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 Replies: 86 / Views: 7,691 |
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Pillar of the Community
United States
592 Posts |
They use dollar bills in Africa until they fall apart. People specialize in washing them. It sounds like hubris but I believe that American currency is the currency of the world
As Thai-vic says the average peasant does not & will not have access to the "cashless society". I do not see this or poverty going away, not in our lifetime nor our children's.
Counterfeiting / ignorance would be the only reason a $100 bill would not be accepted.
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Valued Member
United States
61 Posts |
I know a LOT of people who actually use cash either in a majority of transactions or exclusively. Not everyone wants their every move recorded, which is what will happen with your cards and EFTs. I don't know if we will be cashless in our lifetimes, but I'd guess not - too many people don't trust banks, the government, or anyone else "there to help".
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Valued Member
United States
61 Posts |
May I add: At my shop, when I sell gold and silver checks and credit cards are not accepted. Cash is king. I teach that the first night in my Practical Financial Management class.
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Valued Member
United States
397 Posts |
Quote:
May I add: At my shop, when I sell gold and silver checks and credit cards are not accepted. Cash is king. I teach that the first night in my Practical Financial Management class Why not accept them? Why potentially turn away business? And please don't tell me it is for privacy reasons - federal law is quite clear about when large transactions involving bullion must be reported (regardless of the method of payment). |
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Bedrock of the Community
United States
20753 Posts |
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If the way of the future is in a "cashless " environment then who will take care of the vast majority of the peoples of the world who do not have the luxury of personal financial advisors, credit cards or even bank accounts?
Already well discussed by some financial people. In the near future with a cashless society, such workers would be give a voucher that they could or should take to a place where if could be entered into a main system and they draw from that. It would be sort of like handing people a credit or debit card only it would be good for a certain amount. Such a system would be advantagious for translating a China type money into an African Congo system or a Polish system, and on and on and on. Such people's do not need financial advisors, only what is on their card to pay for food, clothing, apartment or house, a bike, etc. And don't forget there are many places right here in the USA that are not exactly completely modernized either. Yes it will not be an easy change but it is coming. |
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Pillar of the Community
United States
592 Posts |
In my business I see cash all the time. The underground economy is alive & well here in the USA,& it runs on CASH.
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Valued Member
United States
397 Posts |
Which is one of the main reasons why governments want to do away with cash. They can't tax the black market.
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Valued Member
United States
61 Posts |
To answer the question of why turn away business: The fee we pay to accept credit cards is about 1/3-1/2 the profit margin on bullion. And one bad check will wipe out tens of thousands in bullion sales. I don't turn away sales. I tell them to bring me cash.
With regards to the government, all I can say is no one will see a 1099 form on a cash transaction unless they do it upon their own initiative. Which means no one will see a 1099 form. ETFs have capital gains taxes no matter how you pay.
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Pillar of the Community
United States
592 Posts |
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Valued Member
United States
327 Posts |
Thirty years ago, I could not have imagined how a cashless society could happen. I've been a born again Christian for most of that time and the book of Revelation has always been of interest. I studied it in bible college and none of us then could understand how a reasonable people would let a cashless society exist. We thought that because there were so many people in the world that knew what a cashless society would eventually mean, that it just could not happen. But hey, they haven't taken the cent away from us yet and hopefully not in my lifetime. When I open a roll of Lincoln cents, I occasionally see a date that takes me back to a simpler time. A time when I kept my coin inventory on my Tandy 1000 with a 10MB hard drive. :)
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Pillar of the Community
United States
592 Posts |
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Pillar of the Community
 United States
5953 Posts |
Do you travel a lot Billie?
Here are the countries I have not been able to use US dollars. All required local currency
In some cases only a clearing bank would change money.
Japan
Norway
Sweden
Holland
Germany
France
Spain
Libya
Malta
Australia
South Africa
There are many more but these are the ones I have visited most recently.
If I try to spend my pounds in a 7 11 in Houston. I know what the answer will be so why would you expect a grocery store owner in Oslo to take US dollars?
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Pillar of the Community
United States
5953 Posts |
Just saw your post earlier. Yes Dollars are widely accepted in West Africa as most of the local currencies are unstable. But I would say this is not the case in most of the developed world.
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Pillar of the Community
United States
592 Posts |
Yes, I don't get out much. For the world to go cashless would mean the end of freedom. I do not see it happening in our or our kids lifetimes.
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Valued Member
United States
61 Posts |
I agree. A healthy percentage of the world is and unfortunately always will be poor, and will not have a checking account or debit card anytime in the next 1000 years (+ or - 1000 years or so).
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Replies: 86 / Views: 7,691 |
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Posted 08/27/2010 8:29 pm
