Take a look inside your wallet, and count how much physical cash you have inside of it.
Is it less then what you had in it 10 years ago? What about 15?
Chances are, it’s a lot less. In a Gallup poll, three fifths of consumers said that they used cash only on occasion last year.
The truth is, most people are paying for everything digitally.
And this a future that Switzerland is fighting against.
Earlier this year, a libertarian Swiss group called the Swiss Freedom Movement collected enough signatures (111,000) to bring about a national vote on preserving cash for posterity.
The key to this new law (if it gets passed) is that it would require that the federal government ensure that coins and bank notes will always be available in sufficient qualities.
And best of all, if the government would ever attempt to replace the Swiss Franc with another currency, the people of Switzerland would have to agree to it with a vote. Take that CBDCs!
The President of the Swiss Freedom Movement, Richard Koller, said “It is clear that… getting rid of cash not only touches on issues of transparency, simplicity or security… but also carries a huge danger of totalitarian surveillance,”
He hit the nail on the head with that quote. Economic surveillance has never been easier with all transactions being done on a digital level. Companies and Governments can easily see all of your transactions. And as I have talked about in the past, they can easily seize your wealth if it is digitally (unlike with cash).
There are a couple reasons why Switzerland is ahead of the curve with this. First off, they still use cash more than almost all countries. According to the findings of Swiss National Bank’s last survey 97% of Swiss citizens still keep cash in their wallets or at home to cover day-to-day expenses.
Another big reason is because many Swiss people believe that their currency is still a good store of value. This is seen by the fact that 51 billion Swiss Francs are held in the form of the largest banknote, worth 1,000 Francs. Unlike Europe, where the most common bill is a 50 euro note.
Cash is great. You don’t need any accounts or technology. It is inherently private. And it also allows you to visualize how you are spending your money in a physical way.
I am really inspired by what the Swiss Freedom Party has accomplished, and I hope you are too. I think that everyone in America should try to take this at a state level and ensure the protection of cash in your state.
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