Saturday, April 9, 2022

This is what the Cashless Society will look like and why you need to worry

This is what the Cashless Society will look like and why you need to worry

Will the Future Global Society be Cashless? -- War on Cash Cashless payments are on the rise. They are fast, easy, and convenient. Worldwide, cashless transactions have become the norm. All over the western world, banks are shutting down cash machines and branches. They are trying to push you into using their digital payments and digital banking infrastructure. Sweden Is On The Verge Of Going Completely Cashless. India and China are following the trail. The Swedish central bank, predicts that cash transactions will make up less than 0.5% of the value of all payments made in the country in 2020 Now in China, in places like food courts and some McDonalds, you cannot use cash. Welcome to Atlantis Report. A Cashless society is a vision for the future. With the rapid increase in technologies ranging from debit and credit cards to technologies like Apple Pay and Samsung Pay, hard and fast cash is becoming redundant and thus a day is not far when we will do away with cash and checks. And thus this society which doesn't use cash is also termed as check-less society. Talking a bit further, the obvious advantages are:- Firstly, we would able to track our money right to the last cent, penny or paise which we find cumbersome with currency notes and coins. Finally you won't lose 25 paise buying a commodity which costs ₹ 75.75.( Americans and Europeans won't mind that much as they are still able to use their cents and pennies but still who hates convenience) Secondly, convenience. It's so liberating to not desperately counting your money in front of the shopkeeper. Safety. You don't risk losing your money and in case even if you lose your debit card or phone, no one can misuse it without your pin code or even better fingerprint(maybe even without your iris). And even better you can simply block your cards promptly and thus no one can use the cards even if they are hackers. You can obviously not block someone from using hard cash. Go green..! Not just green it would free up quite a bit of man power and natural resources which are utilized in minting money. Disadvantages- One would sorely miss the smell of freshly minted notes and the reliability and comfort hard and fast cash provides. Sure, physical cash is just a vessel of the perceived value we as a society have agreed upon. There is nothing stopping us from doing the same with bits of code stored in data centers. It might be difficult in societies like India, China, Brazil, where lots of people still only accept cash, but that will change soon enough. Mobile paying in the US is a hippie’s toy. In China, it is the main currency. So yeah, cashless is viable as long as all parties of the transaction agree to it as an excellent method of accounting for and transferring value, just be careful not to be too eager and eliminate 10% of your cash currency overnight as India did, let adoption spread naturally as it does in China . In China, there is no complete cashless status, but a cashless system is approaching. Nowadays, Chinese people are shopping, saving money, and transferring money, and all these behaviors have no cash participation. Instead, they are using Alipay and Wechat. In China, fund flows in the two digital ecosystems mentioned above that integrate social media, business, and banking, and are operated by two of the world’s most valuable companies. This contrasts with the United States, where many companies are charging fees for the payment process and handling the payment. Western bankers and credit card company executives are facing the same anxiety: Without banks and credit card companies, payment may be cheap and easy. Payment Apps such as Alipay and WeChat have rapidly become omnipresent forces in China’s consumer economy, with 520 million and 1 billion monthly active users. According to the data of payments consultancy AIT Group, the two systems jointly traded $2.9 trillion in transactions in 2016, accounting for half of all consumer products sold in China. Alipay has signed agreements with a number of payment processors in the United States. Some taxi drivers in New York are offering passengers this payment option. Alipay said its expansion aims to help Chinese tourists, but few in the payments industry believe it will stop there. In addition, Chinese consumers are saving more money on payment apps. In 2013, Alipay began to provide money market accounts. By last year, it had built the business into the world’s largest money market fund with a total value of about $243 billion. For the U.S.bankers, this is another pain point. They have always held customer savings and used the funds to make external loans to make a profit. If U.S. consumers follow Chinese people, banks will have to find other (and possibly more expensive) sources of funding. In short, even in China, money is not from Alibaba or Tencent; it must be loaded from a bank account. Although the threat is real, U.S. bankers have enough time and choice to implement it. Banks need to try to integrate their payment systems into social media platforms and e-commerce platforms instead of having technology companies do all the work and get all the rewards. We're almost already there, at least in most Western countries. Coins and notes are mostly just physical tokens that represent a virtual currency, they're no less dependent on electronic systems than a credit card, or PayPal is -- a few big electromagnetic pulses in London, New York, and half a dozen other places (well, trickier than that since the critical data's all shielded and redundant, but you get the idea) and the cash in my pocket isn't worth anything more than what's in my bank account, on my credit card, etc because it's not backed by anything. That's not really a problem, fiat currency doesn't need to be backed by anything more than the country issuing it, but it highlights that the coins and notes are unimportant -- we only keep them for convenience and familiarity. As we've seen recently in Greece (and to a lesser