The First Steps are Taken Toward the Cashless Society
Since banks make money by lending money, their opportunity to make a profit was limited by the finite supply
of gold and silver. Once the coins that had been deposited with the bank were loaned out, no more loans could be made until
more money was deposited or until money was received in payment on outstanding loans.
Bankers soon developed a scheme by which they could increase the amount of money that they had available for
loans. The idea was to issue paper notes to depositors in exchange for their gold, silver, and other coins. There were several
appealing features about this scheme. First, the paper notes were much more convenient than metal coins. They weighed less
than coins and they could be carried in ways that were less conspicuous than coins. They were just more convenient than coins.
Next, the paper notes which were issued by the banks were supposed to be equal in value to the amount of money
that was deposited. This meant that the people could use the paper notes to buy and sell items in the same way that they had
used gold and silver coins. This created a false sense of value for the paper notes.
Once the bankers had gained the people’s confidence with this new form of currency, they began printing
more notes than gold and silver held by the banks. This scheme provided bankers with an almost unlimited amount of money that
could be loaned for profit. Everything was fine, until people attempted to redeem their silver and gold coins with the paper
notes they had received from the banks. When the banks ran out of gold and silver coins, the people who were still holding
paper notes were left with worthless paper, and their real money was gone.
One Step Leads to Another
Governments, like banks, realized that they too could print more notes than the value of the gold and silver
that they held in reserve, which enabled them to spend greater and greater amounts of money. Yielding to the temptation of
being able to spend more money than they actually had, governments began to issue notes which were supposed to be redeemable
for gold or silver coins.
Again, the problem with this idea is that when people lost confidence in the paper money, they began to attempt
to exchange their government issued paper notes for the gold and silver coins they were promised. Too late they found out
that the government was unable to give them the silver or gold coins promised them. The paper notes then became worthless.
This has happened again and again in countries that have printed paper money without having the equivalent
value of gold or silver in reserve. The more paper notes that are printed, the less the paper notes are worth.
Perhaps the most memorable collapse of such a system was in Germany following WW I, when so much paper money
was created that it literally was not worth the paper on which it was printed.
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It seems that no matter how well regulated, every monetary system using paper currency that is not supported
by an equal amount precious metal held in reserve will eventually collapse. There are many instances of this happening throughout
history. All that is necessary for a monetary collapse to take place is for the people to wake up one morning and realize
that they have exchanged their wealth for worthless paper that has no real value.
More Steps Are Taken
It was in 1933 that the United States began to no longer honor the gold certificates that it had issued. All
gold currency and gold certificates were to be surrendered to the Federal Reserve on or before April 28, 1933. Those who surrendered
their gold and gold certificates were given paper Federal Reserve Notes that are backed by nothing of value. After that date,
gold coins could no longer be legally used as currency and gold certificates could not be exchanged for gold. We can see clearly
how this action has had the effect of constantly eroding of the value of the dollar. Simply compare the purchasing power of
a dollar in 1933 to the value of a dollar today.
In 1968 the Federal government ceased honoring the silver certificates that it had issued. Soon after, silver
was replaced in newly minted coins with almost worthless base metals.
Today the currency we use in the United States is in actuality worthless. It has no intrinsic value whatsoever.
The only value it has is in the minds of the people receive it at the time it is given to them. The Federal Reserve Notes
we use are paper and redeemable for nothing. The coins we use are made of base metals that have almost no value at all. One
day people will realize this. When they do, there will be an economic collapse far worse that anything this country has ever
We will see later how such a collapse of the paper monetary systems of the United States might be the means
by which the transition to a closed cashless monetary system will be completed.
Paper or Plastic?
In the last century, we were introduced to a new way to conduct business, without using cash or checks. Enter
the credit card. Convenient, and more secure than cash, the credit card quickly gained acceptance with many.
Today, with our modern digital communications systems, purchases may be made quickly and conveniently using
your credit or debit card. You can make purchases from almost any business in the world using a credit or debit card.
The Smart Card
In the last few years, advances in technology have transformed credit cards into multi-use financial transaction
cards. The cards of today can be used not only to charge purchases, but also to immediately pay for them by debiting the amount
of the purchase from one's bank account.
Imbedding a microchip in a financial transaction card allows for the storage of personal and financial data,
enabling the card to communicate with the merchant's scanning device and its associated computers. A card with a computer
chip imbedded in it is referred to as a "smart card", since it has an electronic memory which can exchange data with computers.
In addition to storing personal and financial data, imbedding a memory chip in a financial transaction card also makes it
possible to store actual monetary value in a card in the form of electronic data. This can be done by placing the smart card
in a terminal and loading the desired amount of "money" to the card from a person's financial account. The amount of a purchase
can then be transferred directly from the smart card to a merchant with the cost of the purchase being deducted from the monetary
value stored on the card. When the "money" stored on the smart card is depleted, the card can be easily reloaded from any
compatible terminal by once again transferring the desired amount of "money" from the cardholder's financial account.
