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Old 02-13-2017, 03:06 PM
 
Location: Canada
3,914 posts, read 2,732,479 times
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I thought chip debit and credit cards were secure. They're not.

Move over skimmers, 'shimmers' are the newest tool for stealing credit card info - CBC News

Quote:
Unlike skimmers, a shimmer — named for its slim profile — fits inside a card reader and can be installed quickly and unobtrusively by a criminal who slides it into the machine while pretending to make a purchase or withdrawal.

Once installed, the microchips on the shimmer record information from chip cards, including the PIN.

That information is later extracted when the criminal inserts a special card — also during a purchase or cash withdrawal — which downloads the data. The information is then used to make fake cards.
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Old 02-13-2017, 03:09 PM
 
9,882 posts, read 10,132,090 times
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Decades ago Sweden had far more cash in circulation on a per capita basis than the USA or Canada. It was understandable as prices in Sweden are considerably higher. But today Sweden has reduced the value of it's currency in circulation to a level that is close to that of Mexico

As of end of January 2017 Sweden is circulating banknotes worth the following (per person)
~CAD$390 old banknotes in Sweden
~CAD$372 new banknotes in Sweden
~CAD$683 in banknotes of all denominations in Mexico

In comparison Canada is circulating over 11 $100 banknotes per capita, in addition to the smaller denominatiions.

At the end of June 2017 the old banknotes will no longer be legal tender in Sweden. Over the next 5 months some or all of the old banknotes will be replaced with new ones. Sweden is not using the new polymer banknotes.

Keep in mind that Sweden is a very rich country with prices much higher than Canada. So having a circulation level of currency close to that of Mexico is a quite shocking. But Sweden should be able to control illegal immigrants which usually depend on cash economy. Prostitution can be paid for with credit cards in Sweden.

Sweden not eliminated their high value banknote (~CAD$146), but they have reduced the number in circulation to about 1 banknote for 3 people. That should be considered a token level of circulation.

Quote:
Originally Posted by GM10 View Post
I would start a protest if that were to happen.
It is not clear how much of the Swedish population objects to this new world. At some point ATM withdrawals will have to be capped at a low level, possibly as low as CAD$200 per day. There simply won't be enough cash to handle even a modest run on the bank. Most banks do not accept or dispense cash at teller windows in Sweden.

Here is an article on a proposal to eliminate the $100 banknote in Australia
War On Cash Escalates: Australia Proposes Ban On $100 Bill; No Cash Within 10 Years? | Zero Hedge

Last edited by PacoMartin; 02-13-2017 at 03:20 PM..
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Old 02-13-2017, 03:58 PM
 
Location: Vancouver
12,691 posts, read 8,765,998 times
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Quote:
Originally Posted by cdnirene View Post
I thought chip debit and credit cards were secure. They're not.

Move over skimmers, 'shimmers' are the newest tool for stealing credit card info - CBC News
The crooks always find a way. The article suggests using the tap feature, but I haven't activated that since it's like losing cash if someone finds the card.

I just make sure I check my accounts regularly. So far I've been lucky.
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Old 02-14-2017, 06:30 AM
 
Location: NH/UT/WA
283 posts, read 184,926 times
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Quote:
Originally Posted by PacoMartin View Post
Decades ago Sweden had far more cash in circulation on a per capita basis than the USA or Canada. It was understandable as prices in Sweden are considerably higher. But today Sweden has reduced the value of it's currency in circulation to a level that is close to that of Mexico

As of end of January 2017 Sweden is circulating banknotes worth the following (per person)
~CAD$390 old banknotes in Sweden
~CAD$372 new banknotes in Sweden
~CAD$683 in banknotes of all denominations in Mexico

In comparison Canada is circulating over 11 $100 banknotes per capita, in addition to the smaller denominatiions.

At the end of June 2017 the old banknotes will no longer be legal tender in Sweden. Over the next 5 months some or all of the old banknotes will be replaced with new ones. Sweden is not using the new polymer banknotes.

