Re:Sweden leads the race to become cashless society
by atlih on Sunday August 14, 2016 @02:55PM
(#12286792)
That's something to be worried about. But I'm more worried about banks having the power to issue unlimited currency which is a default in a cashless society
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Re:Sweden leads the race to become cashless society
by mrec on Sunday August 14, 2016 @03:04PM
(#12286834)
Well, cash hasn't exactly stopped them either. I don't know what the figures are elsewhere, but in the UK around 97% of money is created by private banks making loans, not by the central bank printing notes.
Re:Sweden leads the race to become cashless society
by polotics on Sunday August 14, 2016 @04:28PM
(#12287195)
Oh please learn some economics. Bank loans are not new money.
Some TBTF banks have a problem of under-capitalization and may be bailed out with new money, but banks are government's strawmen on this racket.
Re:Sweden leads the race to become cashless society
by atlih on Sunday August 14, 2016 @04:33PM
(#12287206)
Bank loans are new money according to The Bank of England
http://www.bankofengland.co.uk/publications/Documents/quarte...
The reason banks get into trouble is because they cannot meet even their tiniest obligations in actual currency. In a cashless society this will not be a problem, just unlimited digital money creation.