Who Wins in a Cashless Economy?

[empip]

From R4 'The Inquiry'.
http://www.bbc.co.uk/programmes/p047p4dj

'...Millions of people around the world now conduct their lives with hardly any cash at all and in terms of convenience, most of us are winners. But warnings are sounding about the driving forces behind this shift. Are we in danger of getting rid of our cash without really understanding the consequences?...'

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[Brigade77]

You need to understand basic economics & very, very few people do.

Start learning economics NOW.

There is a movement within world economics that wishes to introduce negative interest rates. They cannot successfully achieve this whilst £cash still survives. If our money is in the bank & is subject to a negative rate of interest, then we simply withdraw it in £cash form & stuff it under the mattress.

Banks will not be hurt by negative rates of interest, WE are the ones hurt.

Why do they want negative rates of interest?

I've studied economics for 20+yrs & still can't get my head around that one.

 

[motorbiking]

Contactless payment is a good example - its a way for the banks to charge fees on transactions that would normally be cash.

The inconvenience for the consumer is having to line your wallet with tinfoil to stop scammers scanning your cards on the tube or in a busy pub, with a handheld device

 

[woodbine]

The tax man wins. He will know your every move if you only use cards and be able to monitor every last penny of your incomings and outgoings. I use cash as much as possible.

Big business may also win too. Years ago, when I had a credit card it didn't really feel like I was spending m own money. So I spent more on things I didn't need and racked up debts. Good for retailers and the credit card companies who charged me interest. Now I mostly use cash, I can only spend what I have, and handing over folding makes you more aware of the value of money.

 

[HawkEye244]

Cash less society would be horrible for everyone because it would give already lunatic power circles more leverage and more monopoly as there is no balance. I'm convinced it will eventually happen but this will give rise to all sorts of opposition movements. There are already small societies now springing up (small communities) that are self sufficient, they try to not use fiat money, instead they use trade/barter. So a hark back to traditional ways of trading. This is small at the moment, unheard of. But if a one world, one nation government is what these creatures want they will get it and many will fall outside that system and have no option but to turn to these outcasted communities. They want a system where they can shut you out with the click of a button, no money would mean you cannot exist in the system. They could shut you out or steal all your money for any reason they like, non-compliace, non-payment of fines you don't even have to pay, etc etc etc. People are dumb though, you can rely on them to make this happen because the group collective is hopelessly thick, we just sit and let it happen.

 

[Brigade77]

The tax man wins. He will know your every move if you only use cards and be able to monitor every last penny of your incomings and outgoings. I use cash as much as possible.

Big business may also win too. Years ago, when I had a credit card it didn't really feel like I was spending m own money. So I spent more on things I didn't need and racked up debts. Good for retailers and the credit card companies who charged me interest. Now I mostly use cash, I can only spend what I have, and handing over folding makes you more aware of the value of money.

You're confusing money with credit.

It's possible to have a cashless system which doesn't include credit.

 

[Brigade77]

Cash less society would be horrible for everyone because it would give already lunatic power circles more leverage and more monopoly as there is no balance. I'm convinced it will eventually happen but this will give rise to all sorts of opposition movements. There are already small societies now springing up (small communities) that are self sufficient, they try to not use fiat money, instead they use trade/barter. So a hark back to traditional ways of trading. This is small at the moment, unheard of. But if a one world, one nation government is what these creatures want they will get it and many will fall outside that system and have no option but to turn to these outcasted communities. They want a system where they can shut you out with the click of a button, no money would mean you cannot exist in the system. They could shut you out or steal all your money for any reason they like, non-compliace, non-payment of fines you don't even have to pay, etc etc etc. People are dumb though, you can rely on them to make this happen because the group collective is hopelessly thick, we just sit and let it happen.

A cashless system like Bitcoin is the answer to all the fears you mention & many more that you couldn't even think of.

The banks don't like Bitcoin, they will destroy it. They will destroy it because nobody really understands economics.

 

[big-all]

negative interest rates are to encourage people to put there money elsewhere to try and get a return they will open out that supply to other avenues
in other words the banks wont give to startup or peer to peer lending and similar setups
its to encourage you to have an extension or a new car a holiday
the same reason they freed up pensions to try and stimulate the economy and it didnt work

 

[HawkEye244]

A cashless system like Bitcoin is the answer to all the fears you mention & many more that you couldn't even think of.

The banks don't like Bitcoin, they will destroy it. They will destroy it because nobody really understands economics.

