Comments on: M-laundering http://tomorrowstransactions.com/2011/12/m-laundering/ Thought leadership from Consult Hyperion Tue, 09 Sep 2014 00:19:19 +0000 hourly 1 http://wordpress.org/?v=4.0 By: Jon Matonis http://tomorrowstransactions.com/2011/12/m-laundering/#comment-424 Sun, 18 Dec 2011 05:22:32 +0000 http://ec2-54-201-142-57.us-west-2.compute.amazonaws.com/2011/12/m-laundering/#comment-424 The point isn’t whether or not KYC/AML/ATF has been effective. The point is that a person’s money should never be used as a method of tracking identity or personal behavior. The right to financial privacy, including identity and user-defined anonymity, is a fundamental cornerstone of human rights.

]]>
By: irdial http://tomorrowstransactions.com/2011/12/m-laundering/#comment-423 Sun, 18 Dec 2011 04:59:24 +0000 http://ec2-54-201-142-57.us-west-2.compute.amazonaws.com/2011/12/m-laundering/#comment-423 The problem with the thinking in this area revolves around the definition of what we are discussing. When people talk about ‘illicit activity’, they are talking about activity that the State has declared illegal. We are not talking about theft, or any unambiguously immoral act. It is very important to separate the needs and rights of individuals from the venal desires of the predator State.

When you are shaken down by the police in Kenya, this is a problem with the out of control police, and not a problem with cash. Conflating the existence of cash with police corruption is not logical, and the solution is to solve the problem of the police and how they are funded, not to put everyone in a cashless society prison.

It is completely wrong to say that cash reduction will improve the lives of the average Kenyan. What will improve their lives is the elimination of the State from all financial matters. The money used by Kenyans should be gold and silver only. This would put an end to inflation for them, and act as a solid foundation for growth, whilst shrinking the size of their illegitimate, wasteful and predatory government.

The author is correct in saying that that the bad guys’ medium of choice is the greenback, but he is right only in the same sense that a stopped clock is right twice a day. The bad guys in this case are the State and the central banks who are printing money and stealing from the hapless individuals who are forced to use their fraudulent money.

If you want to cut down on bribery, tax evasion and money laundering, then you do not need to cut down on cash. You need to cut down on the State and the parasites who use violence to fleece the public. Saying that you need to eliminate cash to stop bribery is like saying you have to dynamite a house to prevent it from burning down by accident. It simply doesn’t make any sense whatsoever, and would cause harm orders of magnitude greater than the problem it is setting out to solve.

For the record, tax evasion and money laundering are not crimes, any more than miscegenation is a crime. All of these are creations of the State, directly or indirectly. Bribery can only exist where there is a State that can wield arbitrary power over individuals and their property. For example, if you need the permission of the State to put an extension on your house, and this permission must be granted by an aparatchick, then an opportunity for bribery is created that would never have existed without the State and its arbitrary laws. Jefferson would never have been able to collect bribes if he did not have the power to approve anything. This is the real problem that must be addressed; the nature of money is not related to id at all.

Cash is anything but a menace. It is a perfect, natural solution to the problem of exchanging goods of different sorts between people, without an interposing intermediary. There is no reason whatsoever to eliminate it, and anyone that suggests this does not have a full grasp on the ethics of liberty and the true nature of the State and man.

We must face these issues squarely and honestly. It is completely wrong to put everyone into a slave system of un-free money simply because the State and its operatives are running wild. Anyone who wants to think about this seriously should concentrate on identifying the real problems, and solving the root causes, instead of using artificial false problems (‘money laundering’) as a pretext to create a business model that will be forced on everyone.

]]>
By: mat http://tomorrowstransactions.com/2011/12/m-laundering/#comment-422 Thu, 15 Dec 2011 01:44:11 +0000 http://ec2-54-201-142-57.us-west-2.compute.amazonaws.com/2011/12/m-laundering/#comment-422 I think you will find, if money laundering is your concern, and if you do the research, that the biggest culprits are the biggest banks. Please do the research. Otherwise they would have all gone under in 2008. Money laundering is only a crime when that cartel isn’t involved. I also believe that it is in the interests of the biggest players in any field, to promote regulation and standards which make it harder for smaller players to compete. Also, cash transactions are FREE, and banks cannot profit from them, and cash held in my hand is cash the derivatives of which banks cannot gamble with. Finally I think you will be hard pressed to find any terrorist activity in the last decade, and previously in which the state had no involvement. Consequently I view all this talk of removing cash in the name of convenience as rather sinister. Rather than profiting on, reporting, and data-mining every transaction, we should instead be talking about how banks could be supporting massive investment in rebuilding our energy infrastructure.

]]>