extent elsewhere over the last 7 years), for short term problems (a few days or weeks) it's essential to be able to have enough cash to live off if there's (for example) a run on a bank -- however the cash is only worth anything during that period because it's expected that the economy will survive that blip. I cashless society is possible but not desirable. It is a cold hard reality that the solar storm in 1859 (when there were 1.5 billion people in the world) brought down the newly created telegraph network as sparks were shooting out at operators. Such a storm would cause trillions of dollars in damage, far worse than any cyclone or hurricane. In 2012 (when there were 6.5 billion people in the world), a similar size solar storm as 1859 missed the Earth by six days. The loss of ability to conduct routine transactions even for a week in a modern urban area would make a lousy situation nearly catastrophic. There is actually a kind of competition between the USA and Euro Zone to increase the value of circulating banknotes. €380 billion: banknotes of 12 national currencies in the year 2000. $564 billion: Circulating USA banknotes in the year 2000. €681 billion: Initial Euro-zone production of banknotes. €806 billion: Circulating Euro banknotes at the end of the year 2009. $942 billion: Circulating USA banknotes at the end of the year 2009. €1,171 billion: Circulating Euro banknotes at the end of the year 2017. $1,571 billion: Circulating USA banknotes at the end of the year 2017. Although the ECB has elected not to include the €500 banknote in the new series, they have ordered more than enough €100 and €200 banknotes to replace the € 500. Many people believe governments are trying to reduce the value of circulating as it is easier to track what their citizens are doing, but in reality, only Sweden and Norway are reducing their circulating cash. so Should societies go cashless? We ordinary citizens do not make these decisions.they are made in dark smoke-filled rooms then the order is passed on to the media to make people think they asked for the action. Highly-paid spin doctors seem to have control of the thinking of the masses. If you pay attention to this thing they call trending we have millions who live by the code of monkey see monkey.It is a little late to worry about the future as you have minimal effect on your future. I am deeply suspicious of this whole notion of going entirely cashless. Think about this from another angle. What if the power grid fails? If even from a natural disaster or terrorist attack. How is a cashless society going to handle that? Think about how social media platforms have progressed. Everyone has been enthralled by this newfound power to connect to the world and share ideas and have new ways to do business. But; Have not the creators of these fantastic new tools thrown us all under the bus, so to speak, by abusing their newfound superpowers by making banks by selling our private information and data? What makes you think for one minute that a utterly cashless system is safe? And then there is AI, artificial intelligence. This technology is already progressing at an alarming rate, and we have never had the necessary conversations about the regulation of it. A cashless society will also become a society where government plays a more prominent role as tracking bribes, and illegal payments will be impossible. In a country like India, where cash is still the king, struggles to control corruption, the move to a cashless society would mean a massive changeover. In a country like Sweden, where much of life has become cashless, it becomes increasingly difficult for merchants and people still wishing to live in a cash-payment society to even receive banking services. Not surprisingly, Swedish banks are slowly turning cashless. What we are now saving and investing are now binary digits. In a world, however, where even the most secure sites, like the NSA or Yahoo, are not above being hacked, the prospect for a new and much more dangerous type of digital crime is obvious. Cashless depend on IT for handling payments. In a world without cash, everyone needs to use services provided by banks and credit/debit card companies. Thus, secret service agencies can monitor and observe all money transactions. If you go shopping, you‘ll need to use some sort of banking/cash card or a smartphone with a payment app. Obviously, IT security would become an even more critical issue. All payment service providers would probably charge their customers for each money transaction, but shops may offer to cover these costs to attract consumers. We all will be dependent on (central) banks and governments. For example, if the FED decides to introduce negative interest rates or a bank decides to charge a new fee, nobody can avoid this problem. Hence, politics needs to introduce new laws and regulations to ensure trust by all parties and protect customers. Another example might be the limits of how much money you can transmit in a payment. Since every financial transaction is based on cashless payments, it is much easier for the individual to keep an eye on all her expenses and incomes. But if your smartphone battery were empty or you forgot to take your cards with you, you‘d face a severe problem. Thus, biometrics will become an essential technology that enables a customer to use biometrics for authorization and authentication instead of digital means. Today, some small shops, single entrepreneurs, or shop owners cannot afford to provide cashless payment to their clients. It will also make their life much more complex, which is usually not an issue for big(ger) companies. The government may regulate the market to address this challenge, such as limiting fees and costs. Supermarkets or gas stations will automate their shops so that all items are electronically identified and charged. Let us pray that there is no issue with the transaction software. It might be challenging to deal with system errors. Who really wants to live in a world where Russian hackers have invaded the financial system? This was The Atlantis Report. Please Like. Share. And Subscribe. Thank You.

