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I'm impressed that such a move is even possible, considering the powerful interests that must be in favour of cashless. Cashless stores could be a stepping ston
by UweSchmidt 8y ago
I'm impressed that such a move is even possible, considering the powerful interests that must be in favour of cashless. Cashless stores could be a stepping stone in the abolishment of cash.
The main issue for me is that if society is cashless, we could get negative interest rates, and we would be at the mercy of banks. All kinds of offers and conditions could be tied to and bundled with an increasingly abstract concept of money, credit and income.
- dcplogic 8y agoSweden is almost entirely cashless; cash is about to go extinct. :/ Just the last few months, however, the the powers to be (the elected government) have chosen to tell the population that this could be problematic if there was an extended power outage because of some vague reason. (We all know it would be Russians, though.) Incidentally, the Swedish Riksbank repo rate is -0.25%.
- mikeash 8y agoIs there much difference between a negative interest rate on a bank account, and holding cash in an economy that experiences inflation?