BBC's "The End of Cash". Pros & cons of ending cash.

[surprise_i'm_armed]

http://www.bbc.co.uk/programmes/p045wgdl

The above link is an interesting 50 minute documentary piece, made by the BBC,
regarding the pros and cons of ending actual cash money. South Korea intends to
be totally cash free by 2020.

A Northern European criminal raid on a cash site resulted in the theft of millions in currency, prompting
that country to go almost 100% non-cash.

PROS of going non-cash: Less physical needs for security, armored car runs, computerized efficiency.

CONS of going non-cash: The government can track every single one of our purchases. Banks are
scoundrels when it comes to stealing money (2008 financial meltdown/recent Wells Fargo misdeeds).
If the feds decide to confiscate your electronic assets, you are up the creek without a paddle.

One of the reasons that banks would like to discourage using cash is that a real dollar deposited in a bank
can generate 9 times its worth by generating other loans. I'm not an economist with more detail, but
you get the idea.

I am pro-cash. It really irks me when some fool in front of me at 7-11 uses a debit card to purchase
a $1.00 item, the card isn't accepted, they have to re-enter their PIN, and otherwise waste my time.
People ought to take out $20 or $40 each payday from their ATM and use cash for the small things.
I've got things to do and places to be. Move it along people.

Rant off.

SIA

[TreyHouston]

Many banks do not accept large cash deposits, they want to charge you for thaking cash... i was shocked when i heard this!

[crazy2medic]

In cashless society the government has total economic control, the day that a "bank holiday" is declared, you better have some cash, silver or gold coins, plenty of ammo, lock and load because there is a dark storm coming.

[twomillenium]

A cash economy is worth the security risk. I trust the bad guys more than I trust the Government, they are the worst guys. (or gals, you have to consider Hilary, Nancy and their ilk.)

[Liberty]

A little gold, a little silver, a little cash and even ammo is always good to have on hand for when things go south. I don't want anyone knowing what I spend on toys (guns, ammo radios), food, alcohol or cigars. Sheesh a citizen is entitled to some privacy. Hard to pay monthly bills on a cash basis, but the everyday things are nobodies business but our own.

[TxRVer]

I only use cash when I get a haircut. Every other transaction is by credit card.

[JALLEN]

That money talks
I can't deny.

I heard it once.
It said, "Goodbye!"

[ScottDLS]

Ammo, dry foodstuffs and survival gear...better than cash or gold. You can't eat gold, man....

[Acronym Esq]

Really thought provoking idea.

Con: Difficulty in proving abuse of the system. There are plenty of legal companies that have been denied banking services due to political pressure (guns, knives, vape, gambling, porn, etc.). The problem is that it's very difficult to prove why the transactions just suddenly stopped working. S/he said after the fact is impossible to prove.

Con: Pretty sure my credit card gets an extra 3% of every transaction. Why not add 3% to the cost of your ticket (wait, that's ticket master)?

Con: Wells Fargo. How are there no criminal charges for charging people for services they did not request or authorize?

IMHO, the argument of getting rid of cash as an instrumentality of crime is identical to the argument for getting rid of guns. Criminalizing the instrumentality does not stop crime, but it does punish the law abiding.

Acronym 10/1/2016 8:13 PM

[rotor]

I rarely use cash. Go to the post office and buy stamps. Do you get a discount paying by cash? No. But you do get cash back using your credit card. I get a hefty cash back on my spending by paying with credit card and paying off my credit card each month. There are very few places where using a credit card costs more (such as LTC renewal).

[Bitter Clinger]

Rothschild Doubles Down on Gold as Banking Collapse Begins, Germans Told to Stockpile Food/Water

http://thefreethoughtproject.com/rothsc ... foodwater/

[Pilgrim]

"The End of Cash". Pros & cons of ending cash.

Isn't that headed towards a one world order? Cannot buy or sell without accepting the mark of the beast 666 and all of that talked about in The Holy Bible?

[XinTX]

Look at how few 'secure' electronic services have NOT been hacked or taken down by a malicious attack. IMO, a 'cashless' system would be akin to leaving your money out on the sidewalk. No way to keep it secure.

And some economists have been talking about negative interest rates that could be coming. So you would have to pay the bank to keep your money. The only way people wouldn't withdraw every cent the minute it's deposited would be if the banks held control of it.

Another CON. What happens when, as we saw here after hurricane Ike, the power is out for an extended period? So nobody can buy food, fuel, water, nothing. What are you going to do about that?
And as big as Texas is, I'm sure there are plenty of places with no, or spotty, web access. How are you going to do a transaction in a remote area?

But for the megalomaniacal statists, it's a wet dream. The ultimate in control of the populace.

[Liberty]

Ever get low on gas in the middle of a thunderstorm and the gas station can't take credit cards because the network is down? Cash is King. I've got some good deals by offering cash.

[surprise_i'm_armed]

India is currently offering a generous tax amnesty and getting millions of dollars
paid to the government because of it.

Indians refer to cash money which is not monitored by the government as "black money."

The cash economy in India isn't simply limited to small transactions at small businesses.

Indians commonly bring 1 or more suitcases full of cash to buy vehicles, and even real estate!

One of the reasons the amnesty is causing a lot of people to pay up is because the Indian
federal government is really tightening up tax enforcement, and this is the last chance to get
right with the feds on one's tax obligations. One of the new laws/regulations will enforce a
100% fine on "black money" on which no tax has been paid.

SIA