h a l f b a k e r y"My only concern is that it wouldn't work, which I see as a problem."
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Why not forget cash all together and give everyone a card that's linked to their bank account. Get the government to cover the bank fees (if there are any, banks would probably like having all that money). The Government would save money on:
a) printing cash and making coins
b) tax evasion, if
you are payed electronically, the tax department can easily verify that you are paying the proper amount
c) black market sales, such as drugs would no longer be feasible
d) Bribery and money laundering would become a whole lot harder, virtually destroying organised crime.
With proper security measures (PINs, biometrics, passwords, whatever), a no-cash system would be much easier to manage than the current system.
You might think "But what if you lose your card? You'd lose all your money!" Wrong. If you lose cash, it is lost. If you lose your money card, you just need to cancel it and get a new one issued, once proper identification is provided. While this is going on, your money is still safe at the bank.
Google search 'electronic fraud'
http://www.google.c...onic+fraud%22&meta=
Yeah, much safer! [DrBob, Dec 21 2006]
[link]
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uhm, so this is just like the system we have now (debit cards) except we don't print money any more ? I think this is a bit "Let's all" (not use physical money any more). |
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//Get the government to cover the bank fees//
So now my taxes have to subsidise other people's bank charges? Fishy. |
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//c) black market sales, such as drugs would no longer be feasible// |
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If you can't scratch a window with it, I don't accept it. |
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However, it would now take me twice as long to buy a newspaper from the kiosk, as I would have to give him my card, wait for it to process, type in my pin number, wait for it to process... |
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Furthermore, his kiosk is on 4 wheels so he can push it, er, somewhere... at the end of the day. Maybe he sleeps in it, I've no idea. Hence he would need a mobile phone setup to connect his machine to, plus a battery pack that would last all day. |
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I'd rather give him 50p, take a newspaper and be done with it. Cards are a good (existing) system, but at the moment they can't universally replace cash. |
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Unless the phone line goes down (as it did at my local corner shop the other day), in which case everyone is screwed. |
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//Get the government to cover the bank fees // |
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//tax department can easily verify that you are paying the proper amount// |
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How would they know without having full access to your employment details? |
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//black market sales, such as drugs would no longer be feasible// |
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And how would anyone know what the payment relates to? |
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//Bribery and money laundering would become a whole lot harder, virtually destroying organised crime.// |
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Rubbish! Any exchange of 'electronic' money can be explained away as a gift. |
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//If you lose cash, it is lost. If you lose your money card, you just need to cancel it// |
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Unless the thief decides it would be best to beat your brains in so that they can have free use of your card for a while. |
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This is preciscely what many of us are against. I am for the right to purchase annoymously and the right to use cash. |
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This seems like an excercise in control.
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I LOVE cash. I HATE plastic. BONE. |
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