| Topic: | Re:Re:Re:Re:Re:Re:Re:Re:Re:Supreme court backs bankers | |
| Posted by: | Fraser Pearce | |
| Date/Time: | 26/11/09 12:11:00 |
| “There is every possibility that within our lifetime cash will fall out of use.” - Possibly, Alan, which is why the move to a cashless society must be resisted. There is legislation and scenarios in place for almost immediate ‘remedial action’ to protect the UK retail banking system. This includes the closure of bank branches, cash machines, online banking services and payment systems (with suspension of payment systems likely meaning that people wouldn’t be able to shop as normal at the likes of Sainsbury’s and Tesco – as their tills are plugged into bank systems). I lived in New York during a prolonged electricity blackout. The ATMs, banks and shops didn’t work. This was when people remembered the importance of cash – it can’t be turned off at the flick of switch and you can hide it under the bed. ------- I agree with you on the moral hazards of debt. Sure, many blame others for their needless profligacy, but many don’t. The problem remains though that society itself relies on debt. We live in a system where most of our money comes into existence via the issuance of debt, where many on low pay rely on the monthly rollover of debt, where the state itself relies on debt just to function as ‘normal’. ... And don’t forget the retail banking sector itself is in debt to the very people it is likely to be overcharging. |