Cashless Society, Sheesh !

[Fishindude77]

My nephew raises chickens and drops off fresh eggs at work for $2.00 per dozen so I needed to pay him this morning and smallest bill I had was a $20. Approached six different individuals in the office trying to break a $20 bill, and not a single one could do it. Most had no cash on them.

Seems pretty crazy to me.

[GoodSteward]

Cash is going the way of the dodo. I still have 10$ on me from a trip I was on last weekend. I pulled a little cash in case I had a problem (had cards compromised on a trip before). I just don't use cash. I'm used to tracking every penny over cards, and cash isn't as easy to do that with. We've discussed this before, but cash to me just seems like "free money" and when you budget "every dollar has a job!" Cash seems like the government politician who gets away with whatever...lol

[disneysteve]

We've discussed this before. I know I'm old but it boggles my mind that people don't carry cash. I've always got plenty on me and try my best to have both small and large bills, especially when traveling for tips and such.

[Joan.of.the.Arch]

"Just in case" cash is always with me when traveling, but never have occasion to spend it, except for tips. I do prefer to give tips in cash for fear that credit card bookkeeping might cut the waitstaff's (and whoever they share tips with) tips.

I usually do have cash these days because I do some shopping for a near-shut-in who reimburses with cash. But I usually could not make change for that $20, Fishindude.

[Petunia 100]

My nephew raises chickens and drops off fresh eggs at work for $2.00 per dozen so I needed to pay him this morning and smallest bill I had was a $20. Approached six different individuals in the office trying to break a $20 bill, and not a single one could do it. Most had no cash on them.

Seems pretty crazy to me.

If someone asks you to make change for a $20, you can't do it either.

[GoodSteward]

If someone asks you to make change for a $20, you can't do it either.

ahaha, I didn't catch that.

[kork13]

I rarely have more than $20 on me. I simply never use cash except when I can't use any other method.

In your case, it would be pretty easy to send your nephew the money via EFT. My bank lets me send money to anyone with just their name & phone number or email via the smartphone app. I think it processes through PayPal, but I don't really know. But it's always super easy, and I've done alot of stuff that way.... Split restaurant checks, paid our handyman, and bought tickets for an office party.

Of course, Square & other digital payment methods are also an option.

I know I'm of the somewhat younger generation that's completely comfortable with technology, but seriously.... Who needs cash anymore?

[james.hendrickson]

Cashless societies have two major downsides which are often missed in media discussions.

First, people treat paper cash differently from electronic money. McDonalds famously started accepting debit/credit cards and their average tab increased by something like 15 to 20%. A lot of folks spend more if the transactions are electronic. A healthy democratic society can't function properly without a high savings rate - our economic systems should support this.

Second, a fully cashless society means the end of financial privacy. Privacy serves a very important role in business innovation. For example development of new technologies, business models, etc. all must necessarily function with a high degree of privacy. You don't want your competition getting wind of what you are doing to stealing or shutting down your idea.

[disneysteve]

Second, a fully cashless society means the end of financial privacy.

Of course that also raises the issue of "under the table" jobs that pay in cash so it is off the books, not recorded anywhere, and not subject to taxes (well it is subject to taxes but doesn't get reported).

This provides a way for people to support illegal enterprises like the drug trade or terrorism where the business transactions are often handled in cash. It also provides a way for people to cheat the system. I often have patients who are on public assistance tell me that they work but it's all under the table because if they got a legit job, they'd lose their government benefits.

[GoodSteward]

Of course that also raises the issue of "under the table" jobs that pay in cash so it is off the books, not recorded anywhere, and not subject to taxes (well it is subject to taxes but doesn't get reported).

This provides a way for people to support illegal enterprises like the drug trade or terrorism where the business transactions are often handled in cash. It also provides a way for people to cheat the system. I often have patients who are on public assistance tell me that they work but it's all under the table because if they got a legit job, they'd lose their government benefits.

This is also how we support so many Illegal immigrants in this country. Farms and other factory style businesses contract legal workers directly by the factories/farms, and those people hire illegals and are paid under the table. Not sure how they get around it, but I watched this happen years ago when I was working for a chicken factory. They had to use illegals to catch chickens on the farm because when they hired "Americans" they all quit the first day.

I think privacy in this day is a joke. Why do you think everybody is getting hacked anymore? You can carry cash, but if you use any electronic device it is tracking you for advertisements. Why do you think you all the sudden will see an advertisement on a random website for the very thing you happened to look up on amazon or eBay recently?

James.Hendrickson - I agree cash makes us spend less, because by the laws of nature, we can't make something out of nothing. Only the government can defy those laws! We can only spend what physical money we have on hand. You wanted that 5$ combo but you only have a 5$ bill and no change for tax..oh well, gotta get something else. Have a card and budgeted 5$? No problem, we can just spend the extra 30 cents cause we technically have more in the bank.

[disneysteve]

I agree cash makes us spend less, because by the laws of nature, we can't make something out of nothing. Only the government can defy those laws! We can only spend what physical money we have on hand. You wanted that 5$ combo but you only have a 5$ bill and no change for tax..oh well, gotta get something else. Have a card and budgeted 5$? No problem, we can just spend the extra 30 cents cause we technically have more in the bank.

That's true if you only have $5 in cash. It's not true if you carry a decent amount of money, though. I would never dream of walking out of my house with only $5 in my wallet.

Also, in most metro areas, you are rarely more than a short distance from an ATM so getting more cash is a snap. The ATM might even be in the very establishment you are standing in - a convenience store, a supermarket, a restaurant, whatever.

[greenskeeper]

You want to see panic? Remember hurricane Sandy?

Around here the local wawa had backup power to run the store and gas pumps but was unable to take credit and the ATM wasn't working. People coming into the store to make purchases and get fuel for gensets couldn't figure out what to do when their cards didn't work.

I filled my gerry cans with fuel, handed over cash, and went on my way.

Always carry or have on hand some cash, at least a couple hundred for emergencies.

[Outdoorsygal]

Many years ago a fireman was convicted of starting a fire that killed someone. Their main evidence was lighter fluid.
They were able to obtain that evidence due to him using one of the stores courtesy cards so knew what he bought when he was in the store.

Years later they found who actually did it. He was deemed innocent.
I use cash most everywhere and fake info on my grocery cards.

[GoodSteward]

Many years ago a fireman was convicted of starting a fire that killed someone. Their main evidence was lighter fluid.
They were able to obtain that evidence due to him using one of the stores courtesy cards so knew what he bought when he was in the store.

Years later they found who actually did it. He was deemed innocent.
I use cash most everywhere and fake info on my grocery cards.

So you can commit a crime at some point? lol

[Outdoorsygal]

So you can commit a crime at some point? lol

LOL! yes I can actually. What is your name and address?