1. Cash and It’s Emerging Competition:
“An Investigation on The War On Cash”
Presented by George Sarantopoulos
2. The War On Cash
1. IRS Asset Forfeiture
2. Operation Choke Point
3. The Media
• The Sinister Side of Cash ▪ WSJ ▪ Aug 25,
2016
• Why Big Government Is Waging War
Against Cash▪ Forbes ▪ March 1, 2016
• The “ War On Cash “ Is Advancing ▪
Business Insider ▪ Feb. 6, 2016
3. The War On Cash
• Cash Carries Lots of Bacteria ▪
ABC News ▪ May 23, 2016
• Dirty Money: Your Cash is Home
to Thousands of Bacteria ▪ CBS
News ▪ April 24, 2014
• Why You Shouldn’t Put Your
Money Where Your Mouth Is ▪
WSJ▪ April 18, 2014
4. Four Horsemen Of The “Cashpocalypse”
1. Organized Crime
2. Terrorism
3. Corruption
4. Tax Evasion & Money Laundering
6. Possible Suspects:
• Larry Summers, Former Secretary Of Treasury and Former President of
Harvard University,
“ It’s Time to Kill the $100 Bill.”
• Kenneth Rogoff, Professor of Public Policy & Economics at Harvard University,
Author ▪ The Curse of Cash,
“ Cash is a very good way to port, horde, hide for crime [and] tax evasion.
The evidence I think is overwhelming that that is a lot of the use.”
• Bill and Melinda Gates, through their Foundation are backers of
Better Than Cash Alliance, reportedly “Hates Cash”
7. U.S. Government
1. Tax Compliance ▪ IRS claims the
Government loses $458 Billion a year
from Tax Evasion
2. Surveillance ▪ FinCEN is looking for 58
Red Flags on Terrorist Payment History
3. Behavior Modification ▪ a/k/a
“ Nudging ” popularized by Cass R.
Sunstein
8. Example Of Behavior Modification
(Or “ Nudging”)
• PAST : Tobacco and Alcohol Taxes Implemented Nationwide and
Statewide
• PRESENT : Soda Taxes being Looked at and Passed across the
Nation (Example: Philadelphia passed a soda tax of 1.5 cents per
oz. of soda)
• FUTURE ? : Proposals being looked at to limit the amount of “Junk
Food” or “Fatty Foods” a Food Stamp Recipient can buy
9. Federal Reserve & The Banks
1. Fees! Fees! Fees! ▪ A Cashless/Less-
Cash Society Would Generate a
Windfall of New Fees and Profits
2. Negative Interest Rates ▪ Instead of
Paying You Interest, Banks Will Charge
You Fees for Holding Your Money
(Example: RBS & Bank of Ireland,
Today Charging Depositors Fees for
Holding their Money)
11. Competitors
1. Fees! Fees! Fees! ▪ Part 2
2. Big Data ▪ Data can be used
to change pricing based on
enhanced Data from a
Cashless/ Less-Cash Society
12. How Big Data/ Payments Work Together
Today
1. Uber’s Surge Pricing ▪ Pricing based on Location, Demand, Time/ Day
2. Travel Sites have used information like Demand, Location or even if you are
using a PC vs. MAC
3. Amazon uses its resources to monitor not only the prices of the competitors
but also your buying habits
(Example: Buying the cheapest flat screen TV on Black Friday BUT
up charging the HDMI cables)
13. Things To Think About
How Does a Cashless/ Less- Cash Society Affect Me:
• Prosperity & Opportunity
• Freedom & Privacy
• Democracy
14. Any Thoughts/ Questions?
George Sarantopoulos
Founder & CEO
(718) 492-1671 Office
(646) 739-2660 Cell
Georges@accessoneatm.com
twitter▪ linkedin
