Money greases the wheels of exchange, and thus makes the whole economy more productive. The idea that everything should be cashless is problematic for so many reasons. Bartering is a good under certain circumstances and societies, but it relies on what Keynesian economists call a “double coincidence of wants,” making it less desirable than cash.
Cash is easier because it is a convenient medium of exchange, sometimes free from government prying eyes, a unit of account for quoting prices, and a store of value as long as the trust in government is not eroded and inflation is low.
From the people’s perspective, cash is freedom
Cash is lightweight, can have large denominational value, does not spoil, and is thus better than commodity money, i.e., cigarettes, bullets, chocolate, jewelry, gold coins, pelts, furs, soap, etc.
From the government’s perspective, it is easy to see why they would want a cashless society. Banning cash under the guise of it being infected by disease, of controlling money laundering of criminals and drug lords, and routing all of our income, every last penny through the banking system helps them better control everything we do, freezing accounts at will, while taxation becomes so much easier, including payments to Obamacare insurance and any financial penalties an individual is required to pay. It enables governments to track with 100 percent accuracy everything we buy and sell, everything we own, and everything we do.
From the people’s perspective, cash is freedom, but the leftist mainstream media is attacking it with pathetic excuses such as cash is physically dirty, expensive, potentially criminal, and obsolete 19th century technology, happily promoting the “war on cash.”
The media’s opposition sees the “war on cash” as another form of population control when people’s accounts can be raided and their owners classified as potential domestic terrorists, or denied healthcare, travel, education, and other services if they are marked with a “digital star.”
The issues with a cashless society are too many to mention them all: