Recently, I’ve read about the Israeli government pushing to cancel 200-shekel bills, as part of a long-term drift toward a 100% cashless future. I was aware that large-scale transactions in cash have been limited for some time now, but until this moment, I kind of overlooked the final goal of abolishing cash altogether.
This is an alarming trend.
Going cashless will hurt the most vulnerable, like seniors and technologically challenged people. Or think about a woman in an abusive marriage, who can’t access a bank account or credit cards. Those little bits of cash she manages to stash away may be her only path toward an emergency escape.
When you have no access to physical money, you can instantly become completely destitute if the government decides to freeze your account for any reason, like protesting mandatory vaccination. Abolishing cash means stripping away a large part of our independence, freedom, and privacy.
In Israel, the official pretext for limiting cash is cracking down on criminal groups. But a capable government should have ways of fighting organized crime without cutting into the rights and freedoms of law-abiding citizens.
“Stash up cash” is common preparedness advice. If there’s a natural disaster, war, or a massive cyber attack, if the power or WiFi are out and people can’t access banks or use their credit cards, physical money may be the only way to buy food and other essentials. In a country like Israel, with so much instability, canceling cash is an extremely short-sighted move.
All of this makes me think: how can you prepare for an emergency situation or a long-term crisis, with cash being no longer available?
Precious metals like silver and gold can be a huge advantage in this situation, since they’ve kept their intrinsic value for thousands of years. Foreign currencies may likewise be useful. [As a side note, governments that want to chip away at people’s freedoms may also crack down on the possession of precious metals and other valuables.]
In a more long-term scenario, some societies can band together and establish alternative currencies. I won’t mention crypto, because again, I’m talking about situations where people are offline or off-grid.
Finally, let’s not dismiss the power of barter. Fresh produce, non-perishables, and various supplies can all be bartered, as can skills. People who are good with their hands may have many options of exchanging services for foods and other necessities.
During WWII, my grandmother survived by unraveling old wool garments people brought her and knitting or crocheting new items out of the salvaged yarn. She would accept food as payment. I hope none of us ever have to face a similar crisis, but it’s still wise to invest in skills and resources that might help us survive tough times.
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P.S.: Tomorrow evening marks the start of a new year in the Jewish calendar. I wish all my Jewish followers Shana Tova and hope for a better, more peaceful year ahead.
