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A comment on Britain being forced to go cashless 'against its will'. Parent comment

Re:Britain being forced to go cashless 'against its will' by beebeepka on Thursday March 31, 2022 @02:51AM (#30864522)
No need for analogies. It's literally forcing the public to use - and give money to - private entities.

Banks borrow money cheap. Can a regular person do that? No. Of course not.

It's clearly about control/money. Same thing

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Re:Britain being forced to go cashless 'against its will' by throw0101a on Thursday March 31, 2022 @07:37AM (#30866047)
> Banks borrow money cheap.

Banks don't need to borrow money, they just create it:

* https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1905625

* https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/m...

If you still think about banks re-loaning bank deposits you're living in another century. Fractional reserve banking hasn't been a thing since (at least) the 1960s.

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Re:Britain being forced to go cashless 'against its will' by smt88 on Thursday March 31, 2022 @03:55AM (#30864879)
Depositing money isn't giving money to a bank. It's exchanging money for highly liquid debt and receiving interest in return. Giving money to a bank is a relationship where the bank pays you.

Also, the government already forces you to have auto insurance. This doesn't really seem any better or worse.

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Re:Britain being forced to go cashless 'against its will' by rosndo on Thursday March 31, 2022 @02:59AM (#30864574)
> Banks borrow money cheap. Can a regular person do that? No. Of course not.

There are a plenty of cheap loans available to regular persons, but of course you have to be an adult to access those.

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