War On Cash Begins; India, Australia and Others Begin Ban on Cash

a reply to: St Udio

Freedom?

the banks & ATMs are busy dissuading people from using cash...first to control your behaviors

later in a phase 2, the 'free' ATM will not dispense folding money at all but will deliver the product which will be a re-fillable charge card to condition the holder to 'buy' something every day with the card or the card will no longer be active after 36 hours of no debit transactions

Eventually the people will stand up and say enough.....I live in a small rural town and the power went out for half a day and no atm was working including the stores machines....there was a meltdown, angry people everywhere, staff at the service stations being abused it was chaos...unless they have a solution for that cash free will not work in the long run

originally posted by: slider1982

originally posted by: slapjacks
a reply to: seasonal

Where are you getting this "info" from other than the youtube video? IMO, it doesn't seem very logical to "ban cash"

Hi mate my 2pc..

I am from London UK and the "cash" system here is going at a alarming rate, you can no longer use cash for a bus fair and if you want to purchase a car from a dealer you may well be refused or they will only accept a tiny amount and the rest has to be a bank transfer, I witnessed this situation recently with someone and the dealer stated they had to comply with money laundering laws.

If you want to get anything over a menial amount of cash from your bank it is like a job interview, I wanted to get £10000 for a construction project and had to go into a room to discuss it with a "senior" member of staff..

It is a real thing and people here are giving up on cash at a alarming rate, personally anything I purchase outside of essential is cash but I am very much in the minority...


RA

In Germany at least 50%, i guess more, pay with cash.
The others stand in the line in front of you, maybe in the supermarket, and need twice the time because they have to pay their 0,79 with a banksters card. I am for separated cash desks, some for people paying with real money, which are way faster. And some for that damned banksters cards.
People that pay with real money should be preferred everywhere at everytime!

originally posted by: seasonal
a reply to: AndyMayhew

The story is about removing, if it were America the $100 and $50, and according to the story, they are not replacing them. Where did you get that info, I am interested to see if they are indeed going to restore the larger bills.

Er, from the news ....

www.india.com...

For more info:

www.rbi.org.in...

(Okay the new notes are R500 and R2000 rather than R500 and R1000 - but they are most definitely NOT doing away with money!)

As an aside, I run a retail business in the UK and 99% of my trade is in cash, the remainder by cheque.

And I get really pissed off with card machine companies ringing me up, telling me most of my customers prefer to pay by card, and refusing to even accept that they are totally wrong.

In the past year I lost exactly 0 sales due to not being able to accept card payments.

But I get even more pissed off by people in the supermarket paying for a load of bread and a pint milk with a card. Cash is so much quicker!

originally posted by: DerBeobachter
In Germany at least 50%, i guess more, pay with cash.
The others stand in the line in front of you, maybe in the supermarket, and need twice the time because they have to pay their 0,79 with a banksters card. I am for separated cash desks, some for people paying with real money, which are way faster. And some for that damned banksters cards.
People that pay with real money should be preferred everywhere at everytime!

Totally agree with you! (see above)

a reply to: seasonal
Making people go to A.T.M's for their cash is a way of cutting down on staff costs. For the same reason that London Underground have abolished manned ticket booths, forcing people to use machines.
India banned particularly large denominations of notes, not notes in general.

on the local/county/state level... there is a established bias on property tax payments


if you pay in cash there is a 3% penalty in addition to the assessed tax

if you wish to use a debit/credit card there is also a penalty added on to the assessed tax

Only by paying your property tax with a check can you avoid any penalty...
(is this a issue to have taxpayers own a checking account? in attempting to have the citizens funnel funds through an established Bank acting as a legal filtering agent ? (hey a bounced check pays the Bank handsomely for the short-term loan)
I think I smell a conspiracy or at least a rationalized way of funds transfers that can be a bonus to the payer~or-payee with the check writer getting skinned...
the big credit card issuers can claim 'no-fault' for electronic errors...
the tax collector needs not have armed security to secure large piles of cash on tax deadline day

there's a reason for the penalties I can't quite fathom as yet... but it weaves in with the war-on-cash agendas all over the place

a reply to: DISRAELI

This is all leading to either joblessness-base income or it gets ugly. For the time being the Corps have $ in their eyes, but are being very short sited.

There is a symbiotic relationship between consumers and corps. One side, the consumer, is suffering and it will soon start to effect the Corps. Then it is pucker time.

