Why Becoming A Cashless Society Is A Terrible Idea
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- Опубліковано 19 сер 2020
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Physical cash is one of the easiest ways to instantly and reliably conduct commerce.
It has been well-documented that the ease of transactions within a nation is as big of a determinant of a country’s success as is access to natural resources like oil and natural gas, or even a well-educated population.
So, what would happen if we got rid of cash?
#Cashless #Finance #Economics
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lov your videos , wish you could do once a video on Puerto Rico and their debt crisis + economic stagnation they have felt since 2015
India also has UPI
So why government don't step in and create the government's PayPal
I live in Euro zone, I have some Euro bills in my wallet, still the same notes from 20 years ago.
So many facts wrong in this video. For example governments don’t print money, they lend it (and have to pay interest) from central banks and central banks can create also digital money out of nothing.
From having just lived through a natural disaster, let me tell you we cannot always count on the internet or electricity for transactions...
Or ATMs.
Yeah but what if we had generators... or satellite internet? Some degree of redundancy is necessary but redundancy can be achieved technologically, we cannot let those concerns stop progress. US and Asian megacities are different since the US' strategy for dealing with natural disasters is to evacuate and cheaply rebuild... meanwhile you can't really evacuate a city like Hong Kong or Tokyo so everything has to be built to last.
it doesn't take a natural disaster for internet/electricity to go down - this happens 2 to 4 times a year where I live (in regional australia) which means the only petrol station in town can't accept card payment so fuel cannot be purchased without cash - and not enough fuel in the car to drive to the next rural town means I guess you're going nowhere doing nothing today.
@Entropy Wins I think we are talking about different things...
The OP and I are discussing tech possibilities, and you went straight to ideological attacks...not cool.
@Sultan King You mean the US? *cough Edward Snowden. Then yeah I see your point, digital currency might be too early for some.
Tencent being privately owned is like saying a child owns their toys, they can do whatever they want... until the parent decides they can't anymore
That is a very good point
Isn't that the same in any country? Perhaps we need more parental supervision in the West.
to this day there still has been zero proof of anything illegal or sending of any data to the Chinese government done by the headlined Chinese companies being banned by the us. All US acts against Chinese companies have been based on national security, meaning the us government literally does not have to justify anything, this is literally guilty until proven innocent. in addition, if you think the us company aren't in bed with the us government...lol. I mean the CIA literally admitted to running fake companies selling encryption services to the world with built-in back doors for the us government.
@@mxn1948 Nobody makes a fuss about China banning UA-cam.
@@mxn1948 the difference being, the US government isn't an authoritarian surveillance state that frequently tramples on human rights and runs extermination camps.
I prefer the synergy of mixed cash and cashless transactions since they complement each other!
I like the idea of people choosing to pay cash or cashless
Your bang on mate .Its YOUR choice
My family just uses cash for groceries, but our debit cards for things involving more money or for transfering money (not always though)
yes
The right to privacy begins and ends with the right to anonymous transaction.
Well said
Well Sweden has a Bank Privacy Law, we are the 2nd most cashless country on earth. No is allowed to look at your transactions unless you're under criminal investigation, and then still a court would have to agree to it. Otherwise not even workers in the bank are allowed to look at it unless you specifically tell that one worker that he or she is allowed to do so to help you.
@@DinKompis your country completely missed the point. The transactions are still stored. And at the end of the day, who cares what is 'legal' or not, especially corporations and governments.
crypto time
@@adammyslim4504 crypto are absolutely not anonymous 🙄
As rekieta says, once they control all payment, you won't even be able to pay your lawyer when they come after you.
That's a good reason to pay with money in paper
“And he causeth all great and small, rich and poor , free and bond to receive a mark on the right hand or forehead ..so that no one could buy or sell but he who has the mark” Revelation 13 -
That's literally the only answer to this question. It's The Matrix of money. If you run afoul of whoever controls it, then you better be able to live on the land somewhere far removed from being found.
Idk about your lawyers. But mine only accepts priceless works of art
This is already the case unless you keep thousands of dollars of cash on hand.
Excellent video. MasterCard and visa canceling services of “bad” people or organisations is very troubling.
Except for the NRA. They must be abolish!
@@sirzechs3960 The right to bear arms is critical to be able to stand up against a government that has become tyrannical. I don't own a gun, but I believe the right for anyone who isn't a convicted felon to do so is vital to maintaining all our other rights.
@@sirzechs3960 Not true. They are simply a lobby group like the 100s out there. America is a almost recklessly free country - and one of the few left on earth. Let's hope it lasts. Let's hope personal responsibility can be king for at least one advanced nation - while the others legislate away good people's freedoms away because of a few bad apples.
key point being who decides on whether said organizations/people are "bad".
@@sigmunddreyfus8214 Corporate media
"Due to inappropriate or offensive content on your social media, we've suspended access to your checking account indefinitely." --BofA in like 10 years.
What are you smoking? Must be strong stuff
@@ems7623 He's probably been to China.
@@ems7623 unless our civilization declines, this is the future we are headed to.
This is what twitter does
I like how the Bank of America's abbreviation perfectly represents how they treat their customers.
I prefer to use cash myself. It feels more significant to spend cash because you have to give over something physical, and this helps me monitor my purchases. It also feels fun to pay for larger expenses with cash because I've been a poor college student for awhile, and having a solid cash influx has been nice, so paying for my larger expenses in cash is a nice reminder to myself that my hard work is paying off.
A year later response but I definitely agree! Having to physically hand over your cash also lets you have that, "Is this purchase really necessary?/Can I afford to do this specific purchase right now?" thought. I once tried to transition to e-wallet and noticed I spent a lot more than I usually do so I switched back to physical. It's just so much better in my opinion.
