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frankkarl
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Doug Casey on Cashless Societies

- Doug Casey - Casey Research

Say I've got a hundred bucks in my pocket and over 3 days spend it on lavish items including coffee, magazines, and even a couple of beer at the pub. How much money have the banks made off of me? Pretty close to zero if the merchants can still deposit cash without penalty. Now say I used my debit card for each of the transactions over those days. The cost to the merchants depends on volumes, etc, but will always include a transaction cost and a monthly service fee.
The banks want a piece of everything you spend plus they charge merchants for collecting the receipts for them. Kinda like a federal or provincial expenditure based tax. The bank's own GST.
Do you understand why bank's want a cashless society?

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Beginning of the headline :We've had a lot of questions from readers about the apparent push governments are making to go to paperless currency – all electronic, no cash. Do you think that's likely, and what would be the implications? Doug: I think it's probably inevitable... Read More

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