The unholy coalition of government agencies, crony capitalists, and control-oriented economists that launched India’s war on cash includes
(1) USAID (The United States Agency for International Development). Ambassador Jonathan Addleton, USAID Mission Director to India
(2) The Indian Ministry of Finance
(3) Badal Malick, who was Vice President of India’s most important online marketplace Snapdeal
(4) 35 key Indian, American and international organizations have partnered with the Ministry of Finance and USAID. They are listed here. They include Better Than Cash Alliance, the Gates Foundation (Microsoft), Omidyar Network (eBay), the Dell Foundation Mastercard, Visa, Metlife Foundation.
(5) The United Nations Capital Development Fund (UNCDP) in New York, which received money support from the Gates Foundation and the Master Card Foundation
(6) Economist Raghuram Rajan at the helm of Reserve Bank of India; also Chief Economist of the International Monetary Fund (IMF). I am ashamed to say that Rajan was a president of the AFA (American Finance Association).
(7) Group of Thirty. These are major financial institutions that meet with central banks.
(8) Susan Lund and Laura Tyson writing articles like this that provide rosy predictions. Tyson was once the chair of the U.S. Council of Economic Advisers.
Cash is one of the few areas within the current system by which the individual has a degree of monetary freedom. But basically there is almost no MONETARY FREEDOM in America. The U.S. government has the monopoly on money in conjunction with the Federal Reserve. Ending the FED is not anywhere near enough to limit government in this sphere, because the U.S. Treasury will assume control of the monetary monopoly openly. See here for Ron Paul’s recommendations for transitioning to greater monetary freedom.
The questions of free banking and alternative currencies also need to be addressed. Neither Americans nor the rest of the world nor individual states within America can ever control their own destinies without the market being open to the production of currencies from entrepreneurs in private businesses. No one and no state can secede, and no one can structure business deals apart from government without their having a ready currency at hand. Barter is out of the question. If a state attempted to secede, the federal government could squeeze them monetarily through sanctions and cutting them off from the payments system. There must be alternatives in place or that can be quickly expanded for any such independence movement to succeed.12:09 pm on January 13, 2017 Email Michael S. Rozeff