This series of articles should be required reading for everyone. This faster world though leaves us less and less time to pause and reflect. Tech is a tool which those with power seek to further enrich themselves only to find (too late) that they themselves have become enslaved. Is the cost of our time to be the depletion of resources and just as serious our connection with each other?
Just make it a regular thing, it will soon become a habit again🙂 Also, if places (usually restaurants) ask me "you'll be paying by card surely?" I make sure to let them (and other diners) know that I will pay in cash, and would not come again if at some point that were no longer possible... hoping to encourage others who may have the same feeling/conviction but may not have felt able to voice it yet
Yep, it's crucial to reduce the *shame* people are being pushed to feel when using cash. That's one of the biggest reasons they stop - they sense that they will be socially judged if they pull out cash in a place with low cash usage. To reverse that shame is hard, but it has to start with people taking individual stands
Apparently it turns out that the Swedes are starting to reverse their fancy story of a cashless economy. I read somewhere that this is because without cash, the guest worker system in Sweden is affected and even the Riksbank is sounding the alarm because of it. This is also because it has apparently noticed that the declining use of cash could endanger its position in the financial system.
This corresponds to my assessment that without cash a central bank is no longer able to pay because the only medium that enables final payments no longer exists. The result is that you no longer need a central bank - which is probably the real reason behind the campaign to abolish cash anyway.
Also, another reason the Swedish authorities have started to promote cash is geopolitical - they've expressed concern about Russian aggression, and the need for cash as a backup in times of crisis
Glad you like it Frank. Well, there are many pro-cash policies and actions that can be taken, from promoting legislation that requires cash acceptance and guarantees cash access, through to cultural movements that promote pride in cash usage. I'll have to do a separate piece some time on these though
I remember when the ATMs were introduced. Banks couched their conscience and the lowering or removal of bank fees due to lessum wages labor requirements on labor costs. Ie tellers. Like Walmart's big press sound hog they would be raising the minimum wages of their entire body of "associates" to $11.50. We know what happened in both scenarios, after the initial press hype and journalist moved on to the next bleeder. Bank fees shot up. Walmart reduced associates weekly hours. Next!
This series of articles should be required reading for everyone. This faster world though leaves us less and less time to pause and reflect. Tech is a tool which those with power seek to further enrich themselves only to find (too late) that they themselves have become enslaved. Is the cost of our time to be the depletion of resources and just as serious our connection with each other?
Thanks Richard. You point out a deep problem - the more immersed we get the harder we find it to reflect
Thank you for these essays. Every time I read one I am inspired to head to the ATM and reach for bills rather than the card. But it's so easy...
Just make it a regular thing, it will soon become a habit again🙂 Also, if places (usually restaurants) ask me "you'll be paying by card surely?" I make sure to let them (and other diners) know that I will pay in cash, and would not come again if at some point that were no longer possible... hoping to encourage others who may have the same feeling/conviction but may not have felt able to voice it yet
Yep, it's crucial to reduce the *shame* people are being pushed to feel when using cash. That's one of the biggest reasons they stop - they sense that they will be socially judged if they pull out cash in a place with low cash usage. To reverse that shame is hard, but it has to start with people taking individual stands
Given what we are seeing on campuses and in gaza, things like this should become even more important
Absolutely
Apparently it turns out that the Swedes are starting to reverse their fancy story of a cashless economy. I read somewhere that this is because without cash, the guest worker system in Sweden is affected and even the Riksbank is sounding the alarm because of it. This is also because it has apparently noticed that the declining use of cash could endanger its position in the financial system.
This corresponds to my assessment that without cash a central bank is no longer able to pay because the only medium that enables final payments no longer exists. The result is that you no longer need a central bank - which is probably the real reason behind the campaign to abolish cash anyway.
https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/press-releases/2023/political-decisions-needed-urgently--so-that-everyone-can-pay/
(Link adjusted...)
Also, another reason the Swedish authorities have started to promote cash is geopolitical - they've expressed concern about Russian aggression, and the need for cash as a backup in times of crisis
This is very interesting, thanks for sharing. The link does not work for me though - does it word for you?
Thank you for the hint with the corrupted link. Now it is working!
Love this piece. Wonderfully clear set of arguments against the Fintech ‘modernity’ guilt trip. 👏👏👏
Glad you like it Howard!
Thanks for the deep dive into the propaganda and problem. An honest and simple question: what is your practical and viable solution to it all?
Glad you like it Frank. Well, there are many pro-cash policies and actions that can be taken, from promoting legislation that requires cash acceptance and guarantees cash access, through to cultural movements that promote pride in cash usage. I'll have to do a separate piece some time on these though
I remember when the ATMs were introduced. Banks couched their conscience and the lowering or removal of bank fees due to lessum wages labor requirements on labor costs. Ie tellers. Like Walmart's big press sound hog they would be raising the minimum wages of their entire body of "associates" to $11.50. We know what happened in both scenarios, after the initial press hype and journalist moved on to the next bleeder. Bank fees shot up. Walmart reduced associates weekly hours. Next!