Want to save $200 billion a year in America?

Ban cash.

That’s the conclusion of a recent MarketWatch article. It featured the many ways the “global attachment to cash” hurts countries’ economies:

  • Consumers pay to get cash from “non-native” ATMs (ATMs not affiliated with a person’s bank). Or they pay by driving all over to find ATMs without a fee. Or they pay by misplacing the cash they just pulled out.
  • Businesses lose by having to pay for safes and armored cars to move large amounts of cash.
  • Banks have to pay to restock ATM machines and transport and store cash in vaults.

But then, tucked deep in the article, comes the real reason behind the “hatchet job”…

  • Governments lose by missing out on taxes from unreported or underreported transactions.

A Tufts University report suggests cash transactions cost the U.S. government over $400 billion per year in missed tax revenues. The underreporting of cash transactions accounts for 84% of the losses.

So forget picking something up for cheap at a neighbor’s garage sale… or getting a small cash tip as a waiter… or buying a drink at a child’s lemonade stand…

Every last transaction will be taxed.

Longtime Daily readers know this is just the latest escalation in the War on Cash. Even though 80% of worldwide transactions are still conducted in cash… governments and central banks want it gone. Now.

The good news is the rise of decentralized cryptocurrencies—like bitcoin—offer an alternative solution in a cashless future. All Palm Beach Letter (PBL) subscribers can now review editor Teeka Tiwari’s top cryptocurrency recommendations right here. (If you’re not yet a Palm Beach Letter subscriber, learn more here.)

Recommended Links

Rickards: My 15 Top Gold Picks… (And Two FREE
“G-Series” Gold Coins…)

Ad

This is very strange.

Jim Rickards has just done the unthinkable.

On one hand, Jim believes we could soon see gold at $10,000 per ounce.

But on the other hand, he’s willing to give away VALUABLE gold coins to 1% of his readership today.

I can’t imagine this will last long—click here to find out the full story and how to take advantage of Jim’s generous FREE “G-series” coin offer.

 

—

 

Firm’s Little-Known Report on Beating the Market Revealed

Ad

Over a period of 10 years, one of America’s most famous banking firms conducted an extensive study on one particular strategy… a strategy that can beat the market by more than 10 to 1… without even trading stocks. Our friends at the Sovereign Society have deciphered their strategy here.