The pace at which the world is moving toward to cashless society is picking up steam.
This is evidenced by India’s declaration that all Rs.500 and Rs.1000 ruby notes have been demonetized, and in Australia, Citibank has announced that they will no longer except notes or coins only digital transactions.
There are plans here in the US to eliminate the $100 and the European Union has plans to eliminate large Euro currency notes by 2018.
In Sweden, you can no longer pay for bus fare with cash and about 900 of the 1600 bank branches no longer keep cash on hand or accept cash deposits. According to experts, Sweden will be cashless within five years.
In Uruguay citizens can no longer pay for gas with cash at night and it won’t be long before employers will not be allowed to pay their workers in cash. All employees will have to have their pay deposited directly into their bank accounts.
This is just the beginning. Eventually, All transactions will be done digitally and not with paper notes. It must be this way in order for the government to be able to track all transactions and the tax accordingly.
The ironic fallout from India’s demonetization of the large notes is the fact that the Indian citizens have begun to bond together as a community and extend each other credit for items such as raw food and meals in restaurants.
Even though the Indian government stated that the demonetization of the notes what is in an attempt to eliminate black money, the citizens of India have moved to a bartering system instead of a cash system continuing the countries inability to collect taxes on daily transactions.
This is exactly why it is beneficial to have small denomination silver coins such as junk silver to barter with after our currency collapses.