Long-time financial market blogger, Steve Saville has published his views on how the war on cash has little to do with fighting crime, despite political claims popping up around the world. According to the blogger, 'Fighting crime/corruption is just a pretext.'
It's easy for political figures to declare that they shall eliminate crime by eliminating cash but there no evidence for this. Saville compares the absurdity of the unsubstantiated claim by comparing cash to cars. Should cars be banned simply because criminals use them as getaways? No, because it would hit society much harder than the criminals who'll simply find another form of trading.
Don’t be hoodwinked by the relentless propaganda into believing that the efforts being made to eliminate physical cash are motivated by a desire to reduce crime and corruption.
Saville explores the debate from logical, ethical and utilitarian angles. He argues that if the point of reducing crime is to foster a more secure and economic society, it is clear that eliminating cash would inevitably make everyday activities more dangerous and complex. Therefore, cash needs to remain an option and crime needs to be tackled from another standpoint.
- Saville, Steven. "The “war on cash” has nothing to do with fighting crime." TSI Blog. January 17, 2017. Accessed April 11, 2017. http://tsi-blog.com/2017/01/the-war-on-cash-has-nothing-to-do-with-fighting-crime/.