Dora L here, I have been thinking about the ramifications of what I’ve seen on my last vacation and what it poses to the American economy. E-money has swept the globe, it seems to be ignored or trivialized here in the states, and years away from what I saw abroad. Asia, India, and Europe have embraced electronic money, bill paying, and a cashless society.
This seems all well and good, but I worry about the world where governments, banks, and financial institutions can turn off your money with a click or a swipe. It used to be in the old days you could bury a trunk in your backyard filled with cash and in 20 years you could dig it up and the money would be just as good as it was the day you buried it. Nowadays banks are getting finicky about accepting money that is only a few years old, as it doesn’t have the new anti-tampering, exotic coloring, and all that other stuff that supposed to stop counterfeiters.
The justification for all this to switch to e-money is to protect you from these things and allow you quick access to your funds. However, on the flip side of the coin, it could also be another form of tyranny and control. Let’s face it with the globalization of world markets and the upcoming vote on the Trans-Pacific Partnership, money will be obsolete in a very short number of years. This gives governments’ greater control of what goes into our pockets and the value of what now is just digits under an account number. Hillary has said that the TPP won’t go into law under her stewardship. However, WikiLeaks paints a different picture. This has a direct effect on all Americans bottom lines as many of the things that are being incorporated into these trade agreements is the lowering of wages and the simplification of control over money.
The value of currency can shift almost instantaneously via the new generation of Quantum Computers and the High-Speed Networks that are going into place to connect major banking centers all throughout the Pacific Rim and the rest of the world.
Diamonds used to be a way to hide and store wealth, as it is low weight and bulk. However, with the laser tagging system, any diamond that doesn’t have a serial number on it is automatically categorized as a “Blood Diamond” and therefore is not sellable on the open market.
With this new e-commerce, any money global system coming online governments will know exactly how much money you have and where you have it. This seems like we are giving up a lot of our privacy and freedom in order to make commerce more lucrative to those who own multinational companies.
These are just some musings from an old woman who’s worked in the financial field for over 20 years and still likes the feel and the clinking sound of coins moving from one hand to another.
Dora L here, signing off as I hear the doorbell and George, s pizzas (two large sausage, mushroom, and cheese for him and me and one large garbage pizza for the grandkids) and if I want to get in a few slices of my own and now have to hurry as the NCIS marathon is about to begin.