Posted on 12/13/2016 8:12:03 PM PST by upchuck
As physical currency around the world is increasingly phased out, the era where “cash is king” seems to be coming to an end. Countries like India and South Korea have chosen to limit access to physical money by law, and others are beginning to test digital blockchains for their central banks.
The war on cash isn’t going to be waged overnight, and showdowns will continue in any country where citizens turn to alternatives like precious metals or decentralized cryptocurrencies. Although this transition may feel like a natural progression into the digital age, the real motivation to go cashless is downright sinister.
The unprecedented collusion between governments and central banks that occurred in 2008 led to bailouts, zero percent interest rates and quantitative easing on a scale never before seen in history. Those decisions, which were made under duress and in closed-door meetings, set the stage for this inevitable demise of paper money.
Sacrificing the stability of national currencies has been used as a way prop up failing private institutions around the globe. By kicking the can down the road yet another time, bureaucrats and bankers sealed the fate of the financial system as we know it.
(Excerpt) Read more at lewrockwell.com ...
Globalist grab for control
Especially if you work for cash.
What could possibly go wrong?..../s
this will create an underground economy/black market the likes of which could never be imagined by the digi-globalists. Here BIG BROTHER starts.
Obama will blame it on white resistance to the Tubman $20 bill.
Well, when we say “cash”, do we mean paper money and coins, or does this word also mean funds in bank accounts???
When government officials talk about the money supply, the vast majority of the money supply consists of bank deposits, not currency or coins outside of a bank account.
I’ve talked to some people about how they spend money. And many have said that as time goes on, they use less and less paper money and coins. So many retailers accept debit and credit cards nowadays, that it’s just more convenient, I’m told, to use those cards, and not bother with paper money.
Years ago, many retailers did not accept debit cards and credit cards. Nowadays, even small donut shops, 7-11 type convenience stores, and fast food places, all take credit and debit cards. Years ago, most of thes types of places only took cash, so you needed cash to go there. Nowadays it’s possible to deal with many of life’s money transactions without the need to use currency or coins. And many are choosing to live their money lives that way.
If I’m in the 7-11 today or 15+ years ago I could buy something with my Discover Card and get 1% cash back or use the ATM to get cash and pay $3 withdrawl fee and no bonus. It’s as dumb then to use cash today as it was then.
Bookmarked.
It is king if backed up by a sound financial government. If not it is paper. Gold, silver, food, firearms etc. are backed up by their own self worth. In 1964 one dollar could be redeemed for one ounce of silver as a dollar was not a dollar but a silver certificate. In 1965 a dollar was no longer a silver certificate but just a piece of paper. That was the year the Federal Reserve became king tyrant. That was a very bad year.
Sure will.
There are times when cards can’t do the trick.
This is utter nonsense. And if it isn’t, the public should tell the government to go —— itself.
I want to sell my neighbor a couch. I want $100 dollars for it. I don’t want a check because there are potential problems there. Hand me the cash. He’s glad to. Deal is completed.
I’m in retail management. Cash is steadily decreasing as a percentage of tender but it still requires a lot of time, expense and effort to count, store, deposit, order change, etc. Then there is the risk of loss from theft or mishandling. I doubt it will ever be totally phased out but it is rather inefficient.
Agree, the only time I use cash anymore is if I’m just buying one or two things at the store and at fleamarkets and such. Even then, more people have Square readers on their phones.
Been living w/o folding money or coins for years.
When they say, “Paper or plastic?” I always go plastic. :)
Technically, there are no funds in your bank accounts. When you deposit money with your bank, you're making a loan to the bank for little or no interest.
When you go to withdraw funds, the bank pays you (if it can) as a creditor. If the bank does not have the funds to pay you, you're in the position of an unsecured creditor.
Cash is no longer “king”. About ten years ago, my husband and I gave up having a credit card. Shortly after, we tried to pay cash for an impromptu weekend getaway at a hotel in a not-so-far-away city. Ended up coming back home. Just this week, I tried to reserve a rental car with our VISA debit card. Not accepted. When I called to ask about paying cash, I was informed that only credit cards are accepted for payment. We will not be renting a car.
Wow! Surprised this did not a revolt.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.