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Children Aged Eight Can Have Their Own Mastercard: Debit Cards Can Be Topped Up By Parents For Their Offspring To Use

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http://www.dailymail.co.uk/news/article-2682659/Children-aged-eight-Mastercard-Debit-cards-topped-parents-offspring-use.html

Children as young as eight are being offered celebrity-endorsed Mastercards to use in shops, online or at cash machines.

The cards, created by British company Osper, can be topped up by parents with the child’s monthly allowance so they can spend it at will.

Banks already issue debit cards to anyone over the age of 11, but it is thought this is the first time younger children will be able to use them.

TV presenter Davina McCall is endorsing the prepaid debit card on her website, after it was launched last week.

Osper, which is backed by MasterCard, said it aimed to help children learn how to manage their finances at an early age.

But critics questioned whether the cards were simply grooming children into becoming ‘mini consumers’.

It's only a small step from debit to credit card and look the logo looks the same and you're off spending other people's money.

To be fair when even with a debit they are spending other people's money, there parents.

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If you want to buy anything electronically you are really going to struggle to use cash. The minimum age for prepaid credit cards used to be 13, has this changed?

I had 'debit' cards for my own accounts when I was a child but they were next to useless - but far better than the building society/postoffice pass books! They pretty much only worked in your own banks cash machines, being visa electron, cirrus, meastro etc.. very few shops accepted them initially. I remember the awkward moment at 17 going to the petrol station and being told the visa electoral was not accepted....

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Another step towards the cashless society.

Yes that's what I think. TBH I think getting rid of cash would be a good thing. It would force people to pay tax on earnings and help stop crime. With PAYM coming soon as well who needs cash.

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Yes that's what I think. TBH I think getting rid of cash would be a good thing. It would force people to pay tax on earnings and help stop crime. With PAYM coming soon as well who needs cash.

A cashless society is a statist's wet dream.

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A cashless society is a statist's wet dream.

But is cash any benefit to you?

Drug dealers

Dodge trades men and their clients.

Bribery

Shop lifters that sell on and their receivers.

All would hate a cashless society.

Can you imagine buying stolen goods say 2 years ago the thief gets caught and they look through his bank records and a policeman comes knocking at your door.

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But is cash any benefit to you?

Drug dealers

Dodge trades men and their clients.

Bribery

Shop lifters that sell on and their receivers.

All would hate a cashless society.

Can you imagine buying stolen goods say 2 years ago the thief gets caught and they look through his bank records and a policeman comes knocking at your door.

There's also the dark web, crypto currencies and if people don't like the state currency they could use something else.

Your dream has all the drawbacks of Joseph Stalin and few of the benefits you imagine.

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There's also the dark web, crypto currencies and if people don't like the state currency they could use something else.

Your dream has all the drawbacks of Joseph Stalin and few of the benefits you imagine.

Well I could see fags becoming a currency. But why would you want to keep cash if it meant you were more likely to become a victim of crime?

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We currently have a state monopoly currency. If we had more currencies to choose from, currencies would have to be better "behaved" to attract more users. For example, if you want more people to use your currency, you would not print too much of it, because people don't want to hold a currency that loses value. Also, if you wanted more people to use your currency, you would make sure your currency can be traded in as many places and as cheaply as possibly, driving exchange prices down, etc.

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But is cash any benefit to you?

Drug dealers

Dodge trades men and their clients.

Bribery

Shop lifters that sell on and their receivers.

All would hate a cashless society.

Can you imagine buying stolen goods say 2 years ago the thief gets caught and they look through his bank records and a policeman comes knocking at your door.

Are you for real?

Of course it's a benefit or offers potential benefits.

Firstly, no counter party risk holding credit with a bank.

Secondly, anonymity.

Thirdly, You physically hold wealth making confiscation much more difficult.

Your insinuation that anyone who would want to use cash is a criminal though, takes the cake. No doubt you're in the 'only the guilty want privacy' camp....

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Well I could see fags becoming a currency. But why would you want to keep cash if it meant you were more likely to become a victim of crime?

When your bank account is emptied by Britain's first bail-in you will realise that you have been a victim of crime.

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Are you for real?

Of course it's a benefit or offers potential benefits.

Firstly, no counter party risk holding credit with a bank.

Secondly, anonymity.

Thirdly, You physically hold wealth making confiscation much more difficult.

Your insinuation that anyone who would want to use cash is a criminal though, takes the cake. No doubt you're in the 'only the guilty want privacy' camp....

Yes, Sour Mash - in the words of Goebbells himself, you have nothing to fear if you have nothing to hide.

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Are you for real?

Of course it's a benefit or offers potential benefits.

Firstly, no counter party risk holding credit with a bank.

Secondly, anonymity.

Thirdly, You physically hold wealth making confiscation much more difficult.

Your insinuation that anyone who would want to use cash is a criminal though, takes the cake. No doubt you're in the 'only the guilty want privacy' camp....

When your bank account is emptied by Britain's first bail-in you will realise that you have been a victim of crime.

Yes, Sour Mash - in the words of Goebbells himself, you have nothing to fear if you have nothing to hide.

I agree with Goebbels.

If all the banks went bust as you are reading this post how much money would you have? I have just checked I have £20

You are saying that if the banks went bust there would be winners and losers and think you would be the winner. I think it would be better if we were all in the same boat.

