron Fagan.

Donald Link October 11, 2016

I lived in the Philippines during Marcos when he ruined the piso by pushing it from 7.45 to the $ to 48 to the $. The only salvation for the struggling middle class (what was left of it) was the massive numbers of the US $100 bill brought by tourists and military at the US bases. While some called this the grey market, it operated largely in the open and provided a little passive resistance to the tyrant. The government is using this a means of controlling our economic lives to make us more subservient to the state. Make no mistake the real objective of such schemes.

johnw1120 October 11, 2016

It took very little effort to run this down, a suggestion to have your facts correct before you print something comes to mind. Your quote "In the U.S., the state of Louisiana has already banned the use of cash in all transactions involving secondhand goods. That means that you are not allowed to pay with cash at a garage sale or a flea market anymore." My research, (simple google search) "An amendment to House Bill 195 was approved in 2012 that struck the bill’s controversial parts. The amended version made the law apply only to businesses that purchase second-hand copper, which is frequently stolen from buildings and sold to scrap dealers." So, it’s legal to buy second-hand goods at flea markets, pawnshops and garage sales in Louisiana with cash, contrary to what the eRumor reports.

John Callanan October 11, 2016

Reminds me of some of the futuristic / Sci-Fi style movies out there ... Movies like Judge Dredd ... The Matrix and many others ...

Darrin Carey October 11, 2016

The Louisiana law is misquoted. It only applies to precious metals, and sales by the same person once per month. http://www.snopes.com/politics/business/cashillegal.asp

Greg Durocher October 11, 2016

Actually, the LA law was intended to slow the theft and selling of metal scrap. If I understand the amendments correctly, it's now focused directly at 2nd hand dealers, not garage sales. https://www.legis.la.gov/Legis/ViewDocument.aspx?d=807330

When these marks delete break something, they know it's easy to break but it takes a lot of suffering to fix it so that's why they do it to make the next guy wants to fix it look October 12, 2016

When these marks delete break something, they know it's easy to break but it takes a lot of suffering to fix it so that's why they do it to make the next guy wants to fix it look bad!

Wayne October 13, 2016

You should have Snopes verified the comment about no cash sales for second hand sales before publishing that comment. False

Bill October 15, 2016

The best way for WE THE PEOPLE to save our country is to STOP using credit cards and for your every day needs with American CASH (MONEY). This is the way to save America. Please.

John Draughon October 15, 2016

If big bills will be banned, how small is small enough to NOT be banned?

William October 15, 2016

If we go to a cashless society, it will drive the price of gold and silver through the roof.

Ray October 15, 2016

I have real difficulties discussing the issues of this country, because it always seems to end up with me again realizing just how far out of touch our congressmen and senators really are. For some reason, things that seem simple to me are not simple to our elected so called leaders. When I realized that our on Congressmen and Senators don't have to follow the same rules as the average Joe, and that they also have full lifetime benefits after one term in office, suddenly I realized the main problem we have and it is INTEGRITY. They become career politicians and then we are had for our lifetime, our kids lifetime, etc. Sadly, we have become a society of only get involved if the issue effects me. I am so in agreement that a cashless society is totally for government control of the people. There are very few days that go by, that I'm not pissed off at our own government about some dumb ass move that they have made. I can't even hardly discuss grants because of so many dumb ass people trying to get them and saying if we don't get our share another state will. THIS IS A NEWS FLASH: A GRANT IS SPENDING GOVERNMENT MONEY THAT WE ALL HAVE TO PAY. If we were debt free as a nation and doing really well with a balanced budget, I wouldn't have a problem with grant money, but WE ARE NOT IN THAT POSITION. I can't even find anyone that knows enough about our national debt to intelligently discuss what its impact is to the USA. I do know that on my on personal budget, I don't spend it if I haven't got it. Maybe our Government to try to implement something to that effect. Why doesn't the government get involved where they are needed, such as medical services, medicine, etc. Pharmaceutical companies have no mercy on the prices of drugs that people have to have. I would love to discuss the positions of our two main presidential candidate, but I haven't found a good way to determine that, since they very rarely talk about their positions, because they are too busy calling either names. I despise Donald Trump and I can't wait to vote for him, simply because Hillary Clinton is unworthy and incompetent to be in the highest office of our land. I might also add that if my father could read what I just wrote, he would turn over in his grave because thru-out my whole childhood I was told that Democrats are for the poor man and Republicans are for the rich man. What a joke that is, Democrats are for votes so they can control the poor man, but so are Republicans for votes so they can control the poor man also. SO WHAT ARE WE TO DO AS A NATION ? MAYBE WE SHOULD JUST WIPE THE BOARD CLEAN AND START ALL OVER, AFTER THE SECOND CIVIL WAR BETWEEN THE HAVES AND THE HAVE NOTS.

Jonathan in BC October 17, 2016

A bit of fact-checking on the Louisiana "law" wouldn't have gone amiss. While it makes a good story, even in the US I think truth in reporting is still considered a virtue by many.