Sunday, August 2, 2020

Here's What A Cashless Society Really Means

From the ATM Industry Association:
A cashless society means no cash. Zero. It doesn’t mean mostly cashless and you can still use a ‘wee bit of cash here & there’. Cashless means fully digital, fully traceable, fully controlled. I think those who support a cashless society aren’t fully aware of what they are asking for. A cashless society means:
* If you are struggling with your mortgage on a particular month, you can’t do an odd job to get you through.
* Your child can’t go & help the local farmer to earn a bit of summer cash.
* No more cash slipped into the hands of a child as a good luck charm or from their grandparent when going on holidays.
* No more money in birthday cards.
* No more piggy banks for your child to collect pocket money & to learn about the value of earning.
* No more cash for a rainy day fund or for that something special you have been putting £20 a week away for.
* No more nixers on the side because your wages barely cover the bills or put food on the table.
* No more charity collections.
* No more selling bits & pieces from your home that you no longer want/need for a bit of cash in return.
* No more cash gifts from relatives or loved ones.
What a cashless society does guarantee:
* Banks have full control of every single penny you own.
* Every transaction you make is recorded.
* All your movements & actions are traceable.
* Access to your money can be blocked at the click of a button when/if banks need ‘clarification’ from you which will take about 3 weeks, a thousand questions answered & five thousand passwords.
* You will have no choice but to declare & be taxed on every pound in your possession.
* The government WILL decide what you can & cannot purchase.
* If your transactions are deemed in any way questionable, by those who create the questions, your money will be frozen, ‘for your own good’.

(ht David Mueller)


  1. If anything is worth protesting, this is it.

  2. I get the weight of the argument. But when cash disappears IT wont be totally gloom and doom. Bartering and local community building will pick the slack and in the grand scheme of decentralization that isnt a bad thing.

  3. I think you understate it. If you step out of line, "they" could shut off your ability to spend a single red cent. No food purchase of any kind, no flophouse until you get your thoughts together, no uber-bus-gas-car, no lawyer to advocate for you, no investigator to find out why you are turned off, no trip to the TV station for an interview and no letter-phonecall-text to your representative, no prescription refills, no property tax payments, no pet food, no tuition for your kids, no utility payments, no help for your aged parents - no way to even contact your aged parents, no health care, no cancer screening . . . If you have an expensive watch or something else you can barter - maybe some nice shoes - you get one purchase, make it last.

    1. Exactly. This could lead to tyranny on levels never seen before.

  4. Also, the Covid19 pandemic is inducing some businesses to no longer accept cash on the basis of cash being dirty and pathogen-ridden. I know this because I see the signs on the doors of local establishments I pass in my everyday life.

    I think it is funny, too. The first business I observed with such a sign in the window was a beauty salon. Isn't it unbelievable? They are worried about cash....? I can't go to the public library any more, but I could, if I wanted, go to a salon and be served. What's happening to us?


  5. This is an important article, but some of these items probably will be possible in a cashless society.

    Take these two:

    * If you are struggling with your mortgage on a particular month, you can’t do an odd job to get you through.
    * Your child can’t go & help the local farmer to earn a bit of summer cash.

    While you won't get cash from the local farmer, it is possible for the local farmer to remunerate your help electronically. I know this because I transfer money electronically quite often. I've paid employees through electronic transfers since the mid-90's and I've used online banking since the early 2000's.

    It is very easy and once you know how to do it, much easier and quicker for both parties than cash or check transactions. All the farmer has to do is get the kid's bank account, go online and schedule the transfer. If the kid doesn't have an account and for some reason can't set one up, the parent's account can be used, though this is a little less convenient. It is still doable.

    People are going to have to have computers and access to the internet. If they can't afford these, they may be able to use computers at their public library or elsewhere. This also will be an inconvenience for them, but is not an insurmountable challenge.

  6. All noise. We will not see a cashless society in our lifetimes. 20% of people do not even have checking accounts or credit cards. They use cash. I see them at the PO buying Money Orders to pay bills.

  7. Cashless help us hassle free during this times of pandemic. Avoiding contamination. we should promote cashless transactions.