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All indicators are pointing to it. I have been seeing these signs everywhere
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we've had effectively that as long as i can remember in norway. not had a wallet that holds cash in years. sometimes you see people using coins in supermarkets, but they have to feed them one by one into a slot. not sure vending machines take cash either. cashless is good though. smaller wallets -
I have read that 99% of transactions in Scandinavia were cashless. In the United States we still use cash. But those days are numberedComment
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How are people gonna buy "things"...like escorts, intoxicants not carried in liquor stores?...
Bitcoin, perhaps? Been wondering about this for a while
mother moon -she's calling me back to her silver womb,
father of creation -takes me from my stolen tomb
seventh-advent unicorn is waiting in the skies,
a symptom of the universe, a love that never dies! 🧙♂️Comment
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Not sure. Maybe tradeOriginally posted by Amerijuanican View PostHow are people gonna buy "things"...like escorts, intoxicants not carried in liquor stores?...
Bitcoin, perhaps? Been wondering about this for a while
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I've been hearing about how the days of cash are numbered for decades. The technology to go completely cashless has been in existence about 30 years now. The Euro was a step in that direction. The US is circulating $1.5T in paper money. So it's not the biggest part of the economy.Originally posted by Geonagual View Post
What I wonder is if cash is a randomizer that allows deals to go through in ways a cashless economy can't.
I had a friend in Memphis who worked for Radio Shack at the same time I was working for Circuit City, only he was trying to be a manager. He was apparently good at it and when he finally got a store he made excellent money. But then they added computerized point of sale and inventory control. And for some reason his income dropped sharply.
Whilst drunk and shooting pool at the Sunset by the mall he confided in me that the computer system ruined his ability to rig the game. For example, he bought hundreds of individual memory chips for computers at $2.79 each (retail). So he pulled them from the packages and turned around to sell them in 8 piece sets as memory upgrades for PCs, for $76.
Back when food stamps were actually made of paper, with brown ink, real archaic looking artwork and I think Franklin on the face, they were an underground currency. People used them for dope, gambling and food too. When they went to the EBT card there was a short black market crash in the US as thousands of "Mom & Pop" grift operations went out of business.
The same will happen with cash, but I don't think cash will be going away just yet. I think it will drag on for decades longer.Comment
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i think they still have some way of selling EBT card money. unless the cards are a more recent development than i thought, because i've heard of people doing that not too long ago.
and there's always ways around it. i think i've told the story of the time back in college when i got duped into going along with a guy i knew when he went to kroger in michigan and bought $60 worth of generic pop with his food card, then we went into the parking lot and poured it all out, and went right back into the same kroger and fed the empty cans into their recycling machines for ten cents each so he would have some cash for heroin.
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i noticed all over facebook people suddenly started posting today about how evil it is that they're trying to make us cashless. and i was wondering what the hell they're bitching about, since that was literally the first i've heard about it.Comment
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The picture posted by the OP is specific to coins and not to currency in general. And there currently is a shortage in circulation due to COVID-19.In a June 11 news release, the U.S. Federal Reserve acknowledged the COVID-19 coronavirus pandemic had significantly diminished the U.S. coin supply. That’s primarily because members of the public had not been able to visit the places where they typically deposit coins, like retail stores, and exchange them for larger cash denominations (thus removing those coins from circulation) but also because the virus had put a strain on coin production at the U.S. Mint. The statement read:
“The COVID‐19 pandemic has significantly disrupted the supply chain and normal circulation patterns for U.S. coin. In the past few months, coin deposits from depository institutions to the Federal Reserve have declined significantly and the U.S. Mint’s production of coin also decreased due to measures put in place to protect its employees. Federal Reserve coin orders from depository institutions have begun to increase as regions reopen, resulting in the Federal Reserve’s coin inventory being reduced to below normal levels.
“… The Federal Reserve is working on several fronts to mitigate the effects of low coin inventories. This includes managing the allocation of existing Fed inventories, working with the Mint, as issuing authority, to minimize coin supply constraints and maximize coin production capacity, and encouraging depository institutions to order only the coin they need to meet near‐term customer demand.”
https://www.snopes.com/fact-check/coin-shortage-covid/
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so basically everybody is sitting on a bunch of change they can't use right now?
i still need quarters to do laundry. i used to buy them from a friend who's a bartender, but of course he hasn't been earning any tips lately (even now that the bars are open he's having some health issues and can't work). i might have to go back to driving up to the car wash to use their change machines. hopefully the car wash attendant doesn't decide to be bitchy about it because of the shortage. i do wash my car there, so i can at least be a karen and tell him i'm taking my business elsewhere in the future if he gives me any trouble.Comment
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CoinStar machines are lonely. They want you to stick your load...of coins into their slot. ?Comment
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I was curious as to how much currency was in circulation so I looked it up.
