Italians love cash and avoid credit and debit purchases at the highest rate of all the euro region. As a result, they are among the region’s least indebted and biggest savers. It’s estimated that the government loses 100 billion euros of revenue a year in untaxed transactions, while its banking cartel loses out on billions of possible fee revenue when the average Italian makes only 26 credit card purchases a year. Needless to say, the government and banks are joining forces in a war on cash, cash salaries, and cash transactions.
“The proposal of any new law or regulation which comes from [businessmen], ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it.”
The reason why you never give the government control over money, or any economic sector, really, is because it has the historic tendency of oppressing people through it, especially on behalf of large corporations. One of the reasons to be especially distrustful of the American government is found in its attempt at controlling the money.
The government has the power to mint currency and distribute it as the government sees fit. The government regulates the clearance of checks. The government forces businesses to accept Federal currency. The government determines what can be used as legal tender. The government has authorized the Fed, a quasi-private central bank that operates for the benefit of large banking corporations, to directly and indirectly alter the money supply and distort both the domestic market as well as foreign markets.
The result of this control of the money is seen, in part, by the general wastefulness of government spending. In addition, the various bubbles and market distortions of the last one hundred years were, at the very least, encouraged by government mismanagement. Some, myself included, would go so far as to say that many of these bubbles and market distortions were caused by the government’s willful mismanagement of the money supply, a burden that it, through coercion, took upon itself.
So, dear readers, learn the lesson of Italy: if you really want to be free, don’t let the government have control of the money. Opt out of the system to the greatest extent possible.