Everywhere I look it’s all about the plastic. The direction is clear, and for many reasons – convenience, costs, counterfeiting, etc. – and it’s not a matter of if, but when. Considering all the problems inherent in paper and metal currencies, it’s inevitable.
The U.S. is actually behind in this area, as many countries are already very deep in the trend. Sweden, for example, has had the amount of money that is in circulation drop by some 45% in the last 5+ years. In fact, many of their major banks no longer carry cash. Other countries have reported similar milestones. The U.K. recently reported that the number of cashless payments by consumers and businesses just recently overtook those of paper transactions and make up some 52% of all transactions.
So, it seems like this train is unstoppable. Hopefully, those that are supposedly smarter than all of us, have figured out the ramifications of all this. I pondered the other day a successful attack on our power grid…would we not be able to purchase food, gasoline, clothing, etc.? What would be the contingencies and provisions for any loss of power? I don’t know, but again, hopefully these things are a part of the overall discussion.
Well, I’m off now to the store to swipe me some ice cream…no…not steal…you know swipe…with my card!