Paying with bank app, I think I have you beat on monitoring my spending. Searchable, itemized log of transactions, instant notifications on each new one, breakdown charts of where my money goes to. Seeing a piece of paper leave your fingers got nothing on that.
If I had a dollar for everytime I heard someone say that "spending with actual cash helps them spend less cuz they're giving over something physical" I wouldn't have to worry about _my_ spending anymore
It's fun until someone at the bank calls their boyfriend to let them know you withdrew a large amount of cash and he follows you home.
I think that a cashless society is just a blatant kick in the face to freedom and privacy. Cash must always stay.
It will never go away no matter how much tyrannical governments try to push cashless societies. People like cash for valid reasons.
@@tontsar91 tyrannical governments push credit cards on their citizens? You have a warped understanding of how the world works. Very bizarre indeed.
Yeah cash should always stay I haven't even touched my credit card ever since my mom gave me one not even for entertainment purposes. I have a debit card but all of that cash is for savings. I asked my parents for my passbook account in card form so that I could have some for entertainment purposes.
Honestly I think there is better alternatives to cash if you plan on only having it for savings. Gold, Silver, precious metals, Art, etc. However I do genuinely think it’s always good to have some cash on hand in case of emergencies where access to banking assets aren’t available.
what freedom you freedom ended with google brought android lol. you are trucked 24/7 knowing all you moves these cashless is nothing other level 2 tracker.
It means downloading the app.
Making sure you have access to the internet.
Making sure you have access to electricity.
Making sure you pay your cell and electric bill - on time (or you don't have access to your funds).
Hoping the whole system never gets hacked.
Hoping the whole system never has an extended outage.
Trusting your government.
Trusting corporations.
Good luck.
I pick Cash!
Also means you lose anonymity.
yeap not that worth
Exactly this is why i like the older days when governments didnt know everything about you
But cash is an instrument of the government, issued by government (or something government adjacent like the Federal reserve).
Exactly, cash and crypto.
They dont like these things because it makes it more difficult to control the population.
Ultimately it comes down to trust: are you able to trust people or not?
Most people with say no.
Revelation 20:4
Comment: don’t take any MARK on your physical body; if you claim Jesus as your Lord.
Revelation 20:4 (Bible)
1 reason for a cashless society being a bad idea : they can track everything you do, cut you off anytime they want. That should be reason enough.
Who's "they"?
Your bank does that. That doesn’t bother you.
@@christineyoung8345 yeah only if you use your debit card. You can still take cash out to make purchases they can’t track.
endofsociety Any transaction is on my bill. My bank gives me my information on my debit transactions, checks, cash withdrawals, etc. How can they not be tracking them? It’s my money through their vault, of course they are tracking it.
@@christineyoung8345 okay. So how would they know I just spent money on a bag of weed? I went to the store and paid cash for a pack of cigs. Who knows besides me and the cashier and now UA-cam?
' Trading in gold to Trading in notes backed by gold to Trading in notes backed by nothing to Trading in Digital currency backed by notes backed by nothing.' LOL
ponzi coins
currenception
Globalization....reganomics haha....
That's it, it's fiat right? Lol the market is doomed.
At least notes are a centralized currency, so the government backs it. When money becomes decentralized itll be worse
I already live in a cashless society, I'm POORtuguese.
is it really poor tho? I went on a trip and seem pretty first world to me
@@fede1324ee the country is not poor, but that doesn't mean that you can find some portuguese people struggling economically.
@@martiddy I thought he implied that portugal is poor with that pun
@@fede1324ee Portugal isn't poor per se by world standards, but their average income is the lowest amongst western european countries.
Pronounced, “PoortooGeeze”
I still love the story of the footballer in the UK who had a car crash and had over £5000 on him, when asked why he said “because i am rich”.
I think it was Nicklas Bendtner.
@@DNNYYCLR nah it’s was Balotelli
Balotelli
Wonder how long it took for him to get it back from the cops?
Even to ask him about his money violates his rights.
I never use my debit card, only to make withdrawals and I only leave in my account the minimal amount to avoid fees. I love cash because it makes me stick to a budget and spend only in what I truly need 😊
The algorithm video got taken down
Conspiracies: **INTENSIFIES**
i got this video via algorithm
Nice channel mate, I just subscribed.
If you keep uploading 3-4 videos per month, that would be best. I don't like more than 1 notification per week from any particular channel.
@@cancelled_user Thanks, I appreciate the support! I upload every other week :)
Why did it get taken down?
look into it 👉
¡Electricity fail, cash still work!
Except it's usually illegal for a store to sell anything without giving you a receipt, which might not be possible without electricity.
Notice how many shop staff go dumb when computer breaks down. Writing pad for product and adding up forgotton.
@@billnicholson1541 To be fair, in any larger stores they may well not even be allowed to do any of that nowadays.
MikaelKKarlsson Ever heard of a pen and paper? It worked for hundreds of years before electronic cash register’s came along
MikaelKKarlsson Why? Pen and paper receipt is still legal
Just come to say a cashless society is a tax collector's dream.
credit card is just a fancy way of saying "instant loan thingy"
How glamorous
That can indeed be the case. Many people are better off with a debit card. With a debit card you can only spend what is in your account.
i love using cash cause it makes it easier to budget since you can physically see it disappearing and it makes me spend less on useless things
It's a legit reason to use cash. A while ago I've read about a study using fMRI to scan people's brain while they're paying money. What they've found is that paying cash activates the pain center of your brain, while paying with card doesn't. Your brain has an easier time understanding the cost of something when you're handing over cash for it
I don't know... It has the exact opposite effect on me. I would spend change and small amounts here and there and would forget about it. When I went completely cashless, I aggregated all my spendings from all sources and seeing the big picture led me to spend much less.
