4 ms·
The problem with this article is it doesn’t point out that most money is bank deposits already, so taking the cash element away wont make much of a difference t
by quickthrower2 4y ago
The problem with this article
is it doesn’t point out that most money is bank deposits already, so taking the cash element away wont make much of a difference to the amount of bank IOU style money.
The bigger issues will be people used to not paying tax by
using cash (usually working class) will suddenly be a lot
poorer which could be a shock. The government may need to mitigate.
And the surveillance aspect of it, where
the
bank system knows every last
cent spent by every last citizen.
- ajsnigrutin 4y agoThere are many many more issues in a cashless society. Imagine a power outage (sadly, we're getting close to regular ones here in europe)... how will you pay for anything if POS terminals don't work? Imagine protests like the ones in china now.. (and not that long ago in canada)... protesting.. hungry? Wanna buy a hotdog or noodles? No cash? Use some digital card/app.. there's a paper trail you were there and your account is locked. Banks wanting to earn a bit more money? Some people spending more money at liquor stores than at fitness stores... that information would be valuable to insurance companies. Want to buy an XXXL buttplug? Now there's a paper trail from a XXXL buttplug store... government changes (your leader doesn't want to use dolars anymore to sell oil, someone organizes a coup,...), and you're being thrown from a rooftop. etc.
- quickthrower2 4y agoAgree with all these. Except power outage. There is nowhere near enough cash in circulation to take over, not the means to easily access it. See: Lebanon. Maybe Lebanon is the poster child for needing a more cashful society! Or using gold (not gold standard)