Yet another attack on cash. This one coming from Denmark via a new law.
It is cleverly being marketed as giving retail stores the "freedom" not to accept cash.
No doubt, though, I'm sure we will hear soon enough that this freedom worked so well that cash will be banned for all transactions in the kingdom.
Specifically, as part of a"growth" package presented by the government, some Danish stores will be granted an exception from laws requiring them to accept cash, though, the government’s proposal will still require supermarkets, doctors, dentists, post offices and pharmacies to accept cash.
If the government’s proposal is approved, stores could begin rejecting cash on January 1, 2016.
-RW
I can't help but think this trend is going to actually speed the process of devaluation of fiat money via Gresham's law. Black markets could become the norm- it has historical precedence in states that debased their currency to the point of inflection.
ReplyDeleteIf they force people to choose between violating legal tender laws and eating, even the sheeple will choose to graze.
States could be risking their control as a result.(which is a good thing)
To go along with these measures, I imagine the banks will begin offering incentives to merchants who stop accepting cash. Any news on this aspect of it?
ReplyDelete