Cash is still king: Attorney martabelcher joins The Agenda podcast to tell maddopemadic how financial surveillance is carried out and why the average person should care that governments are increasingly looking to shift to CBDCs.
When most people think of surveillance, they probably think of cameras on street corners, government agencies collecting emails, or smartphones and smart home devices listening to conversations. But there is another form of government and corporate surveillance that gets less attention but is just as prevalent: financial surveillance.
However, under what is known as the “third-party doctrine,” the U.S. government holds that any information voluntarily handed over to a “third party” — such as a bank — can be collected without a warrant or probable cause. Given the amount of customer information banks are required to collect under the Bank Secrecy Act, the government winds up with a significant amount of information on the financial lives of everyday citizens.
“The government can get basically any information about us, and it’s rendered the Fourth Amendment useless.” However, not everyone cares that such vast amounts of information are collected about them — but should they? “As an advocate for privacy and civil liberties, I encounter this common refrain of, ‘Okay, but why should I care?’” Belcher explained. “I have nothing to hide, and I don’t care if the government sees my financial transactions.”“You may think you have nothing to hide right now, but at any point in time, the law could be different. At any point in time, an administration can change.
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