Skip to main content

THE END OF CASH?

We all knew this was coming.. the moment when that greenback in your wallet could become a relic of yesterday.. when cash, once king, becomes a diminished peasant that provides nothing more but a punchline in a grocery store line.
Cash ..
King..
Move over, the new king is in town.

Dateline BLOOMBERG BUSINESS.. . reporter Lorcan Roche Kelly authored a story getting huge play tonight about a CITI economist wondering aloud if it's time to end cash. To end the green.. to get rid of the paper notes--remember, they are simply 'notes' alleging worth of a certain degree..

Kelly writes this:
In a new piece, Citi's Willem Buiter looks at this problem, which is known as the effective lower bound (ELB) on nominal interest rates.
 Fundamentally, the ELB problem comes down to cash. According to Buiter, the ELB only exists at all due to the existence of cash, which is a bearer instrument that pays zero nominal rates. Why have your money on deposit at a negative rate that reduces your wealth when you can have it in cash and suffer no reduction?

Buiter goes on to say the best way to address the problem would be to 1) abolish currency, 2) tax currency, and 3) remove the fixed exchange rate between currency and central bank reserves and deposits...

You heard that first thing right. Abolish cash altogether..

Buiter acknowledges problems. Especially the pesky elderly who are trained to use cash instead of plastic.. But he also said one way to solve this 'problem' is to stop printing notes worth less than $5..

Bloomberg correctly finishes its article with jab that this Administration will not abolish cash.. And that is true. Perhaps the next one won't, either. One day, though, one may. One day sooner than a political position making the decision could be a bank doing it for them.

Or.....people doing it for themselves. Technology will advance.. so will the chances of people figuring out that cash can stay at home. Swipe the chip safely implanted in your arm. Bar code your brain..

Ditch the paper.

Cash was king.

 

Comments

THE MOST POPULAR POSTS ON THE HORROR REPORT IN THE LAST WEEK

STRANGER THINGS 2 looks incredible

The newest STRANGER THINGS 2 trailer hit on Friday the 13th .. amazing timing as always with the fine people at Netflix..

The excitement over this program is incredible. Not only are people re-watching and re-binging the first season in preparation, but there is an equal amount of re-watching and analyzing of the newest trailers..


Before discussion.. take a glance:



My initial thought: This is actually the weaker of the teasers and trailers for season 2.. Yes, I am inclined to wonder why Eleven is more androgynous  .. why she has more hair now and no one shaved it. why she is out of the upside down and eating Eggos in the normal world..

So many questions about her. But the trailer didn't pay much attention to her--I think on purpose. Instead we glimpsed into the post-pubescent boys and now new friends of another gender planning something, just as the world is being taken over by giant squid creatures from the upside down.

Not viewed at all? Mike's mom and dad. Barb..

Forgive me…

THE UNLUCK OF THE IRISH: TROPICAL STORM MAY HIT IRELAND!!

Yes, indeed.. a hurricane-ish type storm is about to hit Ireland..

Hurricane Ophelia is the 10th consecutive hurricane to form in the Atlantic basin this year. According to University of Miami hurricane expert Brian McNoldy, the last time ten consecutive storms became a hurricane was 1893. While a very interesting factoid, the "elephant in the room" is that Ophelia is headed to Ireland. It is rare, but not unprecedented.

There are a few interesting things about this.. First off, there have been really rare occasions that storms of this nature made it as far as Ophelia may..

Actually there have been only a handful in the past years since about, oh, 1851..

From 1851 to 2010, only 10 extratropical storms, typically the tail ends of tropical cyclones, have hit within 200 miles (322 kilometers) of Ireland....Hurricane Debbie was the only tropical hurricane to make landfall in that area, clipping the far northwest of the British Isles in 1961.

But this is 2017--the year that mayhem on …

TUESDAY TERRORS