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The only winners are the credit card companies and the banks here. Getting rid of cash is the final step of their financial prison for the average Joe.
by NiklasMort 9y ago
The only winners are the credit card companies and the banks here. Getting rid of cash is the final step of their financial prison for the average Joe.
- brianwawok 9y agoSo large chunks of a country not paying any taxes is an OK place to be? Unclear what the right solution is but clearly there was a problem.
- NiklasMort 9y ago", the cash component of undeclared wealth in India was estimated to be only about 6%. In other words, the policy instrument was aimed at the wrong target: most undisclosed wealth is held in noncash assets. " And this is not only true for India.
- sliverstorm 9y agoThat's wealth, not transactions. Digital could still bring to light "under the table" taxable transactions.
- NiklasMort 9y agoThe problem is that its a digital prison for normal people. If there is no cash then bank accounts, CC and transactions should be free, as cash is free itself. But they are not. It's just a money making machine for banks and CC companies. Furthermore if people want to hide something they'll manage, especially if it about big money.
- sliverstorm 9y agoTechnically paper money is not free either, people support the paper money machine with their taxes and in the cost of goods. Money must be printed & reclaimed & replaced, bills must be counted & sorted & transported, etc. Any currency system has overhead, the paper money overhead is just very hidden. So if the fees are appropriately low, a system of private banks and CC's could be ultimately similar in cost to normal people.
- ahamedirshad123 9y agoThe real winner is Vijay Shekhar
- pqwEfkvjs 9y agoand Bitcoin