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Old 05-18-2013, 11:50 AM   #1
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The End of Cash

Sweden is going cashless.

If I was a central bank I would really be pushing for this. If you combine a cashless society with internet tracking (thanks to google) it makes it pretty easy for governments (and others) to manage the economy. They can learn your likes and dislikes, your "good" habits versus your "bad" habits and ultimately it makes fiat currency turn into electronic credit and debit ration cards.

It makes things so much easier. Whoever is running things can authorize your card for purchases that are only determined to be for the greater good, and then de-authorize your card for things that are determined to be bad. If you are overweight they just cut back your calories. If you want to give money to a charity that's fine as long as it's a good one. No worries about bank runs, inflation, hoarding, etc. because it's all controlled electronically.

I see this working perfectly and solving all the problems that worry economists about fiat currencies. What could possibly go wrong?
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Last edited by Aubuy; 05-18-2013 at 11:55 AM. Reason: spell check
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Old 05-20-2013, 07:21 AM   #2
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No privacy. No control. Sounds like a perfect system for tyranny and slaves.
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Old 05-20-2013, 08:18 AM   #3
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Nigeria likes this idea as well:

Your government ID is your access to the cashless financial system:
"As part of the program, in its first phase, Nigerians 16 years and older, and all residents in the country for more than two years, will get the new multipurpose identity card which has 13 applications including MasterCard’s prepaid payment technology that will provide cardholders with the safety, convenience and reliability of electronic payments."

"All forms of financial transactions would be exchanged through plastic credit and debit cards that would have implanted RFID chips."

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