Preserve Cash; Preserve (Some) Privacy (May 4, 2015)
. . .
L “Over the decades, the private sector has addicted us to plastic with little reflection or resistance by us. One irresistible inducement of the credit card is the prospect for person to accumulate miles on an airline mileage program.”
M “The public has embraced plastic. You have embraced plastic. I have embraced plastic. I read that the government considered requiring airlines to issue an IRS Form ‘1099-FF’ (Frequent Flier) statement declaring the market value of the airline ticket provided to a taxpayer. The public regards the free or discounted tickets as an entitlement and off limits from the tax man. The proposal was shelved. For a time.”
L “Those without a credit card likely have an EBT card. The transition to 100 percent dependence on plastic was effortless and seamless. We tossed the ultimate plastic explosive in our back pocket.”
M “Plastic and electrons in the service of the government and the corporations.”
. . .
L “There is a campaign to eliminate cash from society. JP Morgan Chase restricted the use of cash for selected markets and restricted clients from using cash for credit card payments, mortgages, equity lines and auto loans. Customers also will not be able to store cash or bullion in their safe deposit boxes.”
M “The most safe safety deposit box may be under your bed or in your safe. I read that the authorities were able to confiscate gold from one’s bank safety deposit box after Roosevelt banned the use of gold as a currency in 1933.”
L “The real goal is to eliminate the ability of individuals to transact business without the knowledge of those in power.”
. . .
M “Can you imagine the joy of transacting business with a Saint Gaudens Double Eagle gold coin. An artwork crafted by the government and available to the public for decades for daily use.”
L “Sure would be nice to undertake a few transactions that are not monitored by the government and companies even if we only use fiat currency. With cash, we can also store some money in the Sealy Posturepedic Credit Union. I like that freedom and privacy.”
M “Without cash, the banks end run the possibility of a bank run.”
. . .
M “The airlines no longer trust underpaid flight attendants to take cash for the food that was once free. A few more bytes logging what you bite at 35,000 feet are now available.”
. . .
L “In five to ten years, the IRS or its successor will send a statement via e-mail or its successor to each taxpayer proclaiming the amount that a person earned and spent during the year and dictating the taxes electronically debited from one’s account.”
M “And the IRS will tax the market value of all frequent flyer airline tickets provided to a taxpayer.”
. . .
[See the e-commentary at Monitoring The Masses: The Card And The Chip (January 12, 2015).]
Bumper stickers of the week:
He who has the gold makes the rules; he who makes the rules has the gold
Who would have thought that we would one day cherish worthless fiat currency?
Keep currency in circulation
Transact in dollars; protect your privacy