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Geithner Wants to Get Rid of Physical Currency (Better Tracking)

Written by Gary North on March 29, 2012

Timothy Geithner, the Secretary of the Treasury, wants to get rid of paper money. He says it’s part of a cost-cutting measure.

Nonsense. It’s part of the government’s attempt to track our purchases. Its a plan to get rid of the underground economy, where people buy what they want, sell what they want, and leave no digital trail.

The government cannot control the cash markets. It wants to tax them. But paper money resists taxation.

A good article on this appeared last week by Austrian School economist Joe Salerno. It is posted here. He wrote this.

Under cover of its multiplicity of fabricated wars on drugs, terror, tax evasion, and organized crime, the US government has long been waging a hidden war on cash. . . .

Despite this enormous depreciation, the Federal Reserve has steadfastly refused to issue notes of larger denomination. This has made large cash transactions extremely inconvenient and has forced the American public to make much greater use than is optimal of electronic-payment methods. Of course, this is precisely the intent of the US government. The purpose of its ongoing breach of long-established laws regarding financial privacy is to make it easier to monitor the economic affairs and abrogate the financial privacy of its citizens, ostensibly to secure their safety from Colombian drug lords, Al Qaeda operatives, and tax cheats and other nefarious white-collar criminals. . . .

Fortunately, the free market provides the prospect of an escape from the fiscal police state that seeks to stamp out the use of cash through either depreciation of central-bank-issued currency combined with unchanged currency denominations or direct legal limitation on the size of cash transactions. As Carl Menger, the founder of the Austrian School of economics, explained over 140 years ago, money emerges not by government decree but through a market process driven by the actions of individuals who are continually seeking a means to accomplish their goals through exchange most efficiently. . . .

Just like the highly publicized war on drugs that the US government has been waging – and losing – for decades, it is doomed to lose its surreptitious war on cash, because the free market can and will respond to the demand of ordinary citizens for a reliable and convenient money.

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.

To read about Geithner’s plan, click the link.

Continue Reading on blogs.wsj.com

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14 thoughts on “Geithner Wants to Get Rid of Physical Currency (Better Tracking)

  1. this is all part of leading us to the one world currency, world government, world order that will be a part of the Antichrist's 3.5 yr short-lived, tyrannical reign. It may be many yrs away, or closer than we would like. I don't know when it will happen, but it will happen; God's Word does not lie. Be prepared; read your Bibles.

  2. Victor Barney says:

    Again, this time America has the RIGHT "ANTI-CHRIST"(MARXIST) over it and put in power by the women! Remember the story of Eve(Hawah in Hebrew) and her first sin of "INTELLECTUALIZING" to begin man's age. Well, now she is closing man's age just like she began it! September 16, 2012 is the Israelite Feast of Trumpets(war) and I predict that the two-witnesses of Revelation, chapter 11 to appear and SEVERELY PUNISH u.s. for the following 3 1/2 years where only 144,000 Israelites will survive, less the tribe of Dan(Irish), as written in Revelation, chapter 7. WATCH!

  3. For a piece of filth who won't even pay his taxes, unless he is rewarded with a Cabinet position for doing it, this is WAY over the top.

    The plain and simple truth is that our entire administration is composed of liars, frauds, and thieves, and even an atheist who never cracked a Bible, or a Down's Syndrome child who can't even read the Constitution can see that. It is as plain as night and day.

  4. I stopped using my ATM card except when absolutely necessary and pay cash for most of my transactions. Also, don't even use checks unless I have to when there is no cash in my wallet. The main checks I write are my tithes to the Body of Christ where I worship and hear the Word of God.

  5. This jerk is in favor of one world order. I say bull-sh*t. It is no more than government take over of all people. Just think if they take paper money, they may also take: coins, then our rights to please their so-called governments policies and all in the name of protecting the units [a.k.a. People of what was once a great land]
    I say vote them all out and begin a new.

  6. Kevlar Linc says:

    If Tiny Tim really wanted to save us serfs some money, he'd suggest that the guys he works for (and I don't mean us) stop printing money, selling it to the Fed, and then buying it back at a huge markup. Does that sound like a cost-cutter?

  7. It also is an attempt to stop people from having money. Those that have cash stuffed away will become useless you will be broke. So many roads will open for the government to control what you buy where you go e.t.c. This is a George Soros dream as he owns the new head of the world bank Soros will win the world if we dont stop all this evil coming our way first step is get Obama out and throw George Soros out of America and never let him back in.

  8. Whoopingcough says:

    Once again all Bushes fault

  9. MontanaMEL says:

    Last time I read the Constitution….only our CONGRESS has any authority over our "money" or it's supply…
    The Fed act of 1913 set up our central bank, and methods, etc…it didn't negate what the constitution says…

    Timmy needs to find a new sugar daddy… or, perhaps, a new country of residence, eh?

  10. Communism is coming at us from all directions!! Tiny Tim the Tax Cheat and his boss need to be replaced in November while we still have our freedoms! Remember this when you vote, local, state and federal!!

  11. Public Citizzen says:

    Here comes an opportunity for the Chinese Bankers.
    The cash economy will shift to the yuan, making the planned gold backed renminbi even more attractive.
    The clueless oligarchs in DC just keep on getting it wrong.

  12. LarryFrom10EC says:

    Now you can see how it works. The idea that you could not buy or sell without the Mark of the Beast can not be enforced until there is no paper money or coins, in short, no cash.

  13. […] 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 […]

  14. Support your Second Amendment Rights! Vote George Zimmerman for Congress!

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