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Cashless Australia

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james_s:
I have perhaps a few hundred dollars in cash on hand at any given time, it's enough to cover an unexpected expense but it won't go very far in the grand scheme of things. I'm not too worried about it though, there are other methods. Credit cards can be processed the old fashioned manual way, many businesses still have one of the old carbon paper card machines stashed in a cupboard somewhere and it can be done completely manually with a pen and paper. It would also be possible for local businesses to open a tab and extend credit on their own to customers, people will find a way to make transactions.

james_s:

--- Quote from: Stray Electron on March 09, 2021, 01:23:55 pm ---  In the US and many other countries, the drug trade will ensure that cash will remains King* for a long time to come!   Drugs and other underground economies are another BIG reason that the US and other governments are stublely trying to force a switch to a cashless economy.

  For the benefit of the ones of you that aren't in the US and aren't familiar with their idioms, there is a saying in business that "Cash is King". Meaning that it's acceptable or even preferred in most transactions.

--- End quote ---

I know some people have that mentality, although for me personally cash is a nuisance for a transaction of more than $100 or so. I don't want to walk around carrying a large amount of cash so if somebody pays me in cash I have to go straight to the bank to deposit it. If someone pays me digitally I don't have to do anything more, the money changes hands and I don't have to carry anything physical.

nctnico:

--- Quote from: james_s on March 09, 2021, 08:35:34 pm ---
--- Quote from: Stray Electron on March 09, 2021, 01:23:55 pm ---  In the US and many other countries, the drug trade will ensure that cash will remains King* for a long time to come!   Drugs and other underground economies are another BIG reason that the US and other governments are stublely trying to force a switch to a cashless economy.

  For the benefit of the ones of you that aren't in the US and aren't familiar with their idioms, there is a saying in business that "Cash is King". Meaning that it's acceptable or even preferred in most transactions.

--- End quote ---

I know some people have that mentality, although for me personally cash is a nuisance for a transaction of more than $100 or so. I don't want to walk around carrying a large amount of cash so if somebody pays me in cash I have to go straight to the bank to deposit it. If someone pays me digitally I don't have to do anything more, the money changes hands and I don't have to carry anything physical.

--- End quote ---
Yes. In the past we have bought and sold some cars to/from private persons. When selling we always did the transaction at the post office (also necessary to transfer the registration) and deposit the money into the bank account straightaway. Buying a car (and thus walking around with a sizeable chunk of cash) never made me very comfortable. Nowadays bank transfers are instant (at least over here) so all you need is your mobile phone to check your balance or make a transfer (still subject to risk though).

tszaboo:

--- Quote from: nctnico on March 09, 2021, 09:29:47 am ---
--- Quote from: NANDBlog on March 09, 2021, 08:11:59 am ---My problem wouldn't be a global disaster scenario, but a personal one.
Imagine, that you own the tax office and the bank. It's overdue, you lost jour job or other tragedy happened, health issue, sick family member. Say, your balance is 0. Your credit is 0 because you couldn't pay the last one. You are selling your furniture, to get some money, to be able to buy food. You sell your sofa. By the time you get to the store to buy some food, the tax office liberated the money from your account, because you owned them.

--- End quote ---
That is why you have multiple bank accounts at multiple banks. One ingoing account, one outgoing account and don't take a mortgage from a bank where you also have a bankaccount you actively use. In the NL this setup works until a judge grants a debt collector the right to claim your assets in which case you can't sell anything anyway.

--- End quote ---
Actually, 3 accounts from 3 countries, and 2 currencies. I want to open an unnamed account in Switzerland sometime in the future maybe it is still possible.
But Australia with its policies is sometimes very close to the United States. Its nice to think in the EU that everywhere else life is this civilized... But then they can shoot you legally in Texas if you go through someone back yard. Or a debt collector using illegal practices to collect the debt, and your only defense is to sue them, which you are unable to do because you have no money. Or power company deciding to charge 2000% the normal rate. The list goes on. It's like the wild west.

duckduck:
Just imagine having to pay tax on every single purchase you make.  :--

How will people buy illegal items and services? I suppose you will buy a $200 "massage" and $80 of "candy". The real question I have is, how will drug dealers buy their drugs from the middle-men? Perhaps the transactions will be done in gold, like in ye olden times. People are amazingly creative and good ideas propagate quickly. I love learning about street economics. Look into why Tide laundry detergent was being stolen from stores in the US for a while. Fascinating stuff.

EDIT:

The international banks were only too eager to help the drug cartels move their cash out of the USA. I'm sure it will be the same in Australia. More interesting will be the mid-level transactions inside Australia. There will be a whole new class of officials on the take.

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