Despite around six million Americans being “unbanked,” numerous retail stores, including major big-box outlets, are rejecting cash and mandating customers to use cards or smartphones.
Globally, over a billion people without bank accounts face challenges as more native stores transition to a cashless model, raising concerns about digital payment systems’ ease of tracking.
"How long before we're a cashless society? This is where I get scared, because it is too similar to the mark of the beast."
– Joe Rogan pic.twitter.com/6xClFFJvlj
— illuminatibot (@iluminatibot) January 29, 2024
In cities like Seattle and Los Angeles, “No cash accepted” signs appear widely, even on stores claiming to be “inclusive.” The irony of exclusivity towards customers without bank accounts is evident.
The majority of unbanked individuals cite financial constraints, not political or financial protests, as the reason. Many lack sufficient funds to meet minimum balance requirements, preventing them from shopping at “No cash accepted” stores.
The Federal Deposit Insurance Corporation (FDIC) biennial survey in 2021 revealed over 40% of respondents considered themselves too poor to have a bank account, restricting their access to cashless stores.
Avoiding banks for privacy and mistrust, along with high transaction costs, are common reasons for not having a bank account.
FX Hedge confirms the private Federal Reserve’s shift from a “lender of last resort” to a “dictatorial financial overlord.”
Fed Chairman Jerome Powell plans to compel U.S. banks to borrow from the Fed. The rationale involves citing regional bank collapses in March of the previous year to transform the discount window into standard operating procedure.
Traditionally, the Fed discouraged entities from seeking loans by charging a higher interest rate than the market rate. This departure from being a lender of last resort raises concerns about transparency.
The Fed seeks to hide the “discount window,” publicly disclosing which banks are in trouble, while forcing banks to borrow out of public view, sparking concerns about market signal concealment.
The fate of the U.S. dollar’s dominance comes into question amid these financial shifts and policy changes.