The Real Purpose Of A Cashless Society

by Tom Olago

 

Countries worldwide are actively working towards eliminating cash-based transactions in favor of electronic and biometric options. Does this trend merely reflect the embracing of technologically-driven advantages that allow banking and finance to be conducted more efficiently? Could there be more than meets the eye?
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During a recent Sunday service, the church’s bank account number was projected onto a large screen. Worshipers pulled out cellphones and tithed through an app called Swish, a payment system set up by Sweden’s biggest banks that is fast becoming a rival to cards.

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Other congregants lined up at a special “Kollektomat” card machine, where they could transfer funds to various church operations. Last year, out of 20 million kronor in tithes collected, more than 85 percent came in by card or digital payment.
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Despite the conveniences, even some who stand to gain from a cashless society see drawbacks. According to Jacob de Geer, a founder of iZettle which makes a mobile-powered card reader: “…But Big Brother can watch exactly what you’re doing if you purchase things only electronically”.
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However, the rate of progress for the countries towards the coveted ‘no cash please’ status has been varied. Israel, for instance, started the process towards the conveniences of becoming a cashless society several years back. According to Yossi Aloni in a May 2014 report for Israel today, a special committee headed by Prime Minister Benjamin Netanyahu’s chief of staff, Harel Locker, then recommended a three-phase plan to all but do away with cash transactions in Israel.
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The motivation for examining a cashless economy was combating money laundering and other tax-evasion tactics, thereby maximizing potential tax collection and greatly expanding the tax base. This was considered important due to the enormous strain put on Israel’s national budget by the army, healthcare system and other public services.
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The committee estimated that the black market represents over 20 percent of Israel’s GDP, and cash is the facilitating factor – enabling tax evasion, money laundering and even financing terrorism.
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Israel consequently imposed cash limits or businesses and individuals. Any violation of these limits would be a criminal offense warranting a stiff fine. In conjunction with these new restrictions, Israeli banks would also be required to provide all account holders with debit cards further to promote electronic payments.
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South Korea is another country where cashless transactions are gaining traction very fast. Yoon Ja-young for the Korea Times recently reported that cash is giving way to credit cards and fintech payments. Those who have left wallets at home find they can do perfectly well without banknotes and coins, so long as they carry credit cards with their smartphones.
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The Bank of Korea is planning a “cashless society” by 2020. If a shopper buys a 9,500 won item and pays with a 10,000 won banknote, for instance, the shopper will be credited 500 won to his or her prepaid card instead of getting a 500 won coin in change.
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“To accelerate the transition into a cashless society, there should be more tax benefits for non-cash transactions while increasing costs and burdens for those holding or managing cash,” said Lee Hyo-chan, the head of the research center at the Credit Finance Institute.
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So what will all this lead? Mike Konrad for theamericanthinker.com reads a sinister motive into these seemingly co-ordinated trends, mincing no words: “The real purpose of a cashless society will be total control: Absolute Total Control…The end result will be the loss of all autonomy.  This will be the darkest of all tyrannies.  From cradle to grave one will not only be tracked by location, but through purchases”.
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He concluded: “Liberty will be non-existent. However, it will be sold to us as expedient simplicity itself, freeing us from crime: Fascism with a friendly face. Perhaps the scariest consequence of all is that an individual can be “terminated” by a bureaucrat erasing his identity.  Do not kid yourself, it will happen. Real ‘Mark of the Beast’ stuff”.

 

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About Phil Mayo

I write about Bible prophecy. Come visit my website. If you like eschatology, you will like this...

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