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 Post subject: Re: Is cash obsolete?
PostPosted: Sat Mar 24, 2012 9:00 pm 
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knuckles_95 wrote:
Here they have armored pick ups. Very rarely do you see someone doing a drop off at the bank.


They have armored car companies in Europe as well (also in South America). There have been some balls ass Michael Bay movie crazy robberies over there also. I think in Denmark (maybe Norway, I can't remember) an armored company's branch was taken down. Helicopters and fake bombs were involved. There was a youtube video of an armored car taken down in France (again not sure) I think. They pinned it in and used explosives to blow the doors off. Some cops saw it but couldn't do anything because they were heavily outnumbered by the crooks and big time outgunned (pistols versus assault rifles).

Here in the US you see a Brinks guard and he has a pistol. All the ones I've seen in Europe don't. The Brits wear a big riot helmet because it was common to hit them on the back of the head, take the money, and run.

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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Mar 26, 2012 11:59 am 
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Mr. McGibbletts wrote:
knuckles_95 wrote:
Here they have armored pick ups. Very rarely do you see someone doing a drop off at the bank.


They have armored car companies in Europe as well (also in South America). There have been some balls ass Michael Bay movie crazy robberies over there also. I think in Denmark (maybe Norway, I can't remember) an armored company's branch was taken down. Helicopters and fake bombs were involved. There was a youtube video of an armored car taken down in France (again not sure) I think. They pinned it in and used explosives to blow the doors off. Some cops saw it but couldn't do anything because they were heavily outnumbered by the crooks and big time outgunned (pistols versus assault rifles).

Here in the US you see a Brinks guard and he has a pistol. All the ones I've seen in Europe don't. The Brits wear a big riot helmet because it was common to hit them on the back of the head, take the money, and run.

I think they also carry a shotgun here. Do they have gun ports on the armored cars there? They do here. It seems like the Europeans are a lot ballsier when it come to those type of things. I can't think of too many times people here have tried to stick up an armored truck. It wasn't that long ago that this guy broke out of jail over there like 3 times by helicopter wasn't it? I vaguely remember a story about it.


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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Mar 26, 2012 12:21 pm 
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Kameolontti wrote:
robpost3 wrote:
it would be possible one day perhaps where the value of what an individual does and represents is measurable in some quantative amount to the whole of existence...
and one could exchange goods and services by their own assurance ...
I could see banks and finance, middle men service positions, and investment become direct without a need for outside management...
wait, I think the Vogans are listening...gotta dash...


I think there will be legislation that will be so complex that common Joe will always need to hire a specialist to get all the forms and official reporting right or he will be severely penalized.

What wouldn't a government be ready to do to ensure that there are (by definition futile and parasitical) jobs for the less than bright people with the right degrees. All those hard working but not so creative rich kids need someplace they can get paid higher than average wages without creating any value to the economy.

yes...
investment houses and portfolio managers is the game within the economy...it's Vegas (casino) with a dress code but it's also Vegas (casino) where you bet with 'other peoples' money...
I can't feel emotional sympathy when people lose their shirts and didn't take the time to really look into where and whom they give their savings and extra income and where it goes from there...
high return is a gamble...
otherwise you invest into stable lower returns or guarantees ...
but for the most part, people simply hand there money away and hope for the best...

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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Feb 19, 2018 3:18 pm 
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An update to the original post:

https://www.bloomberg.com/news/articles ... ne-too-far

Quote:
‘No Cash’ Signs Everywhere Has Sweden Worried It's Gone Too Far

By Amanda Billner

February 18, 2018, 6:00 AM EST Updated on February 19, 2018, 4:40 AM EST

    Cash usage declining both as share of GDP and in nominal terms
    Riksbank committee could publish report on issue in summer

[news video at above link]

“No cash accepted” signs are becoming an increasingly common sight in shops and eateries across Sweden as payments go digital and mobile.

But the pace at which cash is vanishing has authorities worried. A broad review of central bank legislation that’s under way is now taking a special look at the situation, with an interim report due as early as the summer.

“If this development with cash disappearing happens too fast, it can be difficult to maintain the infrastructure” for handling cash, said Mats Dillen, the head of the parliamentary review. He declined to give more details on the types of proposals that could be included in the report.

Sweden is widely regarded as the most cashless society on the planet. Most of the country’s bank branches have stopped handling cash; many shops, museums and restaurants now only accept plastic or mobile payments. But there’s a downside, since many people, in particular the elderly, don’t have access to the digital society.

“One may get into a negative spiral which can threaten the cash infrastructure,” Dillen said. “It’s those types of issues we are looking more closely at.”

