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Paper money (and coins to some degree) are todays dodo birds headed for extinction.........
"The spiral of economic calculation is dizzying, when you factor in inscrutable fees and other invisible transactions banks attach to the light-speed movement of our money."
An awful lot of people have cut up the credit cards and are back to using cash. If nothing else use of cash instead of credit/debit cards saves fees and protects ID from theft.
If paper money went away, there would be no fractional reserve system as it stands now. Paper money is the current "reserve" for banks, and electronic deposits are apart of checkbook money (i.e. the expanded money supply when loans are handed out). It'll be a while before paper money goes away and a new reserve currency that isn't handled is introduced.
I've actually heard of communities here in the U.S. that have created their own "community currency." A currency local businesses have all agreed upon to accept, in lieu of dollars. They are of course backed by the USD, much like our money used to be backed by something.
An awful lot of people have cut up the credit cards and are back to using cash. If nothing else use of cash instead of credit/debit cards saves fees and protects ID from theft.
This has basically already happened. Paychecks are directly deposited. Bills are debited from checking accounts. Funds are transferred by ACH. Credit cards and debit cards are used online and at the point of purchase.
So what?
It seems that people confuse their inability to control spending (i.e. use of credit cards) with some evil 1984 scenario. Of course, at this point Big Brother is actually watching!
I pay my bills snail mail. Its less of a hassle for me. Dont like giving my bank info to utility providers. I just cut them a check for the amount I want to pay and mail it in.
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