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refusing to accept cash
| May 13th, 2018 at 4:50:01 AM permalink | |
| Fleastiff Member since: Oct 27, 2012 Threads: 62 Posts: 7831 | Yes. Consider those Mushroom Brokers who deal with mushroom or ginseng foragers. The brokers have a small fortune in cash because all their customers simply do not have or use anything else. Identities are all nick names and no one uses social security numbers. Life is 'cash' or 'barter' but its not plastic. |
| May 13th, 2018 at 4:50:01 AM permalink | |
| Fleastiff Member since: Oct 27, 2012 Threads: 62 Posts: 7831 | I don't think its a great portion of the population overall that live like that but in certain rural areas it is quite common that commerce depends on cash or trust but never on plastic. Even in $pendocino County, CA the small towns are full of people who don't pay Yuppie prices and don't use Yuppie plastic. |
| May 13th, 2018 at 5:08:40 AM permalink | |
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18212 |
When I was in craps school the instructor told us that we would see all kinds of people peel off all kinds of cash, and never to give it a second thought let alone question it. When I need copies at the courthouse it is almost always cash-only. Lots of people deal in lots of cash at flea markets for both legit items and swag alike. The President is a fink. |
| May 13th, 2018 at 6:18:24 AM permalink | ||||||||||||||||||||||||||||||||||||
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
You can look at how many banknotes of each denomination (per capita) are in circulation and do a quick comparison. For your basic denominations, USA has more than Canada but not as many as you might think. Britain's notes are worth more, so they have a lot of TWENTIES. Australia and Euro-zone normally gets a FIFTY from an ATM, so they don't use as many of the small denominations. Swedes barely use cash at all as half the country uses the same phone app for person to person transfers.
£10 = $17 CAD £10 = $18 AUS £10 = $13.5 USD £10 = $11.3 EUR £10 = $116 SEK | |||||||||||||||||||||||||||||||||||
| May 13th, 2018 at 6:28:57 AM permalink | |||||||||||||||||||||||||||||||
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18212 |
Not nearly what I would have thought there was. $10s are a weird denomination so I can see them being low. But this is less than $700 of the most common bills. Norming for the fact that per-capita includes children, still just around $1,000 per person. By these numbers, it is impossible for everyone to have near my suggested 1 month of green in their safes. Sure the Fed would order the bills if everyone did, but talk about how it would seize up fast if banking was hit, which 9/11 came closer than many people realize. The President is a fink. | ||||||||||||||||||||||||||||||
| May 13th, 2018 at 6:50:45 AM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
The actual sum for the end of 2017 is $974 per capita if you include $1,$2,$5,$10,$20,and $50 (no coins). The $50 is not popular in America like it is in Australia and in Euro zone, but it is still worth over $250 per capita. But the circulation is $3800 per capita in the $100 banknote. But estimates are as high as 75% of these banknotes are circulating in foreign countries
One month average income in almost any country would be a lot. Obviously all the cash can't be in home safes, so virtually no country has that much cash. Converting into USD all the countries in the Bank for International Settlements All banknotes of all denominations plus coins for the end of 2016 $9,516 Switzerland $7,341 Hong Kong SAR $7,214 Japan $5,242 Singapore $4,671 United States $3,579 Euro area $2,379 Australia $1,788 Canada $1,678 Saudi Arabia $1,584 Korea $1,429 United Kingdom $989 Russia $689 Sweden $565 Mexico $444 Turkey $346 Brazil $151 India $131 South Africa Euro Zone has a coin worth US$2.39, Britain has a coin worth US$2.70, Japan has a coin worth US$4.57 and Switzerland has a coin worth US$5.00 |
| May 13th, 2018 at 11:00:01 AM permalink | |
| Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
Is that a good or a bad thing for the US. There are no circulating foreign notes in the US that I ever saw. Nobody ever tried to pay me in foreign money when I had a business. If you take a risk, you may lose. If you never take a risk, you will always lose. |
| May 13th, 2018 at 5:03:40 PM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
If you talk to the President of Iran, it is USA stealing from the rest of the world. The US prints up a banknote for a few dollars and sells it for $100 in goods and services. By strict accounting they are listed as a "liability" because in theory they could all be turned in and the money invested elsewhere, but in practical matters they never decrease by a net amount. So if the average production has been 1.2 billion notes (worth $120 billion) a year since the big headed $100 banknote came out in fiscal year 1996, that is $90 billion going to foreigners, which means $90 billion on the never redeemed liability sheet less the cost of production of the notes. That is more "profitable" than B747s were in their heyday. In the days of coins based on precious metals, that was called seignorage. Seignorage was the fact that everyone knew the coin was a little light on precious metal, but that was the cost of having a coin that you could use quickly and easily to settle accounts.The extra metal that made the coin a little light went to the seignor who made the coins. Goes to the old adage that the easiest way to make money is to "make money". Sterling silver is only 92.5% silver, but a "pound sterling" was bartered like it was 100% silver. The extra 7.5% was the seignorage you paid for having a coin whose value you could trust. Of course with fiat currency the large denomination banknote is produced for closer to 1% of the face value.
The big headed Benjamin began in 1996. Fear of Y2K meant that an excess number of notes was produced in 1999 and no new ones were needed in 2000. The color $100 bill were first released into circulation on October 8, 2013. If it is not obvious most banknotes produced are retired and destroyed. |
| May 13th, 2018 at 5:08:40 PM permalink | |
| Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
I still don't get it. If I went to Iran and traded a $100 bill for $100 worth of Iranian money, and spent it on goods and services there, how are they losing. If you take a risk, you may lose. If you never take a risk, you will always lose. |
| May 13th, 2018 at 5:15:35 PM permalink | |
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18212 |
Because it is not about trading it for worthless Iranian money. It is about buying $100 of anything from Oil to Toyotas. In a year that $100 is worth maybe $97. And chances are it never comes back to the Treasury, Iran will trade the USD to a third nation that also had to sell something at full value. The President is a fink. |