I mean if I find 10$ which I had forgotten in my pocket, and spend it, that was it. I found 10$ and now it's gone. But if you spend 10$ from your card, it's there. You see that it adds up to 500$ in spendings this week. Most of that was necessary but that expense wasn't. This will produce statistics that you will see thoughout the year.
Just monitor your bank account with your mobile banking app then, I prefer card for budgeting cause I automatically have a detailed record of my spending.
Ditto!
@TMoD7007 EXACTLY!!! 💯
The value of credit and money are always backed by something: the willingness of people to exchange goods and services for them.
That is how communism works, you ‘sell your labour’ to the state in return for resources to live. Exactly same as how labour of a beast of burden ie horse ,donkey etc is extracted by owner. It has no choice as there is either starvation or beating if either animal or person refuses to comply. One must ask is this not we define as slavery ????
@@michellewells5980 that’s not communism at all. Communism is literally a stateless society. Stop watching capitalist propaganda
@@uhohhotdog if you're serious, how does a stateless society be anything but anarchy? anarcho-capitalists are on the rise, actually. somehow I doubt that's what the socialists have in mind.
good point. even those who rabidly endorse money be backed by gold usually fail to realize gold is only worth what people are willing to give for it. everything used as money, at the core, is a fiat currency
@@michellewells5980 Its serfdom
Cash is one of the only freedoms we have. No wonder they want to get rid of it.
I work in retail. It’s very common for the payment to not go through using a card, and not because they’re out of money
shhh.....
People got to chase the bag
Ya they don't always work I remember in November the machine failed and had to wait over an hour for it to work because they didn't accept cash
@@codymilmine45 drug money mate
@@javierjp8549 thats still cash tho?????
makes money even more of an illusion if we can't even touch it!
The irony of the fact this is supported by Patreon is not lost on me 😂
Having a large stack of money is better than seeing a high number on your bank account
Yep, governments and banks can't freeze your briefcase cash.
I'm pleased the resistance to the cashless society is starting to form.
Remember, use cash whenever you can.
Keep your bank balance as low as possible.
Get a safe deposit box.
Keep your spare money in cash or gold.
Write to your MP/congressman/elected representative. Tell them that cash is important to you and you will vote accordingly.
Using a card is just more convenient, but cash should always be an option
"When was the last time that you paid in cash for anything?"
*Laughs in German*
I'm an Aussie and I mostly pay in cash but I'm from the older generation
last night.
@@collectorss12 The smart ones use cash for cash discounts too.
laughs in south american
Anytime I visit Germany I roll my eyes at the constant need for Bargeld
When he said some of you still probably pay cash...i felt that
ahh a man of culture I see!
I do use cash a little bit, but then again I do work recycling for a trash company. you would be surprised how much cash ends up in the trash. the best single find i’ve found so far was $60.
@@littleredpony6868 Yeowch, $60 is an impressive sum for a single instance. Maybe it was someone being spiteful or a prank that went wrong? I pray that it wasn't a poor elderly person who forgot where s/he left that cash.
Rubia Ryu I hope that it wasn’t an elderly person either. considering how many beer cans were in the bag that i helped recycle makes me suspect that impaired judgment was involved.
@@littleredpony6868 There are those days... I'd imagine losing $60 won't help them kick that habit either.
How about children, most companies make it almost impossible for children to get a card. How is little jimmy supposed to spend his allowance on candy?
And cigarettes and booze?? And weed up here??? Poor little Jimmie. All dressed up and no where to go. Jajaja
Card tied to parental account, usually burdened down with heavy restrictions and which give said parents monitoring privilege
@@ouimetco as a little Timmy that's all cash is used for.
Pocket money cards for kids already exist.
Kids wear a watch with tencent wechat app on it.
if you don't take cash, I will not be your customer.
@Christopher Norris - thats what I've been doing. If a place is cashless I'll publish an honest review, and then "minus one star for being cashless"
Yes! When I read the "Handmaids Tale" by Margaret Atwood at the age of 23 I was struck by the idea that in that dystopian future the first thing that was done to control citizens was to take away access to their money as it was a cashless society by then. That idea stuck with me and today at 58 I'm more convinced than ever that we cannot lose cash and go to only online or card payment alone. That would put too much power in the wrong hands. Think of it this way. In some places in China they are developing/experimenting with Social Currency. That is when your every move is surveilled using facial recognition technology, data gathering, and cameras that will keep an eye on you and your behavior. If you jay walk, if you protest, if you skip school you will lose social currency. If your "social credit" score goes lower it has consequences.This will limit where you can spend your money. It limits where you can travel, where you can live, where your kids can go to school. This is social control and could easily come when there is no longer any way to live privately or any way to spend your money anonymously. Cashless is how it starts.
Very similar to how money was manipulated in communist Russia--lack of fungibility.
Meaning that high-ranking communists could buy things with their ruble in special stores, and the Ivan on the street could not buy same thing with same ruble.
Essentially making some people's money more valuable than others.
And that was accomplished without going cashless! Cashless will make non-fungibility effortless--they wont even need special stores.
Its yet another way for the powerful to make their money worth more and yours worth less. As if inflation wasn't bad enough already.
Elemblue2 in mainland China the highest note is 10euros the people are controlled no long by borders. U can fly to anywhere you want but your money is all online
well-put, I'm scared for the future
tl;dr
Have you ever read the book QUALITYLAND? It is a dystopian story which has a lot of vibes in a similar direction, taking place in a society where privacy is dead and peoples entire lives are controlled by governments and corporations with massive tech alhorithms.
Money is based on trust and without it, it's nothing
Well money is also based on the fact that if you don't give back some of it, then you get punished by going to jail.
