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New U.S. Banking Law Aims To Withdraw Your Right to Use Cash

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The American government, through the country’s banking system, is enacting laws that’ll force you to say goodbye to Financial Privacy by withdrawing your rights to control your money.

Image: File Photo

According to a financial report, government bureaucrats, central bankers, and Wall Street executives all have their own reasons for hating the cash in your wallet. So, no surprise, they are working closely together to rid you of it.  This is tantamount to a war on cash as part of an effort to eliminate citizens’ control over their wealth.

Furthermore, a war on cash could extend even to seizure of cash deposits under certain circumstances.

The confiscation of bank deposits may seem remote to Americans. However, the 2013 Cypriot banking crisis exposed the new central bank stance of ‘bail-ins’ whereby deposits could now be frozen and even confiscated to rescue a bank!

But perhaps the most insidious of government motivations to ban cash is to increase the capability of surveillance over all spending by citizens and corporations.

Undoubtedly, this makes it harder for anyone to shield income from the taxman, but it also makes it more difficult to achieve any type of anonymity in the marketplace. Soon there may be no legal place to shield legitimate wealth or spending patterns from the eyes of politicians.

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I’m a China-based teacher, blogger and freelance writer readily available for hire.

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