There is only one economic, necessary and evil reason to establish a cashless society. And that is to break the zero lower bound. Cash prevents negative interest rates from being imposed if necessary, because cash can be taken out of the bank. The banks must have the cash stay in the banks for negative rates to work.
So, cash prevents negative interest rates, and results in the zero lower bound. Eliminate cash and you eliminate the zero lower bound.
In the next recession, if we can't raise rates past 1 percent during "boom" times now, then negative rates will be appied in recessionary times. The push for a cashless society will be on, and you can guarantee it. Fight it now, use cash, and also speak out about the evils of cashlessness.
Here are some things that could go wrong in a cashless society:
1. The internet is not secure and cannot be made secure. Retailers require access. Cyber war will increase and we will be more vulnerable as a nation if cashlessness is imposed. A cyber attack would leave the entire populace, rich and poor and middle, without the means to pay for needed goods and services.
2. If governments are not benign, they can use the cashless society and recording of all transactions to spy more than ever. This will be a huge temptation for governments.
3. Poor people or people who have troubles with their banks will be pushed off the digital grid and will not be able to make payments for food for their families, or rent, or utilities, but will have to pay the bank first, with no money left over for necessities.
4. Travelers could be very vulnerable to their bank cards working properly in situations that would be both embarrassing and potentially devastating.
5. The simple anxiety of knowing your transaction must go through would be tenfold if you had no cash as a backup. Anxiety in society would simply go through the roof.
Like the Pay Cash Only Movement page: https://www.facebook.com/Pay-Cash-Only-Movement-1486591244977682/
So, cash prevents negative interest rates, and results in the zero lower bound. Eliminate cash and you eliminate the zero lower bound.
In the next recession, if we can't raise rates past 1 percent during "boom" times now, then negative rates will be appied in recessionary times. The push for a cashless society will be on, and you can guarantee it. Fight it now, use cash, and also speak out about the evils of cashlessness.
Here are some things that could go wrong in a cashless society:
1. The internet is not secure and cannot be made secure. Retailers require access. Cyber war will increase and we will be more vulnerable as a nation if cashlessness is imposed. A cyber attack would leave the entire populace, rich and poor and middle, without the means to pay for needed goods and services.
2. If governments are not benign, they can use the cashless society and recording of all transactions to spy more than ever. This will be a huge temptation for governments.
3. Poor people or people who have troubles with their banks will be pushed off the digital grid and will not be able to make payments for food for their families, or rent, or utilities, but will have to pay the bank first, with no money left over for necessities.
4. Travelers could be very vulnerable to their bank cards working properly in situations that would be both embarrassing and potentially devastating.
5. The simple anxiety of knowing your transaction must go through would be tenfold if you had no cash as a backup. Anxiety in society would simply go through the roof.
Like the Pay Cash Only Movement page: https://www.facebook.com/Pay-Cash-Only-Movement-1486591244977682/
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