The Federal Reserve sent out a notice that they’re stopping the printing of any paper currency ‘this holiday season’. This is all due to the virus of course. Because any new money they print could be contaminated, just keep using old, clean, used currency.
“I’ve talked about the money issue, the push for a cashless society. Remember, they stopped minting coins this summer. You’ve seen people begging for coins, businesses saying they’ll round up to the nearest dollar, or others saying they’re not going to accept cash at all anymore, which is what they want.”
“Now, a listener sent me a notice that was sent to a credit union saying, ‘Federal Reserve has suspended orders for new bills in 2020. During the holidays, members often request newly printed bills to give as gifts, unfortunately, this holiday season newly printed bills will not be available due to COVID-19.’ The Federal Reserve is using this as an excuse to do what they’ve wanted to do for years.”
The excuse offered is that by ceasing printing new currency, it helps to “meet demand”. Does that makes any sense? No wonder ever accused the Federal Reserve of understanding supply and demand. Maybe they understand it but don’t respect it.
“The notice goes on to say, ‘This is a proactive measure to allow the reserve banks to continue to meet the daily demand for currency and coins.’ So if you stop printing paper currency that wears out, that’s the way to meet the daily demand for currency. The Orwellian doublethink is strong with this one.”
Before there was a coin shortage, cash was under attack in the media and portrayed as a COVID-19 hazard. Now news outlets are making sure everyone knows only to think of a looming cashless society as a “conspiracy theory.”
At the height of anxiety over the coronavirus, CNN berated the American people for using cash. “Do NOT take a bunch of cash out of the bank” rang one headline, and “Dirty money: The case against using cash during the coronavirus outbreak” read another.
CBS News similarly ran an anti-cash story at the time, as did other mainstream networks, but more recent stories feign concern about the growing suspicion of an impending digital coup against paper and coined money.
It’s always funny how the media manipulates emotions, giving us something to be outraged about one day and trying to calm us down the next day if we’re outraged about the wrong thing.
Americans should be concerned about moves away from cash, and there is nothing wrong about questioning who would benefit and who would lose in a cashless society. If that makes you a conspiracy theorist in the eyes of the average journalist, who cares.
It was just last year that Bank of America CEO Brian Moynihan said, “We want a cashless society.”
Big banks and financial institutions would reap obvious benefits, beyond saving on the costs of transacting in coins and paper as well as transporting them. They would have that much more data to collect in bulk on their customers.
In the era of Cancel Culture, other more nightmarish consequences are stunningly easy to fathom. The difference between being banned from social platforms and financial platforms is a matter of degree, and the latter is already happening.
There is no downside to a cashless society for its fiercest proponents. They aren’t worried about finding an under-the-table side hustle or working for tips. They aren’t kids trying to mow a lawn or who are otherwise priced out or regulated out of the market by minimum wage and child labor laws.
Due to a coin shortage at the Federal Reserve, Kroger will no longer return coin change to customers. Instead, the remainders from cash transactions can either be donated to charity or applied to the customers’ loyalty cards to be used on the next purchase.
Kroger officials said, “at Kroger, we are implementing several creative solutions to minimize the impact to our customers…We know this is an inconvenience for our customers and we appreciate their patience. The Treasury Department expects the shortage to diminish as more regions of the country reopen.”
Customers have the following options if coins are not available:
- Round up to support Zero Hunger, Zero Waste Foundation
- Pay with a form of payment other than cash
- Have their coin change loaded as credit toward their next purchase directly to their loyalty card
Currently, Kroger stores are collecting donations for its Zero Hunger|Zero Waste Foundation by allowing customers to round up their order total to the next dollar. Kroger’s Zero Hunger|Zero Waste Foundation supports hunger relief efforts across the communities it serves.
Customers using self-checkout will still be able to receive coins.