The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

No comments:

Post a Comment

Blog Archive

“Control oil and you control nations; control food and you control the people.” Henry Kissinger

once a standing army is established, in any country, the people lose their liberty.”
George Mason

“Military men are dumb, stupid animals to be used as pawns for foreign policy.”
Henry Kissinger

“If you are an ordinary person, then you can prepare yourself for war by moving to the countryside and building a farm, but you must take guns with you, as the hordes of starving will be roaming. Also, even though the elite will have their safe havens and specialist shelters, they must be just as careful during the war as the ordinary civilians, because their shelters can still be compromised.”
Henry Kissinger

"We don't let them have ideas. Why would we let them have guns?" Joseph Stalin

The people who cast the votes decide nothing. The people who count the votes decide everything.
Joseph Stalin

Governments keep a lot of secrets from their people . . .
Why aren't the people in return allowed to keep secrets
from the government?


“Some call it Communism, I call it Judaism.”

Rabbi Stephen Weiss

“Anti-Communism is Anti-Semitism.”
Jewish Voice, July - August 1941

Taxing People is Punishing Success

There's the rich, the poor, and the tax payers...also known as the middle class. Robert Kiyosaki

The Tax you pay is The Bill for Staying Stupid

Stefan Molyneux

“The modern banking system manufactures money out of nothing. The process is, perhaps, the most astounding piece of sleight of hand that was ever invented. Banks can in fact inflate, mint and un-mint the modern ledger-entry currency.” Major L L B Angus

The few who understand the system will either be so interested in its profits or so dependent on its favours that there will be no opposition from that class, while on the other hand, the great body of the people mentally incapable of comprehending the tremendous advantage that capital derives from the system will bear its burdens without complaint and perhaps without even suspecting that the system is inimical to their interests.
The Rothschild Bros

"Debts must be collected, bonds and mortgages must be foreclosed as rapidly as possible. When, through a process of law, the common people lose their homes they will become more docile and more easily governed through the influence of the strong arm of government, applied by a central power of wealth under control of leading financiers.

This truth is well known among our principal men now engaged in forming an imperialism of Capital to govern the world.

By dividing the voters through the political party system, we can get them to expend their energies in fighting over questions of no importance. Thus by discreet action we can secure for ourselves what has been so well planned and so successfully accomplished."

USA Banker's Magazine, August 25 1924

Cutting Tax Rates stimulates Economic Growth creates more Profit , more Jobs and therefore The Treasury ends up with more Tax Money

Taxation is legalized Theft

"The Objective of the Bank is not the control of a conflict , it's the control of the debt that a conflict produces . The real value of a conflict , the true value is in the debt that it creates . You control the debt , you control everything . this is THE VERY ESSENCE OF THE BANKING INDUSTRY , to make us all , whether we be nations or individuals , SLAVES TO DEBT " An UNKNOWN Banker

Patriotism is the last refuge... to which the scoundrel clings .... Steal a little and they throw you in jail ..steal a lot and they make you king ....

