interestrateripoff Posted May 13, 2015 Share Posted May 13, 2015 How to end boom and bust: make cash illegal Forcing everyone to spend only by electronic means would give authorities better tools to deal with recessions and economic booms, writes Jim Leaviss It seems the idea of just electronic cash is growing. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted May 13, 2015 Share Posted May 13, 2015 How to end boom and bust: make cash illegal Forcing everyone to spend only by electronic means would give authorities better tools to deal with recessions and economic booms, writes Jim Leaviss It seems the idea of just electronic cash is growing. It seems my idea to leave Is growing I am more of the mind now that we won't see a continuation of the nominal crash but instead, systematic failure. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted May 13, 2015 Share Posted May 13, 2015 why would we want to end boom/bust. Its part of a healthy economy that busts put an end to malinvestment. Quote Link to comment Share on other sites More sharing options...
olde guto Posted May 13, 2015 Share Posted May 13, 2015 Of course electronic money will give greater control 10 N = 1 20 GET MONEY$$$ FROM person[N] 30 N=N+1 40 GOTO 20 Quote Link to comment Share on other sites More sharing options...
leonardratso Posted May 13, 2015 Share Posted May 13, 2015 attempt to stop bank runs, and makes it easier to sieze the cash, i think ken dodd had the right idea, keep it all in biscuit tins under bed. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted May 13, 2015 Share Posted May 13, 2015 why would we want to end boom/bust. Its part of a healthy economy that busts put an end to malinvestment. More than that, it implies an end to the business cycle i.e. the assumption of Olympian rationality and foresight on behalf of economic agents. And what's to stop people swapping their negative-yielding digital cash for another currency? Quote Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted May 13, 2015 Share Posted May 13, 2015 (edited) How to end boom and bust: make cash illegal Forcing everyone to spend only by electronic means would give authorities better tools to deal with recessions and economic booms, writes Jim Leaviss It seems the idea of just electronic cash is growing. Yeah because all those highly levered derivative and assets trades are done with wads of tenners. This is just more comedy gold from our financial overlords The reality is that fiat cash is just another type of government sanctioned credit note but if the state wants to chase people into harder assets that they wont find so easy to control or tax who am I to stop them Edited May 13, 2015 by stormymonday_2011 Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted May 13, 2015 Share Posted May 13, 2015 (edited) I remember when king Arthur said the same about the barter system and made up all use coins. or was that just a dream. Edited May 13, 2015 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
happyrichie Posted May 13, 2015 Share Posted May 13, 2015 how will i buy drugs and hookers? without cash how can you earn money? Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted May 13, 2015 Author Share Posted May 13, 2015 how will i buy drugs and hookers? without cash how can you earn money? Instantly reducing GDP, seems a great plan.... Quote Link to comment Share on other sites More sharing options...
renting til I die Posted May 13, 2015 Share Posted May 13, 2015 How to end boom and bust: make cash illegal Forcing everyone to spend only by electronic means would give authorities better tools to deal with recessions and economic booms, writes Jim Leaviss It seems the idea of just electronic cash is growing. Yes, yes, all sounds so very simply. Let the tap run, turn it up, turn it down. If things get really bad pull the plug out! SO simple. Hence why, even if it is implemented, it won't work! Quote Link to comment Share on other sites More sharing options...
renting til I die Posted May 13, 2015 Share Posted May 13, 2015 Instantly reducing GDP, seems a great plan.... Naaa they will just have to legalise everything! Quote Link to comment Share on other sites More sharing options...
Timak Posted May 13, 2015 Share Posted May 13, 2015 Electronic money only gives you the ability to apply an instant transaction tax every time it changes hands. This might be the best possible way of levelling tax, alongside a LVT. Unfortunately it is also pretty much a guarantee of constant surveillance of everything we do. Quote Link to comment Share on other sites More sharing options...
happyrichie Posted May 13, 2015 Share Posted May 13, 2015 Electronic money only gives you the ability to apply an instant transaction tax every time it changes hands. This might be the best possible way of levelling tax, alongside a LVT. Unfortunately it is also pretty much a guarantee of constant surveillance of everything we do. we already do get taxed every time cash changes hands... Quote Link to comment Share on other sites More sharing options...
scepticus Posted May 13, 2015 Share Posted May 13, 2015 Unfortunately it is also pretty much a guarantee of constant surveillance of everything we do. We're already there. There are already deep neural networks running in data centres that have been trained on all the data that has been accumulated in the cloud. Try the google translate service between english and french. Speak a sentence in either tongue and google spits back the translation in spoken voice immediately. That is done with a software neural network running on cloud servers and GPUs. These changes are not about finance and policy, they are technologically driven. This technology is not going to go away, and it cannot be wished or legislated away. Society needs to come to terms with it. Future money and monetary policy will be technologically driven, it is not really a democratic or macro-prudential issue, Negative interest rates may be a sideshow compare to other changes in the pipeline. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted May 14, 2015 Share Posted May 14, 2015 It's insanity. Giving full control to the Government is the last step towards enslavement. Quote Link to comment Share on other sites More sharing options...
