Cashless Based Society

I explain how there will be a push towards a cashless based society with the passage of silly government rules (under Obama).

3 comments to Cashless Based Society

  • James Tetreault

    Interesting subject Rahul. I think that fear of the too big to jail banks taking all the business from smaller banks is overblown. My sense of it is that, at the same time as they have a positive, for them, force of introducing new technology, they have a negative force in their increasingly bad reputation. And that reputation will only get worse. I think a big factor in whether the positive force, for them, will lose to or outweigh the negative force will be the timing of just when a big, at least regional, U.S. bank has happen what happened at NatWest in England and Ireland. Once word gets around that people were fvcked because they had no cash and were utterly reliant upon the constant availability of bank services that can mysteriously disappear for weeks at a time, then the allure of those services will diminish or disappear.

  • Archangel

    Cash will slowly become unusable for regular transactions. This is already common in some areas. Forget about paying loans of any sort in cash. Banks don’t accept it as payment, only electronic transfers.
    In reality, if everyone “cashed out” of their checking accounts, there would be a currency shortfall (more of a time delay while the local branches ordered more currency to deliver), a panic would ensue, and bank holidays would be enacted. If you’ve ever had problems with your online banking website for paying bills, or if your bank’s ATM wasn’t working and you needed cash, you’ve gotten a taste of this panic. A few weeks ago my local BOA had computer issues and my withdrawl receipt (from the teller) showed a zero balance, which he explained was just a glitch in the system, and my balance would be corrected by the end of the day. Scary glitch. I’ll take the cash please.

  • Mudduckk

    Lot of informal workers out there prefer cash. The informal worker will always exist whether they accept cash today or what ever they took in the past; gold, silver pieces, a hog. I suppose these guys are what the banks refer to as the “unbanked”. I don’t think TPTB factor these folks into the mix. They may not have much share of the wealth, but they do matter in terms of getting the littel every day things done. The dirty jobs that the elite cannot or will not do. Know what I mean? So I wonder, How do you keep these guys going if you go cashless?

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