Disappearing Cash
Value of Swedish notes and coins in circulation has dropped to the lowest level since 1990

[graph at above link]

Last year, the amount of cash in circulation in Sweden dropped to the lowest level since 1990 and is more than 40 percent below its 2007 peak. The declines in 2016 and 2017 were the biggest on record.

An annual survey by Insight Intelligence released last month found that only 25 percent of Swedes paid in cash at least once a week in 2017, down from 63 percent just four years ago. A full 36 percent never use cash, or just pay with it once or twice a year.

In response, the central bank is considering whether there’s a need for an official form of digital currency, an e-krona. A final proposal isn’t expected until late next year, but the idea is that the e-krona would work as a complement to cash, not replace it completely.

This version corrects a picture that showed Norwegian kroner.

Riksbank Governor Stefan Ingves has said Sweden should consider forcing banks to provide cash to customers. In its annual report on Monday, the Riksbank said the question is what role it should play in a future with even fewer cash payments.

“The Riksbank is carefully analyzing this development,” Ingves said. “Overall, I think we are facing structural changes in areas that have previously been stable. This is a development which will affect all the Riksbank’s departments and we will need to make strategic decisions regarding the way forward.”

— With assistance by Niklas Magnusson, and Sheldon Reback




Banks are pushing the use of e-payments.
I have recently seen tv commercials where Girl Scouts are accepting smartphone payments for their cookies.

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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Feb 19, 2018 3:55 pm 
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Having no cash at all would be a quick road to tyranny.

I suppose there's always bitcoins. Or, ultimately, some other form of alternative. Bit like cigarettes in jail, if you get rid of cash something else will spring up.

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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Feb 19, 2018 4:08 pm 
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EUBanana wrote:
Having no cash at all would be a quick road to tyranny.

I suppose there's always bitcoins. Or, ultimately, some other form of alternative. Bit like cigarettes in jail, if you get rid of cash something else will spring up.


My bold emphasis above.

Agreed.

In the United States, Federal Reserve Notes (aka cash) is legal tender and cannot be declined (by law if I am not mistaken) for use.

There are still plenty of people in the US that use cash or non-electronic payments to a large extent.
My parents are in their 80s. They do not use a smartphone (dad has a cell phone/non-smartphone).
They use credit cards but have never used a debit card.
They pay their bills every month by mailing a paper check to the creditor.
They are no alone as there are millions of senior citizens in the US who manage their money in this way.

I think that the convenience of using e-payments is wonderful.
I pay most of my bills via electronic payments through my bank checking account. I think that I write an actual paper check (at most) once a year or so.
I pay most of my retail transactions via credit or debit card.
However all of these transactions leave an electronic footprint.

I should be able to walk into a store and pay with cash, should I desire to do so.

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 Post subject: Re: Is cash obsolete?
PostPosted: Tue Feb 20, 2018 1:14 pm 
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My landlord will not accept cash or check for the rent. I have to pay through electronic bank transfer.

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 Post subject: Re: Is cash obsolete?
PostPosted: Tue Feb 20, 2018 3:27 pm 
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doggie wrote:
My landlord will not accept cash or check for the rent. I have to pay through electronic bank transfer.


Was that in the contract?

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 Post subject: Re: Is cash obsolete?
PostPosted: Tue Feb 20, 2018 8:20 pm 
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Lava wrote:
doggie wrote:
My landlord will not accept cash or check for the rent. I have to pay through electronic bank transfer.


Was that in the contract?


Pretty sure it wouldn't matter if it is or not, at least in the UK.

Money is legal tender, if you have a debt but offer to settle that debt in cash, as far as the courts are concerned the debt is settled. That's pretty much the definition of what legal tender is - "a form of payment legally recognised to be valid. Contracts aren't a universal get out of jail free card; someone can't contractually offer themselves up be sold as a slave for example, or to work below the minimum wage, even if they want to.

Depending on the amount anyway, in the UK the laws do specify amounts. I think 2p coins are only legal tender up to £1 or something, so no bringing a dump truck full of coppers to pay your rent to take the piss.

Of course, a landlord ultimately could just kick you out because they don't like the colour of your shoes, so while you might get the pleasure of making them accept hard currency, it might not be worth your while.

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 Post subject: Re: Is cash obsolete?
PostPosted: Tue Feb 20, 2018 9:15 pm 
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One of my colleagues made fun of me for not having a banking app on my phone. :lol:

My brother's father-in-law owned wrecking yards which is all cash. He would come home with envelopes with $10K in 20's and 100's and tell his wife to go spend it on clothes or jewelry. :lol: She got bored of that so she would give it to the Catholic Church in cash or the Greek Orthodox Church. When she died, the Catholics sent the Bishop of Orange County. Not to be outdone, the Greek Orthodox flew in a guy from fricken' Greece...long black gown, jihadi beard..guy was like the XO of the entire Greek Orthodox church. :lol:

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