Keep in mind that Sweden is a very rich country with prices much higher than Canada. So having a circulation level of currency close to that of Mexico is a quite shocking. But Sweden should be able to control illegal immigrants which usually depend on cash economy. Prostitution can be paid for with credit cards in Sweden.

Sweden not eliminated their high value banknote (~CAD$146), but they have reduced the number in circulation to about 1 banknote for 3 people. That should be considered a token level of circulation.



It is not clear how much of the Swedish population objects to this new world. At some point ATM withdrawals will have to be capped at a low level, possibly as low as CAD$200 per day. There simply won't be enough cash to handle even a modest run on the bank. Most banks do not accept or dispense cash at teller windows in Sweden.

Here is an article on a proposal to eliminate the $100 banknote in Australia
War On Cash Escalates: Australia Proposes Ban On $100 Bill; No Cash Within 10 Years? | Zero Hedge

Sweden has gone cashless so that their economy can have negative interest rates without the banking sector collapsing. In return, Sweden now has a gigantic property bubble and one of the highest household debt rates on Earth. When that bubble pops it'll probably be worse than the lates 80s/early 90s bubble.
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Old 02-14-2017, 08:06 AM
 
9,882 posts, read 10,132,090 times
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Quote:
Originally Posted by ZachF View Post
Sweden has gone cashless so that their economy can have negative interest rates without the banking sector collapsing. In return, Sweden now has a gigantic property bubble and one of the highest household debt rates on Earth. When that bubble pops it'll probably be worse than the lates 80s/early 90s bubble.
That is an excellent point. The smaller nations in Europe are also concerned with citizens of nearby nations hoarding their cash as potential investments. But once property values burst, the citizens may not be so sanguine about not having any currency.

South Korea has taken the opposite approach to improving efficiency of their payment system by announcing that their coins will no longer be legal tender as of the year 2020. The entire population will be forced to adopt some kind of electronic payment scheme or simply forego receiving change less than the value of the smallest banknote which is 1,000 KRW = CAD$1.15.

South Korea is circulating less than 500 coins per capita of which about 38% or worth ~ 1 cent Canadian.

Such a system will reduce the importance of banknotes as well since you are unlikely to make a payment which is part electronic and part currency. But it will preserve the ability to make large scale cash transactions, store money in a home safe, and to give cash presents (or payoffs). The largest banknote in South Korea is worth CAD$57. Keep in mind that South Korea is very concerned about it's neighbor producing counterfeit banknotes.

Obviously Canada's smallest banknote is worth CAD$5 so unless you are very rich you would want to receive your change.

Total banknotes issued in Canada as of 31 December 2015
$1,145 CAD 100
$336 CAD 50
$523 CAD 20
$37 CAD 10
$34 CAD 5
$164 Total coin issued

What would be your reaction if Canada announced that they were declaring that coins would not be accepted as legal tender in three years?

I could ask the same thing about the USA, but the minting of over 300 billion zinc pennies since 1982 sort of speaks for itself. While it is true that Euro Zone, Japan and until recently Canada have a small value coin worth about a penny, only the USA finds it necessary to mint them in such massive quantities.
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Old 02-14-2017, 12:16 PM
 
Location: British Columbia ♥ 🍁 ♥
7,257 posts, read 6,594,669 times
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Quote:

Should Canada stop printing the CAD$100?
No.

Quote:

do you think the Canadian government will crack down on the use of cash, even if most people are not happy about it?
No, they won't do it. They know that if most people are not happy about it they will do things that would make the Canadian government unhappy and regretful. It's never a good idea to mess around with Canadians' heads when it comes to money.

Quote:

What would be your reaction if Canada announced that they were declaring that coins would not be accepted as legal tender in three years?
I'd object mightily, just as I'd object if they were tossing around the idea to stop producing the $100 bill or to go cashless.

As has been previously mentioned, there are far too many people in Canada, from children to seniors, who must rely on cash only, who don't use or can't access banks or don't have cards because they can't have accounts or lines of credit, or who would just plainly prefer to drop dead before they'd consider going electronic or cashless.

