Half of the problem with cash could be solved by ending the war on drugs. The war on drugs has created a class of people whose main economic function is to transfer wealth from the public to the worst people in society. This is a many-headed monster that robs/burglarizes/steals money from average people, and vacuums it into a global system of money laundering. The cost is mostly absorbed through higher insurance premiums and more costly welfare schemes. The physical needs of this class of people are often carried by family and charity.
No cash could kill this, but so could treating drugs like simple agricultural and/or chemical products and regulate the distribution.
All costs of the war on drugs are covered by the public. All profit by heavy criminals.
Sort this first, and then get back to cash and its utility in evading taxes.
This is mixing up "cash". Cash is produced by your country's mint (a public body), and comprises around 3-5% of available on-demand "money".
Private banks produce electronic debt which is fungible with "cash". This is available "on demand" as cash but only if you wish to withdraw less than the 5% which has a physical representation. The rest is available on demand to transfer as electronic banker-debt/credit into another part of the banking system.
The vast majority of the private bank debt is issued via lending against land.
I don't take issue with the use of cash in the drug trade, I'm unconvinced removing cash would see this fixed, most likely barter would take place instead.
I just wished to take issue with the fast and loose "cash is public".
How currency comes into existence is a different topic.
I agree wholeheartedly that bartering is the logical continuation of the drug economy in a cash free world. Maybe some pseudo currencies would also arise, creating black market banks.
Money is power. We, the public, ought to stop propping up cartels and giving power to drug lords. My suggestion is to try that first, and then see what problems remain with cash.
Half of the problem with cash could be solved by ending the war on drugs. The war on drugs has created a class of people whose main economic function is to transfer wealth from the public to the worst people in society. This is a many-headed monster that robs/burglarizes/steals money from average people, and vacuums it into a global system of money laundering. The cost is mostly absorbed through higher insurance premiums and more costly welfare schemes. The physical needs of this class of people are often carried by family and charity.
No cash could kill this, but so could treating drugs like simple agricultural and/or chemical products and regulate the distribution.
All costs of the war on drugs are covered by the public. All profit by heavy criminals.
Sort this first, and then get back to cash and its utility in evading taxes.