Recently, I’ve read about the Israeli government pushing to cancel 200-shekel bills, as part of a long-term drift toward a 100% cashless future. I was aware that large-scale transactions in cash have been limited for some time now, but until this moment, I kind of overlooked the final goal of abolishing cash altogether.
This is an alarming trend.
Going cashless will hurt the most vulnerable, like seniors and technologically challenged people. Or think about a woman in an abusive marriage, who can’t access a bank account or credit cards. Those little bits of cash she manages to stash away may be her only path toward an emergency escape.
When you have no access to physical money, you can instantly become completely destitute if the government decides to freeze your account for any reason, like protesting mandatory vaccination. Abolishing cash means stripping away a large part of our independence, freedom, and privacy.
In Israel, the official pretext for limiting cash is cracking down on criminal groups. But a capable government should have ways of fighting organized crime without cutting into the rights and freedoms of law-abiding citizens.
“Stash up cash” is common preparedness advice. If there’s a natural disaster, war, or a massive cyber attack, if the power or WiFi are out and people can’t access banks or use their credit cards, physical money may be the only way to buy food and other essentials. In a country like Israel, with so much instability, canceling cash is an extremely short-sighted move.
All of this makes me think: how can you prepare for an emergency situation or a long-term crisis, with cash being no longer available?
Precious metals like silver and gold can be a huge advantage in this situation, since they’ve kept their intrinsic value for thousands of years. Foreign currencies may likewise be useful. [As a side note, governments that want to chip away at people’s freedoms may also crack down on the possession of precious metals and other valuables.]
From Domestic Felicity, here.