1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Making Cash Illegal

Discussion in 'BlackHat Lounge' started by The Scarlet Pimp, May 14, 2015.

  1. The Scarlet Pimp

    The Scarlet Pimp Senior Member

    Joined:
    Apr 2, 2008
    Messages:
    877
    Likes Received:
    3,313
    Occupation:
    Chair moistener.
    Location:
    Cyberspace
    i just read this... wonder if it will ever happen... :cow04:

    ---

    How To End Boom And Bust: Make Cash Illegal!

    Comment: Forcing everyone to spend only by electronic means from an account held at a government-run bank would give the authorities far better tools to deal with recessions and economic booms, writes Jim Leaviss

    This story is part of our "Money Lab" series, in which respected figures from the world of finance put forward controversial ideas for improving our personal finances or the economy. We will publish this story in print in "Your Money" this weekend along with the best comments from readers, so have your say below

    A proposed new law in Denmark could be the first step towards an economic revolution that sees physical currencies and normal bank accounts abolished and gives governments futuristic new tools to fight the cycle of ?boom and bust?.

    The Danish proposal sounds innocuous enough on the surface ? it would simply allow shops to refuse payments in cash and insist that customers use contactless debit cards or some other means of electronic payment.

    Officially, the aim is to ease "administrative and financial burdens", such as the cost of hiring a security service to send cash to the bank, and is part of a programme of reforms aimed at boosting growth ? there is evidence that high cash usage in an economy acts as a drag.

    But the move could be a key moment in the advent of "cashless societies". And once all money exists only in bank accounts ? monitored, or even directly controlled by the government ? the authorities will be able to encourage us to spend more when the economy slows, or spend less when it is overheating.

    This may all sound far-fetched, but the idea has been developed in some detail by a Norwegian academic, Trond Andresen*.

    Read More...

    http://www.telegraph.co.uk/finance/personalfinance/comment/11602399/Ban-cash-end-boom-and-bust.html
     
    • Thanks Thanks x 1
  2. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

    Joined:
    Jan 27, 2009
    Messages:
    2,612
    Likes Received:
    11,243
    Occupation:
    Pusillanimous Knitter
    Location:
    Buenos Aires
    Central bank fiat is reaching its point of implosion, so the whole idea is that you won't be able to take your wealth out of the bank. Effectively, you're getting screwed easier, since it's much faster to deprecate the value of a number than deprecate the value of bank notes.
     
    • Thanks Thanks x 2
  3. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

    Joined:
    Oct 23, 2014
    Messages:
    754
    Likes Received:
    1,734
    The good news is that it won't happen since too many politicians would end up indicted over corruption.
     
    • Thanks Thanks x 2
  4. Avid Learner

    Avid Learner Regular Member

    Joined:
    Oct 28, 2014
    Messages:
    315
    Likes Received:
    105
    Occupation:
    BHW Apprentice
    Location:
    In the BHW Jungle
    All the major countries will have to coalesce on a standard before that ever comes to be, especially with global mobility.

    At that point "electronic cash" will be carried on a bluetooth/wifi/usb stick that requires two factor authentication to use.

    The authentication does not have to be personally identifying, just the same combo of factors that were used when loading.
     
    • Thanks Thanks x 1