According to the Federal Reserve Board's website there are were 44.9 billion individual notes in circulation in 2019, roughly twice as many as were circulated in 1999. As of June 10, 2020 there was a total of $1.91 trillion worth of Federal Reserve notes in circulation.
Looking at a graph on the Federal Reserve Bank Of St. Louis' website, the amount of currency in circulation has increased every year since the 1930s. I wanted to figure inflation in somehow, so I looked at July 1980 and adjusted it for 2020 dollars. In 1980 there was an inflation adjusted $946 billion in circulation, so the currency in circulation (by buying power) has increased by slightly more than double since then.
Another way of looking at it is by percentage of GDP, I guess. In 1980 the US GDP was $2.875 trillion and there was $128.4 billion worth of notes flying around; that comes out to 4.47% of the GDP. In 2019 the US GDP was $21.43 trillion with $1.794 trillion worth of paper exchanging hands; that works out to 8.37% of the GDP.
I can see no evidence that a cashless society is eminent.
https://fred.stlouisfed.org/series/CURRCIR
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Although I have no doubt a lot of dumb people who care most about safety and convenience (and less about freedom and privacy), plus a lot of industries and authorities that also prefer and would work towards a cashless society, I don't see it happening soon.
There's 1) too many people and businesses against it for good reasons, and 2) a serious infringement on our rights. It can only be done if the far majority of citizens go for it (like in Norway).
It's now adviced to pay without contact, hence why payment in cash goes down big for the moment. It's funny how certain businesses in the Netherlands (have to) react to this. My fav coffeeshop (dutch weed shop) is encouraging cash payment by giving freebies like free rolling papers, tips and lighters if you pay cash. Obviously because of the way they have to buy in their product (officially still illegal :P).
I have already been giving out packages of tips and rolling papers to my friends in the countryside. Got a drawer full of it lol. A stash that should last me a year (a new luxury, i usually have like 2 packages of rolling papers max.) :-DComment
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In a civilized country, those two reasons make total sense. But in America, mmm who knows? Our rights are dwindling quickly.Originally posted by Din Djarin View Post
mother moon -she's calling me back to her silver womb,
father of creation -takes me from my stolen tomb
seventh-advent unicorn is waiting in the skies,
a symptom of the universe, a love that never dies! 🧙♂️Comment
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Hey, it's still not anything like Poland or Hungary, or China or Russia. You're biggest problem is your political system on the national level. I mean... Biden and Trump? Are those the best people to be candidates for president?
Yeah... you guys are fucked
But not primarily because your rights are being eaten away. Your two party system is fucked. It's not working for the citizens anymore. Its obsolete.
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No it's not obsolete, but it is utterly ridiculous.
We were giving countries a free pass on trade, while they charged us 10, 20, 30% or more...
And giving billions to many countries every year, for, the hell of it?
Yes, it's true. This changed during his first year in office. A "politician" would not do that.
But who instituted those habits?
"Politicians".
Our news outlets are to blame for the stupidity school.
Along with Hillary turning the table of her guilt onto Trump (Russiagate?) lol
Three years proving them wrong. And a mock impeachment. At millions of dollars @ america's expense. Time and money we'll never get back, just to prove to America that we f'd up by electing Trump.
Politicians are the corrupt ones in our world. They've enjoyed unfettered power, unquestioned and never held accountable,
for Way Too Long.
No we aren't those countries mentioned, instead we argue in America about totally dumbass stuff, like all those fancy titles that end with -ism, -ocracy, etc. "Racist", Xenophobic", "Homophobic", the list never ends.
Just listen to AOC, or Elizabeth Warren, this is what we have to pick from. Be glad Joe Biden is their candidate.
While Commie China has concentration camps and other inhumane things going on, we are wanting to go socialist.
That has never worked well anywhere. It sure is working in our cities now, thugs tearing shit up and burning everything.
Tearing up statues..."Socialism is so beautiful" said no one.
I don't know how that looks in an outsider's eyes, but to a mid-fifty y.o. American, it sucks.
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My opinion is that if we don't legalize these vices we will never have a cashless society. The economy still benefits from illegally earned money. We will either legalize these things or keep cash around. I think every good capitalist understands thisOriginally posted by Amerijuanican View PostHow are people gonna buy "things"...like escorts, intoxicants not carried in liquor stores?...
Bitcoin, perhaps? Been wondering about this for a while
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