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 Replies: 63 / Views: 9,283 |
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Bedrock of the Community
Australia
21786 Posts |
The above reasoning contributes to my decision to never having a credit card.
I DO, however, have a debit with a small amount, but I almost never use it.
I DO, however, use the Post Office to pay all of my bills that have a bar code.
The Post Office is next door to the bank.
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New Member
United States
29 Posts |
I don't think this will happen anytime in the near future.
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Pillar of the Community
United States
2168 Posts |
I use cash and the real mail. I often wonder what will happen if we don't have a choice anymore. If we all use them, they will stay around, as people stop, the perfect reason to eliminate. I often wonder what will happen to those that only use the internet for bills and banks. What happens when they die? Who will really know what they have. I wonder. Yes, if you have told someone else, but no real mail to notify anyone else.
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Pillar of the Community
United States
2168 Posts |
And as some have mentioned books. Barnes and Noble is the only national bookstore remaining. If we don't use books they, too, will no longer exist. What happens if/when the internet/electronic items have problems or no longer work? We will have no written anything. Also, on phones, I have kept a regular old fashioned landline and pay quite a bit for it. I have it for emergencies for the mostpart. During the Sandy storm, my phone and one other on my street worked. Cable and Fios phones did not work. Fios says you get 8 hrs of use after no power well not so, no one had usage. We really have to think about how dependant we really are. and try to keep the things we can that have substance, not just in the airwaves.
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Pillar of the Community
Canada
3692 Posts |
@wjl: Did you not hear about the thieves in New York who robbed ATMs of millions of dollars in 2 sweeps? Ever hear of hackers?
Card readers can be loaded onto cellphones as apps and thieves can read your card in the supermarket, street, or public transportation.
Cards are too tempting to use anyways. I like to limit myself to the cash in my pocket. I never carry any amount I'm not afraid to lose if spent/stolen/lost. With cards you have your whole bank account, life savings, or credit to spend. What if you're super-drunk and spend your fortune on foolishness?
@angel2004: It doesn't follow that the disappearance of a single American company will make all books vanish. I am not a bookstore and my books will still be in my possession except if there's a housefire. Internet promotes censorship, anyways. It's like that great line from Rage Against the Machine, "They don't gotta burn the books they just remove 'em." Coins will still be around if the overlords say no more coins will be issued. They'll just become more valuable, especially if they're actually being used as monetary instruments by a free society. Mints will spring up to fill the void - legal or not. As long as the public agrees on the physical material it won't matter whose face is on the coin.
Edited by Libertad
05/24/2013 02:00 am
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Bedrock of the Community
13014 Posts |
Quote:
What if you're super-drunk and spend your fortune on foolishness? You can do that either way going to ATMs or getting markers at casinos. You cant protect people from themselves if their decision making is that poor |
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Valued Member
United States
329 Posts |
I worked in banking just about my entire life. I do not have any faith in the system. Not before the crisis and certainly much less after. The difference is that after, I deceided that I could no longer act as a fiduciary in good conscience. There is absolutely no room for honest people in that business. I think that most people would be best served by keeping as much distance from these institutions as possible. Their financials are as legitimate as Chinese Trade dollars on ebay. Coins are money issued by Treasury. If they were to declare Fed reserve notes invalid, then coin would be the only money. I am not saying that will happen, its just a hypothetical whereby coins would not be obsolete. In Weimar coins disapeared for a while, only to reappear. Since we have junk metal coins they were pretty much obselete as money the moment they were conceived, but functions fine as currency. Edited by wjl
05/25/2013 06:52 am
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Pillar of the Community
United States
1126 Posts |
I believe it may happen sometime in the future also but not in our life time or the lifetime of our children. There currently around the globe is a major shift back to putting ones wealth into tangible assets such as Gold and Silver. Not so much here in the states. But in the East, Middle East and the European continent. After the theft of segregated accounts at MF Global The Libor rate rigging scandal, The prosecution of Large Banks like HSBC, Bank of America and others for laundering Drug money for the cartels. And the biggest of all the outright theft of depositors money in Cyprus.
