Josh Sigurdson talks with author and economic analyst John Sneisen about the fast approaching cashless society worldwide, especially in Canada as the Bank of Canada not only talks about a new completely digital currency to replace cash entirely but actually pushes forward projects like Project Jasper in order to sign off on a centrally planned cashless system utilizing legal tender laws.
Governments around the world have been pushing towards a cashless society for some time now. With many central banks looking at negative interest rates, being able to go cashless before the negative interest rate policies are in place would make the job of the central bankers much easier. It would be like a bail in without people being able to do much of anything about it other than get out of the dollar.
That’s the concern. The Bank of Canada’s has been looking at a presentation called “Central Bank Money: The Next Generation” on top of Project Jasper where they hope to use a cashless system to track all transactions. They lay it out pretty clearly. They want complete control.
They point out that they must unroll such a cashless system before more people get into decentralized cryptocurrency or before more people pile up cash. This is an obvious alarming concern of theirs as it tells us exactly why they want to go into this system that the IMF has been looking into for a long time. So banks always own the money and nothing is private.
We see cashless systems showing up all over the world including India, Australia, Sweden and other even larger major powers worldwide.
This just means we as individuals have to responsibly pull more power away from that system on an individual level.
As an even larger recession approaches apart from the technical recession we’ve seen on our doorsteps for over ten years, this issue will become far more prevalent.