Would you be OK with a cashless society?
"According to Geithner it now costs 2.4 cents to make a penny and 11.2 cents to make a nickel because rising commodity prices have driven up production costs."
The Accelerating Economic Death Spiral
March 30, 2012 by Bob Livingston
Treasury Secretary Timothy Geithner wants to change coins and stop printing bills.
Treasury Secretary Tim Geithner wants to change the materials used to make coins and replace paper money with digits on the computer (electronic transactions).
According to Geithner, it now costs 2.4 cents to make a penny and
11.2 cents to make a nickel because rising commodity prices have driven
up production costs.
Why are commodity prices rising? Because of inflation created by the
Federal Reserve’s money printing. According to an opinion piece in The Wall Street Journal, the Fed bought 61 percent of the total debt issued by the Treasury Department last year.
“The Fed is in effect subsidizing U.S. government spending and
borrowing via expansion of its balance sheet and massive purchases of
Treasury bonds. This keeps Treasury interest rates abnormally low,
camouflaging the true size of the budget deficit,” former Treasury
official Lawrence Goodman wrote.
So Fed policies of moving debt around, paying debt with more debt and
money printing gives Congress (and Americans) a sense that — even
though the deficit is tremendous — it’s not as bad as it really is.
Inflation has gotten out of hand and it’s driving up the cost of the
money Americans use, so Geithner believes it’s time to steer America
into a cashless economy, under the guise of saving what has become a
piddling $75 million.
Don’t buy into Geithner’s lie. The goal is to eliminate the
underground cash economy and make a way of tracking all purchases in
order to collect more taxes.
The elites in government won’t be content until they have stolen
every penny possible from every American. The underground cash economy
can’t be tracked and, therefore, can’t be taxed. It’s yet another effort
to stave off the economic collapse they’ve set in motion.
And, if all purchases become electronic, government will know what everyone is doing. As Gary North writes in his Tea Party Economist
blog: “The ATM is our friend. No matter how hard the government tries
to stamp out paper currency, people will use it. They buy freedom with
it. They buy privacy.”
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