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The central banks are ... planning drastic restrictions on cash itself. They see moving to electronic money will first eliminate the underground economy, but secondly, they believe it will even prevent a banking crisis. This idea of eliminating cash was first floated as the normal trial balloon to see how the people take it. It was first launched by Kenneth Rogoff of Harvard University and Willem Buiter, the chief economist at Citigroup. Their claims have been widely hailed and their papers are now the foundation for the new age of Economic Totalitarianism that confronts us. Rogoff and Buiter have laid the ground work for the end of much of our freedom and will one day will be considered the new Marx with hindsight. They sit in their lofty offices but do not have real world practical experience beyond theory. Considerations of their arguments have shown how governments can seize all economic power are destroy cash in the process eliminating all rights. Physical paper money provides the check against negative interest rates for if they become too great, people will simply withdraw their funds and hoard cash. Furthermore, paper currency allows for bank runs. Eliminate paper currency and what you end up with is the elimination of the ability to demand to withdraw funds from a bank.
"The Center on Budget and Policy Priorities estimates that 500,000 to one million people will lose access to food stamps this year, citing the experience in states where work requirements already returned."This is the human cost of all of those years of right-wing rhetoric about fairy tale "welfare queens" ripping off the system. That rhetoric was used only for momentary political gain. But it engendered a deep belief in certain parts of the public that even food is too gracious of a gift for our poorest citizens. So now, hundreds of thousands of people will go hungry, so that some other, smaller number of better-off people can believe that they are not being ripped off by people they do not know and will never see.
Comment: The elites in the US have no concept of the struggles of the working poor, and it's becoming clear that they couldn't care less.