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Thread: Isn't it time to scrap cash?

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    Politics.ie Member Shqiptar's Avatar
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    Default Isn't it time to scrap cash?

    Perhaps it's purely anecdotal but I have heard it stated that one potential reason why the euro has maintained its value so well (and continues to) is because international criminals love it. In particular, they love the 500 euro note because it has such a high value denomination. It permits huge amounts of cash to moved around quite easily and untraceably.

    If a drugs gang collects up to £1m [sterling] in twenties from its clients on street corners, those notes will weigh more than 50kg - about 50 bags of sugar. The equivalent in 500 euro banknotes weighs just over 2kg.
    Be that as it may, the use of cash is a Godsend for terrorists, criminals and tax evaders all around the world. Just think how much extra a country like Greece could garner in tax revenue if all payments were done by traceable electronic means. Just think how devastating it would be for the criminal underworld if banknotes were no longer legal tender.

    Far-fetched, you say? Come on, practically everyone has a mobile phone. In Sweden, only 3% of transactions are done with cash since cards and mobile phones can be used so readily to pay for items. The second article below describes the latest advances in recognition technology which would make transactions super-secure.

    No doubt there will be those who would see this as an extension of governmental power, a lot more Big Brother. It depends on whether you feel more threatened by your own government or terrorists and criminals, I suppose.

    Sources:
    1.BBC News - 500 euro note - why criminals love it so
    2.A Cashless Society May Be Closer Than Most People Would Ever Dare To Imagine
    Eagla agus eaglais: an bhfuil an fhréamh teangeolaíochta céanna acu?

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    Politics.ie Member Mackers's Avatar
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    I totally agree with scrapping cash. Please send you old stuff to Mackers c/o Bank of Ireland account no. 555666777. Thank you for your custom. It will go to a good home.
    War doesn't work. Give peace a chance.

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    How will we operate the black market??????

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    NO.

    Of course the elites would love us to scrap cash and rely on plastic.

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    Politics.ie Member darkhorse's Avatar
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    Not going to happen - people are entitled to take posession of their money rather than leave it in a financial institution - ie cash

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    Politics.ie Member Shqiptar's Avatar
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    Quote Originally Posted by Neutron View Post
    NO.

    Of course the elites would love us to scrap cash and rely on plastic.
    Not elite criminals and terrorists.

    By the way, how do you think some of our own elites managed to diddle the system?
    Eagla agus eaglais: an bhfuil an fhréamh teangeolaíochta céanna acu?

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    Politics.ie Member Shqiptar's Avatar
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    Quote Originally Posted by darkhorse View Post
    Not going to happen - people are entitled to take posession of their money rather than leave it in a financial institution - ie cash
    I don't see why but I'm sure that could be facilitated electronically.
    Eagla agus eaglais: an bhfuil an fhréamh teangeolaíochta céanna acu?

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    What do you put in the brown envelopes then ?

  9. #9
    Politics.ie Member Shqiptar's Avatar
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    Quote Originally Posted by Mackers View Post
    I totally agree with scrapping cash. Please send you old stuff to Mackers c/o Bank of Ireland account no. 555666777. Thank you for your custom. It will go to a good home.
    Grand. There are a few big bags of Zimbabwean dollars and Argentinian pesos heading your way. You won't mind paying the postage?
    Eagla agus eaglais: an bhfuil an fhréamh teangeolaíochta céanna acu?

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    Politics.ie Member darkhorse's Avatar
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    Quote Originally Posted by Shqiptar View Post
    I don't see why but I'm sure that could be facilitated electronically.
    It cant
    People want their money physically in their pockets
    They own it so its theirs - and not dependant on any financial institution

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