Cash, are its days numbered?

It already happens with cash; that’s why cash machines often charge a fee.

The reality is that handling cash costs money. Securing it, counting it, banking it and accounting for it all take time and cost money. Cash isn’t free.

I refuse to purchase from businesses that charge me for using a card. They’re morons who don’t understand their cost of cash and haven’t worked out that it’s far cheaper to use a payment gateway like Square.
I will not use cash machines which charge me to take my own money out, nor will I purchase from businesses which charge me for using a card.
 
last I heard they were still trying to get into the fed to count it and were being refused.

31 billion is not a lot of their reserves - a 1000 tons or so which is what they held in europe as petty cash built up to avoid the fact they couldn't get access to their US stocks..

that still leaves over 10,000 tons in new york.

I last heard they had 11,500 tons though which is what the EU is desperate to get its hands on.

Italy had 2,500 tons last time I checked. enough to support the new lira when it comes.
Where are you hearing these stories from. There is a Clive Cussler (I think it was him) fictitious book about banks using all the gold that they have in their care then countries wanting it back.
 
nor will I purchase from businesses which charge me for using a card.
Are you yet another person who doesnt just go with the cheapest option?
 
One of ancient civilizations had "tokens" for use in brothels. It was considered disrespectful to use the Emperor's (or King's) money in such places.
May have been the Romans. Can't remember now.

Anyhow, such tokens could also start trading as a physical currency, and in fact may have been less subject to debasement, as they were actually backed by the service of the prostitute.

In the USA laundry detergent has traded as a currency for some reason.
Green Shield stamps?
 
last I heard they were still trying to get into the fed to count it and were being refused.

31 billion is not a lot of their reserves - a 1000 tons or so which is what they held in europe as petty cash built up to avoid the fact they couldn't get access to their US stocks..

that still leaves over 10,000 tons in new york.

I last heard they had 11,500 tons though which is what the EU is desperate to get its hands on.

Italy had 2,500 tons last time I checked. enough to support the new lira when it comes.
Not sure which will go first, cash or the Euro currency. the € is little more than a monopoly currency anyway and unless the Despots in Brussels create a single treasury with a zone-wide budget then that's where it will always remain, in a games box with the rest of the pieces. IMHO the entire COVIC-19 virus is being used as the 'perfect storm' for closing economies worldwide while the US Fed prints trillions and trillions of $ whilst inflation can't happen as there's no financial velocity to cause it. Meanwhile, the FED buys everything and destroys all forms of competition.
 
And removing cash would shine a light on the black economy that they rely on, and perhaps remove the driver to create the beds in sheds underclass
Perhaps in first world western countries.
 

Chef

LE
I will not use cash machines which charge me to take my own money out, nor will I purchase from businesses which charge me for using a card.
As I noted earlier I think you'll find that money handling costs are built into the profit margin of any prudent business plan.

Be it for cash or cards.

I notice that areas with limited ATM access tend to be the ones with the highest charges to get your own money out and where there is a choice it's usually free. Once that option is taken away expect to pay every time you use your credit/debit card.
 
Sure the fella at the bottom of the pile living on a dollar a day still needs cash but he is accounting for fewer and fewer of the population even in third world countries. And even the poorest who are in receipt of very basic government welfare aren't getting cash, they are getting e-cards that are supposed to be (supposed to be) used only for basic needs.

But hundreds of millions of people who would be termed "poor" by western standards are actually doing alright in their terms. They have mobile phones which are cheap and nasty but connect to basic internet services that allow them to shop, pay bills, transfer money, top up phone credit and use bank services without ever darkening the door of a bank.

You see them at the convenience store checkouts using their phones or cards to buy noodles and pay their electricity bills, pay for train tickets or send money to their mother down in the kampong. Given that most of them (working as security guards, factory workers, cleaners) are paid electronically they will never see cash from one day to the next.

The motorcycle taxis are all operating under big companies now like Uber, and again you order them, they pick you up and drop you off and all of it, including payment, is done on the phone. Likewise the clapped out buses are now using basic tap and enter cards. Cash is dying out in the third world quicker than it is in the West.
When last were you in down and dirty Africa?
 
Neither of the first two are essential; use a rechargeable device with a mobile connection.

My family and our businesses are near enough cash free. I can’t remember the last time I drew cash out of the bank or even carried a card. Over a year ago for sure.

We very rarely take cash in our businesses, both of which sell to the consumer. Next to no-one offers it any more. Even those who are still wedded to cash use top-up cards. We’ve actively discouraged cash for a while; it’s a pain in the arrse to handle.

We use secure, contactless payment using a Square POS connected to an iPad which cost about £20 and charges 1.7% fees for any card. The fees are worth it; there’s no need for reconciling cash and it connects directly to our accounting software.

Cash has had its day.

What do i give to my grandchildren when they visit, how do i explain to a 8 year old that"you need to buy a card reader, and get a bank account" how are the young going to find out about the worth of money earned, without seeing the real thing, in its raw form, and understanding its worth, and function. What do i give my 16 year old grandson when he cuts my hair? what do i put into the paperboys Christmas card .....a F-ing IOU?
 
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I am an econoMISER.
Clearly you arent as you dont base your purchases on the cheapest overall option, just those that do not have visible additional fees
 
Interesting that the notion seems to be that cashless will afflict the poorest the most. Certainly in the U.K., they seem the most tech savvy.
I think those that like cash the most are middle class for showing off purposes and because their businesses are more precarious.
A few months ago I was behind a rather attractive woman in Sainsbury’s. Nice hair, nails, shoes. Her shop was quite big, with nice booze, so came (to me) a quite eye watering amount. She paid cash. I happened to see her in the car park in a fairly new Audi Qthingy.
I guess you just can’t beat the wonderful anonymity of cold, hard, cash.
 

sand_rat

Old-Salt
Neither of the first two are essential; use a rechargeable device with a mobile connection.

My family and our businesses are near enough cash free. I can’t remember the last time I drew cash out of the bank or even carried a card. Over a year ago for sure.

We very rarely take cash in our businesses, both of which sell to the consumer. Next to no-one offers it any more. Even those who are still wedded to cash use top-up cards. We’ve actively discouraged cash for a while; it’s a pain in the arrse to handle.

We use secure, contactless payment using a Square POS connected to an iPad which cost about £20 and charges 1.7% fees for any card. The fees are worth it; there’s no need for reconciling cash and it connects directly to our accounting software.

Cash has had its day.
I also believe cash will go but not in the near future, there are still parts of the UK that are off grid, yes its true, I didnt believe until I bumped into it (parts of the Lake District and parts of Northumbria), farms and businesses run on generators! Also vast areas that have no mobile signal (pre early retirement its what I did for a living - last year).
So in urban conurbations no probs but in the stacks . . .
Out of curiosity BTB, you city/town/village/middle of nowhere located. And not wishing to get into shouting match here, this is one of the more grown up threads methink.
 
I recall reading about a pub in Suffolk that went cashless a couple of years back (some other boozers claim to have done the same, earlier).
No cash handling, no chance for the staff to pilfer from the till. Most local users got used to it quickly enough.
And if all else fails, I think he could still use the manual card reader (remember those, and the collection of flimsies with a drunken squiggle on?).
I don’t mind sticking meals and drinks on the credit card, but for a couple of pints prefer cash myself. I just like the feeling of having some cash in my pocket and minor change can go in the charity tin.
 

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