UK National Audit Office Loses Track of Cash

Image: Josh Johnson on Unsplash

4.4 billion notes worth 76.5 billion GBP were in circulation this summer, about 3 times the value from 2000.  The great puzzle is who is holding on to all that cash worth about 50 billion GBP.  The UK government (all governments) want(s) to know where cash is and where it's going.  Taxes are a major reason, of course, but there are two more dangerous considerations.  

An evergreen topic in our community is digital vs. cash payments.  It's worth noting that digital transactions are very easily tracked and are the marijuana gateway to the harder government policy of 100% pure digital currency.  Digital currencies are easily manipulated by central banks which means controlling inflation directly.  Governments need to control inflation to cover for and uphold failing economic policies and spend.  This also means they can inflate away the debt, punishing savers and rewarding spenders.

Like a cloud of the fresh white stuff, there go the IRAs, 401ks, and pensions into thin air.

Transaction history means spending history means social credit scores.  Check out what China's already doing.  Shivers.

GPB/USD will open at 1.2913 today.