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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 pro
by branchless 10y ago
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".
- johnnyhillbilly 10y agoHow 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.
- branchless 10y agoWe know what will happen. They will work around it because the root cause of the problem isn't "cash helps drugs". We should look into the root causes like the vast siphoning money issuance allows which in turn creates poverty which then leads to drugs. Visa and American Express aren't going into bat for the common good. The latter in particular is a vile company.