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March 13, 2012

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Dave Birch

"it costs the US more to issue $1 notes today than they are worth"

Is this true? Can you chuck us a link and I'll blog it.

Jon Matonis

I agree with the remark that the anti-cashist's are really about limiting choice. It may be even simpler than that -- do you or do you not want a future with the ability for transaction privacy? That's why 70% said yes!

Arthur Edwards

Was this debate about 'cash' or about physical tokens (banknotes and coins)? The two are not the same as 5 minutes listening to any business report will tell you - when a company is described as cash-rich, this does not mean that it has stuffed suitcases of bills, Henry Ford style. Another interesting question to ask would be "to what the term 'cash' refers nowadays if not exclusively physical transaction media?".

D Mcgee

Nice debate.

Yes, a room of old white guys in suits is not exactly the Facebook generation, nor a generation that might understand the future of digital currency. But the against cash guys didn't really nail it.

Some of the supposed advantages of cash like privacy and anonymity can be recreated by digital currency, as they have been already, with bitcoin. There can always be anonymous digital transactions, provided people want them. Other than that, the anti-cash guys are right, cash is expensive, and a cost that the people that use cash most (the poor) can hardly bear. Also, trust and reliability, being related, I think are not a very strong case for the pro cash guys. Ask Greece, or Argentina, or Germany for that matter how reliable and trustworthy cash is when you really need it.

Cash is like negotiations, its strength and reliability is inversely proportional to the amount you need it.

Makarand Jadhav

Excellent!

Jon hanwacker

Cash costs money to make because that is the way The monetary maket system works. In 1929 when the stock market crashed bankers like j.p. Morgan & chase, John d rockefeller convinced the people that they needed a central bank. Ever since
President woodrow Wilson or another one I might be mistaken signed a bill into a law creating the federal reserve the government has been Paying the federal reserve interest on every dollar made. To make up for this interest the government had introduced income tax. In conclusion the federal reserve increases taxes on the American people and deters economic growth. And is the sole reason why cash costs more take make Than is to make.

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