I agree
That's FIAT money
hm yeah thats a thing i was wondering about. Say paypal or whatever is global dominating payment method (for example) - whats the point in currencies anymore? Can the concept of currencies not be somehow bystepped or become irrelevant?
Because a government require that taxes to be paid in dollars, the dollar has a demand and minimum value
I will not give up cash, never, I pay at every physical place with cash, only use digital for online transactions
Same.
I grew up in a remote rural area where tourism was the main industry. Many of the local shops, cafes, etc. - including a cafe where I worked one summer - were only able to accept cash payments as there was no mobile signal for running a card machine. Visitors were often baffled by this. People tend to forget that not everyone lives in a city.
If I can get 4G out in the literal wilderness, you should be able too get that too in a rural area especially if tourism was the main industry. There is something fundamentally broken with your country if you cant.
Conversely, traveling in cities (particularly in Asia) it's hard to find the right shops that will take cash.
There's a reason casino's use chips that represent currency,it's similar mechanism at play with a credit card in that you are disconnected from you are realness that comes with handing over physical cash.
Also, it would be incredibly complicated to keep track of bets otherwise. Unless you can think of a system that a croupier can understand?
If it was the sole reason then slot machines wouldn't take cash.
Yep
Correct. And it works. Hence North Americans carrying more debt per household then any other time.
People spend on average 11% more when paying with cards, compared to paying with cash. It's "less painful" to tap the card on the terminal than hand over physical cash.
I feel like going cashless would harm small businesses which cant afford the fees or the cost of setting up card payments.
Also rural areas with poor internet would suffer.
Finally in the event of a power outage cards instantly become worthless.
It's gonna do far more harm than good. The small things people do to get by won't happen anymore
It's all about government control and tracking. That's the only reason a government would push for a cashless society
Yep it happen in Puerto Rico when the Hurricane hit
Elon Musk with Starlink going to bring high speed internet to everyone worldwide via satellite. That’s one piece of the puzzle
i still remember when paypal dropped gab and subscribestar. that alone is enough reason
When the depression hit in ‘29 my great grandparents had cash shored in a safe so they where better off than the vast majority of the population and my grandparents still store money in a safe incase a depression or a recession and they have passed that lesson down to my parents and my parents have taught it to me
Store your money in silver & gold!
The push for cashless is quite simply all about 'control' so that all financial institutions will have access to all your finance & financial transactions.
Cash, still does give you autonomy from 'big brother' always watching & controlling 'your finance.'
"It's my money, Jake! If you want to bid at the auction, use your own money."
"I'm Human, I don't have any money."
"It's not my fault that your species decided to abandon currency-based economics in favor of some philosophy of self-enhancement."
"Hey, watch it. There's nothing wrong with our philosophy. We work to better ourselves and the rest of Humanity."
"What does that mean exactly?"
"It means… it means we don't need money!"
"Well, if you don't need money, then you certainly don't need mine!"
-Nog and Jake
From Star Trek Deep Space Nine.
COMMUNISM
Hurray for Star Trek DS9
Thats why I am a Trekkie. And I hope that communism was a joke, capitalism and communism are both views on a materialistic society that try to build up an economy around the addition of material value, in communism the worker profits from that addition, in capitalism the profit goes to the people that made the addition possible, meaning the worker, but also other people involved, but the more importand someone is, the more money they get, but the most importand person is not necessarily putting the most work into the addition, because the worker can be more easily replaced, communism was created to fix that. There is also the social market economy wich tries to make capitalism more fair, but in the end it comes down to the distribution of the profit, but in a nonmaterialistic society, there is no profit. One could argue that the postmaterialistic society in Star Trek is an idealised social wellfare system, but the best social wellfare systems are not in communist cuntries, otherwise poverty would be impossible in the so called peoples republic of China, ok they are capitalists now, but in the past it should have been impossible (I ignored unimployment here, because it would be to complicated). Social market economys are closer to Star Trek, but still comparing a materialistic system to a nonmaterialistic system is like trying to drive a road car on the ocean. If this was just a joke, than please dont feel offendet, or just dont feel offendet at all.
@@apolloaerospace7773 Fun fact: Kirk did get paid ... very well. So its the TNG fault ^^
@@peachtpm2528 Cashless society is danger. Why? Because banks can see the pattern of your needs and the business. Cashless society let a country knows the pattern of all society expenses and income. With internet and annual data collection to the UN, the US can use data from cashless country how many USD a country needs. With lowering interest rate to 0% by the fed, all bankers in USA can find victims around the globe to see which country can be corrupted like Greek.
"Biggie-nomics": Mo' Money, Mo' Problems
I can't believe that you didn't mention how, if society goes completely cashless, we'll all be totally screwed if the system goes down, most likely due to hacking.
Government: Gets rid of cash to make you pay negative interest rates and not do illegal stuff
People: Use cryptocurrency
Government: You weren't supposed to do that
Some want blockchain voting
Blockchain is part of the technocratic system.
@@Acetyl53 EXACTLY
The state can access it too. By banning it, taxing all transactions or if the state does not accept it as a means of payment, it will be difficult for it to become large.
China is already implementing a cryptocurrency, for good of people of course, to be free and use the money as they want, without government supervision
Last time I was this early Economics Explained was an Emu escaping a bullet in the Great Emu War.
We won man... but at what cost...
@@EconomicsExplained Can you actually do a video on the economics of that?
@@EconomicsExplained Didnt the EMU win? at least according to my cute australian collegue...
Paerigos Yeah, the emu’s won. We fought hard and long, but our modern military weapons were no match for those belligerent beaked adversaries.
@@Paerigos they won the battle, but eventually lost the war when bounties were issued.
Good ol cash money prize for each Emu head meant everybody was out there huntin the criters and that was that.
