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September 13, 2011

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twitter.com/dgwbirch

If you compare the growth in euro note production with European retail spending, it's clear that the great majority of notes produced are only for money laundering, tax evasion and other criminal purposes, so the "production curve" doesn't tell us anything.

Also, since the cost of cash is unfairly imposed on all of us, even those of us who don't want to use it, it's effectively a stealth tax that goes to support criminals. I don't understand why people put up with it.

Liam

The only downside is when you return to a card statement cluttered with foreign purchase surcharge fees....

I shudder to think how Anglo-Saxon retail would fare under a Visa-MC duopoly without competition from cash. Less of an issue elsewhere, e.g. Scandinavia as they still retain national card & internet banking programs, as against Ireland, where the banks are phasing out LASAR debit (circa 15c cost to retailer) in favour of Visa Debit (let's pump up the charges to 1.5% & more)

So, Cards good, Visa-MC duopoly bad.

RCoeckelbergs

Yesterday I was thinking of this topic as well and more specifically to the impact for this crisis. Could it be worth calculating to what extend the opportunity cost of cash in calculation could help banks to get them through the crisis (so by only looking at the loss of revenue instead of the additional costs for cash processing)?

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