Denmark Wants To Outlaw Cash

[H2obouget]

http://www.telegraph.co.uk/finance/pers ... -bust.html

A proposed new law in Denmark could be the first step towards an economic revolution that sees physical currencies and normal bank accounts abolished and gives governments futuristic new tools to fight the cycle of “boom and bust”.

And ... discuss!

[Marine3%er]

It's the ultimate form of control. The Gov controls your ability to buy stuff . If you don't agree with them its just a few clicks away from ruining your life

[RENCORP]

Allows them to tax the living rat fuck out of everything you do.

If you are bad, or the government has a bad money day, poof - you just contributed all you got to society for free.

[Rix86]

Politicians are too greedy. Would never be right. They'll probably push for it.

[pdrake]

The ultimate shell game. We already live in a fiat world, it would be easy to take this to the next step.

"Eliminate boom & bust cycles" is probably the hoped for scenario. But, effective use of that tool would require a level of wisdom that we have not yet seen (7 years into the current cycle, negative real rates, sub-optimal growth/sub-Nehru....). Exactly who is this wonderful wizard who could wield such powers?

[Free Boer]

The one who will control all who are lost.

[Mediumrarechicken]

Silvermane_1 does not aprove.

[TechnoWeenie]

'We re-evaluated your account, we realize that you had 13,539 credits, but to curb inflation, that will be adjusted to 8,956 credits, which is its correct value.'

[L_O_G]

Cant wait for the day when credit cards will become such a pain, that its decided that everyone will implant RFID chips under their skin. Things will be great!

[hkcavalier]

You don't need a rack of tinfoil hats to figure out where that would lead.

The black market would be awesome though. Just make sure you know the secret handshake.

[kf7mjf]

I dislike the idea of abolishing private banks, but as it is, cash is a nebulous thing anyway.

Last week I pushed buttons on my keyboard lots of times, and sent files to a person I'd never met, and received in turn, payment in the form of an electronic funds transfer to my bank account. I then used some of that money to purchase some ammo at I5 Guns, receiving 60 rounds of 5.56, but paying with the swipe of a card, which in turn creates another digital transaction. It is entirely possible, that the money I received and spent may never be represented as physical bills at all, but only as a token to receive other goods or services. Some of it paid Dan for my telephone bill, other bits of it are paying for my electric bill.

The point is, money is just a concept, and I don't care if it's bills in my pocket (which can become worthless during an economic collapse), gold or silver coins which can become worthless when they fail to circulate due to scarcity (Panic of 1893 is a fantastic example of that, which followed up by the Klondike Gold Rush gives us an excellent example of the value of inflationary currency. William Jennings Bryan was right about silver BTW) or digital figures in a bank, which can become worthless as fast as paper or gold. Oh, you might argue, gold has intrinsic value, but again, I call your attention to prior instances when having all the gold in the world did you no good if none of it was moving around.

Money.... is just an agreed upon exchange medium. Do away with cash, I don't care, as long as I can have some anonymity in my purchases if I want it. Black markets will still exist though, they always do, and people will simply find other ways to pay or launder money.