You’re right, no more buying secondhand stuff at yard sales, no more cookie sales, no more paying the lawn guys in cash, no more small bills in the offering plate at church.
You’re right, no more buying secondhand stuff at yard sales, no more cookie sales, no more paying the lawn guys in cash, no more small bills in the offering plate at church.
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I think those things will still happen for awhile, but they will become digitized as well. In China, NOBODY exists without a phone. Every transaction that requires an exchange of money MUST happen on the phone or underground. If you don’t have a phone, the government gives you one, and your activities become part of the economy and EVERY transaction between two parties is tracked, unless it’s black market.
Follow that scenario to its natural conclusion and we can see there will come a day when the economy deteriorates into a Cuba-like situation, where there are no goods to buy, no money to donate, no yard sales because nobody has junk, no junk because everything, no matter how poor its condition, has value, and not even a black market. It’s not pretty and, contrary to Schwab’s assertion, you’ll own nothing and you’ll be incredibly unhappy.