Making people go to A.T.M's for their cash is a way of cutting down on staff costs. For the same reason that London Underground have abolished manned ticket booths, forcing people to use machines.
India banned particularly large denominations of notes, not notes in general.

Although you aren't legally allowed to create a private currency, scrip and voucher systems can be used as an alternative to out right bartering. Coupons, tokens, vouchers and scrips are legal if they don't look like the official currency or are minted coin from metals. They have been and still are being used like cash in certain communities and there are problems with getting people to use them, but if the government eliminates physical currency, you could go this route on a local or regional basis.

I can see a Bartertown scenario (open air or flea market) where this could work. Exchange goods with intrinsic value for scrips, like say metals, then use the scrips for purchases within the open air market. Any scrips not used could be exchanged for the goods that back the scrips in circulation. Items that have a limited shelf life are normally not used as an exchange commodity. I could see using minted coins, like pre-1981 copper pennies or current nickles, as an exchange commodity. esp. if the government decides to eliminate the penny like they want to eliminate the larger denominations ($100 and $50 bills).

Scrip

Voucher

Scrips are often used for fundraising activities. Here is a website that offers this service.

Shop With Scrip

Many companies offer company scrips, like Disney Dollars. There is plenty of historical examples of scrip and vouchers being used.

There are other private "currencies" like bitcoin, of course that is a cashless deal.

It would be somewhat complex to fix a value to whatever you call your scrip or vouchers. I suppose that would depend on what was accepted in trade for said vouchers. Services can be exchanged in this way as well, but I imagine that services or commodities that are in the highest demand will be equal to higher value vouchers. If there is a worldwide economic collapse, then runaway inflation would make comparisons to legal tender currencies and metals difficult.

Then there is counterfeiting scrips and vouchers. Perhaps a method of keeping track of serial numbers in addition to watermarks on specially produced paper could do the trick.

It would be complex to do, but it would be like having cash in hand in a local economy. No worrying about runaway inflation, government tracking purchases, getting the Cyprus haircut, or negative interest rates.

ETA: Another consideration is what happens to scrips and vouchers that aren't spent but lost or saved? Perhaps a time limit can be placed on certain scripts so that you'd have to renew them every month or so, and other scripts would be used for savings. If enough scripts are in circulation, the voucher exchange for holding the goods backing them, would need a large warehouse type vault and incur expenses doing so. I imagine that issued scripts would need to be valued at a certain percentage less than what was exchanged in order to cover the cost of producing them and securely holding the backing goods. The exchange would need to be a not for profit business that only pays the costs for doing business.

a reply to: seasonal

One bank, in Australia, is stopping doing cash out services at their tellers... The ATM's are still staying.

There are 25 deaths associated with the India's decision to kill large bills. From suicides to hospitals not excepting cash anymore. A large number of Indian businesses will only except cards.

India banned there two largest bills to scoop up all that unaccounted for money. They will be releasing a larger bill later, a 2,000 and 500 Rupee.

originally posted by: VinylTyrant
Me I hate using my debit card.
I try to always have the cash on me. Can't hack my cash

Cash can be stolen hacks create currency they don't steal it. Without cash you can't hack an account and then cash out either

Electronic money can still be laundered but it's harder and slower

Electronic money can still be laundered but it's harder and slower.

Read about Bitcoin tumblers.

a reply to: Aazadan

Cash is king. You have no idea what your saying. Stores get hacked all the time and accounts get stolen. If you used cash you have no worries.
Plus nobody's stealing my cash, so.

originally posted by: VinylTyrant
a reply to: Aazadan

Cash is king. You have no idea what your saying. Stores get hacked all the time and accounts get stolen. If you used cash you have no worries.
Plus nobody's stealing my cash, so.

I agree, nobody's stealing my cash, be it in my wallet or under the mattress. I used to use my debit card all the time, until I used it at a local big name store and my info somehow got sold on the black market. I spotted the problem quickly and got the charges dropped and a new card. I barely use it now and I only keep enough cash in the bank to pay bills. I use cash for every purchase at the stores I go to now, I have for years and I haven't had my account hacked again.

a reply to: MichiganSwampBuck

This is what it is, protect yourself at all times. Its very rare to get robbed I would say for most it will never happen. Store accounts are under attack all the time. As the system is now, it's almost impossible to guard your online self completely with online bill payments and e-commerce being so convient. At the same time I would advise to anyone to use cash as much as possible.
CASH IS FREEDOM, CREDIT/DEBIT IS SLAVERY.
never forget those words.