The Other 'Ban' That Was Quietly Announced Last Week
But they're totally missing the point. Cash isn't about privacy.
It's one of the only remaining options in a financial system that has gone totally crazy.
Especially in Europe, where interest rates are negative and many banks are on the verge of collapse, cash is a protective shelter in a storm of chaos.
Think about it: every time you make a deposit at your bank, that savings no longer belongs to you. It's now the bank's money. It's their asset, not yours.
You become an unsecured creditor of the bank with nothing more than a claim on their balance sheet, beholden to all the stupidity and shenanigans that they have a history of perpetrating.
Banks never miss an opportunity to prove to the rest of the world that they do not deserve the trust that we place in them.
And for now, anyone who wishes to divorce themselves from these consequences can simply withdraw a portion of their savings and hold cash.
Cash means there is no middleman standing between you and your savings.
Banning it, for any reason, destroys this option and subjects every consumer to the whims of a financial system that is stacked against us.