Are you paying attention?

The Spartans were once crushed by the weight of iron currency. Today, we are about to suffer a similar fate, though one imposed upon us electronically rather than by heavy metal coins. Read about it in today’s letter →

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A weighty exchange.

In the heart of ancient Sparta, where the sun scorched the earth and dust clung to the sandals of the most feared warriors in the known world, a young man wrestled with a heap of heavy iron bars.

He groaned as he hauled them through the bustling marketplace, their clanging a harsh symphony, his effort and sweat all in the name of trading the bars for a meagre loaf of bread. Around him, others mirrored his struggle, the weight of iron a constant in their disciplined lives.

These were no ordinary metal rods; they were the pelanor, the currency of Sparta. The money itself was unappealing—clumsy, unwieldy pieces of iron shaped into large, cumbersome blocks each an Aeginetan mina in weight. They were not the polished, gleaming coins that adorned other Greek cities, but rather heavy, rough metal that most would barely recognise as money.

Implemented by the famed lawgiver Lycurgus around 750 BC, the pelanor was said to have been created to safeguard Spartan virtue. “Gold and silver breed greed” he announced, and set about creating a currency that was impractical for the wealthy to hoard and stash away. By doing so, it was believed by many of Sparta’s leaders they could ensure that wealth didn’t corrupt the national ideals of austerity and discipline, and reduce the risk of moral decay and corruption.

The population, lulled by the promise of equality, initially accepted the new system. After all, what could be more noble than ensuring none had too much?

But beneath this polished narrative lay a darker intent. The ruling Spartiates wielded the pelanor as a way to stifle economic freedom. Its sheer impracticality—too heavy for large transactions, too valueless for hoarding—ensured that no one could amass enough wealth to rival the power of Sparta’s rulers. The system anchored every Spartan to a life of state dependence, their ambitions clipped by the weight of iron.

The cumbersome nature of the iron rods turned every transaction into a public affair. Moving a stack of bars required witnesses, often officials, giving the state a window into each Spartan’s dealings. The marketplace became a panopticon, where spending was tracked, and no exchange could evade the watchful eyes of the lawgivers.

With the accumulation of wealth now night impossible, citizens increasingly began to rely on the state for food, shelter, and purpose. They slept in communal barracks, ate at shared tables, and owned little beyond their spears. The pelanor bred obedience and tethered the lives of the people to the collective, where everything revolved around the state’s martial drumbeat. Individuality was thrown out, replaced by the weight of conformity.

The very iron rods that were meant to ensure Spartan freedom had become the chains that bound them. A citizen’s right to unencumbered exchange had been stripped, with each transaction becoming subject to the will of the state.

It’s coming.

If you’re not yet paying attention as to how quickly our rights to use our own money are eroding, it’s time you do.

Just a week ago, with almost no international media paying it any mind, Spain’s national tax authority Hacienda implemented a world-first law designed to punish citizens who wish to transact with their own money in cash.

Spain already enforces some of the world’s strictest cash controls. Since 2021, it limits its population by not allowing any single transactions that involve cash of more than €1000—even if only part of the transaction is made in cash.

For example, if a person wants to buy something for €1100, and wishes to split the payment €200 in cash and €900 on card, that’s already illegal under current laws.

But things have just got worse.

Banks in Spain are now mandated to report any cash deposits or withdrawals of €3000 or more, and now must also report “suspicious” transactions of amounts even as low as a few hundred Euros—which could be considered any cash transaction at all.

Hacienda can also now demand a citizen provide documentation to support any cash transaction they make, regardless of the amount. And if they can’t, a person can now be fined up to €150,000.

In other words, you must now be able to provide proof of how you’ve used any amount of your own cash—with a contract, receipt, or other documentation—or risk being fined 6 times the average Spanish yearly income.

The media outlet reporting on the matter (article in Spanish) said “experts” recommend not being alarmed about the new laws—without actually naming any experts who said as such.

I, however, suggest the opposite: we should definitely be alarmed.

Other European nations like France, Italy, and Belgium already have similar cash payment limits to Spain, with Greece’s being even lower at only €500.

In Argentina, a person can’t pay more than a million pesos (around $850 USD) in cash when buying a car or real estate, and banks must report any cash transactions above 500,000 ARS ($425) to the government.

And in places like Australia, Canada, and the UK, banks have already begin refusing access to citizen’s own money if they can’t provide an “acceptable” explanation of what it’s being used for—in some cases, even requiring documentation of what a person intends to buy before releasing cash.

Can you guess why this is happening?

Well, of course, our banks and governments say it’s for all the usual reasons.

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They say it’s all for the benefit of us and our society:

“To reduce financial crime.”

“To stop financing terrorism.”

“To put a stop to money laundering.”

“To make us more safe and secure.”

In reality though, it’s more likely

By limiting cash, government significantly increase the control they can exert on people by forcing us to live within the digital ecosystem of banks they control. And by being forced to transact in this system only, governments can also wield the power to cut us off from our only way to exchanging money in the modern world.

It’s a power they are increasingly using to de-bank people who are critical of tour rulers.

For example, former UK Brexit Party leader Nigel Farage was de-banked for his “right wing” views that clashed with the views of his bank and the sitting British government.

In 2022 in the U.S., conservative group the National Committee for Religious Freedom had its JPMorgan Chase account closed without reason. The bank later demanded it release its donor lists or be cut off permanently. Something that wasn’t required of similar left-leaning groups.

And we all remember how Canada’s former PM Trudeau froze the accounts of people related to the peaceful trucker protests in 2022 for not bowing down to his authoritarian wishes.

With the ability to use cash, these kinds of actions wouldn’t completely restrict a person or group to be able to spend their money.

But without cash or when its use is restricted like what’s happening now in Europe, removing someone from the banking system or freezing their assets in this manner would be simply devastating.

In other words, it’s the perfect threat to ensure we comply. It’s a device of ultimate control. Because if we’re forced to live in a society where our use of cash is trampled upon, the government controls our very ability to survive in the modern world.

Thankfully, there are ways to protect yourself from our coming cashless world.

Owning a bank account in a non-CRS (Common Reporting Standard) country means that your government can’t shut off your money by chasing you across borders. Armenia, Paraguay, and the Philippines are a few of my favourite non-CRS countries right now.

It’s also probably a good idea to also own some gold and silver, as governments haven’t (yet) limited you storing value or trading with the oldest forms of money to exist. If you’re in Europe (as I am), I’m a big fan of Gold Avenue to buy/store these metals.

Not to sound all doom-and-gloom, but in reality, there isn’t much I believe we can do to stop this oncoming digital payments prison.

Ready or not… it’s coming.

Sure, still use cash for as long as you can. Just understand that like a cancer patient suffering from an aggressive tumour, our days of being able to use our own cash are seriously numbered.

And just as it did in ancient Sparta, it will give our governments full control over how we spend our money.

It’s on you to be prepared for what’s coming.

Written by Leon Hill.
Founder, Anticitizen.

This newsletter is for educational purposes, and is not financial advice. Please do your own research, and consider risks involved with investing or purchasing any asset.