Along with talks of using Cyprus's "Bail In" strategy as a template around the world. See Canada's 2013 Budget for term "Bail In" for "systemically important financial institutions" (Big Banks)
The faith in these institutions has been shaken in a big way and [b]those that are paying attention to these events are pulling their assets from these institutions in a big way.
And along with this breaking of the faith anything such as plastic cards that are dependent on on the bank for security and completion of the transactions (Counter party risk)becomes less desirable.
Try making a transaction on Cyprus in any thing but cash.
Won't Happen
Can you imagine having to have enough cash on hand to pay
wholesalers for supplies for your store or Gas Station.
That is what happened on Cyprus
Leaving people with only cash and coin to conduct transactions. And depending on which cash you are using Dollar,Yen,Yuan,Ruble and others the faith in those is beginning to be shaken also due to
some Governments unending policy of money printing to the tune
of 85 Billion per Month for the US and 79 Billion per Month for Japan.
Ever dollar they print makes every dollar in existence worth less.
I think Cash and Coin will be with us for a long time. I am just
not so sure what the cash and coin will look like or how the cash will be backed or what the coins metal composition will be made of.
Even though I do see a trend developing at the State level. in
in Some States and some other Countries
But that is another topic altogether
Like wjl's post above those that Know that world are running from that world. one would be wise to heed his warning
Edited by stewart
05/25/2013 07:48 am
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Valued Member
United States
329 Posts |
@wjl: Did you not hear about the thieves in New York who robbed ATMs of millions of dollars in 2 sweeps? Ever hear of hackers?"
Good for them. I love too see new cottage industries emerging, as does Bernanke. Can you distinguish them from the theives in NY who package billions in loans and sell the same stuff to multiple entities? Bad money drives out good. Street hustlers need QE too!
Edited by wjl
05/25/2013 08:21 am
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Valued Member
United States
329 Posts |
"What if you're super-drunk and spend your fortune on foolishness?"
I spent a lot of money on beer and dancing girls. The rest I just wasted.
Edited by wjl
05/25/2013 07:49 am
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Valued Member
United States
329 Posts |
Nothing has changed. When you deposit money you become a unsecured creditor. Deposit insurance deals with specific risk, not systemic risk. So now you know the risk, so what's the reward? .15% Thats is a sick joke of risk/reward. Which is why we need QE to replace the money high net worthers are withdrawing from the system. That money is heading to mostly portable assets such as art, diamonds, and other portable valuables whose valuations themselves are highly subjective and not neccessarily liquid either. To me this reflects an extreme case of compromised confidence in financial institutions. IMO it is, unfortunately, well founded.
When you build a house on a fraudulent foundation of lies and sham transactions, its kind of like having a pizzeria that launders money. To make the story plausible, eventually the pizzeria has to be burned down.
Edited by wjl
05/25/2013 08:30 am
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Valued Member
United States
301 Posts |
Cash and coin will stay. There are just some things you can't use plastic for. When I travel for work, they want you to use plastic for everything.
Try to get around Chicago taking cabs and trains with no cash. Tried it, doesn't work very well.
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Valued Member
United States
186 Posts |
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Valued Member
 United States
53 Posts |
"There's always money in the banana stand."
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Bedrock of the Community
United States
20753 Posts |
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Try to get around Chicago taking cabs and trains with no cash. Tried it, doesn't work very well. Far from true. In Chicago and most larger cities with mass transit systems, they are going more and more towards a weekly or monthly ticket of card. Actually in Chicago, Metra with all trains charge more if you use cash and could have acquired a ticket. More and more conductors aren't supposed to carry to much cash due to robberies. Same with busses. Naturally cabs like cash so not much records of what was used. I love those gas stations where you just use a credit card at the pump. Anyone remember the good old days when they'ld clean your windows, check your oil, etc at a gas station? However, as SAP pointed out. Ony one problem with this modern monitary system all computerized is the excessive theft of identities and personal property robberies by someone possibly even in a different country. |
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Replies: 63 / Views: 9,283 |
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Posted 05/23/2013 09:44 am
