People In Sweden Are Hiding Cash In Their Microwaves - Cashless Society - Negative Interest Rates

BI ^ | 10-28-2015 | Jim Edwards

[blam]

Jim Edwards
October 28, 2015

Sweden is shaping up to be the first country to plunge its citizens into a fascinating — and terrifying — economic experiment: negative interest rates in a cashless society.

The Swedish central bank held its benchmark interest rate at -0.35% today, the level it has been at since July.

Although retail banks have yet to pass on that negative to rate to Swedish consumers, the longer it's held there the more financial pressure there is for banks to pass the costs onto their customers. That's a problem because Sweden is the closest country on the planet to becoming an all-electronic cashless society.

Remember, Sweden is the place where, if you use too much cash, banks call the police because they think you might be a terrorist or a criminal. Swedish banks have started removing cash ATM machines from rural areas, annoying old people and farmers. Credit Suisse says the rule of thumb in Scandinavia is: "If you have to pay in cash, something is wrong."

Here's a chart from Quartz demonstrating how serious the Swedes are about getting rid of cash:

(snip)

[blam]

In my youth, I remember visiting my grand-parents on their farm and experiencing something called a 'rolling-store'. These rolling stores would come to your house and either sell you something for cash or very often swap for farm goods (eggs, chickens, hams, canned goods, etc) for something from the store, coffe, fabric, thread, scissors, etc.

No cash needed.

The rolling store always gave the kids free hard candy because they would be looking for the rolling store to come and alert the adults of that fact. I remember looking off in the distance to a rolling cloud of dust (dirt roads) hoping the rolling store was coming.

[blam]

Cashless, barter society?

[Yashcheritsiy]

Remember, Sweden is the place where, if you use too much cash, banks call the police because they think you might be a terrorist or a criminal.

Shoot, they do that here, too.

And note to the Swedes - if a media outlet knows you're storing cash in your microwave, so do the police.

[LMAO]

Isn’t Sweden one of Sander’s Utopias he often cites?

[Gaffer]

That reminds me of that movie called “Second Hand Lions”....

A seed salesman came calling up to the ranch these two old world-traveled coots bought and sold them a passel of seeds of all varieties out of the trunk of his car.

They diligently plowed, rowed and hoed and marked all the booty they’d get when the crops came up. All of it was corn!....funny ass movie.

[I want the USA back]

Not much different from the USA. If you have “too much cash” it is confiscated and you are arrested.
No need for there to be a suspicion of any crime.
Savings accounts’ rates are essentially zero.

Would a government ever make cash “illegal” for all transactions? I’m sure they’d love to, but that would quash tourism right in its tracks.

[Jack Hammer]

Just another form of taxation in what is already a Marxist society.

[blam]

BTW, do not put US dollars in the microwave and turn it on...it will catch on fire.

[Bucky14]

Psssst, it’s not really in the microwave. It’s in the dryer...Keep that to yourself. - Sven

[Cboldt]

Hot money.

[dp0622]

what will you trade me for my future mother in law?

[blam]

"what will you trade me for my future mother in law?"

No thanks.

I already have three EX-mother-in-laws.

[AlaskaErik]

Isn’t Sweden one of Sander’s Utopias he often cites?

It was Denmark.

[Uversabound]

Sven

Shouting laughter in the office. That really caught me off guard.....LOLOLOLOL

Yeah plus their Muzzie problem, sound like hell.

I only pay in cash. It has helped me get out of debt very quickly.

[Autonomous User]

“Cashless, barter society?”

And a load of pig poop and Welcome to another edition of Thunderdome!

[mosaicwolf]

"And note to the Swedes - if a media outlet knows you're storing cash in your microwave, so do the police. "

Try using the freezer. It worked in New Orleans....at least for awhile until the owner/criminal got sloppy about withdrawal.

[mosaicwolf]

"And note to the Swedes - if a media outlet knows you're storing cash in your microwave, so do the police. "

Try using the freezer. It worked in New Orleans....at least for awhile until the owner/criminal got sloppy about withdrawal.

[mosaicwolf]

"And note to the Swedes - if a media outlet knows you're storing cash in your microwave, so do the police. "

Try using the freezer. It worked in New Orleans....at least for awhile until the owner/criminal got sloppy about withdrawal.

[samtheman]

Welcome To Sweden

https://www.youtube.com/watch?v=3KSJY0c8QWw

[dp0622]

You survived three? You should write a book :)

My future MIL had knee replacement surgery. I drove her everywhere for weeks and visited her in the hospital many times, got groceries etc.

Planned a vacation to Vegas with the works for fiance, because she was stressed from job.

The mother calls me one day, concerned i was taking advantage of her daughter financially to go to Vegas.

The whole trip was on me, even first class seats.

I just hung up.