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Si1

An Attempt To Ban Cash (And Alternative Wealth Stores) Would Bring Down The Government. End Game In Sight?

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If Haldane's ludicrous proposal for seriously negative interest rates and a ban on cash were to be attempted, including an act of parliament to ban cash, precious metals and other currencies, then I think (1) the act of parliament would be voted out due to a galvanised opposition and rebelling Tory MPs, (2) the government would then go on to lose a vote of no confidence

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Basically all hell would break loose....I hope, or are people really far down the path to just accepting anything then going back to their Fakebook and Corrie now?

No, people aren't that drugged up on tv, witness the enthusiasm for Corbyn

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That would mean no ATM's required, might solve one problem...so what if all the IT systems/ credit cards refused to work?...Bonner has a point, looking more believable as things progress...scary.

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Bonner has a point, looking more believable as things progress...scary.

Yes

Makes me think of the world portrayed in the hunger games...

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Poeple would just use something else - conch shells, greenshield stamps, the Euro. Remove cash or debase the currency and off they go.

Cash serves a purpose. The BoE thinking is a bit too abstract and the likes of Haldane are a bit to sheltered and precious.

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Poeple would just use something else - conch shells, greenshield stamps, the Euro. Remove cash or debase the currency and off they go.

Cash serves a purpose. The BoE thinking is a bit too abstract and the likes of Haldane are a bit to sheltered and precious.

or bitcoins. the rising price suggests some already are. Edited by evetsm

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Negative interest rates on savings accounts would be the point of no return. Capital controls would have to be in place for that to happen. And then all hell would break loose.

I don't think they'd get the capital controls past parliament.

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Hmmm. Negative rates. I guess landlords and homeowners would love it. Seems a democratic vote winner to me based on the experience of the last 20 years

I think a huge coordinated protest vote (including me) would roll Jeremy Corbyn into downing street

If the choice is that simple I'd rather be an impoverished comrade than an impoverished serf

Edited by Si1

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It wouldn't affect who gets knocked out of Strictly next so hardly anyone will be bothered.

But it would affect their ability to buy a cheap TV off a bloke in the pub for cash, people would notice this.

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Hmmm. Negative rates. I guess landlords and homeowners would love it. Seems a democratic vote winner to me based on the experience of the last 20 years

Precisely, a coalition party with a flagship policy of making shelters more expensive by underwriting mortgage defaults with our taxes, were voted in with a clear majority. If any of the underclass/insurgents noticed (while Strictly and X Factor are on) and looked like complaining, they could always change the vote and only allow homeowners to have a vote.

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I don't if that would be enough to spark people into action

But I do look at some of the things that the government does and wonder if it is an attempt to wind people up towards action

Little things, like giving £3m to China for football

Bigger things, like denying an EU referendum

Big things, like giving bankers £385bn

If the government really wanted to wind people up, I don't know what it would do differently sometimes

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But it would affect their ability to buy a cheap TV off a bloke in the pub for cash, people would notice this.

OK I'll sell it to them with a governbankmentspeak...

"While immigration is good for the economy, we have listened to the public and decided to try prevent illegal immigrants. They largely come to the country to earn cash in hand. Therefore we are imposing a 10% cash handling fee on any cash purchases. At the same time retailers will be made to give a 5% cash back on any card purchases".

I've ticked the anti-immigration and price inflation boxes

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OK I'll sell it to them with a governbankmentspeak...

"While immigration is good for the economy, we have listened to the public and decided to try prevent illegal immigrants. They largely come to the country to earn cash in hand. Therefore we are imposing a 10% cash handling fee on any cash purchases. At the same time retailers will be made to give a 5% cash back on any card purchases".

I've ticked the anti-immigration and price inflation boxes

My dad would love that. A heady mix of racism and house price pumping.

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There are rather a lot of people who do stuff cash-in-hand. Tradespeople, people who buy and sell things (car boot sales, small ads, ebay, stalls at vintage fairs), people who rent rooms on Airbnb, mechanics, sellers of bunting and cushion covers...

Some of them even vote. No political party could get this past the electorate.

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I would absolutely love them to do this. The fact they are even discussing such a ridiculous idea shows how dire things actually are behind the curtain.

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We're in a recovery and NIRP is being discussed. The US is also in a recovery, but the Fed for the first time in their history have plotted two dots in NIRP territory of where they think interest rates could go. Recovery n. a fukced-up economy.

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How would MPs and lords pay for Cocaine and Underage hookers?

I would give it about ten minutes before alternatives appeared and these would all start to undermine sterling from which a great flight would take place almost immediately.

Like how the war on drugs just makes for more drugs.

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I don't think they'd get the capital controls past parliament.

No need to involve parliament. The BoE has the power to regulate the banks and could just order the banks to impose capital controls under existing legislation. Something similar happened to me with a credit union where the BoE ordered the union to prevent savers from withdrawing their money for several months.

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I think there would be some advantages of getting rid of cash. I remember hearing a plumber complaining. He wants 400 for a job with 40% tax and 20% vat he puts in an honest quote for 1000 only to find he is under cut by someone who does it for 400 cash in hand.

When you are up against this do you blame them for being dishonest?

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I think there would be some advantages of getting rid of cash. I remember hearing a plumber complaining. He wants 400 for a job with 40% tax and 20% vat he puts in an honest quote for 1000 only to find he is under cut by someone who does it for 400 cash in hand.

When you are up against this do you blame them for being dishonest?

Blame whom? Punters are every bit as complicit.

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