Should we get rid of cash?

[muwarrior69]

They tried it in India.

https://www.npr.org/sections/money/2019/09/24/763510020/what-happens-when-a-country-suddenly-gets-rid-of-most-of-its-cash

I hardly use cash myself, but I'm not so sure we should get rid of cash. Even here in the states not everyone uses a credit card. I know some stores/businesses want to go cashless. Not sure if that is even legal if a business can refuse cash for a product or service.

[#UnleashSean]

Id like to see a study based on a country with a bit more infrastructure then India

[Frenns Liquor Depot]

I was there when this happened.  One thing not referenced in the article is how high a percentage of India's transactions are done in cash -- including home purchases & business transactions -- many times to avoid use taxes.  The goal of this was to get those transactions back into the economy and bring the hoarded cash of the wealthy individuals back into the banking and taxation system. 

Said a different way those who don't need to deal in cash do.  They tried to squeeze them by canceling the bills and forcing them to deposit it in the bank and declare/pay tax.  They still found a way to avoid that outcome.  Those at the lower end suffered because of it.

[tower912]

My wife keeps getting rid of mine.

[Jockey]

One more way for governments and other entities to have a longer paper trail on everyone.

Cambridge Analytica had an average of 5000 data points on each person in its database as it influenced American and British elections.

Furthermore, these additional data points are necessary for the development of AI. With many thousands of bits of info, Corps. will be able to know what you are going to do before you even think of doing it.

[Pakuni]

But then how will people pay their undocumented nannies and landscapers?

[MU Fan in Connecticut]

When I was in Malmo, Sweden last year we went to a restaurant that had sign posted "Cashless Restaurant".

[jesmu84]

All cash? No

The penny and nickel (and possibly dime)? Yes. Those literally cost us more to manufacture, distribute and count than they're worth.

[CTWarrior]

All cash? No

The penny and nickel (and possibly dime)? Yes. Those literally cost us more to manufacture, distribute and count than they're worth.

+1
The only reason to have pennies is to help keep you from getting more.  Last I heard it cost 1.8 cents to make a penny and something like 8 cents to make a nickel.  A quarter now has the same purchasing power as a penny did in 1916.  If we could get along with nothing smaller than a penny then, we should be able to get along with a quarter as the smallest coin now.  I'd say start with elimination of pennies and nickels and then go from there.

[The Hippie Satan of Hyperbole]

Make the dollar a coin as well.

[Jockey]

Make the dollar a coin as well.

I love sarcasm!!!

[JWags85]

I was there when this happened.  One thing not referenced in the article is how high a percentage of India's transactions are done in cash -- including home purchases & business transactions -- many times to avoid use taxes.  The goal of this was to get those transactions back into the economy and bring the hoarded cash of the wealthy individuals back into the banking and taxation system. 

Said a different way those who don't need to deal in cash do.  They tried to squeeze them by canceling the bills and forcing them to deposit it in the bank and declare/pay tax.  They still found a way to avoid that outcome.  Those at the lower end suffered because of it.

Agreed, it had nothing to do with moving to a cashless society, it was explicitly an anti-corruption maneuver to curb illicit tax free spending and back office off the books maneuvering.  I know multiple clients I have there who regularly made payments to us and other customers over $10,000 USD in cash.  It was the taxi barter on steroids.  $12 fare?  Offer $10 or use your CC, usually the cash is chosen.  There?  Hem and haw about making a $2500 payment overdue on a $7000 balance?  Happily pay the entire balance on the spot in cash.

Agree with Unleash, Id prefer to not take cues from India on monetary issues.

[ZiggysFryBoy]

Make the dollar a coin as well.

The "tooth fairy" gives the kids a gold Sacagawea dollar coin for each tooth.  Last time i went to the credit union, they had to look around for a roll. And half of these were Susan B's.

[The Hippie Satan of Hyperbole]

The "tooth fairy" gives the kids a gold Sacagawea dollar coin for each tooth.  Last time i went to the credit union, they had to look around for a roll. And half of these were Susan B's.

That’s cause they didn’t drop the paper bill. They did in Europe and their one Euro coin works fine.

[warriorchick]

When I was in Malmo, Sweden last year we went to a restaurant that had sign posted "Cashless Restaurant".

Epic Burger in Chicago tried that a couple of years ago. It didn't last very long, as I recall.

[JWags85]

Epic Burger in Chicago tried that a couple of years ago. It didn't last very long, as I recall.

There are a number of chains that do it now.  By Chloe is a popular vegetarian chain that is cashless.  All depends on the clientele.

[Hards Alumni]

Epic Burger in Chicago tried that a couple of years ago. It didn't last very long, as I recall.

There are a ton in NYC.  It won't go away.  They even list their reasoning for going cashless.

Also, you don't have to worry about paper trails with cryptos.

[RJax55]

There are a number of chains that do it now.  By Chloe is a popular vegetarian chain that is cashless.  All depends on the clientele.

Agree. There's a Roti in my office building, it is cashless. Always busy.

[muwarrior69]

There are a number of chains that do it now.  By Chloe is a popular vegetarian chain that is cashless.  All depends on the clientele.

So do you pay before you get your veggies or after? If after and they refuse your cash can you just walk out? Cash is legal tender, they refused, so how are you liable?

[Hards Alumni]

So do you pay before you get your veggies or after? If after and they refuse your cash can you just walk out? Cash is legal tender, they refused, so how are you liable?

not how that works

[Dr. Blackheart]

Something like 60% of the US paper is held outside of the US. 

Also, how will Bill Self now pay for his recruits?

[JWags85]

So do you pay before you get your veggies or after? If after and they refuse your cash can you just walk out? Cash is legal tender, they refused, so how are you liable?

You order at the counter, and if you offer cash, they say “I’m sorry, we don’t accept cash”.

Same way at Roti. No different than if you try to pay with Diners Club somewhere that doesn’t accept it

[forgetful]

Just a heads up. If anyone wants to get rid of all their cash, they can send it my way.

[MUMonster03]

Several Scandinavian countries have wanted to go "cashless" but the problem has been that the elderly and homeless would then have limited/no access to money.

[MU82]

I can't remember the last time I used cash -- it's been at least a month.

I used to feel silly if I went into the grocery store to buy a couple pieces of fruit for the next day's breakfast and used my credit card for the $1.58. But now it feels normal.