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Cashless Society is coming

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  • Cashless Society is coming

    The monetary institutions and political elite have been floating the idea for about 2 years now and it is only picking up steam that we will see the Western world move to a Cashless society.

    Here is a list of pros and cons from an article at ZeroHedge.com:

    Pros:

    Enhance the tax base, as most / all transactions in the economy could now be traced by the government;

    Substantially constrain the parallel economy, particularly in illicit activities;

    Force people to convert their savings into consumption and/or investment, thereby providing a boost to GDP and employment;

    Foster the adoption of new wireless / cashless technologies.


    Cons:

    When you look at the legislation that has been passed virtually worldwide, including Canada just 2 years ago, that sees depositors pay for a bank failure, this should make everyone cringe and feel uneasy.

    They know what is coming. Governments are broke and banks are in trouble. They are doing everything they can to avoid actually fixing the system. All of these crazy, never done before ideas are to keep status-quo. Don't you think the following series of events is just piling on the insanity?


    http://www.zerohedge.com/news/2016-0...ety-would-look

  • #2
    Honestly, for me now anyway, 95% of my transactions are cashless. Most times I have hardly any cash on me at all. I think this will be an easy sell, especially with tap pay tech and other techs similar to it.

    My concern is that some banks in Europe are already playing with NEGATIVE interests rates. If people HAVE to house their wealth in a bank digitally we all run the risk of essentially being taxed again only in this case it's a private banking institution levying the tax.

    I personally like to have options. So I'd lean on the side of us not doing this in Canada.

    Comment


    • #3
      Apollo wrote: View Post
      Honestly, for me now anyway, 95% of my transactions are cashless. Most times I have hardly any cash on me at all. I think this will be an easy sell, especially with tap pay tech and other techs similar to it.

      My concern is that some banks in Europe are already playing with NEGATIVE interests rates. If people HAVE to house their wealth in a bank digitally we all run the risk of essentially being taxed again only in this case it's a private banking institution levying the tax.

      I personally like to have options. So I'd lean on the side of us not doing this in Canada.
      Yes...I dont know about the "negative int. rate"...they'll have rethink that one out if they want to encourage people to go totally/or just about totally cashless. A couple of pluses is that it would be problematic trying sell the proceeds of robberies (there will be a record!) and put a dent into tax evasion ...again no making under the table transactions difficult.

      http://www.nytimes.com/2015/12/27/bu...ure-nears.html


      Wonder how the bitcoin movement is going.

      Lots of cashless transactions using mobile phone apps occurring in African countries where conventional banking is minimal in rural areas.

      We'll just get overrun by it at some time I feel.

      Comment


      • #4
        Bendit wrote: View Post
        A couple of pluses is that it would be problematic trying sell the proceeds of robberies (there will be a record!) and put a dent into tax evasion ...again no making under the table transactions difficult.
        There will always be a black market barter system. They can't stop that. It will make it more difficult for criminals to unload their good though and that's good.

        Comment


        • #5
          it will never happen ... you will always need money incase of emergencies

          when i was a kid i worked at a gas station and during lighting storms or any type of power outtages ( remeber the blackout in 2003/2004) you will always need cash to make the purchase you need to like gas or food etc

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