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The cashless society is a con and big finance is behind it
Key Excerpts from Article on Website of The Guardian (One of the UK's leading newspapers)
Posted: March 25th, 2019
https://www.theguardian.com/commentisfree/2018/jul/19/cashle...
All over the western world banks are shutting down cash machines and branches. They are trying to push you into using their digital payments and digital banking infrastructure. Financial institutions ... are trying to nudge us towards a cashless society and digital banking. The true motive is corporate profit. Payments companies such as Visa and Mastercard want to increase the volume of digital payments services they sell, while banks want to cut costs. The nudge requires two parts. First, they must increase the inconvenience of cash. Second, they must vigorously promote the alternative. But a cashless society is not in your interest. It is in the interest of banks and payments companies. Their job is to make you believe that it is in your interest too, and they are succeeding in doing that. The recent Visa chaos, during which millions of people who have become dependent on digital payment suddenly found themselves stranded when the monopolistic payment network crashed, was a temporary setback. Digital systems may be convenient, but they often come with central points of failure. Cash, on the other hand, does not crash. It does not rely on external data centres, and is not subject to remote control or remote monitoring. The cash system allows for an unmonitored off the grid space. This is also the reason why financial institutions and financial technology companies want to get rid of it. Cash transactions are outside the net that such institutions cast to harvest fees and data.
Note: For more on this questionable trend, see this article and this one in the UK's Guardian. For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and the disappearance of privacy.
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