Canada’s Freezing of Protesters’ Finances Shows How the “War on Cash” Ends.

by
Robert Fellner
My articles My booksMy videos
Follow on:

The Canadian government is now freezing the bank accounts and personal assets of those who donated to support the Freedom Convoy, which is an organized political protest of the vaccine mandates. The deputy prime minister announced that they will retain these so-called emergency powers permanently going forward and will also seek to implement additional measures to further restrict the ability of political protestors to raise funds or otherwise use the banking system.

This highlights the need to eliminate the state’s control over money, at least in societies that wish to remain free. As articulated in a fascinating Twitter thread, constitutional rights become utterly meaningless if there are no practical means to exercise them. Free speech rights and the right to assemble are of little use to those who have no ability to access their money. Organizing an assembly requires being able to afford the costs associated with travel. Exercising free speech rights, at least if one wishes to do so effectively, requires at least some funds to ensure that the message reaches a large audience.

Prime Minister Justin Trudeau understands this fact, which is why his administration has chosen to freeze the bank accounts of those directly involved in the protest, as well as those who merely donated to help support the protest efforts. When a similarly power-hungry tyrant seeks to do the same here in the United States, the Constitution will be utterly powerless to stop them. Good luck mounting an effective protest to an unjust and tyrannical government without having access to money or the banking system.

It is therefore necessary that Americans start taking the necessary measures to help ensure such tyranny cannot come here. While the ultimate solution will require finding a path to free-market money, the Canadian experience makes clear that simply waiting for that to happen is too risky. 

In the meantime, more must be done to bring the government’s war on cash to an immediate end. A future president and Congress can accomplish this by requiring the US Treasury to start printing $500 and $1,000 bills immediately, to make up for the loss in purchasing power that has occurred since the Treasury formally discontinued those higher-denomination bills back in 1969. There should also be a requirement that new higher-denomination bills be introduced when needed to offset the effects of inflation. In other words, when the cumulative effects of inflation inevitably produce another 50 percent decline in the value of US currency, the Treasury should also be required to automatically introduce a $2,000 bill into circulation, for example. This is necessary to ensure that Americans’ fundamental right to access cash is not eroded by the silent, but incredibly pernicious, effects of inflation. And while the practical value of this reform is admittedly modest, its main value lies in what it accomplishes in terms of reframing the debate regarding the nature of money and the state.

In other words, it is much easier for a government to implement the totalitarian measures currently on display in Canada when the populace already concedes that the state has the right to monitor banking transactions and views unmonitored transactions as synonymous with illicit activity. Merely protecting the right to access physical cash is thus an inherent repudiation of this view and instead signals a recognition that Americans are entitled to money and banking, especially to those forms of money that are hard for the government to control. And successfully shifting the Overton window in that way would greatly increase the likelihood of enacting more substantive reforms, like repealing the Patriot Act and other bank-monitoring laws.

So, as we wait for the widespread adoption of an alternative to government-controlled money, whether in crypto or elsewhere, those who believe in freedom should consider making the reintroduction of large-denomination bills a political priority. The level of oppression currently on display in Canada makes clear that we must do everything possible to prevent the same from coming here.

You Might Also Like

Taking Back Our Liberty in 2022

2022-01-07

For those of us who value liberty, these past two years have been a bad dream. It seems like we fell asleep in early 2020 and woke up in 1984! They said that if we just put on a mask and stayed home for two weeks, we’d be able to return to normal. The two weeks came and went and instead of going back to normal they added more restrictions.

Mandatory Holidays Mean Less Freedom and Flexibility for Workers

2021-12-29

One of the things people tend to appreciate throughout the year, and especially during the Christmas season, is statutory holidays. These days off are taken for granted by many, and few people stop to think about whether they have any drawbacks. But as any good economist will tell you, everything comes with tradeoffs, and holidays are no exception. The trick, then, is to figure out where the cost lies, and who, ultimately, is paying it.

Who Will Inflate Faster? Europe or the Fed?

2021-12-20

The price of the euro in terms of the US dollar closed at 1.135 in November, against 1.156 in October and 1.193 in November last year. The yearly growth rate of the price of the euro in US dollar terms fell to –4.8 percent in November from –0.7 percent in October. Some commentators are of the view that the US dollar is likely to weaken against the euro (i.e., the price of the euro in US dollar terms is likely to increase).

Walkthrough of New Music Hall

2021-12-15

Walkthrough of the new Music Hall at St. Paul’s School in Covington, Louisiana

Es ist skandalös – Dein Geld wird die Hälfte seines Wertes verlieren!

2021-09-21

Thorsten Polleit- Es ist skandalös – Dein Geld wird die Hälfte seines Wertes verlieren!

Why the Federalists Hated the Bill of Rights

2021-09-21

The Constitution had been ratified and was going into effect, and the next great question before the country was the spate of amendments which the Federalists had reluctantly agreed to recommend at the state conventions. Would they, as Madison and the other Federalists wanted, be quietly forgotten?

The Terrible Economic Ignorance Behind Covid Tradeoffs: My Speech to the Ron Paul Institute

2021-09-10

Some of you may know the name Alex Berenson, the former New York Times journalist who comes from a left-liberal background. He has been absolutely fearless and tireless on Twitter over the past eighteen months, documenting the overreach and folly of covid policy—and the mixed reality behind official assurances on everything from social distancing to masks to vaccine efficacy.

Separation Over Persuasion with Jeff Deist

2021-09-09

My guest this week is the President of the Mises Institute, Jeff Deist. We discuss one of the biggest silver linings that can be taken from 2020 and the Covid moment. It’s time to take stock in what has happened and realize that getting a Rand Paul or a Thomas Massie elected at the Presidential level isn’t time and money well spent.