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I enjoy the convenience of paying my bills via bill pay or auto pay as these bills are a matter of record. However, nobody needs to know what I had for lunch or what I paid for a personal item and if you use credit/debit, trust me, they know. I enjoy having the choice of convenience and privacy.
I enjoy the convenience of paying my bills via bill pay or auto pay as these bills are a matter of record. However, nobody needs to know what I had for lunch or what I paid for a personal item and if you use credit/debit, trust me, they know. I enjoy having the choice of convenience and privacy.
In the years past, AMEX Gold would send out a summary of where one used their card. The place where I bought most of my scuba equipment, guns, and ammo from was listed as "Other Traveling Expense".
... a whole bunch of people would be quite angry if the government declared that the agreement on all these "documents" didn't matter any more.
That would never happen. But banknotes wear out and need to be replaced. Stores turn in their banknotes which are given to banks which return them to the central bank.
In the case of most countries, and especially the USA, you simply produce more banknotes than you destroy. Steadily the amount of cash in circulation increases.
Smaller countries tend to declare their old currency invalid. They usually give plenty of notice, and long after the stores won't accept the banknotes you can still turn them in at banks. That takes care of people who inherit their grandmother's house and find a box of money behind the water heater.
What Sweden is doing is introducing new banknotes or new features on banknotes (like a foil anti counterfeiting measure). They simply print A LOT FEWER of the new banknotes than the old ones. Steadily the amount of cash goes down.
The USA circulates about $650 in small banknotes per person in roughly the following quantities
$34 in $1 banknotes
$7 in $2 banknotes
$41 in $5 banknotes
$59 in $10 banknotes
$507 in $20 banknotes
$240 in $50 banknotes
For many Americans these small notes are all they need. They never or seldom touch the $3200 per capita in $100 banknotes.
The Swedish distribution is as follows. They have a coin instead of a banknote worth about $1. They use their small banknotes worth about $2 whereas we don't. They just got a new banknote worth about $20 on 1 October 2015. The banknotes worth about $50 is the most popular note, whereas the $50 banknote is very unpopular in America. But the big difference is the largest banknote which has been systematically removed from circulation over the last 14 years.
$31 in coins worth $1.19 apiece
$23 in banknotes worth $2.38 apiece
$14 in banknotes worth $5.94 apiece
$93 in banknotes worth $11.88 apiece
$15 in banknotes worth $23.75 (NEW BANKNOTE)
$582 in banknotes worth $59.38 apiece (reduced by 18% from peak in 2009)
$50 in banknotes worth $118.77 apiece (reduced by 91% from peak in 2001)
$776 in banknotes per capita
It does seem that the government intends to destroy a good percentage of the 500SEK=$59.38 banknotes.
Repeating the information in my last post, I am listing the amount of each denomination (per capita) between USA and Sweden. Sweden's denominations are worth 19% more in direct exchange (i.e. USA has a dollar bill, and Sweden has a coin worth $1.19, but Sweden is much more expensive). I have converted the amount in Swedish Crowns to the equivalent amount in US dollars.
Obviously, there is a cultural differences. Americans have a strange avoidance reaction to the $2 bill , which Swedes do not. Americans use $20 banknotes in ATMs, and Sweden didn't have a $20 banknote until 1 October 2015 (which explains the small quantities). Swedes very seldom go to the ATM anymore. Americans for the most part don't us the $50 banknote. Swedes don't really use the $5 banknote. And of course, no highly developed nation besides America has a $1 banknote. They all have coins.
But besides the slight variations in behavior, there is also some major actions by governments. America is very concerned with producing $100 banknotes because we essentially exchange them for goods and services with citizens of the world who are concerned about the stability of their own currency.
Sweden doesn't want it's citizens hoarding money in banknotes, so they have almost entirely eliminated their largest banknote, and are no at the process of eliminating their second largest (partly the reason for introducing an intermediate denomination after over a century.