Before he retired my barber would only accept cash.
The core issue is centralisation vs Decentralisation. The latter is more desirable. Cash is largely decentralized, however I have an idea
we could have decentralized, digital cash, on a battery GameBoy looking device with high level encryption, password, no Internet required, not connected to banks but able to connect to WiFi (on/off) and NFC, only the password and Yubikey of the device to upload cash numbers onto the internet. Knowing a seperate deposit number would allow deposits, but you need password and/or yubikey to withdraw. The device has no serial number to identify an owner, if lost, misplaced, destroyed or stolen, the amount would be lost forever, until manually re-united with original owner, making the money supply Deflationary, improving the value cash in circulation. To prevent counterfeits it would only recognise cash that is printed by a central bank, verifying on a guarded database of cash note serial numbers, but not connected in anyway to device owners, devices are anonymous and uniform
What my idea does is it simplifies coin and note printing dilemma, but allows individuals to transact without a middleman/third party.
Making fiat, like bitcoin, but better
Before: Money printer goes "BRRRRRRR".
Now: Flamethrower goes "BFFFFFFF".
This is my flammenwerfer, it werfs flammen.
Man, I can't imagine going completely without cash. How else would I pay for my drugs and prostitutes?
You will pay digitally, via an app , if beggars in china accept it, why not personal entertainers?
I've seen it some prostitutes now accept debit cards LOL
As soon as gov or big corps have total control they will legalize these things
Barter. LOL
@@atomsmasher9411 Yup.... They'll be able to record, and tax every transaction! That's what it's all about.
I live in Argentina. All our real estate transactions are in cash. You go to a special room in a bank, and a large bag of USDs (not pesos) is pulled out. And, yeah, I've heard a lot of people use this fact to evade taxes.
Oh, and - everybody is just using MercadoPago now. We have a local alternative to Amazon, also huge, called MercadoLibre (literally "free market", subtle), and they've replaced cash. You can pay with MercadoPago everywhere, and it's basically PayPal.
I love so much using cash
Australia: “you can’t do cash transactions over 10.000$”
Italy: “hold my wine and do not pay cash over 2000€”
And in 2022 the limit will become 1000€
True
In Greece its on 500 Euro.
3000 in Belgium
Not that surprising in Italy tho with the mafia
The barter system which has been ridiculed for ages seems so very brilliant now.
Gold silver and wheat-grain
What is showing good by media
Consider that as bad for normal people
And good for elites
What is taught thru television
Is bad for us
Good for Rockefeller's and all those bad people
Oh, so basically kinda like anarcho-communism ?
@@nicholasleclerc1583 Communism is filth
@@sleeexs Regardless, the only useful act is to pull the plank from our own eye.
0:09 - "...and of course, cold hard cash."
*[shows video clip of warm soft cash]*
Absolutely not!. We should never ever give up cash.
13:21
"People might just have to suck it up, and pay for the privilege of having money"
Capitilism at it's finest
congratulations you have won capitalism... now pay up!
Bitcoin enters
@@Sam-ko8mt the feds want to know your location.
*bitcoin and other decentralized and anonymous crypto currencies has, entered the chat*
That is NOT a capitalism,that is SOCIALISM. That is North Korea,USSR and simillar. We are killing capitalism with those ridiculous socialist/communist ideas together with "welfare state" creating tremendous amount of debt for every country in the western civilisation. Pretty soon you'll all discover why was this bad idea. Cashless society is just an attempt to prevent/delay coming finantial collapse and blame it on covid19.
It will become ubiquitous in 15-20 years after we've all been beaten into submission,weak and stupid as we are.
Cashless society is like selling your soul to government and bankers
Which clearly after the big reminder of 2008 is no problem at all, right ? ;-)
Don't they own it already?
You know cash too is controlled by the government.
Shaaf ali khan Cash is less traceable. For example, if someone buys firewood, the seller is supposed to charge sales tax and claim the income. I’ve never heard of a local seller charging sales tax, and I somehow doubt they’re taking that off the top.
@@gypsypath1 Your local legislature may vary, but generally companies pay sales taxes, private individuals pay income taxes, it's one or the other not both. There is no sales tax if a private individual sells his own property, everyone has a responsibility to declare and pay taxes on any income they have though.
i pay with cash all the time but ive got a feeling they won't let me do that for much longer
It reminds me of that “15 Million Merits” episode of Black Mirror.
buying used goods from craigslists and the like in parking lots and back alleys wouldnt be the same without cash would it
Notice how you can still do that with cryptocurrencies and systems like WeChat, etc.
@Charles Huang I believe you can do person-to-person payments with WeChat. And PayPal can too, but I don't think for example ApplePay can do that ? Usually person-to-person payment are done by people from the same country probably makes things a lot easier.
I know nothing about Economy but I still binge your videos, they're so damn entertaining. Good job!
Card fees are the main reason I still carry cash, especially when going to a mechanic or things like that - my mechanic will actually give you a discount if you don’t pay with card
I really appreciate how you include your references. Very informative video as always.
I’ll always fight against going cashless. I get why governments would want it but will never understand why people would accept it.
Well, one reason would be if nobody kept cash on hand, something like muggings would be pretty pointless. Also, in the case of something like a cryptocurrency, it could also be used as a universal currency - allowing you to spend that money as whatever form is required in that location (if there even still are local currencies in that kind of scenario).
@Liam Wouldn't you rather be hacked, and the damage likely undone through the relevant channels like in the case of credit card fraud, than being robbed from at knife/gun point? The government control yeah is a concern, but the IRS being able to do their job is kind of something you sign up for while enjoying being able to purchase something from a regulation-abiding source. That's kind of the trade-off in exchange for not needing to be lucky to find what you're looking for from a stranger on the street/in a chaotic marketplace.
