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Old 12-05-2018, 07:06 AM   #81
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Quote :
... a small but growing crop of retailers have stopped accepting the tried-and-true paper currency.

Some restaurants in large cities began shunning the greenback a couple of years ago, but an increasing number of nonfood chains are going cashless at some or all of their locations or never took bills at the brick-and mortar stores they've opened in recent years.

They include clothing retailers such as Bonobos, Indochino, Everlane and Reformation; Amazon bookstores; Casper Mattress; Drybar hair styling; The Bar Method fitness studios; and United and Delta airlines (both at ticket counters and for in-flight food and drinks).

“The momentum started in the restaurant space, but we’re certainly seeing spillover,” says Jack Forestell, chief product officer for Visa.

Visa last year awarded $10,000 to each of 50 businesses that produced videos explaining how going cashless would benefit them.

More retail coverage: Black Friday, the shopping Super Bowl, kicks off holiday season

The trend is partly rooted in the growth of credit- and debit-card transactions and the spread of digital wallets such as Apple Pay and Google Pay. Cash isn’t dead, but it’s no longer king. Jerry Sheldon, vice president of IHL, a retail and hospitality consulting firm, foresees cashless restaurants and stores comprising 40 to 50 percent of all retailers within 10 to 15 years as greenback use continues to dwindle.


...
https://www.usatoday.com/story/money...sh/2063747002/
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Old 12-05-2018, 07:10 AM   #82
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...
New York City may soon force cashless restaurants and retailers to accept cash. Councilmember Ritchie Torres has proposed a bill that would forbid businesses from accepting only credit and debit cards. Torres is also calling for the Consumer Affairs Department to issue violations to merchants who do not accept cash.
...
Torres says the bill is now waiting to be heard by the Consumer Affairs Committee. He’s hoping to take up a vote and get it passed sometime in the coming year.

“Paper money is the universal currency,” said Torres. “I find it wrong that a business could reject legal tender that has the full faith and credit of the United States government. It should be accepted as a legitimate mode of payment at every business in New York City.”
https://pix11.com/2018/11/29/lawmake...nesses-in-nyc/
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Old 12-05-2018, 07:26 AM   #83
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And now a view from around the globe:

Quote :
Journalist Sthembiso Sithole chats to Riaan Graham sales director for Ruckus Networks in sub-Saharan Africa, about the state of cashless societies in Africa.

Sthembiso Sithole (SS): What is the current state of cashless societies in Africa?

Riaan Graham (RG): Africa’s quest for a cashless society is gaining momentum. Its lack of financial inclusion and the geographic distribution of the population has forced the continent to look at innovative solutions to banking and financial literacy. Mobile banking has also had a revolutionary impact on society - allowing people, even in rural areas, to transact money to one another, make purchases and even pay for key services like electricity and water. This cashless community is growing throughout Africa - with countries like Kenya and Rwanda spearheading the curve. While the table is set for South Africa to do the same, the uptake has been slower.
...
More: https://www.msn.com/en-za/news/other...ing/ar-BBQhE6r

Terrible propaganda piece telling dumb citizens not to keep a stash of cash at home:
Quote :
A recent survey found that one in ten Brits admits to hiding cash under their bed.

Despite the global movement to a more cashless society, technical glitches at banks and Visa may have made even more people believe they need some emergency cash stashed in the home. This thinking is reinforced with a survey conducted this year that showed 80% of people now keep some emergency cash at home, with 10% holding between £200 and £500 in cash, and 4% keeping even more.
...
https://news.yahoo.com/10-brits-stil...105542169.html

Bold part is some refreshing honesty from a politician:
Quote :
Putrajaya’s push for Malaysia to become a cashless society is partly to make it harder for corruption to take place, said Prime Minister Tun Dr Mahathir Mohamad.

He explained that cashless transactions entail data trails that can enable authorities to observe and detect the suspicious movement of money.
...
During the Asean Summit in Singapore last month, the PM already expressed interest in pursuing a cashless Malaysia, saying he was inspired by discussions with India Prime Minister Narendra Modi.
...
https://www.msn.com/en-my/news/natio...rlY?li=BBr8Hnu

Quote :
...
The Chinese market for mobile payment offers not only market opportunities for solution providers intending to operate within the domestic market but also learning points for global mobile payment solution providers. China is a unique case study that can showcase to the world that cashless societies are becoming increasingly possible. Already, 40% of Chinese users carry less than RMB100 (US$15) in cash and mobile payment has become common among Chinese citizens.
...
https://www.marketwatch.com/press-re...com-2018-12-04

Quote :
Sweden is heading towards becoming a completely cash-free society but the country is being urged to keep producing physical cash by financial authorities.

