Does Any Government Have a Right To Our Bank Accounts and How We Spend Money?

Image from BitZuma

Four months ago my son got his first job. He needed to open a bank account which required identification, social security card, and proof of employment. His paychecks are direct deposited into his account and he electronically doles his funds between checks, savings, and paying on his credit card (modest starter card to build credit). All of his accounts, because they are with a major bank and not credit union or private bank, are easy access to the government.

Banking is a little overkill for an 18-year-old kid who just needs a repository for his direct deposit. However, a necessity in order to build credit because whether we like it or not, we live in a society where credit ratings dictate things like buying a car or house, employment, and qualifying for investments.

Under a more socialist regime, a government could look at my son’s bank records and decide he isn’t being taxed enough. He is able to put away three-fourths of his take home pay into savings and puts one-fourth into checking for expenditures – pizza, date money, gas for the truck, and his phone bill. At 18, he pays 28% in taxes every week.

Does the government have any right to CyberCurrency accounts?

Their argument will be that they need to fight pirates, mobsters, thieves… that people can hide money in cyber accounts and therefore they need to be regulated.

Those dealing in CyberCurrency could learn a lot from the Online Poker dealers.

Online Poker was legal in the U.S. until a series of congressional regulations and law suits between 2010 – 2013 would make it illegal. Playing online poker through casinos became big in 1995-2000 when the Internet and private sites made it possible to register with a casino, create accounts and then play online. The Gold Coast is Las Vegas was big on building this network in 1995-1996.

It became illegal when the government couldn’t get their piece of the pie.

I can’t say for sure that CyberCurrency is more safe under Trump than Obama – but I hope it is. Not just for the growth in freedom from banking but for the returning of the individual rights above a big corrupt government.