RFID (Radio Frequency Identification)
A more recent development in technology now enables credit and debit card users to use their cards without
having to pass them through a card reader. The card holder simply "waves" the card near a terminal which reads the data stored
on the card. This relatively new feature is made possible by adding circuitry and a tiny antenna to the memory chip which
is imbedded in the card. This technology is generally referred to as Radio Frequency Identification, or "RFID". New technology
will soon enable credit and debit card users to make purchases without removing their card from their pocket or purse.
RFID chips are accessed for the storage or retrieval of data by using a low power radio signal. When pulsed
by the radio signal, the chip responds and identifies itself by sending data to the scanner’s radio receiver. This data
includes encoded personal identifiers which allow a merchant's terminal and associated computers to identify the card that
is being used, and allows access to the customer's financial accounts for completing the desired transaction.
Acclimating Us to the Idea of Change
The popularity of credit and debit cards is a testimony to the fact that we truly are becoming acclimated
to the idea of virtual money. Electronic "money" is truly the most portable, secure, and convenient currency yet. The advent
of “e--money” has brought us to the place where we are in the midst of a fundamental change in the way we pay
for goods and services. We are very near the completion of a metamorphosis from the old system of coins, paper notes and checks,
to the new digital electronic cashless monetary system. We are witnessing the birth of a totally new economic system.
Most people have become very comfortable in the brave new world of electronic commerce, and are accustomed
to frequent changes in the way we do business, including changes in the design of money. We are told that the changes that
have been made in the appearance of paper money are to thwart counterfeiting. From time to time, proposals are made to modify
or even completely change the design of our currency for various reasons.
These changes may also serve another not so apparent purpose. I believe that these frequent changes in the
appearance of money are being used to make us accustomed to the idea of currency being changed so we will be prepared to accept
a change in the very nature of our currency. These changes, I believe, are paving the way for acceptance of the cashless monetary
Once we enter the new cashless society more changes will quickly follow and the people of the world will one
day realize that the chains of our bondage have been forged not of steel, but of computer chips.
The next giant step towards the mark of the beast will be hailed by most, and embraced by all but a few. While
many are taking the next step in the transition voluntarily, the final step into the cashless system will not be voluntary
Soon, a Giant Step will be Taken
Coins and paper currency are on their way out. This will happen sooner than most people realize. In the place
of our present system of commerce there will be an electronic system using credits stored in computers for currency instead
of coins and paper notes. When the point is reached where only a relatively few people continue to do business by using cash,
it will be necessary to take the final step, which will bring everyone into the completely cashless monetary system. I believe
the next step could be taken in one of several ways.
One way is that the new electronic system of commerce will continue to be promoted by the government, banks,
and businesses until it becomes the overwhelmingly most popular and, therefore the dominant form of currency. At this point
the last vestiges paper currency, coins, and checks will simply be phased out.
When the final step is taken, a deadline would be set for everyone to surrender their coins and Federal Reserve
notes for conversion to electronic credits. This would be similar to what was done when the U.S. government required people
to surrender their gold coins and gold certificates in exchange for Federal Reserve notes.
While this scenario would cause a minimum of disruption, it requires a great deal of patience on the part
of those who are working to implement the cashless system. I’m not certain that they are willing to wait for the length
of time that it would take for things to run their course. If, however, they are not willing to wait until nearly all of the
people voluntarily accept the new cashless monetary system, then another sequence of events intended to complete the transition
to the cashless society could be played out.
Another possibility is that the next step towards the mark of the beast will come as a result of a catastrophic
event, such as war, a pandemic, terrorist attacks, or some other disaster that might harm or even destroy our present economic
system. If such an event caused the American people to lose confidence in their currency, then out of necessity our present
system wouldhave to be replaced.
A more likely way that we will be brought into the completely cashless monetary system could be by a collapse
of our present economic system that will leave our present currency completely worthless. Already we have considered the fact
that our paper currency is supported by nothing, except the confidence of those who use it. Our coins are manufactured from
metals that have little, if any, value. Inflation has consumed most of the purchasing power of the dollar since it was divorced
from the value of gold. Budget deficits, trade deficits and other pressures on our economy could cause an economic collapse
at any time.
What better reason could be used to persuade the people to let go of the antiquated system of paper and coins?
After a monetary collapse, all currency will be worthless, but…if you surrender your currency to the banks, it will
be replaced with electronic credits that have value. You will be given the opportunity to reclaim at least a portion of your
lost wealth. We must be persuaded to let go of the old so we can embrace the new. We will see later that there will be quite
a few strings attached to membership in the new economic order.
Continue to Chapter 3