Unless you're an actual activist/journalist, needing to make purchases hidden from government view is kind of something reserved for chemists making drugs they shouldn't be, bomb makers, gang members, someone planning a mass shooting or bank robbery, etc. If you're not doing that kind of stuff then the desire for anonymity that only paying in cash provides, is just a way to treat paranoia.
If it's "adult items", nobody capable of tracking individual transactions cares especially if you're just some random person and not someone high-profile.
How about, half and half? Best of both.
Use cash for small daily purchase like a cup of of coffee to grocery shopping. Those small business won't suffer from interest.
Go cashless when you need to buy something that force you to bring big load of paper money.
People are lazy and compliant...The same reason they're happy to support self serve checkouts without a thought for the action of doing so assisting in lack of employment opportunity in the future...
These same people have kids who will rely on that employment...
@@MiggsMultiple 💯 💯 💯
My local barber is cash-only and his waiting room is always full of people. Raking it in
God bless him! Cash is king
@@gd2561 cash is on the way out. Good riddance, I hate disgusting germ infested cash
@@Guitardudeftw do more research it’s not as germ infested as you think. Studies have shown that more germs are found on plastic than paper currency. In the meantime wash your hands cover cough stay healthy stay safe friend. Peace & God Bless!
I am sure it never because they give a good haircut
@@Academic_nomad hey, people appreciate that good haircut and cash convenience. Barber is just doing a great job.
People have shown an amazing ability to create exchange systems even under extreme circumstances; cigarettes in prisons and camps, soap, private scrip in colonial times, &c. If something happened to cash now, soap bars and cartons of ammunition would probably serve for small bills, bottles of liquor for slightly bigger ones, and probably many commodities I haven't considered would be pressed into service.
The "Central Banking" business model has failure built into it. Cash or no cash, we still have a deeper issue.
Agreed. However, within the fucked up system we have now there are better ways to go. Fiat cash is better than fiat digital.
Cash is important because the electronic system is unreliable like when there's a major catastrophe.
try living in the bush - electronic system is unreliable.
Covid-19 lock down was a test run.
How much tax money do you think States & Countries have loss from the lack of Sale Tax in the past year ?
Billions ?
@Charles Huang hope you have the right gold.
@Charles Huang When it comes down to it, you can't eat gold, can't turn it into tools. Gold value is backed by steel blades and lead shot. As for the moment it is still best to invest that " gold " into your community to gain " favors " and build friendship with trade & craft workers.
Also depending on your living area, in truth a " bug out " shelter isn't the strongest choice when a " community " shelter will work best. As with basic living having friend, family, and extended family of friend help gets you by.
Safety is in numbers.
How do you get cash when systems and infrastructure are down?
Country goes completely cashless
Hackers : Its free real estate
there are already cashless transactions happening... so they are already doing this
They are the modern day Bank Robbers.
This problem can basically be expessed as concentrating the power to starve you to someone you've never met before who has zero accountability.
Revelation 20:4
Comment: don’t take any MARK on your physical body; if you claim Jesus as your Lord.
Revelation 20:4 (Bible)
I don't think cash will ever fully go away; I certainly hope it never does
I'd bet a cashless society would result in a growing barter economy as a discrete non-taxable alternative.
yep.
Until the government made barter not recorded on their systems to be illegal.
@@Egilhelmson just like they made buying drugs illegal...
@@Egilhelmson And how will they control and enforce that?
Use anonymous cryptos like Monero which encrypt the blockchain ledger.
Now you have private money they government cant control or inflate away
If you rely on a third party to pay or get paid, both seller and buyer are slaves to to the third party.
Information on what I buy and when I do it is on a need-to-know basis. No third party needs to know.
But if you're not happy with the third party you're relying, you can change it... If monopoly/oligopoly on payments is avoided.
Yes this is already evidenced when you for example charge your debit card, it "asks" for "authorization", as if you need authorization to spend your own money. Even if you have the money in there, they could deny your transaction anyway. Now if there is no cash and they dont like you and they deny all your transactions even though you have the money... Then you're screwed and that is why you are 100% correct you are a slave at the bankers whims whether they allow you to spend your own money or not. Now say you're using bitcoin, YOU authorize your own transaction not any third party, which gives you the power you are in control not anyone else! We're going to have to resist fed coin and all use bitcoin which we control our ability to transact and not them... Also create a new debt free paper money backed by a solid decentralized crypto. We will not use their beast system.
@@YourTVUnplugged With BitCoin there is no financial privacy (every transaction in public, as the balance in every wallet).
Debit cards ask for “autorization” in the sense that they check if you have enough money for the purchase. Some debit cards can proceed with the payment (if it is small) even if they can't check because of technical problems.
And if you're debit card doesn't work, you change provider.
@@LoGaIta99 WRONG! Dead wrong... As in you will be dead, that's how wrong you are. You can't "change provider" the federal reserve is ALL providers controlled from a central point. And you're missing the point, "authorization" means you are relying on that third party aka the bank aka the federal reserve to ALLOW you to spend YOUR OWN money... You are asking them permission to spend your own money... If you speak out against the government and their tyranny and lawlessness then they use that tyranny and lawlessness to DENY all your transactions REGARDLESS if you have the money or not... Or how bout since it's all digital just erase your money out of the database and you have no recourse. With bitcoin YOU are the one who authorizes your transactions NOT anyone else not the federal reserve not any third party... No one can stop your transaction from going through if you decide to send it! You cite privacy concerns of a public ledger, I'd rather transactions be public to all rather than known to the federal reserve... That is no privacy either, and that is a moot point as privacy is not the main issue here... The real issue is freedom against tyranny. With a fed coin, you become a modern day slave... If you don't do everything they want or if you even say one thing rightly against them even once, they turn off / erase your bank account and then you're dead.
