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Isn't it time to scrap cash?


Shqiptar

Well-known member
Joined
Mar 18, 2012
Messages
6,309
Perhaps it's purely anecdotal but I have heard it stated that one potential reason why the euro has maintained its value so well (and continues to) is because international criminals love it. In particular, they love the 500 euro note because it has such a high value denomination. It permits huge amounts of cash to moved around quite easily and untraceably.

If a drugs gang collects up to £1m [sterling] in twenties from its clients on street corners, those notes will weigh more than 50kg - about 50 bags of sugar. The equivalent in 500 euro banknotes weighs just over 2kg.
Be that as it may, the use of cash is a Godsend for terrorists, criminals and tax evaders all around the world. Just think how much extra a country like Greece could garner in tax revenue if all payments were done by traceable electronic means. Just think how devastating it would be for the criminal underworld if banknotes were no longer legal tender.

Far-fetched, you say? Come on, practically everyone has a mobile phone. In Sweden, only 3% of transactions are done with cash since cards and mobile phones can be used so readily to pay for items. The second article below describes the latest advances in recognition technology which would make transactions super-secure.

No doubt there will be those who would see this as an extension of governmental power, a lot more Big Brother. It depends on whether you feel more threatened by your own government or terrorists and criminals, I suppose.

Sources:
1.BBC News - 500 euro note - why criminals love it so
2.A Cashless Society May Be Closer Than Most People Would Ever Dare To Imagine
 

Mackers

Well-known member
Joined
Jan 24, 2011
Messages
5,526
I totally agree with scrapping cash. Please send you old stuff to Mackers c/o Bank of Ireland account no. 555666777. Thank you for your custom. It will go to a good home.
 

Neutron

Well-known member
Joined
Jan 6, 2012
Messages
3,980
NO.

Of course the elites would love us to scrap cash and rely on plastic.
 

darkhorse

Well-known member
Joined
Dec 12, 2005
Messages
18,210
Not going to happen - people are entitled to take posession of their money rather than leave it in a financial institution - ie cash
 

Shqiptar

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Joined
Mar 18, 2012
Messages
6,309
NO.

Of course the elites would love us to scrap cash and rely on plastic.
Not elite criminals and terrorists.

By the way, how do you think some of our own elites managed to diddle the system?
 

Shqiptar

Well-known member
Joined
Mar 18, 2012
Messages
6,309
Not going to happen - people are entitled to take posession of their money rather than leave it in a financial institution - ie cash
I don't see why but I'm sure that could be facilitated electronically.
 

Shqiptar

Well-known member
Joined
Mar 18, 2012
Messages
6,309
I totally agree with scrapping cash. Please send you old stuff to Mackers c/o Bank of Ireland account no. 555666777. Thank you for your custom. It will go to a good home.
Grand. There are a few big bags of Zimbabwean dollars and Argentinian pesos heading your way. You won't mind paying the postage?
 

darkhorse

Well-known member
Joined
Dec 12, 2005
Messages
18,210
I don't see why but I'm sure that could be facilitated electronically.
It cant
People want their money physically in their pockets
They own it so its theirs - and not dependant on any financial institution
 

viper999

Well-known member
Joined
Dec 9, 2011
Messages
2,093
No bloody way, would equal total control of our lives by elites and banks.
 

The Lighthouse Keeper

Well-known member
Joined
Jul 19, 2007
Messages
764
Absolutely not.
Cash is king.
It is one of the few remaining anonymous things we have.
Damned if my bank is going to know about every pint I buy, every bet I put on.......
 

SPN

Well-known member
Joined
Feb 2, 2004
Messages
16,863
What happens the day the ESB goes on strike?
 

Shqiptar

Well-known member
Joined
Mar 18, 2012
Messages
6,309
It cant
People want their money physically in their pockets
They own it so its theirs - and not dependant on any financial institution
How do you know what all people want?

Anyway, think about topping up a pay-as-you-go mobile phone. By the same token, you could take money out of your bank account in The Big Evil Financial Institution and hold it in an account stored in your own phone - to spend as you wish. How would that infringe your rights?
 

constitutionus

Well-known member
Joined
Feb 19, 2007
Messages
23,328
jesus no.

if this whole financial disaster has done anything its convinced people the exact opposite !

to paraphrase heston : they can drag my paper money from my cold dead hands !

im fupped if im gonna line some wideboy in a suits pockets just to transact basic business.

:D :D :D
 

constitutionus

Well-known member
Joined
Feb 19, 2007
Messages
23,328
What happens the day the ESB goes on strike?
that dear SPN is when ya learn who really runs the country !

:D :D :D
 

nonpartyboy

Well-known member
Joined
Dec 24, 2006
Messages
6,857
If you want to pay to put your money into your a/c, pay to keep your money in your a/c and pay to get your money back out then you work away.

Even with cash still readily available, the banks were deemed to important to fail......csn you imagine what they would be like with no cash full stop ?
 

Ribeye

Well-known member
Joined
Jul 12, 2011
Messages
26,306
Perhaps it's purely anecdotal but I have heard it stated that one potential reason why the euro has maintained its value so well (and continues to) is because international criminals love it. In particular, they love the 500 euro note because it has such a high value denomination. It permits huge amounts of cash to moved around quite easily and untraceably.



Be that as it may, the use of cash is a Godsend for terrorists, criminals and tax evaders all around the world. Just think how much extra a country like Greece could garner in tax revenue if all payments were done by traceable electronic means. Just think how devastating it would be for the criminal underworld if banknotes were no longer legal tender.

Far-fetched, you say? Come on, practically everyone has a mobile phone. In Sweden, only 3% of transactions are done with cash since cards and mobile phones can be used so readily to pay for items. The second article below describes the latest advances in recognition technology which would make transactions super-secure.

No doubt there will be those who would see this as an extension of governmental power, a lot more Big Brother. It depends on whether you feel more threatened by your own government or terrorists and criminals, I suppose.

Sources:
1.BBC News - 500 euro note - why criminals love it so
2.A Cashless Society May Be Closer Than Most People Would Ever Dare To Imagine
"maintained its value" - not against money it hasn't,

"terrorists" - depends on your point of view,

"criminals" - drug dealers are just giving people what they want,

"tax evaders" - heroic patriots,

The Euro bank notes will be going all right, don't worry about that,

Just not for the reasons in the OP:)
 

Shqiptar

Well-known member
Joined
Mar 18, 2012
Messages
6,309
If you want to pay to put your money into your a/c, pay to keep your money in your a/c and pay to get your money back out then you work away.

Even with cash still readily available, the banks were deemed to important to fail......csn you imagine what they would be like with no cash full stop ?
Not every bank in the world is as extortionate as the Irish ones.
 
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