You could complain about either policy. You might feel that America profits off of world drug trade, and exchanges c-notes for products of valuable labor. You could feel that Sweden is social engineering so they can control money since only pocket change will exist in currency and coin. Banks can freely begin eliminating interest,and even charging fees to keep bank accounts.
Or you could find nothing to complain about. You might feel that each country is simply meeting demand.
As to the thread, difficult to say. My lawn care company wants the payment in cash. I know well enough to approach any potential disaster situation with cash on hand in case the ATM's go down. I had to pay cash last month or so at an art show in the country due to the wifi signal not getting out on the credit cards.
Plus, think of all that stuff floating around out there with the following phrase on it: "This note is legal tender for all debts, public and private." Sure, one may start going cashless and may pull in the bills as things are paid for, but a whole bunch of people would be quite angry if the government declared that the agreement on all these "documents" didn't matter any more.
Exactly, I have also been in a few stores now where their system is down and they can only do cash transactions. These are chain stores not independents. One time the man behind me was highly annoyed, he was old enough(in his 60s) to know better. I made my purchases and left, he had to put his stuff back. At least have $20 on you.
I made my purchases and left, he had to put his stuff back. At least have $20 on you. To not have any cash on hand is foolish.
Would you be happy if, like Sweden, the USA removed the c-notes from circulation as long as they left the $20 banknotes in play for everyday purchases.
Technology and innovation are what changes things in today's society.
The diminishing of land lines and those cutting cable transitioning to streaming are a good example of this. This is happening faster than anyone could anticipate.
I believe two states have allowed drivers licenses on smartphones, coupled with insurance cards and the growing ability to pay with your smartphone will only speed the transition to society as a whole going cashless.
Yard sales, flea markets, Craigslist sales and more will most likely still stay as cash transactions along with the millions of undocumented workers here in the US who use cash to stay below the radar.
In ten years I think a good amount of people will be leaving their homes each day without wallets or purses, their smartphone will be all they will need.
I enjoy the convenience of paying my bills via bill pay or auto pay as these bills are a matter of record. However, nobody needs to know what I had for lunch or what I paid for a personal item and if you use credit/debit, trust me, they know. I enjoy having the choice of convenience and privacy.
My thoughts exactly. While I don't participate in nefarious deeds, I have no desire to have anyone know what I am doing, or where I am with traceable purchases.
I try to keep $50-100 in my pocket at all times, and avoid plastic unless it's a major purchase like a new fridge.
Technology and innovation are what changes things in today's society.
The diminishing of land lines and those cutting cable transitioning to streaming are a good example of this. This is happening faster than anyone could anticipate.
I believe two states have allowed drivers licenses on smartphones, coupled with insurance cards and the growing ability to pay with your smartphone will only speed the transition to society as a whole going cashless.
Yard sales, flea markets, Craigslist sales and more will most likely still stay as cash transactions along with the millions of undocumented workers here in the US who use cash to stay below the radar.
In ten years I think a good amount of people will be leaving their homes each day without wallets or purses, their smartphone will be all they will need.
My two cents!
And what happens when the smart phone doesn't work?
Quote:
Originally Posted by BostonMike7
My thoughts exactly. While I don't participate in nefarious deeds, I have no desire to have anyone know what I am doing, or where I am with traceable purchases.
I try to keep $50-100 in my pocket at all times, and avoid plastic unless it's a major purchase like a new fridge.
Smart man, I'm amazed at the dummies who walk around with no cash on them. They assume that everything is going to work all the time in regards to using a debit card.
As I posted earlier I have been in various chain stores where their system was down(about 3 times now) and they have signs up "No Debit, No Credit or EBT", cash only.
Smart man, I'm amazed at the dummies who walk around with no cash on them. They assume that everything is going to work all the time in regards to using a debit card.
As I posted earlier I have been in various chain stores where their system was down(about 3 times now) and they have signs up "No Debit, No Credit or EBT", cash only.
Not only that, but in a case of a natural disaster, how would you get cash out to buy things?
I've been good about keeping cash on hand in the house, just in cash we have prolonged power failures and I need to buy things like gas for the generator, or food.
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When would you complain?