Ahhhh don't believe it. If bitcoin was such a threat they would have shut it down. I think it's more the case they are trialing it themselves to then model the parts they want applied.

Look at the amount of money they expend trying to trample and invade peoples right to anonymity.

Look at all the money the intelligence services are given, these people they employ to find ways to help gather more control to the power circles because that's a natural progression. They are not doing it for the people they are doing it for them at the peoples expense.

People do understand economics, what's difficult to understand? Everything is built on debt. Money that doesn't exist. The crux of money mechanics.

 

[Gerrydelasel]

Money that relies entirely on electronics and and an internet connection sounds like a bad bad bad idea.

 

[Brigade77]

negative interest rates are to encourage people to put there money elsewhere to try and get a return they will open out that supply to other avenues
in other words the banks wont give to startup or peer to peer lending and similar setups
its to encourage you to have an extension or a new car a holiday
the same reason they freed up pensions to try and stimulate the economy and it didnt work

They like you to THINK that that is the reason !

But if you sit down & think about it . . . . People tend to spend money when they're confident that money is coming in, it's only when times get hard do they tend to horde it.

IMO they want to create these hard times but they don't want us folk horde'ing our money in safe havens, like under the mattress.

US, with our relatively small amounts of money are the intended victims.

 

[Brigade77]

Ahhhh don't believe it. If bitcoin was such a threat they would have shut it down. I think it's more the case they are trialing it themselves to then model the parts they want applied.

Look at the amount of money they expend trying to trample and invade peoples right to anonymity.

Look at all the money the intelligence services are given, these people they employ to find ways to help gather more control to the power circles because that's a natural progression. They are not doing it for the people they are doing it for them at the peoples expense.

People do understand economics, what's difficult to understand? Everything is built on debt. Money that doesn't exist. The crux of money mechanics.

Bitcoin has them scared ****less & they WILL destroy it. However, it is the engine behind Bitcoin that is the real threat, the blockchain. If you understand how the blockchain works it is this which replaces the banks.

People DO NOT understand economics. In the wild west a man piled all his family & belongings into a wagon & staked his claim on free land. Everyday they worked the land their lives got a little bit better. Today, nobody understands why their lives aren't getting better for everyday they work.

 

[Foxtrot Oscar]

I'll win in a cashless economy.... I have less cash anyone so I'm already ahead..

 

[Judy in the sky]

Thing is,, if we become a cashless society, what's to stop every bank putting charges on all accounts? You need a bank account just to get a card. The bank then can change the terms and conditions of your bank account, simply by giving you 30 days notice. If every bank agreed between themselves to start charging for accounts, they'd be quids in and we'd be quids down.
What happens if the internet goes down and you've just filled your tank up at Sainsburys? What happens when you get to the checkout in Asda and the machines reject your card when you've just done the weekly/ monthly shop? What happens when your down the local and your card's declined, just as you've got a round of drinks in? Hmmmmmm Cashless society,, No Thanks.

PS, what's with these new £5 notes? The Bank of England told us they'd last longer. I had two halfs of lager the other night and bought my friend a half of bitter and "whoooomph" it had gone.

 

[HawkEye244]

Thing is,, if we become a cashless society, what's to stop every bank putting charges on all accounts? You need a bank account just to get a card. The bank then can change the terms and conditions of your bank account, simply by giving you 30 days notice. If every bank agreed between themselves to start charging for accounts, they'd be quids in and we'd be quids down.
What happens if the internet goes down and you've just filled your tank up at Sainsburys? What happens when you get to the checkout in Asda and the machines reject your card when you've just done the weekly/ monthly shop? What happens when your down the local and your card's declined, just as you've got a round of drinks in? Hmmmmmm Cashless society,, No Thanks.

PS, what's with these new £5 notes? The Bank of England told us they'd last longer. I had two halfs of lager the other night and bought my friend a half of bitter and "whoooomph" it had gone.

And that's the point it gives the banks even wider scope for corruption. They will sell it as something else though like they always do. Fraud/consumer protection etc, undercover of the real motive which is a larger degree of control and surveillance.

Reminds me actually I heard of something the DVLA wanted to propose that in order to get a driver's licence you have to give DVLA your bank details so that any fines can be automatically processed without any trial or defence a motorist might have lmao. I heard they proposed this because they are unhappy on the admin fees they incur chasing fines/debts they impose on people. What an interest world eh.