Cashlessness and the Mark of the Beast

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February 21st, 2017 at 8:32:51 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 677
Posts: 7742
Quote: Fleastiff
Either way I don't think this 'mark of the beast' stuff is sufficiently widespread as to provide any sort of incentive or disincentive.


A google search on : "mark of the beast" "cashless society" yielded About 46,600 results
February 22nd, 2017 at 7:10:26 AM permalink
Nareed
Member since: Oct 24, 2012
Threads: 312
Posts: 10506
Quote: Pacomartin
Replacing the 1.37 trillion pesos in circulation of which 78% is 500 and 1000MXN banknotes with US banknotes would be very expensive and politically risky.


Now, yes. Later, if hyperinflation makes a comeback, not so much.


Quote:
Besides theoretically only the remittances from the 6.5 million illegal Mexican in the USA are in danger of not being able to use legitimate channels..


The very poor results and lawsuits that would come from that, would make it almost worth it to get passed.
If Trump where half as smart as he thinks he is, he'd be twice as smart as he really is.
February 22nd, 2017 at 7:49:40 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 48
Posts: 4303
Quote: Pacomartin
A google search on : "mark of the beast" "cashless society" yielded About 46,600 results
46,500 when I did it but as they say Numeric Stability Becomes Unimportant When You Are Guessing.

I noted that many of google hits were Bible Thumpers,Gold/Silver Sellers and Survivalist sites. That is akin to many hits on abortion being Catholic churches. Its to be expected; it doesn't mean anyone pays them the slightest attention. Many of the sites discussed the concept regarding countries where civilization and the economy is pretty much at the level of the dung beetle and utterly without relevance to the United States.
February 23rd, 2017 at 7:51:31 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 677
Posts: 7742
Quote: Nareed
Now, yes. Later, if hyperinflation makes a comeback, not so much.


Ecuador was motivated to switch to the dollar because of hyperinflation. El Salvador had a stable currency, but so much money was coming from remittances from the USA that they calculated that they were losing money by producing their own currency.

AFAIK, El Salvador has the greatest percentage of it's people living in the USA of any country in the world. IIt's an understandable result of decades of war.

Sweden did not get rid of it's 1000kr=US$111 banknote. It just reduced circulation figures from 48 million to just over 3 million. It would be comparable to the USA reducing circulation of it's $100 banknotes from 11.5 billion to under a billion notes.
March 27th, 2017 at 9:54:27 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 48
Posts: 4303
March 27th, 2017 at 10:12:22 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 677
Posts: 7742
Quote: Fleastiff
Australia's bankers prepping computers for cashless society:


The article talks about "tap and pay" or contactless card payments. The article below cites the huge resistance in the USA to such payments.

Quote: WILL CONTACTLESS PAYMENT CARDS CATCH ON IN THE UNITED STATES?

In Australia, 66% of cardholders have a contactless card that allows them to tap and pay. Industry data reports that 53% of the Australian cardholders use their cards as tap and pay at least once a week. In Canada, 10 percent of all domestic transactions are contactless now and said to be growing at the rate of 1% per month.
....

In the U.S. there are already 2 million places you could tap your card today. Even after you subtract out the 400,000 terminals that are vending machines, that still leaves 5 times more POS terminals in the U.S. that can accept contactless cards. So why it is that no one is tapping their cards in the United States?

There are two key reasons. First, even though there is an estimated 1.6 million NFC-enabled POS terminals in the U.S., this represents a little more than 10% of the approximate 13.9 million POS terminals. This does not include the growing number of mPOS card-acceptance-devices. Second, the U.S. is a market in which there are 1.2 billion payments cards in circulation, issued by over 12,000 financial institutions. Contactless cards, by their very nature, are more expensive than non-contactless cards. Adding an EMV chip was an expense the issuers had to take on. But adding a contactless chip and antenna was an optional expense, one that issuers chose to forgo during this last massive wave of re-issue.

http://www.thepaymentsreview.com/will-contactless-payment-cards-catch-on-in-the-united-states


But this article is talking about using electronic means to pay for small purchases like lunch, ans businesses that simply no longer accept cash because it entails expenses in making change, guarding the cash register, depositing cash, etc.

Australia still has a fairly large amount of currency in circulation. More than Canada, New Zealand, United Kingdom, or Saudi Arabia. It is still possible to stuff a $1000 in a home safe.

I don't mean to imply that it is illegal in Sweden to stuff a home safe, but with so little cash in circulation if large numbers of people started doing it, they would simply put hard limits on ATM withdrawals. In Greece it was not (at least initially) illegal to send cash out of the country, but people quickly emptied all the ATMs in the country.


Banknotes and coin in circulation (12/31/2015)
Per Capita in USD Country Billions of USD Percent of GDP
$9,213 Switzerland $76.31 11.76%
$6,739 Japan $856.55 19.44%
$6,550 Hong Kong SAR $47.98 15.51%
$4,911 Singapore $27.18 9.55%
$4,433 United States $1,424.92 7.90%
$3,571 Euro area $1,210.42 10.63%
$2,320 Australia $55.28 4.65%
$1,708 Saudi Arabia $52.99 8.20%
$1,641 Canada $58.78 4.08%
$1,583 United Kingdom $103.09 3.72%
$1,460 Korea $73.92 5.56%
$872 Sweden $8.59 1.73%
$800 Russia $117.05 10.56%
$599 Mexico $72.02 6.84%
$458 Turkey $36.06 5.37%
$282 Brazil $57.75 3.82%
$195 India $250.80 12.25%
$113 South Africa $6.15 2.39%
$1,558 Average/Total $4,535.84 8.92%

What they are talking about in Australia is something similar to what they are planning in South Korea
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