You seem to have the same mind set as the Americans with their gun laws. You must have a gun to protect yourself. Even though you are about 100 times more likely to get shot.

I think less crime is better than more crime.

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Yes that's what I think. TBH I think getting rid of cash would be a good thing. It would force people to pay tax on earnings and help stop crime. With PAYM coming soon as well who needs cash.

Anyone who values freedom and privacy.

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I agree with Goebbels.

If all the banks went bust as you are reading this post how much money would you have? I have just checked I have £20

You are saying that if the banks went bust there would be winners and losers and think you would be the winner. I think it would be better if we were all in the same boat.

You seem to have the same mind set as the Americans with their gun laws. You must have a gun to protect yourself. Even though you are about 100 times more likely to get shot.

I think less crime is better than more crime

Don't fool yourself. If cash was eliminated for the man in the street, criminal organisations, dodgy politicians, and others would still get their benefits. The losers would be you and me, in that it would remove one of the last systematic controls on governments raping wealth from anyone not connected.

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Personally I would like to see one government run boring bank with 100% reserves.(positive money). And hundreds of private banks that make loans and offer interest to savers. The private banks would be allowed to go bust.

All money transfers would have to go vie the government bank. If a bank account had say a billion pound go through it yet only paid £30 in tax I would expect HRMC to investigate.

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When your bank account is emptied by Britain's first bail-in you will realise that you have been a victim of crime.

Never mind potential bail-ins (which are now a real threat with legislation being put into place to enable them) ... two years ago I lost access to my current and savings accounts for about a month thanks to RBS group computer problems.

Luckily I had a reasonable sized cash stash at home for emergencies, otherwise I'd have had to join the queues at bank branches begging for my own money just to meet the everyday costs of living. There's more than enough counter-party risk to justify the need to hold and use cash, especially with financial repression leading to near zero rates on deposits.

And on the privacy/freedom front, once the ability to use cash is gone, I wonder how long before we have 'emergency legislation' introduced to combat the usual strawmen to immediately freeze people's accounts? Very handy for keeping a lid on pesky dissidents, especially combined with near-omnipresent surveillance of private communications. And only a matter of time before full profiling of financial transactions takes place. All transactions, if they aren't already doing it.

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If you want to get rid of the cashless society fine, just as long as you've got something else to replace it with that's as easily transferable, portable, and doesn't leave a record of everything you do (i.e. doesn't completely fail the "mind your own business" test, which still applies even if you don't believe the information gathering possibilities will be used nefariously). The downsides of cash are an issue but less worrying than these others.

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Wouldn't surprise me if cash cannot be 'tagged' in the future, if it can't be already. Indeed I seem to recall a James Bond plot being based on 'tagged bank notes' to monitor money laundering operations

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I was nearly 17 and managed to go overdrawn on my Midlands bank account. More than once.
They couldn't work out how their system let it happen. :) Well they worked it out eventually.

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Wouldn't surprise me if cash cannot be 'tagged' in the future, if it can't be already. Indeed I seem to recall a James Bond plot being based on 'tagged bank notes' to monitor money laundering operations

RFID chips in money, already exists in the US, in progress in the EU. Could this also be why BOE wants to switch to plastic notes.

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But is cash any benefit to you?

Er, yes.

If you want privacy, cash is your only option. Well, until BTC catches on a bit more (although I see that heavy metal musos, "Mastodon" will sell you their latest album for bitcoin).

If you want to be immune to bank computer crashes, cash is your only option.

If you want to put something in a card as gift for a nephew, cash is your only option.

If you want to hedge against govt confiscation, cash is a pretty good option.

So, yes. Cash is a massive benefit to me.

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Never mind potential bail-ins (which are now a real threat with legislation being put into place to enable them) ... two years ago I lost access to my current and savings accounts for about a month thanks to RBS group computer problems.

Luckily I had a reasonable sized cash stash at home for emergencies, otherwise I'd have had to join the queues at bank branches begging for my own money just to meet the everyday costs of living. There's more than enough counter-party risk to justify the need to hold and use cash, especially with financial repression leading to near zero rates on deposits.

And on the privacy/freedom front, once the ability to use cash is gone, I wonder how long before we have 'emergency legislation' introduced to combat the usual strawmen to immediately freeze people's accounts? Very handy for keeping a lid on pesky dissidents, especially combined with near-omnipresent surveillance of private communications. And only a matter of time before full profiling of financial transactions takes place. All transactions, if they aren't already doing it.

Immediately after Lehman Brothers and all that I had a sizeable stash of cash at home because I was worried that the whole system would crash.

At that time I suggested to work colleagues that they consider doing the same and I was universally regarded as a loon. Even after Lord Mynor had conceded that at one point the whole system was four hours from seizing up completely my then co-workers were unable to take it in.

'The sun comes up every morning and the ATMs will always work' seemed to be their attitude.

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Immediately after Lehman Brothers and all that I had a sizeable stash of cash at home because I was worried that the whole system would crash.

At that time I suggested to work colleagues that they consider doing the same and I was universally regarded as a loon. Even after Lord Mynor had conceded that at one point the whole system was four hours from seizing up completely my then co-workers were unable to take it in.

'The sun comes up every morning and the ATMs will always work' seemed to be their attitude.

The sun will always come up in our lifetimes, probably, what you will see under that sun might be pretty nasty if the ATM`s failed.

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