Half the nation's retailers are expected to completely reject cash by 2025.

Financial authorities in the country are lobbying for the continued production of notes and coins until the government fully understands the ramifications of going completely cash-free.
...
Sweden's central bank is experimenting with a central online currency, known as e-krona, to keep firm control of the money supply.

'When you are where we are, it would be wrong to sit back with our arms crossed, doing nothing, and then just take note of the fact that cash has disappeared,' said Stefan Ingves, governor of Sweden's central bank, known as the Riksbank.
...
Many businesses in the Scandinavian nation are now entirely cashless.

Bills and coins represent just 1 per cent of the economy, compared with 10 per cent in Europe and 8 per cent in the United States, according to a report in the Financial Post.

The revolution away from cash is startling among millenials and Gem z individuals as almost 95 per cent of their purchases are made via debit card or a smartphone app called Swish, a payment system set up by Sweden's biggest banks.
...
'We need to pause and think about whether this is good or bad, and not just sit back and let it happen,' said Mats Dillén, the head of a Swedish Parliament committee studying the matter.

'If cash disappears, that would be a big change, with major implications for society and the economy.'
...
https://www.dailymail.co.uk/sciencet...-CASHLESS.html
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Old 12-05-2018, 07:56 AM   #84
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because how can you not like a post that involves someone in Africa called -


Sthembiso Sithole
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Old 12-14-2018, 08:29 AM   #85
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I posted previously about the effort in NYC to force businesses to accept cash. Looks like New Jersey is pursuing a similar action:
Quote :
Lawmakers in New York City and New Jersey are working to pass bills that would require retailers to accept cash, alleging that the growing cashless trend discriminates against low-income customers.
...
The fines would be 10 times higher in New Jersey, with businesses having to pay $2,500 for their first violation and up to $5,000 for subsequent offenses. The New Jersey Senate Commerce Committee voted Dec. 3 to advance the bill, which was passed by the state Assembly in June and will now be voted on by the full state Senate.

Chicago, Washington, D.C., and Philadelphia have considered similar measures, but none have been signed into law yet.
...
https://www.cnbc.com/2018/12/13/nyc-...-the-poor.html
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Old 01-14-2019, 07:15 AM   #86
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I'm cross posting this from the Zimbabwe thread:
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Zimbabwe will introduce a new currency in the next 12 months, the country’s Finance Minister said, as a shortage of U.S. dollars plunges the financial system into disarray, forcing businesses to close and threatening unrest.
...
But without enough hard currency to back up the $10 billion of electronic funds trapped in local bank accounts, businesses and civil servants are demanding payment in cash which can be deposited and used to make payments both inside and outside the country.
...
https://af.reuters.com/article/commo.../idAFL8N1ZC056

Looks like the people in Zimbabwe don't trust the banking system.
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Old 01-15-2019, 03:40 AM   #87
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businesses and civil servants are demanding payment in cash which can be deposited and used to make payments both inside and outside the country.
...
There is no outside .......
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Old 01-15-2019, 07:24 AM   #88
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The more I read that sentence, the more cryptic it seems. Does Zimbabwe have some sort of capital controls imposed? Are the local banks restricting international transactions? Are the locals wanting to carry cash across the border to deposit in foreign banks? The more I read it, the more questions I ponder.
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Old 02-11-2019, 07:56 AM   #89
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So you might recall from 2.5 years ago, post #34 talking about an exchange rate between cash and bank accounts. Looks like the IMF is now promoting the idea:
Quote :
...
One option to break through the zero lower bound would be to phase out cash. But that is not straightforward. Cash continues to play a significant role in payments in many countries. To get around this problem, in a recent IMF staff study and previous research, we examine a proposal for central banks to make cash as costly as bank deposits with negative interest rates, thereby making deeply negative interest rates feasible while preserving the role of cash.

The proposal is for a central bank to divide the monetary base into two separate local currencies—cash and electronic money (e-money). E-money would be issued only electronically and would pay the policy rate of interest, and cash would have an exchange rate—the conversion rate—against e-money. This conversion rate is key to the proposal. When setting a negative interest rate on e-money, the central bank would let the conversion rate of cash in terms of e-money depreciate at the same rate as the negative interest rate on e-money. The value of cash would thereby fall in terms of e-money.

To illustrate, suppose your bank announced a negative 3 percent interest rate on your bank deposit of 100 dollars today. Suppose also that the central bank announced that cash-dollars would now become a separate currency that would depreciate against e-dollars by 3 percent per year. The conversion rate of cash-dollars into e-dollars would hence change from 1 to 0.97 over the year. After a year, there would be 97 e-dollars left in your bank account. If you instead took out 100 cash-dollars today and kept it safe at home for a year, exchanging it into e-money after that year would also yield 97 e-dollars.

