4 chapters across the catalog
Australia is considering a bill to ban cash transactions over $10,000, with potential jail time for violators. Economist John Adams argues that such bans do not actually reduce the "black economy," citing Sweden as an example. Concerns are raised that the $10,000 limit could be lowered by future regulations without parliamentary oversight.
The New York City Council has passed legislation banning businesses from refusing to accept cash, with fines up to $1,500 for violations. The ban is framed as a social justice issue, as cashless models are seen as discriminatory against the poor, homeless, and undocumented immigrants. The hosts celebrate this as a victory in the "war on cash," noting that even Amazon Go has been forced to accept physical currency.
Louisiana legislation aims to restrict the use of cash for purchasing precious metals, echoing FDR's 1930s ban on gold ownership. Critics argue that the "war on cash" is a method for the government to track all financial transactions and exert total control over the population's ability to spend.
Louisiana House Bill 195 Bans Cash for Second-Hand Goods
Louisiana Representative Ricky Hardy co-authored House Bill 195, which prohibits the use of cash in transactions for second-hand goods, requiring checks or electronic payments instead. The law targets criminals selling stolen copper and electronics but also applies to jewelry, precious metals, and furniture. The hosts argue the law is unconstitutional as it rejects US currency as legal tender for debt.
