Wealth Preservation: The Final Assault in the War on Cash

Townhall.com ^ | November 21, 2018 | Dan Denning

[discostu]

Cash, more accurately representational money that only had the value people were willing to put in it, was an evolutionary step in commerce. And commerce is continuing to evolve. Cash will die not because of some war foolish conspiracy nuts make up, but because newer better options have come to take its place.

[dsrtsage]

More and more businesses I deal with will only accept cash

[bert]

Money is an entry on electronic ledgers.

I go to Amazon. I purchase shampoo with my Prime account. The order is entered and simultaneously delivered to any one of several known and designated locations. The vendor requires payment. Amazon has on file one or more credit accounts, one of which is designated to transfer funds from the designated ledger to the Amazon prime ledger.

Amazon is now out of the train of payments. At some convenient date, a transaction occurs to move the total from the Bank or other source ledger to the credit card ledger.

No movement is also possible. If there is no movement and the ledger entry remains on the credit card, it can remain there for a long time, perhaps forever. However, if it remains, there is a charge for the service.

If the credit card ledger entry is cleared by a transfer from the bank ledger, the transaction is completed.

The transfer from the bank ledger results from earlier electronic ledger entries from an employer or say social secutiry.

All this happened without being touched by human hands. There was no transfer of green paper from one source to another.

When the credit card paid Amazon and then kept the entry, did it create the money?

Was there ever any money involved at any point in the transaction for a bottle of dandruff shampoo?

The future is already here. A purchase of shampoo created money with no government involvement

[pingman]

Hoo-boy. Ping to follow this topic.

[Mr. Jeeves]

...the public is likely to resist the abolition of paper currency at least until mobile access to bank deposits becomes cheaper and more easily available.

This has happened in China with astonishing speed over the last few years. Back around 2012 every thing was all cash, all the time. Now, even the tiniest vendors accept WeChat Pay or AliPay for everything. Everybody has a mobile phone and they use it to pay for taxis, restaurants, convenience store purchases - everything that would have been cash-only just a few years ago. Just scan the QR code and go.

If China suddenly decided to ban cash, they could now do it overnight without inconveniencing anyone (except gangsters) in the short run. It would annoy all the grandmothers with tens of thousands of RMB stashed in coffee cans, but daily commerce would be unaffected.

Americans have not adopted equivalents like ApplePay as quickly, though we do love our debit cards. But they are going to try something like this Chicago Plan the next time Democrats control the White House and Senate. It will greatly help the Deep State foil political upstarts like Trump in the future.

[bert]

In a strong push to moderninaty, McDonalds instituted kiosks where you enter your order and pay with a credit card.

This system was already obsolete before it was implemented.

In China the WeChat and Alipay and I believe several others can be called up by the McDonalds ap such that you enter your order on the McDonalds ap and press the button. The order is entered and you are given a number or perhaps a name that can be called. On delivery, the order is processed backward to gain payment by the above named service.

Your phone can hold aps for McDonalds, Pizza Hut, Chick Filet, Walmart Target and on and on. Such abilities are I've read ubiquitous in China and are the accepted norm for buying many many things.

[Jumper]

I believe this article to be too dramatic. The Federal Reserve Regional Banks lend money to the private banks. There is a formula that allows private banks to make loans (in accordance with Federal Programs targeting sectors, minority loans, school loans, credit cards) like pieces of a pie, with different sized slices that cannot be larger and in many instances set sized slices of the economic loan pie. In essence the management of the economy is managed by the regional reserve banks, who in turn manage the private banking industry.

Quantitative Easing is the Government boogieman that Obama (in concert with the G7/9/20) used to create Government monies (all the banks in the world created money for their Nation's Governments allowing them to spend more/pump money/expand the money supply) and water down the "created thru lending" money supply. World Government's (Obama too) created about 85% of the existing world (government issued currency) money supply over the 8-year period of Obama's presidency - socialism was in full swing. With Trump the money supply is back to basics, loans backed by a 1-to-12 ratio are expanding both business and the money supply making our debt sovereign enough to ensure the USA is financially strong in world down turn. Obama turned the USA from a Lender Nation to a competing debtor nation.