That is not the world I will help create, this is not the world that will be created! And if you don't recognize how bad this is, then you're already dead too.
Currency can be anything, value can be given to anything, the hard thing is having others agree on that value.
They made it difficult now in some areas, saying you must have EXACT change, so that forces most ppl to use cards
The businesses had to. Since people weren't going out as much, and most people were trying to use cards or contactless systems, physical money stopped moving around. That means businesses couldn't get change back as quickly as it left.
Now, if I say "keep the change" and the business says "exact change only", THEN I'll believe they're trying to force me to go cashless.
@@atk05003 i agree, it makes sense to do so during a pandemic. there's also the factor that money is often dirty and you can't really wash paper (you technically could, but ehh who does that?) you could still use sanitiser on your card or do it thru a qr code. digital currrency def has it's uses especially now
@@hamtaru US currency is printed on a special paper that is basically a fabric and can absolutely be washed. I have accidentally sent several bills through the laundry over the years. They come out fine. (You have to iron them if you want them to be crisp again.)
@@atk05003 that's what i said, it can technically be washed but I've never met a person who actually does that intentionally
@@hamtaru True. Almost no one does it. But I've seen people in other countries washing their plastic bills and smugly saying US currency isn't washable. Their currency is generally much tougher (and usually a bit harder to counterfeit), but a lot of people seem to think US currency CAN'T be washed. So, I like to make it very clear that it is washable.
13:36
"A cashless society would devastate the black market"
Bitcoin: am I a joke to you?
And gold. Any idea that removing cash has anything to do with, or will do anything about, the black market, is a fantasy.
@@legallyfree2955 Cashless society is danger. Why? Because banks can see the pattern of your needs and the business. Cashless society let a country knows the pattern of all society expenses and income. With internet and annual data collection to the UN, the US can use data from cashless country how many USD a country needs. With lowering interest rate to 0% by the fed, all bankers in USA can find victims around the globe to see which country can be corrupted like Greek.
A lot of criminal are catched for using crypto.
But crypto is good for example support like for example WikiLeaks (not allowed by Visa but not illegal)
@@legallyfree2955 maybe we can pay in marijuana.
@@Tofu3435 - "A lot of criminal are catched for using crypto."
Source?
Economics Explained: "Adds higher production quality on his videos by using animations"
Me: "I'll never forget you blank black screen with weird font white text..."
Thanks so much for explaining this so well!
We need something that allows us the choice to fiddle tax or not. Simple.
pros and cons of a cashless society:
pros - stops illegal stuff
con - but what if you wanted to do illegal stuff
Who defines what is legal? The government does. Peaceful protests? Illegal. Criticizing you leaders? Illegal. Journalists exposing government corruption? Illegal.
In a government controlled cashless society you can be a free roaming prisoner. Where you are free to roam, but cannot. Because you're locked out of the money system. And cannot earn any money to travel, let alone rent or buy a home. You would have to survive purely on theft or food handouts. No one will be able to toss you a few coins.
Also, the next step after a cashless society is a social credit score system and mass surveillance. Cameras, GPS tracking, RFID, everywhere. It is already happening. It's a slippery slope. 👁👁
@@gebali You're absolutely right about everything you said, and I agree; but anything that removes freedom from people and brings more power to the system is going to be adopted by the system. So it's kind of a moot argument whether we like it or not. "but what if we wanted to do something goo that is against the law" well, the government is going to take any step it can against it regardless, that's just how it is. We have to find a new way around this new system, we can't just hope and complain they allow us to keep using cash, yknow?
Steve Gee your argument is cashless society=Orwellian horror. Like, what?
@@gebali Cashless society is danger. Why? Because banks can see the pattern of your needs and the business. Cashless society let a country knows the pattern of all society expenses and income. With internet and annual data collection to the UN, the US can use data from cashless country how many USD a country needs. With lowering interest rate to 0% by the fed, all bankers in USA can find victims around the globe to see which country can be corrupted like Greek.
The power of the people to do illegal stuff is inversely proportional to the power of governments to control the lives of its citizens. So yes, I want all the power to do illegal stuff, even though I hope I won't need to use it
"I regret to inform you that your card service has been cancelled because you voted for the wrong political party".....
Totally .
i like having cash
Then don't vote.
@@DacLMK I regret to inform you that by not voting, technically you're still not voting for the right political party...
@@DacLMK I regret to inform you that not voting prevents you from influencing government decisions, which would be very important things in a society in which the government has complete control of all transactions.
A true free economy has as many venues for trade and types of assets that can be traded as possible. This includes all forms of currency and stores of value! It would take a lot of governmental force to eliminate cash...for people would simply use another currency if a nation tries to ban cash!
There is no need to ban cash, unless government moves to force banks to keep ATM-s open and forces vendors to accept cash payments, cash is going to die of natural causes all on itself. It's not an accident that the trend is towards more and more cashless payments, cash is simply technically inferior. More costly and less convenient, so constantly more people choose to go cashless, barely anyone goes back to using cash, unless cash is artificially propped up, the outcome is inevitable.
I visit the atm twice a month. I don't like the idea of letting some company (or bank) where I buy my morning coffee.
I have a set amount of money in my wallet, so I know what I have spend and can spend. And I like the ease of use. Just hand someone a bill, and get some coins back, or give the change as a tip
You cant beat the smell of freshly minted money.
It's so good.
You must wear a top hat and walk with a shiny cane.
Sure you can! The smell of brick and mortar collecting that rent money from your tenants that bring you cash every month 🤗
Inflation never smelled so good
Or the smell of a new book
@@jahjoeka nah just freshly from an ATM. Lol
Not allowing cash transactions greater than $10,000 is like banning walking down alleyways at night.
