Is a cashless society on the cards?
Steve Perry, executive vice president of Visa Europe, says cash is expensive - a cost on society - and should be replaced by a cashless society.
Philip Aldrick - 11 Jan 2010
Steve Perry, executive vice president of Visa Europe, has a different take on the folding stuff packed in our wallets that most of us take for granted. “Cash is expensive,” he says. “We need to be using it less.”
Expensive? Vintage wines, maybe. Designer clothes, yes. Modern art, almost certainly. But cash?
“Why do you think supermarkets introduced cashback?” Perry asks rhetorically.
He has me stumped there. I tell him I always thought of it as a service for overdrawn students to drive a few more sales through the tills.
“No,” he responds politely. “It’s because they want cash out of the system so there is less to manage. Processing a transaction on a card can be cheaper than handling cash.”
Perry is a leading cheerleader for the cashless society. It’s hardly a surprising role, but its an argument he is finding increasingly easy to make. Last month, for example, the Payments Council announced to anguished outrage that in 2018 the cheque would be dead.
Tags: Cashless Society
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January 25th, 2010 at 2:01 pm
I think Japan is already trying to convert their economy to cashless.
I myself use a credit card a lot, and carry very little cash.
One day, cash will be gone.
January 25th, 2010 at 11:10 pm
Wouldn’t a cashless society put the dispensation of personal income totally in the hands of government? I dread that day. The government already extorts people through usurious taxation with instant priority access through employer intimidation. They will do the same thing with direct revenue.
January 26th, 2010 at 7:11 am
If we move to a cashless society it will be the biggest mistake central planners ever made.
The absence of cash will encourage the barter system, and as every well educated human being knows the natural evolution of a barter system results in a commodity based currency which eventually will be gold and/or silver! Once people will get used to using gold and silver as mediums of exchange the demand for the precious metals will skyrocket and their price will go through the roof, and that is before people will start to look at them as a store of value. A cashless society will kill the fiat paper system
http://israelfinancialexpert.blogspot.com/2010/01/if-we-move-to-cashless-society-it-will.html
January 26th, 2010 at 5:01 pm
A New Cover up-$600 Billion Missing in Government Gold Bullion Reserves
Another cover up of government and the criminal business model. But this one rivals even Hollywood. Roughly 15 years ago during the Clinton Administration, somewhere around 680,000 fake 400 oz gold bullion bars were manufactured out of tungsten coated gold plated bogus bars….and shipped to Fort Knox, Kentucky as part of the US Reserves. Somehow, from there the bogus bars made it on to the worlds market where some 6,500of the tungsten gold plated bars recently showed up in a delivery to the Chinese Government. During a recent investigation, some familiar players turned up in the script: Alan Greenspan, Lawrence Summers and Robert Rubin.
The fact that this has been covered up so well speaks volumes about the ability of large scale conspiracies to take place and that the world of shadow finance knows that it can get away with just about anything it wants; witness the recent trillion plus rip-off.
Currency goes digital
But these recurring monumental rip-offs- S&L debacle, Tungsten bullion, Enron, and TARP- may be much more than criminal acts or examples of gross negligence. Indeed, these events may be stress testing for the next major step in establishing a one world order (not that, again). Indeed, massive financial fraud tests the resiliency of fiat currencies. Once symbolic value has established itself as the real thing, the next step would be to issue digital credits and do away with currency altogether. Super computer networks will track all transactions and taxes will be automatically taken out immediately with each transaction. We are almost there as more and more people use debit cards on a daily basis.
Make no mistake, the power to tax is the power to control and a massive one world government will need massive revenues to operate. The attractive irony might be that all individuals would probably pay fewer taxes as there would be much more efficiency in tax collections. But, what the world might gain by paying fewer taxes will be a high price to pay for the freedoms we would eventually lose. With the public, confusion, indifference and willingness to capitulate, “they” think that they can do anything they want…..and they are probably right.
Len Goodman
Author of The Meltdown Chronicles
http://www.neweconomicparadigm.com