This Harvard Economist Is Trying to Kill Cash

[Masark]

In very corrupt countries getting rid of cash would reduce a lot of corruption.

Only if you presume that the bribes wouldn't be in the form of some other nation's cash.

- - - Updated - - -

How is having money in a bank not having control?

You know if a person steals your wallet with your cash that's it... me on the other hand I just freeze my cards and lose no money, even if i did it's insured anyway.

Limitations on withdrawing it, fees for spending it, etc.

If you're worried about thieves, you should be looking hard at your police. Bank accounts are very easy for them to grab.

[Yunru]

I dont want a wortless paper. Bring back the gold .

[Themius]

Only if you presume that the bribes wouldn't be in the form of some other nation's cash.

- - - Updated - - -



Limitations on withdrawing it, fees for spending it, etc.

If you're worried about thieves, you should be looking hard at your police. Bank accounts are very easy for them to grab.

What are you talking about? Most "forfeitures" are cash and physical assets like cars/houses and the like.

[Acelius]

Generally I am all for getting rid of cash. I just can't help thinking that some day the system might break and you won't be able to use your card for x amount of time.

[Themius]

I dont want a wortless paper. Bring back the gold .

Then you'd be shrinking our economy by some 10 trillion, assuming America gets exclusive rights to all gold in the world.

[Hey There Guys its Metro]

Never understood why people put "This harvard Economist."
Can't you just put his name so I can immediately start gathering information?
Are you trying to trick me into thinking its some one I don't know about with that title?

Anyway, I completely agree with most of these ideas.
Its bound to happen eventually, but I don't look at it as a pressing concern. I think we are slowly on our way towards it though.

[Masark]

What are you talking about? Most "forfeitures" are cash and physical assets like cars/houses and the like.

Sure, but bank accounts are even easier for them.

http://ij.org/press-release/iowa-for...se-10-27-2014/

[Mistame]

Sorry, not giving a hooker my account info.

[Sunseeker]

How is having money in a bank not having control?

That's funny. I mean you answer your own question. Let me list the ways....
First off: you have no control over the bank policies.
Second: you have no control over the actions of the bank.
Third: you have no control over what the bank does with your money while they hold it.
Fourth: you have no control over the level of security the bank uses to protect "your" money.
Fifth: you have no control over the financial stability of the bank.
I mean I could go on and on about how you don't have control over your money while it's in a bank and the whole financial crisis was a big huge demonstration of that. And no, don't give me the "infinite banks" bullshit of there always being another bank you can swap to, that's a whole different level of control you lose when you start up with a new bank.

When your money is in a bank, it's not really "your" money. You've given the bank permission to "share" your money and there's very little you can do about it.

[Themius]

Sure, but bank accounts are even easier for them.

http://ij.org/press-release/iowa-for...se-10-27-2014/

They could have seized the actual restaurant also... the issue isn't cash or no cash... the issue is the fact civil forfeitures are a thing.

[Deleted]

it would solve all small crimes

wont solve white collar frauds etc

I think its a good idea though

i only use cash when i get it randomly (like a returned item in a store, or a gift from grandmom or whatever)

[Themius]

That's funny. I mean you answer your own question. Let me list the ways....
First off: you have no control over the bank policies.
Second: you have no control over the actions of the bank.
Third: you have no control over what the bank does with your money while they hold it.
Fourth: you have no control over the level of security the bank uses to protect "your" money.
Fifth: you have no control over the financial stability of the bank.
I mean I could go on and on about how you don't have control over your money while it's in a bank and the whole financial crisis was a big huge demonstration of that. And no, don't give me the "infinite banks" bullshit of there always being another bank you can swap to, that's a whole different level of control you lose when you start up with a new bank.

When your money is in a bank, it's not really "your" money. You've given the bank permission to "share" your money and there's very little you can do about it.

1. Don't like policies? Switch banks
2. Actions such as what? They typically try to keep people, also see number 1
3. I don't care what they do with my money as long as I have the amount I put in availble to me.
4. Who cares about that? FDIC insurance has you covered up to 250k.
5. This is not a point against cashless

[Rudkobing]

I use $100 bills all the time..... just to get a loaf of bread. Its so fun to watch the cashier cursing my existence for using such a large bill for such an item.

[Fencers]

Haven't used cash as a primary means in years. At most I might have $50 on me in small change; $10s or a few $20s. It's pretty darn rare. Can't recall the last time I used a $100 bill for something... I think it was a refund for a blouse that didn't fit or whatever.

Pretty okay with the idea proposed by Rogoff.

[Logwyn]

How is having money in a bank not having control?

You know if a person steals your wallet with your cash that's it... me on the other hand I just freeze my cards and lose no money, even if i did it's insured anyway.

Money in the bank can be.
Frozen. Not available, having to be waited on to transfer out to someone else. I've been in situations where due to banking "errors" a pay check on Friday wasn't available till Monday.

You've never had someone charge you double on a meal or item. Then corrected it and the extra charge takes 4-5 days if not more to be put back in the account have you?

Banks sometimes charge you for having an account and holding your money for you.

What do you do if need to eat but none of your cards go through for what ever technical glitch. You have no cash. Can't call the bank till Monday. Its Sat night. All day Sunday you have no money for anything.

[Themius]

Money in the bank can be.
Frozen. Not available, having to be waited on to transfer out to someone else. I've been in situations where due to banking "errors" a pay check on Friday wasn't available till Monday.

You've never had someone charge you double on a meal or item. Then corrected it and the extra charge takes 4-5 days if not more to be put back in the account have you?

Banks sometimes charge you for having an account and holding your money for you.

What do you do if need to eat but none of your cards go through for what ever technical glitch. You have no cash. Can't call the bank till Monday. Its Sat night. All day Sunday you have no money for anything.

Go with a bank that has no fees and 24/7 assistance...

I just use an online bank and it hasn't failed me yet. Capital one 360 and charles swab.

[Rudkobing]

Sorry, not giving a hooker my account info.

Exactly, and I don't think strippers are going to have a credit card machine(whatever its called) on their thigh, so how are you going to tip them that $1?

[Sunseeker]

1. Don't like policies? Switch banks
2. Actions such as what? They typically try to keep people, also see number 1
3. I don't care what they do with my money as long as I have the amount I put in availble to me.
4. Who cares about that? FDIC insurance has you covered up to 250k.
5. This is not a point against cashless

I told you not to give me the "infinite banks" argument. Anything else you have to say on the subject will be disregarded.

[khazlol]

Could always use bit coins for privacy

[Themius]

I told you not to give me the "infinite banks" argument. Anything else you have to say on the subject will be disregarded.

Oh shove the fuck off with it then.

"Don't give me a sound solution to issues with a specific bank." Well what the fuck do you want.

It's like saying "oh i lost foot it got chopped off! I need help, and don't tell me to go to the hospital." Well fuck off... if you don't want to go to the hospital you're not looking for solutions.