Jim Rickards: The War On Cash Is Kicking Into Overdrive

This war is decades old, but courtesy of the Covid-19 pandemic, the War on Cash is kicking into overdrive…

(by Half Dollar) The war on cash is kicking into overdrive.

Indeed it is.

Jim Rickards has a new article about this in the Daily Reckoning, and since Jim is widely followed by so many, it is noteworthy.

First, Jim sets the stage:

The global elites and deep state actors always have a laundry list of programs and regulations they can’t wait to put into practice. They know that most of these are deeply unpopular and they could never get away with putting them into practice during ordinary times.

Some of this is needed, Jim says:

The War on Cash Is Decades Old
The USA Patriot Act that passed after 9/11 is a good example. Some counterterrorist measures were needed, of course. But the Treasury had a long-standing wish list involving reporting cash transactions and limiting citizens’ ability to get cash.

They plugged that wish list into the Patriot Act and we’ve been living with the results ever since, even though 9/11 is long in the past.

The usual Deep State Freedom hating and Liberty destroying shills surface, such as Ken Rogoff below:

Ignore the Official Reasons
Harvard professor Ken Rogoff has a book called The Curse of Cash, which calls for the complete elimination of cash. Many Bitcoin groupies say the same thing. Central banks and the IMF are all working on new digital currencies today.

The reasons for this are said to include attacks on tax evasion, terrorism and criminal activity. There’s some truth to these claims. Cash is anonymous, so it can’t be tracked.

Here’s the real reason, according to Rickards:

But the real reason is because the elimination of cash would allow elites to impose negative interest rates, account freezes and confiscation.

They can’t do that as long as you can go to your bank and withdraw your cash. That’s the key.

In other words, it’s much easier for them to control your money if they first herd you into a digital cattle pen. That’s their true objective and all the other reasons are just a smokescreen.

And now, predictably, the latest attack on cash comes courtesy of the COVID-19 pandemic.

Rickards offers some ways to protect yourself from The War on Cash:

The time to protect yourself is now. The best way is to keep a portion of your wealth outside of the banking system.

I strongly recommend that you own physical gold (and silver). I recommend you allocate 10% of your investable assets to gold. If you really wanted to be aggressive, maybe 20%. But no more.

Continuing, Jim says:

Gold is difficult to get now but not impossible. If you don’t have yours yet, don’t wait any longer.

If you have to pay a bit of a premium for physical gold over the officially listed gold price, don’t worry about that. It means nothing in the long run.

I see gold going to at least $10,000 an ounce ultimately, so paying a little more right now is not an issue. It’s just an indication of the skyrocketing demand for physical gold right now.

Here’s the question: Before Covid-19 and the global economic shutdown, putting $10,000 and gold in the same sentence would certainly draw the criticism, but now, how many people would disagree with that price target?

Follow-up question: How many people would say an “ultimate” target of $10,000 is too low?

Follow-up question to the follow-up question: People used to say all the time, “you don’t want to see a world with $10,000 gold”, but really, is it all that bad, and with so much unbacked, debt-based fiat currency created over the last decade or so, shouldn’t the statement now be, “you don’t want to see a world with $1,000,000 gold”?

Finally, Egon von Greyerz recently said that soon, gold and silver won’t be available except for at much higher prices.

Listen to Egon weighing-in on the importance of owning gold & silver in this interview from just last week:

Thanks for your consideration.