How Long Will We Use Cash?

I recently wrote a post talking about our use of money….a sort of historic perspective…..

Source: Why Use Money? – In Saner Thought

Then I went on to talk about how it seems that there is a movement to replace cash with a plastic card of sorts…..the first I heard of it awhile back when Great Britain was replacing some of the their paper money…..

The prospect of living in a cashless society has grown steadily for decades but it might have now reached tipping point, after cards became Britain’s number one payment method for the first time.

According to data released by the British Retail Consortium (BRC) on Wednesday (12 July), cards now account for over 50% of payments processed in the UK for the first time. The landmark achievement was largely driven by a boom in contactless payments, which now account for approximately a third of all payments, compared with 10% in October 2015.

The so-called “tap and go” cards were introduced a decade ago in the UK and after a somewhat unimpressive start they appear to have finally won over British shoppers. An increase in the number of stores accepting “tap and go” payments has also contributed to the sharp rise in popularity of contactless cards.

Source: Beginning of the end for cash? Cards now UK’s preferred payment method

When I first read about this I thought that it was an interesting experiment…but how far would it really go?

I had to ask, huh?

Looks like the IMF (I never thought the IMF was all that important) has a program in place……

The International Monetary Fund (IMF) in Washington has published a Working Paper on “de-cashing”. It gives advice to governments who want to abolish cash against the will of their citizenry. Move slowly, starting with seemingly harmless measures, is part of that advice.

In “The Macroeconomics of De-Cashing”, IMF-Analyst Alexei Kireyev recommends in his conclusions:

Source: IMF Tells Governments How to Subvert Public Resistance Against Elimination of Cash – Rigged Game

If this attempt is successful then you will be at the mercy of the government…..I do not like that feeling…..I like the feel of CASH!

Any thoughts?

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6 thoughts on “How Long Will We Use Cash?

  1. The contactless card systems here are hit and miss. They can only be used for purchases of £30 and below, to minimise theft and fraud, and very often, the machines in the shops do not recognise them. Many independent shops have not upgraded anyway, so I rarely use that facility.

    The desire to do away with cash is a lot more than just a way to save money by printing and managing large numbers of notes of course. It is about knowledge and control. Who you are, what you bought, when you bought it, and where you were at the time. This goes way beyond marketing, and becomes surveillance.
    Even with cash in circulation, many places will not take it. Car rental companies, travel agents, hotel chains, and many other businesses all insist on card payment, to avoid not knowing who the customer is.
    So even if cash is retained in theory, it will be easy enough to make is less than useless.

    Best wishes, Pete.

    1. There are those here also that will not take cash…..plus some places if you use plastic and pay on-line they charge you a service charge…..I still have cash and will keep it if we ever have another horrible storm like Katrina at least I can buy goods I need when the power is gone…..chuq

  2. I honestly cannot remember the last time I had any bills in my wallet. I use the debit/charge constantly… regardless of the amount. It’s good to have some cash for natural disasters.. but that’s why God invented guns. 🙂

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