At the same time, shops would start advertising prices in e-money and cash separately, just as shops in some small open economies already advertise prices both in domestic and in bordering foreign currencies. Cash would thereby be losing value both in terms of goods and in terms of e-money, and there would be no benefit to holding cash relative to bank deposits.

This dual local currency system would allow the central bank to implement as negative an interest rate as necessary for countering a recession, without triggering any large-scale substitutions into cash.

Pros and cons

While a dual currency system challenges our preconceptions about money, countries could implement the idea with relatively small changes to central bank operating frameworks. In comparison to alternative proposals, it would have the advantage of completely freeing monetary policy from the zero lower bound. Its introduction would reconfirm the central bank’s commitment to the inflation target, rather than raise doubts about it.

Still, implementing such a system is not without challenges. It would require important modifications of the financial and legal system. In particular, fundamental questions pertaining to monetary law would have to be addressed and consistency with the IMF’s legal framework would need to be ensured. Also, it would require an enormous communication effort.

The pros and cons of the system are country specific and should be carefully compared to other proposals, such as higher inflation targets, for increasing monetary policy space in a low-interest environment. We consider these issues, and more, in our research.
https://blogs.imf.org/2019/02/05/cas...st-rates-work/
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Old 02-11-2019, 11:06 AM   #90
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Americans would be difficult to convince. I am personally a devout "hard money" guy. The idea of all my transactions being electronic is abhorrent to me on many levels, not the least of which is the government being able to know my whereabouts at any given time, and what I purchased, when and where. It's simply none of their fucking business I say. Cash is and will always be king in my book.
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Old 02-11-2019, 11:23 AM   #91
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If the Fed pushes a scheme like the above to effect negative interest rates, what are the chances that folks wake up to what real money is.
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Old 02-11-2019, 01:54 PM   #92
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The odds approach 100% If the fed ever dared to start skimming deposits like that, people would simple empty their accounts and buy up hard assets. The economy would roll over and everything would come to a screeching halt. Most likely, those in charge would be found suicided somewhere as a lesson to others. This ain't Venezuela yet my brothers, and there are just too many weapons in far too many freedom loving patriot hands to allow that sort of shenanigans to go on. It really is a step too far.
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Old 02-11-2019, 02:53 PM   #93
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.

This won't help the plastic fans.

.

https://6abc.com/politics/bill-looks...-cash/5121309/

.

"PHILADELPHIA (WPVI) --
A Philadelphia City Councilman is proposing a ban on stores that do not accept cash due to the impact it has on lower income residents.

"I am not saying its intentional discriminatory, but I think it is certainly discriminatory because the overwhelming number of people who do not have credit are low income, minority immigrants," Councilman Bill Greenlee, the bill's sponsor, said.

Greenlee and other councilmembers are concerned the number of brick and mortar retailers in the city embracing a cashless model could grow beyond the current small number.

As that happens, they argue, people who are "unbanked" or don't have access to a debit card or a phone pay app would be at a serious disadvantage.

Greenlee added that some people would simply rather use cash because of the security concerns that come with using a card.

This bill is nothing new. Massachusetts enacted a pro-cash law decades ago and others have followed.

"Washington, D.C. has already put in such legislation, New York was contemplating it, Jersey is doing it. It seems to make sense that a regular place where any of us can go in should take the monetary unit of the United States," Greenlee said.

A committee hearing was held Tuesday. The committee will decide whether the measure moves forward to the full council.

Most seemed to indicate they were backing the bill. However, there was some criticism.

One point of criticism said it may be stifling innovation.

Another point was made that the City of Philadelphia does not accept cash in many of its transactions with citizens.

A recent survey by the FDIC found that about 7 percent of people don't have bank accounts and can't obtain a debit card."



.

One big weakness in this law, they don't mention in this story, but I read a couple days ago on another site, is that certain types of stores are exempt, like membership places like Sam's Club, Costco, etc. So if I'm a guy running a store that only takes plastic (or paying with your phone) I make it a members only store, but the membership is cheap, say $1/month or a full year for $10. Pretty easy sidestep there IMO.

.
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Old 02-12-2019, 06:59 AM   #94
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Just for posterity:
Quote :
I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?

The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."

