Day to day transactions I seldom do unless it’s to tip a barber or Uber driver, or purchase ammunition now that such transactions are tagged as such by credit card companies.
But I always keep a stash of cash on me plus a handful of coins just in case.
Cash represents a step less unfree in the ever wending-winding forward roman road. Or Freeway.
Printing press(gang) impressment impressed bread & circus impresarios’ fever dreams before it was ever invented & so Gutenberg to Nuremberg “banality of evil” was just a straight-serrated ruler line connection of, seemingly, two points.
Unless paper is “represented” by something that speaks so softly it has to do it via sign language & carries a stick so heavy the rule of thumb would be a real beating with the ugly stick or “this is going to hurt you a lot more than it hurts me” manslaughter or murder …
… Papier is mâché, & you is piñata.
Like taking candy from a baby that blind-beat it from a stuffed effigy … is paper.
You're right that it's not the banks' money, Dominic, but only partly right about it being ours: the value it currently represents is indeed ours, but the cash itself (i.e. the actual physical bit of currency) belongs to the issuer — who makes it available, for the purpose of facilitating trade, on the understanding that they retain ownership of it.
An important aspect of this whole issue, which is generally overlooked, is that there's a fundamental incompatibilty between the different functions of money. As a medium of exchange, its value depends on it circulating freely, but as a store of wealth its value rests on it not circulating (and its usefulness as a standard of value is caught in the middle). This means that it's very difficult to have a stable monetary system as long as anyone who has a bit of spare money can take it out of circulation (because that's what allows people who have a lot of spare money to charge the rest of us for the use of it).
Yes, good point. Velocity of money and all that. Metals worked in this regard. You stored the gold and circulated the silver and copper. But we are in a digital age now.
I can't agree that metals worked well — other than for the rich. The fact that coins could be taken out of circulation by anybody who had a surplus was one of the cornerstones of the rentier economy (and a regular cause of deflation). Fiat currency has a similar problem, in that it too can be taken out of circulation by anybody with a surplus, but the money supply can at least be easily expanded (which of course leads to the equally pernicious problem of inflation).
That's one of the reasons central banks want to get away from cash: because it's much, much easier for them to ensure that digital currency circulates at a healthy rate. Ideally, there would be a form of cash that would start to lose value if it stayed too long in the same pocket, or under the same mattress, but that would present huge technical problems so, for now, digital currency does seem to be where it's at.
On the issue of misuse of the information the digital economy generates, I take the view that, if government can't be trusted to run the monetary system honestly, without intruding on people's privacy etc, then we need to work out a) what's wrong with how we appoint and monitor them and b) how to change it to something that works. (Which is what my own site is all about.) Keeping to the shadows doesn't seem like a good way to be free to me.
American here. I haven’t used a check in years. That stopped when someone fished my rent check out of the mailbox, erased the ink, and changed the recipient and the amount to something else.
Our “defunded” police refused to look into it because they decided they only look into check fraud when the victim is over 65.
P.S. looks like you now have the podcast feature working!
Also I’ve had good experiences with small businesses here in the U.S. offering a small discount for paying in cash. Usually works with those who don’t want to deal with interchange fees.
I drove from Norwich to a huge wetsuit warehouse in Essex recently and after picking one, neither of my 2 debit cards would work. Luckily, I always carry a few hundred in cash..."we don't take cash" the lady said. I replied, "Oh dear, that's sad. I'll drive back to Norwich grizzling then". The nice lady then said, "hang on a minute" and disappeared. A moment later she returned and said, "cash will do nicely"!!
I am shocked by the number of people who proudly declare that they 'never use cash'. I find myself hoping for a power cut to teach them a lesson!
Haha. I rarely do, and I need "instructing" (nor am I proud of the fact that I don't - I'm just lazy)
Day to day transactions I seldom do unless it’s to tip a barber or Uber driver, or purchase ammunition now that such transactions are tagged as such by credit card companies.
But I always keep a stash of cash on me plus a handful of coins just in case.
Dear Dominic
I just watched you at the Together conference on You Tube today.
I laughed out loud when you jumped up and down and screamed - YOU ARE LITERALLY HITLER.
When you finished your set, I clapped at my computer screen, as long as everyone else in the audience.