I have been living a cashless lifestyle, but I don't think we should completely get rid of cash right away.
One more option is always better, at least for consumers.
Revelation 20:4
Comment: don’t take any MARK on your physical body; if you claim Jesus as your Lord.
Revelation 20:4 (Bible)
This is amazing information and very interesting ... no idea what to do with this info but still really well put together. This is a really good topic to use as well to show how much the general public in a pure democracy do not know how much their society works. I bet most people how no idea about any this. I've seen many times people arguing to go full digital with no idea why that be good or bad.
I cannot in any way agree to completely eliminate cash and allow only electronic money.
I believe that it would be extremely disadvantageous and very dangerous for the whole society. I think that it is worth paying cash, because having cash has always been synonymous with freedom and, in contrast, giving up physical currency would mean loss of that freedom. In my opinion:
1) Cash allows you to stay anonymous. Unlike electronic money, there is also no trace of the transaction on your bank account. If you pay by bank transfer or card, each of your expenses is recorded in the banking system.
2) You can easily hide cash - cash is a very convenient and practical solution. Cash cannot be blocked or taxed suddenly and quickly - just like money in your account. For example, the authorities could try to introduce the so-called Cypriot variant. In 2013, under pressure from the European Union and the International Monetary Fund, the Cypriot government decided to grab some of the population's savings from banks.
3) When you pay with cash, you always spend less money than when you use a card, and you have more control over your expenses.
4) Using cash is free, and banks charge a commission for electronic money.
5) With cash - in the event of any financial crisis, stock market crash or war - you will have money.
6) Electronic payments cannot work without electricity and modern technologies, and cash does not need anything at all.
I highly recommend you the book entitled "Cash is freedom. Why is it worth paying cash and preventing cashless society" by Rafal Ganowski. You can buy it on Amazon
1) So can electronic money, they are finding ways to pay digitally without the use of the internet and electricity.
2) And that’s how people get away with corruption, it’s because they hide their money in the form of cash. If we eliminate cash we can end corruption simple as that.
3) That makes no sense, I use my card/digital wallet and pay for the same price as the product. I lose no extra money in any way
4) Not all banks does that, perhaps it’s time for you to find a bank that doesn’t charge the merchant or use digital wallets which doesn’t cost any transaction fees.
5) So can digital money. If you use a stored-value card, a hardware wallet, or a digital wallet you can store your money safely without needing to store all of your savings into your bank account.
6) As I stated above, they are finding ways to pay things digitally without the use of electricity to make it more convenient.
Those articles are mostly written by liberals who likes to support criminals. If you don’t have anything to hide why should you be afraid? Also, cash requires a lot of resources to make due to the fact that 90% of cash around the world is made from cotton, search up on how much galleons of fresh water is being used to grow 1kg of cotton. Time to abandon the obsolete way of payment and embrace the new way.
literally the only time I use cash is to buy weed
@D2 E2 Come to Massachusetts
D2 E2 As strange as it may sound, in Russia you can do that
@@Si1ete well.... it's Russia after all
No more weed for the low in cashless societies. Dispensaries will hit with higher prices
Cash homie
This channel teaches me way more than my college ECON classes.
I'm an Aerospace Engineering major, and I took economics because I have a deep passion for Economics. I can say hands down that I learn more from Economics Explained essays & case studies than my professors & text books. What I learn here is so complementary to what I learned in class.
Thank you very much for such quality content! ❤️
A cashless society makes it easier for the government to track you. No more work "Under the table."
I'm specifically moving back to cash whenever possible.
Love the clarity, conciseness and focus of your videos!
Why did the hippo put his money in the refridgerator?
Cuz he wanted cold hard cash..
but.. wh.. the hip? WHY A HIPPO?!!
Economics Explained what other animal would you have then??
@@EconomicsExplained just intentionally misleading
@@EconomicsExplained why wouldn't it be a hippo
*freezer
People feel good when they pay with cash because they have an energy exchange when they interact with the cashier talking and 💰 money
Just found your wonderful channel! Thanks for the content.
Just wondering if you could do a follow up on fractional reserve banking and who benefits from interest payments?
Another one - how has Japan kept it's cash rate relatively low in comparison to the cash rate and inflation Australia the rest of the 'developed' world has experienced?
The last time paying with cash was today for me
As a consumer I am way more worried about theft via credit card and RFID technology than theft of my wallet.
Yeah loosing my wallet is loosing a few hundred bucks at best, loosing the bank account could be loosing everything...
Power goes out at our store, cash still works.
@jocaguz18 most places don't always have a generator and they don't always last for long before needing refueling, think the 2003 blackout type scenario.
I'm curious: How does the cash register and the laser scanner and the automatic doors work if the power goes out?
Mind you, QR codes and phome apps would obviously remain unaffected.
@@davidwuhrer6704 You can operate the shop out of a window. The customer comes up, tells you what they need, you go and get it, jot down the price(s) as you go on a piece of paper(there exist books of paper made specifically for this), add them up, and put the cash into the register when you can. And you just lock the door in the meantime, whether it's automatic (why even have automatic doors anyway?) or not.
@@FoxbatSVK Well, that works.
A lot of people I know (and I) started using cards more than cash since supermarkets got self-checkout. It's sooo much faster. Not only are there more open ones at the same time than regular cachiers, but you are directly responsible for your speed. Also, queues are a lot shorter
And of course you can slip a few items by without scanning….
Yup the convenience for the LAZY.
@@briantyler9073 It's not about laziness. You put in arguably more work since you do it yourself. But it's soooo much faster than regular checkout. I've saved hours. 5 to 10 minutes every time adds up to a lot of saved time
Why must everything be fast?