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Originally posted by DisabledVet
Makes sense to me....
Cash is something that requires equipment and labor to print...is very expensive to stay ahead of counterfeiters so those costs have to be factored in as well as the absence of accountability.
Originally posted by fixer1967
No cash would stop all but store and business trade. Now would you have a yard sell? How would you earn extra money doing odd jobs? Some much trade for goods and services need cash that by removing cash some much would stop the whole system would crash. The whole idea is crazy. I hope I am dead and gone when and if it happens.
Originally posted by FlyersFan
Another move to the New World Order cashless society.
A MAJOR step was taken today by those that really run things.
Be afraid. Be very afraid.
Originally posted by DragonsDemesne
Okay, I'm not a financial expert so I have a few questions, maybe dumb, maybe not.
Firstly, this essentially means that the 'fractional reserve' concept is now 0% instead of 5 or 10% or whatever it was before right? And if that's true, then it would mean that the banks can literally create money at will. With fractional reserve banking (more than 0%) they can essentially conjure money out of thin air, but not an infinite amount, because it depends on how many and how large the deposits/loans are that they are transacting.
Isn't this going to make the problem of bad loans and massive inflation even worse? That's assuming the goal of this was to even fix those problems, as opposed to gaining more control over the financial industry at the expense of... us.