You have a gift, brother.
It is my hope, and my prayer, that you will continue to use it for our good, and God's glory.
If we do all end up in solitary confinement, in a Labour Re-Education Camp, I hope you will be there.
To lead the singing.
I will get my two requests in now, ahead of time.
1. Die Gedanken sind Frei (a favourite of the RAF while on holidays with Klaus Schwab's grandfather)
2. Always Look on the Bright Side
God Bless
Many thanks. You are very kind
Cash represents a step less unfree in the ever wending-winding forward roman road. Or Freeway.
Printing press(gang) impressment impressed bread & circus impresarios’ fever dreams before it was ever invented & so Gutenberg to Nuremberg “banality of evil” was just a straight-serrated ruler line connection of, seemingly, two points.
Unless paper is “represented” by something that speaks so softly it has to do it via sign language & carries a stick so heavy the rule of thumb would be a real beating with the ugly stick or “this is going to hurt you a lot more than it hurts me” manslaughter or murder …
… Papier is mâché, & you is piñata.
Like taking candy from a baby that blind-beat it from a stuffed effigy … is paper.
https://www.youtube.com/watch?v=UUo7mjW2D3M
TANSTAAFW. Just ask Bob. He'll tell you. Or just look at him.
Thanks Andy
"It’s our money, not the banks’"
You're right that it's not the banks' money, Dominic, but only partly right about it being ours: the value it currently represents is indeed ours, but the cash itself (i.e. the actual physical bit of currency) belongs to the issuer — who makes it available, for the purpose of facilitating trade, on the understanding that they retain ownership of it.
An important aspect of this whole issue, which is generally overlooked, is that there's a fundamental incompatibilty between the different functions of money. As a medium of exchange, its value depends on it circulating freely, but as a store of wealth its value rests on it not circulating (and its usefulness as a standard of value is caught in the middle). This means that it's very difficult to have a stable monetary system as long as anyone who has a bit of spare money can take it out of circulation (because that's what allows people who have a lot of spare money to charge the rest of us for the use of it).
If you're interested in a more detailed analysis of that, you can find one at https://malcolmr.substack.com/p/a-stable-monetary-system
Yes, good point. Velocity of money and all that. Metals worked in this regard. You stored the gold and circulated the silver and copper. But we are in a digital age now.
I can't agree that metals worked well — other than for the rich. The fact that coins could be taken out of circulation by anybody who had a surplus was one of the cornerstones of the rentier economy (and a regular cause of deflation). Fiat currency has a similar problem, in that it too can be taken out of circulation by anybody with a surplus, but the money supply can at least be easily expanded (which of course leads to the equally pernicious problem of inflation).
That's one of the reasons central banks want to get away from cash: because it's much, much easier for them to ensure that digital currency circulates at a healthy rate. Ideally, there would be a form of cash that would start to lose value if it stayed too long in the same pocket, or under the same mattress, but that would present huge technical problems so, for now, digital currency does seem to be where it's at.
On the issue of misuse of the information the digital economy generates, I take the view that, if government can't be trusted to run the monetary system honestly, without intruding on people's privacy etc, then we need to work out a) what's wrong with how we appoint and monitor them and b) how to change it to something that works. (Which is what my own site is all about.) Keeping to the shadows doesn't seem like a good way to be free to me.
Great article! Thank you.
American here. I haven’t used a check in years. That stopped when someone fished my rent check out of the mailbox, erased the ink, and changed the recipient and the amount to something else.
Our “defunded” police refused to look into it because they decided they only look into check fraud when the victim is over 65.
P.S. looks like you now have the podcast feature working!
I don't blame you!
Also I’ve had good experiences with small businesses here in the U.S. offering a small discount for paying in cash. Usually works with those who don’t want to deal with interchange fees.
Indeed!
I drove from Norwich to a huge wetsuit warehouse in Essex recently and after picking one, neither of my 2 debit cards would work. Luckily, I always carry a few hundred in cash..."we don't take cash" the lady said. I replied, "Oh dear, that's sad. I'll drive back to Norwich grizzling then". The nice lady then said, "hang on a minute" and disappeared. A moment later she returned and said, "cash will do nicely"!!