.
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Old 02-14-2017, 03:36 PM
 
873 posts, read 815,782 times
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Quote:
Originally Posted by Zoisite View Post
No.



No, they won't do it. They know that if most people are not happy about it they will do things that would make the Canadian government unhappy and regretful. It's never a good idea to mess around with Canadians' heads when it comes to money.



I'd object mightily, just as I'd object if they were tossing around the idea to stop producing the $100 bill or to go cashless.

As has been previously mentioned, there are far too many people in Canada, from children to seniors, who must rely on cash only, who don't use or can't access banks or don't have cards because they can't have accounts or lines of credit, or who would just plainly prefer to drop dead before they'd consider going electronic or cashless.

.
Yeah and there are many Canadians who simply prefer to use cash, such as myself. I feel much safer and it is far more convenient for me to pay for things in cash.
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Old 02-14-2017, 04:55 PM
 
9,882 posts, read 10,132,090 times
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Quote:
Originally Posted by Zoisite View Post
No, they won't do it. They know that if most people are not happy about it they will do things that would make the Canadian government unhappy and regretful. It's never a good idea to mess around with Canadians' heads when it comes to money.
Sweden reduced the number of 1000kr~CAD$145 from a high of 48.4 million to present 3.3 million banknotes (for a population of 10 million). The 500kr~CAD$73 has been reduced from a high of 119 million banknotes to present day 47 million old notes and 24 million new notes. The old notes will be invalid by end of June, so it remains to be seen how many new notes are printed in the next few months.

I don't think the Swedish people voted on this new world order. As 3.3 million banknotes is a ridiculously low number for 10 million people, there are only two plausible reasons I can think of why the Swedish government did not eliminate the 1000kr banknote altogether. (1) They were trying to head of severe public criticism, and (2) in case of a property and bank crash, they want to be able to produce new 1000kr banknotes to head off panic.

The following quote from Bank of Canada spokespeople which indicates that they are worried about the extensive use of the c-note.

Quote:
Desjardins says the rise in demand for $100 bills is a mixture of the shadow economy — otherwise legal transactions like paying a tradesperson or employee in cash — illegal transactions and hoarding of cash.

“We can assume that in the construction industry is one place where there is more cash, compared to other industries.”
“A plausible explanation would be the combination of low interest rates (which reduces the opportunity cost of holding cash) and higher demand for precautionary holdings on the part of the public, given the recent oil shock and heightened uncertainty regarding returns from financial market investments,” Bank of Canada spokesperson Josianne Mιnard wrote in an e-mail.

Why Canadians use less cash – but more $100 bills - National | Globalnews.ca
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Old 02-14-2017, 05:48 PM
 
1,099 posts, read 1,671,358 times
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No, the C$100 is not worth that much. There are many banknotes worth more than C$100: EUR500, EUR200, EUR100, USD100, CHF100, CHF200, etc. I bring USD100 notes when traveling overseas, just in case if some places don't accept my credit cards or there are no available ATMs that might work with the cards I have.
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Old 02-14-2017, 05:59 PM
 
Location: San Antonio/Houston/Tricity
38,038 posts, read 55,833,861 times
Reputation: 89830
Even if, in the next few years, Swedes use almost no cash at all, going 100% cashless needs a political decision. The idea of cash, even in Sweden, remains very strong.
Eliminate paper currency and what you end up with is the elimination of the ability to demand to withdraw funds from a bank.
Complete abolition of cash threatens our very freedom and rights of citizens in so many areas. Total prohibition of paper money is unlikely in the US because the currency also circulate outside domestic economy. However, the concept is on it's way, and J.P. Morgan started to charge a fee on excess cash on deposit since 5/2015. The trend in taxation and reduction of cash seems to be unstoppable, and central banks would be the real winners from a cashless society - cashless society will transfer absolute control of the money supply to them.
Not a pretty scenario IMHO.
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