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Old 04-06-2010, 04:23 PM
 
Location: Planet Eaarth
8,954 posts, read 19,369,545 times
Reputation: 7193

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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."

Goodbye Paper Money: Does It Mean More Ways for the Banks to Screw Us? | Economy | AlterNet
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Old 04-06-2010, 07:13 PM
 
34 posts, read 75,080 times
Reputation: 14
its about time jk

but that is true cash is really only good for Vegas and checks are long gone
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Old 04-06-2010, 09:41 PM
 
29,984 posts, read 40,629,239 times
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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.
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Old 04-07-2010, 08:21 PM
 
1,020 posts, read 2,396,782 times
Reputation: 548
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.
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Old 04-07-2010, 11:07 PM
 
2,652 posts, read 8,197,052 times
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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.
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Old 04-07-2010, 11:29 PM
 
1 posts, read 1,389 times
Reputation: 12
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.


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Old 04-07-2010, 11:38 PM
 
4,765 posts, read 3,425,404 times
Reputation: 3037
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!
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Old 04-08-2010, 01:44 PM
 
Location: International Spacestation
5,195 posts, read 6,833,272 times
Reputation: 1415
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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