erat_forte Posted May 14, 2015 Share Posted May 14, 2015 No I disagree, though all this is coming, people will still use other alternative methods, barter, informal private credit, reciprocal gift exchange, etc. We're already there. There are already deep neural networks running in data centres that have been trained on all the data that has been accumulated in the cloud. Try the google translate service between english and french. Speak a sentence in either tongue and google spits back the translation in spoken voice immediately. That is done with a software neural network running on cloud servers and GPUs. These changes are not about finance and policy, they are technologically driven. This technology is not going to go away, and it cannot be wished or legislated away. Society needs to come to terms with it. Future money and monetary policy will be technologically driven, it is not really a democratic or macro-prudential issue, Negative interest rates may be a sideshow compare to other changes in the pipeline. Quote Link to comment Share on other sites More sharing options...
renting til I die Posted May 14, 2015 Share Posted May 14, 2015 No I disagree, though all this is coming, people will still use other alternative methods, barter, informal private credit, reciprocal gift exchange, etc. +1, people already go out of their way to avoid paying taxes. If we all to pay a transaction tax every time we bought something, just think of the imaginative ways people would find to circumnavigate this! Quote Link to comment Share on other sites More sharing options...
Errol Posted May 14, 2015 Share Posted May 14, 2015 People will just move to using other forms of money. The criminal element, certainly, won't this stop them. Quote Link to comment Share on other sites More sharing options...
Travisher Posted May 14, 2015 Share Posted May 14, 2015 Electronic banking has its downside. A slip with a digger made most of Peterborough town centre cash points and banks unable to operate the other day. How many of you have any idea how much electricity is consumed moving those data packets around the world? Just one core Ethernet switch has 8 x 16Amp power leads going into it. The small company I work for has dozens of these. How long will the tankers keep delivering diesel to the backup generators at data centres when their deliveries are controlled over the Internet? Every FTTC DSLAM in the street has its own power supply - listen to the boxes with the BT superfast broadband stickers on them. A major power outage in a city will leave people penniless until the power is restored. How long did that fire under Holborn burn the other day? More and more commerce is dependent on the Internet. The government has naff-all control over the economy but if certain critical parts of the Internet are switched off there is no economy. Within 48 hours Londoners will have to resort to looting to survive. Maybe I'll keep gold and pay in bitcoin :-) Quote Link to comment Share on other sites More sharing options...
Timak Posted May 14, 2015 Share Posted May 14, 2015 +1, people already go out of their way to avoid paying taxes. If we all to pay a transaction tax every time we bought something, just think of the imaginative ways people would find to circumnavigate this! Depends what % that tax was, I've seen it mentioned in the fractions of a %. This example has it at 0.35% from each party. http://thetransactiontax.org/overview/ Quote Link to comment Share on other sites More sharing options...
Debbiebegood Posted May 14, 2015 Share Posted May 14, 2015 Obviously it is not enough for crooks ( who use government as window dressing) that only 3% of money in circulation is in cash. ( BBC quote a decade ago. Nowadays it is surely less than 1% after QE's ,FLS, etc.) They now want to totally eradicate cash and our freedoms in the process. For them, even the world is not enough. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted June 8, 2015 Author Share Posted June 8, 2015 http://www.bloomberg.com/news/articles/2015-06-08/apple-pay-to-link-to-loyalty-cards-and-be-available-in-the-u-k- Apple Pay will link to some stores’ loyalty cards and be available in the U.K. next month as the company expands the reach of its electronic-payments system. Pinterest and the Discover card also will work with Apple Pay, Jennifer Bailey, the head of the system, said Monday at Apple Inc.’s annual software developer conference in San Francisco. The company is adding store debit cards to the system, which will be available in more than 1 million locations starting next month, she said. Searches in Apple’s updated Map application will indicate if merchants support Apple Pay. In the U.K., Apple will roll out the payments system at 250,000 locations, including public transportation, next month. Chief Executive Officer Tim Cook is relying on new services such as Apple Pay to expand the company’s digital footprint and encourage people to stay with its products. Apple is fighting against Google Inc., EBay Inc.’s PayPal and others in a market that is likely to process $67 billion worth of sales this year and may increase to $142 billion by 2019, according to Forrester Research. Apple Pay, which essentially transforms an iPhone 6 and 6 Plus into a digital wallet, was touted as being an easy way for consumers and retailers to enter a new world of consumption. The biggest U.S. banks and credit-card networks are using Apple Pay to help accelerate adoption of mobile payments while maintaining control of their transactions. Cash slowly being attacked to move people to electronic money? Quote Link to comment Share on other sites More sharing options...
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