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Subject: Cashless Society rss

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James D. Williams
United States
Lexington
Kentucky
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From New Yorker Magazine this week:
80% of US cash in circulation, 1.3 trillion dollars, is in $100 dollar bills.
That's $4000 for every man, woman and child in the U.S.
Where are all those C-notes?
Black market, criminals, off the books, drugs...
Switching to 'cashless' will reduce robberies and street crime.
 
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Les Marshall
United States
Woodinville
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George Brinton wrote:
From New Yorker Magazine this week:
80% of US cash in circulation, 1.3 trillion dollars, is in $100 dollar bills.
That's $4000 for every man, woman and child in the U.S.
Where are all those C-notes?
Black market, criminals, off the books, drugs...
Switching to 'cashless' will reduce robberies and street crime.


So would putting audio and surveillance equipment in every home, office and car in America. I do not wish to live in a country which trades away my liberty at every chance to "enhance" security.
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Leo Zappa
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Aliquippa
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I'd certainly rather tolerate a certain level of petty crime than put into place any additional means of government surveillance on citizens' activities. My wife and I have actually gone the other way, using more cash and less debit card transactions of late, just to stay even a little bit more off the grid.

Did I mention that I'm not fond of the grid?
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Boaty McBoatface
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County of Essex
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George Brinton wrote:
From New Yorker Magazine this week:
80% of US cash in circulation, 1.3 trillion dollars, is in $100 dollar bills.
That's $4000 for every man, woman and child in the U.S.
Where are all those C-notes?
Black market, criminals, off the books, drugs...
Switching to 'cashless' will reduce robberies and street crime.
No it will not. Most muggers will settle for a phone that can flog at the local cash convertors.
 
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Hope you enjoy the government, insurance companies and whatnot being able to know about every single purchase you make.

Banks charging you negative interest sure is going to be fun as well.

Not to speak of the possibility to shut you out of the market completely at the push of a button.

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Frank F
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Texas
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There will be no significant reduction in crime or human suffering in the context of a monetary system. Even a better money, like bitcoin, will not solve the problems caused by money. Further, the US will not likely endorse or advocate a cashless society, as most US cash is being circulated in other countries. That is what allows us to build and maintain our hegemonic empire. That and all the guns and bombs.
 
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Jasper
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oldsin wrote:
Hope you enjoy the government, insurance companies and whatnot being able to know about every single purchase you make.
the government has that ability already, to a very large extent. Insurance companies are not privy to that information though. Why would they be?

Quote:
Banks charging you negative interest sure is going to be fun as well.
That certainly is'nt anything new and easily avoided with a mere smidgen of planning. And planning is a cakewalk when online banking grants you uo to date (to the second) account info whenever you please.

Quote:
Not to speak of the possibility to shut you out of the market completely at the push of a button.
They can do that already, unless you actually stuff your matress with cash or hoard gold. very few do. Whatever cash you keep on hand normally is not going to last you very long at all.

To be clear, i do keep cash on hand but the vast majority of my transactions is either by debit card or direct money transfer (yeah internet). I would rather not leave a (relatively) easily accessible trail, but obviously convenience gets the better of that desire.
 
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Steve K
United States
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George Brinton wrote:
From New Yorker Magazine this week:
80% of US cash in circulation, 1.3 trillion dollars, is in $100 dollar bills.
That's $4000 for every man, woman and child in the U.S.
Where are all those C-notes?
Black market, criminals, off the books, drugs...
Switching to 'cashless' will reduce robberies and street crime.


I had no idea these were such pressing issues. Funny how when a particular end is in mind, a batch of crises is suddenly manifested to justify it. Next we'll be told remittances are a problem or something.
 
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Steve K
United States
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LightRider wrote:
There will be no significant reduction in crime or human suffering in the context of a monetary system. Even a better money, like bitcoin, will not solve the problems caused by money. Further, the US will not likely endorse or advocate a cashless society, as most US cash is being circulated in other countries. That is what allows us to build and maintain our hegemonic empire. That and all the guns and bombs.


True. But it depends on how desperate the hegemony is. What worries me is when you hear these proposals it signals that someone, somewhere, is actually worried about gravity being switched back on and that the extend and pretend heat shield is starting to melt through.
 
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Marco Mann
United Kingdom
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Surely cash is a bad fit for a capitalist society?

Money stored in banks is available for investment or as security whereas keeping it under the mattress provides no extra use apart from making the mattress lumpy.

Why would a capitalist-leaning system not embrace a cashless society?
 
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Oliver Dienz
United States
Shelburne
Vermont
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AttackFactorZero wrote:
Surely cash is a bad fit for a capitalist society?

Money stored in banks is available for investment or as security whereas keeping it under the mattress provides no extra use apart from making the mattress lumpy.

Why would a capitalist-leaning system not embrace a cashless society?


That's irrelevant. Savings are not needed to enable banks to lend as they create "money" with granting loans. The causality works the other way: Without bank lending there would be no money to save. Here is a link to a post in which I explained the loan and money creation process: https://boardgamegeek.com/article/23427689#23427689
 
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Shawn Fox
United States
Richardson
Texas
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George Brinton wrote:
From New Yorker Magazine this week:
80% of US cash in circulation, 1.3 trillion dollars, is in $100 dollar bills.
That's $4000 for every man, woman and child in the U.S.
Where are all those C-notes?
Black market, criminals, off the books, drugs...
Switching to 'cashless' will reduce robberies and street crime.

Much of that money is being used outside of the US. It is a really sweet deal... we print out tons of $100 bills at a cost of 2 cents each and then send it overseas in exchange for goods and services. You think we'd give up on that just to slightly reduce crime when crime rates have been falling for decades?
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