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?
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.
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
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/
Love this piece. Wonderfully clear set of arguments against the Fintech ‘modernity’ guilt trip. 👏👏👏
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?
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...