THE COMING CASHLESS SOCIETY
Moving To A Cashless Society
By Jones William and D. S. Mitchell
Cash vs Digital
OMG. Every time I hear, “cashless is the future,” I cringe. Twelve years ago I lived through the devastating “Great Coastal Gale”. That ‘great storm’ was actually two storms spread over three days. The storms slammed into the Oregon and Washington coasts of the United States, delivering millions of dollars in damage. Half of the roofing on my house was sent inland. My neighbor’s home literally had the roof trusses ripped from the underlying structure. The entire roof and truss system was lifted into the air and dropped 150 feet from the house, in a neighboring vacant lot. Fallen trees covered the roads. There was no power, no internet, no cell or land-line service, no ATM. Think about that.
Overnight, I had been returned to a pre-1960 world. However, I was still in a 21st century reality. All terminals were down. I was going to need cash. I know it sounds like the Apocalypse. However, it was not. I found a crumpled $10 dollar bill at the bottom of my purse.
Every Pocket & Sock In The House
Then there was the $50 that I had stashed in my car’s console for an “emergency”. I emptied my pig for $17.84. I found two rolls of quarters that I had gotten for my grand daughter’s “Carnival Night”. As I went through all the coat pockets in the house I added another $63.75 to my already gathered $97.84. Grand total, $161.59.
The Reality of Technology
A cashless society is an economic state where money is transacted through the transfer of digital information (mostly an electronic representation of money) and not the physical coins or banknotes. A cashless society was the first society. Traditional people did not use cash. Most commonly they used barter trade and exchange systems. The digital world and its evolving digital monetary system is getting closer every day. To senior citizens especially, a cashless society may sound like confounded science fiction. But, ready or not, the world is swiftly heading to it and no country seems to be willing to stay behind.
There are strong international forces, including governments and financial institutions that are moving rapidly toward a state of “cash-less-ness”. Put differently, almost everyone is in favor of doing away with cash.
“The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., consisting of “189 countries working to foster global monetary cooperation, secure financial stability, help international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”-Wikipedia.
Looking To The Future
IMF chief, French lawyer and politician, Christine Lagarde, recently asked the following question, “In ten, twenty, thirty years, who will still be exchanging pieces of paper?” IMF research, shows clearly that cash demand is constantly decreasing as people and institutions become more knowledgeable in virtual currencies and take part in the digital market place.