This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.
...
https://www.treasury.gov/resource-ce...al-tender.aspx

So it looks like these State laws being enacted everywhere are important, but they are going to force a showdown over this "unencumbered interest rate policy" bs if they can find a way to get around the legal obligations/contract banks have with customers.
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Old 02-15-2019, 07:00 AM   #95
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Quote :
nvest In Gold As a Hedge In Cashless Society – Ex IMF Rogoff
15, February

– Invest in gold as a hedge, in pensions & as a store of value – Rogoff
– Investing in and owning gold as a hedge will become more important as it will have “enormous value” in a cashless society
– Bitcoin and cryptocurrencies are not an effective replacement for paper money … but gold’s role is likely to increase as cash is used less and “the trend towards digital currencies” will benefit gold
– “There is an incredible disconnect between the fact that cash is disappearing in legal, tax-compliant transactions but exploding in terms of how much central banks are printing” says Rogoff
– It makes sense for investors, HNW individuals, pension funds and central banks to invest a “percentage of their assets in gold” as a hedge
– “Gold is also likely to increase in value” as central bank and global investment demand increases
– “As a hedge, gold has enormous value…” Rogoff concludes
https://news.goldcore.com/us/gold-bl...ex-imf-rogoff/
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Old 02-19-2019, 09:20 AM   #96
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Rogoff pounded the drum on All Things Considered / NPR yesterday:
Quote :
...
ROGOFF: There has to be views about how big cash transactions should be. ...
https://www.npr.org/2019/02/18/69575...shless-society

What an asshole.
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Old 02-19-2019, 08:13 PM   #97
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Just had to read the first paragraph to know I don't like him.
.

"NPR's Mary Louise Kelly speaks with economist Kenneth Rogoff about what would happen if the U.S. were to get rid of a lot of its paper currency, particularly larger bills, as he advocates."
.

I've been saying just the opposite. They quit making the higher denom's after WWII, you know when a car might cost $1,000 & a house a few thousand. Counting out a small stack of 100's isn't that big of a deal, for smaller purchases, but who really wants to count $100 bills into 5 & especially 6 figure's (or more) let alone carry it around? A few years back I bought a Jeep (used) for $6,800 in cash. Funny thing is, I coudn't get them to drop under $7,700, for nothing, but when I told him I had the cash in my pocket, he had to "go talk with his manager". He came back & said he could go as low as $7,400, I told him no & he said that the Jeep was worth all of that & more, I said "maybe", as I walked away but added "I've only got $6,800 on me." (we get to lie too! ) He said "DEAL!" before I could even turn to look at him. I really don't think if he'd thought I was getting it financed or writing a check that he would've went any lower, but as they say money (actual green $) talks. I know I've had occasions where I've done similar, but usually with much smaller amounts. I also know that I've had it done to me when I sell stuff through a local online ad site & I figure I won't take less than say $125, but the guy only has $120 "on him". The $5 difference vs potentially getting $5 more IF the guy comes back just isn't worth bothering most of the time at least. Funny thing about that Jeep, I actually had about $8,000 in my pocket, but I wanted to pay tax & license right there too, but since I told him I only had $6,800 on me, I went in to the bathroom put $6,800 in one pocket the rest in another. I then told him I'd have to run home to get the cash for the tax & license. While I might've otherwise just drove a couple blocks away, I had to drive home anyway to pick up the wife to bring one of the vehicles back, so the round tripper wasn't really an extra trip anyway.

.
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Old 02-20-2019, 07:05 AM   #98
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That NPR article really drove home the point for me that, while Rogof has bonafides for the field, with respect to the cashless society issue, he's a propagandist.
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Old 03-08-2019, 06:58 AM   #99
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Quote :
Philadelphia is the first major U.S. city to ban cashless stores, placing it at the forefront of a debate that pits retail innovation against lawmakers trying to protect all citizens' access to the marketplace.

Starting in July, Philadelphia's new law will require most retail stores to accept cash. A New York City councilman is pushing similar legislation there, and New Jersey's legislature recently passed a bill banning cashless stores statewide. A spokesman for New Jersey Gov. Phil Murphy, a Democrat, declined to comment on whether he would sign it. Massachusetts has gone the farthest on the issue and is the only state that requires retailers to accept cash.
...
https://www.wsj.com/articles/philade...es-11551967201

h/t: http://gata.org/node/18928
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Old 04-15-2019, 08:32 AM   #100
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Looks like I missed this one from a week ago (roughly) and there is a lot to unpack in it:
Quote :
... BIS General Manager Agustin Carstens gave a speech at the Central Bank of Ireland 2019 Whitaker Lecture. Under the heading, ‘The future of money and payments‘, Carstens mapped out what has been a long standing vision of globalists – namely, to acquire full spectrum control of the international financial system through the gradual abolition of what Bank of England governor Mark Carney has called ‘tangible assets‘ i.e. physical money. ...
More: https://www.zerohedge.com/news/2019-...tal-currencies
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