Bob Dylan

"Corporations are stealing billions in tax breaks, while the confused, screwed citizenry turn on each other. International corporations have no national allegiance, they care only for profit." Robert Reich

There is NO political answer to a spiritual problem!
Steve Quayle

litical Correctness is a Political Stand Point that does not allow Political Opposition , This is actually The Definition of Dictatorship
Gilad Atzmon

The modern definition of racist is someone who is winning an argument with a liberal
Peter Brimelow

When People lose everything and have nothing left to lose , They Lose It !


Your Greatest Teacher is Your Last Mistake

The one who Controls the Education System , Controls Perception

"The world will not be destroyed by those who do evil, but by those who watch them without doing anything."

Albert Einstein

In The Left Nothing is Right & in The Right nothing is Left

No man escapes when freedom fails; The best men rot in filthy jails. And those that cried 'Appease! Appease!' Are hanged by those they tried to please

Freedom is not Free

Don't Steal The Government Hates The Competition

Ron Paul

"Buy The Rumor , Sell The Fact " Peter Schiff

You can love your Country and not your Government

Jesse Ventura

" The Government Works for ME , I do not answer to them They Answer to ME "
Glenn Beck

"Tyranny will Come to Your Door in a Uniform "
Alex Jones

"The Government is not The Solution to our Problems , The Government is The Problem "

Ronald Reagan

"The price good men pay for indifference to public affairs is to be ruled by evil men." Plato

The world is a tragedy to those that feel, and a comedy to those that think...Beppe Grillo

"The people should not fear the government for it is the government who should fear the people" UNKNOWN

"If You are looking for solutions to the world's problems , look in the Mirror , You Are The Solution , You have the power as a human being on this planet " UNKNOWN

"They don't control us , We empower them " UNKNOWN

"Serial Killers do on a Small Scale What Governments do on a large one..."

Serial Killer Richard Ramirez

There is a Class War going on in America, & unfortunately, my class is winning." Warren Buffet

"When the people fear their government, there is tyranny; when the government fears the people, there is liberty."

Thomas Jefferson

"College is a waste of Money"
Albert Einstein

Schools manufacture people who think that they're smart but they're not.
Robert Kiyosaki

Education is what you learn after you leave School
Robert Kiyosaki

" ‏Schools were designed to create employees for the big corporations."
Robert Kiyosaki

"If a law is unjust, a man is not only right to disobey, he is obligated to do so" Thomas Jefferson

Dissent is the highest form of patriotism
Thomas Jefferson

“True education makes you feel stupid. It makes you realize you have so much more to learn.” Robert Kiyosaki

"One day your life will flash before your eyes. Make sure it's worth watching." - Gerard Way

"Aspire not to have More but to be More "

The losers in life think they have all the answers. They can’t learn because they’re too busy telling everyone what they know.
Robert T. Kiyosaki ‏

"Failure is simply the opportunity to begin again. -This time more intelligently." Henry Ford

What You Own Owns You

If you expect the government to solve your problems, you have a problem. Robert Kiyosaki

"Those who give up their liberty for more security neither deserve liberty nor security." Benjamin Franklin

"None are more hopelessly enslaved than those who falsely believe they are free.” -
Johann Wolfgang von Goethe

"Always trust someone who is seeking the truth , never trust someone who found it" Jordan Maxwell

Be The Change you want to see in The World

Failure inspires winners but defeats losers
Robert Kiyosaki ‏

“If you are planning for a year, sow rice; if you are planning for a decade, plant trees; if you are planning for a lifetime, educate people” A Chinese Proverb

"First they came for the Socialists, and I did not speak out--
Because I was not a Socialist.

Then they came for the Trade Unionists, and I did not speak out--
Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out--
Because I was not a Jew.
Then they came for me--and there was no one left to speak for me." UNKNOWN