by Sayer Ji, Green Med Info:
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As a global IT outage wreaks havoc on digital payment systems, mainstream media finally sounds the alarm on cashless society risks – but for truth-tellers like Sayer Ji, the warning comes too late.
The Growing Threat of a Cashless Society: Lessons from the Global IT Outage
In a startling shift, major British newspapers have begun highlighting the dangers of a fully cashless society following a widespread IT outage that crippled digital payment systems across the globe. This event has brought to light the inherent fragility of our increasingly digitized financial infrastructure and serves as a stark reminder of the vital role cash still plays in our economy.
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The Chaos of Digital Dependency
On July 24, 2024, a content update by cybersecurity giant CrowdStrike caused millions of Microsoft systems worldwide to crash. As reported by Nick Corbishley for Naked Capitalism, this outage had far-reaching consequences:
“When a content update by the cyber-security giant CrowdStrike caused millions of Microsoft systems around the world to crash on Friday morning, bringing the operating systems of banks, payment card firms, airlines, hospitals, NHS clinics, retailers and hospitality businesses to a standstill, businesses were faced with a stark choice: go cash-only, or close until the systems came back online.”
This incident laid bare the vulnerability of our tightly coupled IT-based societies, particularly in the realm of banking and payments. The fallout was especially severe in countries like Australia, where cashless transactions have been actively encouraged by the government.
Cash: The Resilient Fallback
In the face of this digital meltdown, cash emerged as a crucial lifeline for businesses and consumers alike. As Corbishley notes:
“This is one of the most important arguments in favour of cash: the resilience it provides to a country’s overarching payments system. Put another way, cash does not crash. It does not fail in a power cut or seize up during a cyber attack or software outage (though, of course, ATMs might).”
This realization has prompted a reevaluation of the rush towards a cashless society, with even central banks in highly digitized economies like Sweden reconsidering the importance of maintaining cash infrastructure.
Media’s Shifting Stance
Perhaps most surprisingly, mainstream media outlets that have long championed the move towards cashless transactions are now sounding the alarm. Major UK newspapers including The Guardian, The Daily Telegraph, The Times, and The Daily Mail have all run articles highlighting the risks exposed by the global IT outage.The Daily Mail, for instance, quoted Dennis Reed, director of the Silver Voices campaign group:
“If people can’t pay because they can’t use their phone then when systems go down – and they always will – people won’t be able to access vital services, food, and the essentials of life. With this ever-more digital society, we are reliant on it all working. But we have no control over it. We are putting all our eggs in one basket. The future security of the nation is in danger.”
The Personal Cost of Digital Dependency: Sayer Ji’s Experience
While the media’s newfound concern is welcome, for some individuals and organizations, the warning comes too late. Sayer Ji, founder of GreenMedInfo.com, experienced firsthand the dangers of digital financial control when he was debanked via PayPal and Venmo for challenging the mainstream narrative around mRNA vaccines.
Ji’s experience serves as a chilling reminder of how quickly digital financial systems can be weaponized against those who dissent from approved narratives. His deplatforming and debanking echo the mechanisms of China’s social credit system, raising alarming questions about the future of financial freedom in increasingly cashless societies.
The Specter of Social Credit Systems
Organizations like NewsGuard are now pushing for what amounts to a Western version of China’s social credit system, encouraging the debanking of entire private entities and businesses based on their adherence to approved information sources. This development underscores the importance of maintaining cash as a means of financial transactions and savings outside the digital realm.
The Threat of Financial Deplatforming
The risks of a cashless society extend beyond mere inconvenience during IT outages. There’s a growing concern about the potential for financial institutions to deny services based on political or ideological grounds, effectively creating a form of financial censorship.
