Jasin wrote on Apr 3^rd, 2024 at 9:27pm:

A number of economists like and promote the idea of removing all physical (cash) payment options from economies. Yanis Varoufakis being just one of them for example; whom tried to bring it in in Greece but failed. I think it is yet another "economist" idea thought through with the depth of a child. Bartering and trading of goods and services would come back to an extent and be even more impossible to track and tax. There would be no "safety net" payment system to kick in on digital system failure. I understand wanting to solve the in reality very small "untaxed" cash economy some place far too great an emphasis on, but removing all physical payment options is idiocy IMHO.

Bobby. wrote on Apr 3^rd, 2024 at 11:24pm:

Yeah It would grow but take time and still be no real safety net if all the systems of business are unable to take any forms of physical payment when all physical payments get banned as part of the process.

Jasin wrote on Apr 3^rd, 2024 at 9:08pm:


Most online fraud charges are well under $100. They try to fly under the radar. As far as I know, people usually get their money back from the bank or someone else if it is fraud.

‘Massive queues’: Aussies flood banks in cash protest

"Aussies flocked to banks around the country on Tuesday to send a loud message about cash use.

Fed up Aussies flocked to banks and ATMs on Tuesday in a major protest against the country’s move towards a cashless society.

Hoards of people were seen lining up to withdraw cash on April 2 – a day dubbed online as “Draw Out Some Cash Day”.

The movement, led by the Cash is King Facebook group, aimed to show banks and retailers there is still a demand for cash amid warnings the country will be “functionally cashless” by 2025.

Social media posts show “massive queues” of people, both young and old, lining up at various banks around the country, with one woman sharing she waited for up to an hour to get her hands on bank notes.

“All banks I passed today had queues out the door,” one person wrote on Facebook alongside a picture of people lining up outside a Commonwealth Bank branch.


(I) withdrew $1000 dollars. The bank was packed!” another wrote.

“I went to Robina Centre (Gold Coast) and took $1000. I had to wait nearly one hour,” said another.

“(I) queued up for 30min. (There were) people doing the same thing, getting money out. I think today was very successful,” another added.

“My local bank … never seen it so busy. Lines out the door,” said another. .."

news.com.au/finance/money/costs/massive-queues-aussies-flood-banks-in-cash-prote
st/news-story/a3e8940489c9c22fcb99d447460ec7d2

I think there is a role for government and legislation in this; regarding perhaps ensuring physical Aussie dollars must be an option accepted as a form of payment. I know many wont like that idea for a number of reasons. Short-sighted economists aside re; "untaxed" tiny proportion of GDP thought to exist, There exists elements of society where removal of the physical payment option will have more far reaching results than anticipated IMHO. From sex workers to the poor and others whom would be thrown under the "bus" and forced into further criminal efforts to survive. The small "untaxed" portion that may exist should be thought of as the sacrificial anode that stops society corroding from the bottom. I'm positive if using physical payments becomes "impossible", crime will steadily become worse and worse. You can't beg for dollars, you have to steal goods. You can't retain sex work anonymity etc etc. You think the entire length of human existence drug trade wont continue; you're an imbecile. I also predict a massive rise in payment fees. The digital system then becomes effectively, an economic system monopoly. You can guarantee it will be monetised even further. The tiny gain the economists and short-sighted business groups think they are getting, will be more than cancelled out once truly calculated through the entire society. Once again, none of that even factors in digital payment system failures and nefarious attacks. Wising up and realising you need to keep the option is probably in reality not enough, if it is allowed to become effectively impossible to revert to cash as all businesses and financial systems have removed the option. Track it, limit it sure, but society needs a form of physical transaction as an option.

Bobby. wrote on Apr 4^th, 2024 at 12:14pm:

How's Cuba's economy? Are they still rioting about not being able to buy food?

Bobby. wrote on Apr 4^th, 2024 at 12:39pm:

Do countries that use the US dollar have anything in common?