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Thread: The Government don't want us to own cash . . .

  1. #1
    Senior Member Lighttouch's Avatar
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    The Government don't want us to own cash . . .

    Have you noticed how technology is slowly dispensing with cash.

    We can now buy small purchase items using contactless debit cards or via Smartphones like Apple Pay.

    You can buy stuff via digital PayPal or even Bitcoms.

    So what's the bigger picture. Well interest rates are about 0.5% and people think that they may raise soon. In fact the opposite is true - we will soon be heading towards 'deflation' and 'negative interest rates'

    So why is the Government keen to 'do away' with cash. Well imagine that you could no longer hold cash and all money was 'digital'. That means all money was held by banks including savings. So when negative interest rates were to come about the banks would charge you interest for keeping your savings - another stealth tax!

    So is it better to stash your cash under the mattress! It's not such a bad idea keeping ready cash at hand in my opinion. Just food for thought.

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    Hmm, food for thought indeed. Utilities and other big companies already penalise people for not using direct debit and others don't even give the option of doing anything other than direct debit or digital/online payment. I've read somewhere that cheques may be phased out too. Makes me wonder what those people whose bank accounts don't have the facility for direct debits are supposed to do or those people, specially the older generation, who have no wish to use direct debits or digital payments. When I worked with the elderly they hated all these changes because they'd dealt with cash all their lives - weekly wage packets, bills paid in cash etc, and if they needed to contact their utility provider they could go to their local gas/electricity shop and see them face to face or phone them and get straight through to a person instead of an automated menu, something else which they hated and often couldn't cope with. It seems that the government and these banks and big companies are so fixated on everything being online/digital/automated etc to make their lives easier and to save money, they have completely disregarded the rather large section of society who do not want it, do not understand it and in many cases genuinely cannot cope with these changes, but that's big business and the Tories all over isn't it - riding roughshod over people without giving a toss about how it affects them!

  3. #3
    Senior Member TheFlyingKidney's Avatar
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    Aaah so you've been reading the 'Money Morning' emails as well then?Lt?


    The more cash sent by digital the more 'in the system, hence in whichever bank holds that transaction at the time'.

    However if its decided that cash is devoid (all digita) we may see an increase in localised bartering and currency (several towns including Bristol and Totness, and many overseas http://mentalfloss.com/article/55414...own-currencies)

    Many banks already charge for higher interest rates, effectively discriminating against those with minimal revenue and assets. (Santander,s 123 is one example) Actually Tesco bank looks appealing

    Possibly its best to consider buying the odd gold coin or bar if you can afford it.

    Given of the 'One Red Paperclip' scenario, and sites such as Gumtree, Preloved an the many many Facebook equivalent groups) It seems you can acquire some stuff without fiddling about with a photo of HR

    Better get on with my Essay on Peak oil and Climate Change.

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    Hello Lighttouch,

    Control cash, control people!

    First, in London we saw the introduction of Oystercards, in order to get one we have to fill in a form containing our name address and phone number, would anyone have given this information to a bus driver with our bus fare? Londoners can no longer pay their fare with cash, every time I use a bus or tube my journey is recorded, they know where I boarded the bus, and at what time. This makes it easier to catch benefit cheats and other criminals. Or is there some other sinister motives?

    We are already penalised if we don't pay utility bills by direct debit.

    In some countries you can't pay cash for certain items, for example internal flights, or a car.

    So there is already some level of control.

    I used to know someone that was a bit of a conspiracy theorist, and used to spend hours on the phone banging on about the illuminati, now I'm beginning to wonder if there might be an element of the truth in his rantings!

  5. #5
    Senior Member TheFlyingKidney's Avatar
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    The further suggestion is this is that other banks will follow with the cyprus scenario :http://www.telegraph.co.uk/finance/f...r-bail-in.html Where the EU dictates a 'Bail In' tax from investors.

    Invest in tradeable goods, skills or cash!

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    It is absolute nonsense to suggest you are being penalised paying by direct debit. In fact you couldn’t be further from the truth. Direct debit payments allow traders to reduce the cost of collecting regular payments, the advantage of which is passed on to those who elect to pay by this method.

    In my case I can say that currently there is only one payment I now make using cash, which is my weekly fare to a supermarket on the dial-a-ride bus operated by my local authority. If only the Town Hall would get their act together and accept card payments would save me the expense of going to a bank every 3 months to draw out the cash to pay their driver.

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    Well we are all buggered cuz the world will go down the digital path and then along comes the apocalypse and all electric fries......then woah......back to barter...walking...
    the bigger picture is the world is using up fuel faster than ever and what runs these machines that all this info is stored on??? Oh right! that would be leccy powered by....FINITE gas abd coal reserves.
    Me? I'm off to the yurt now.....

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    Senior Member TheFlyingKidney's Avatar
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    @ChrisD I think the point made was that some banks add unreasonable excess charges IF you wish not to pay by direct debit. That in effect is a penalty.

    Most utility companies LOVE direct debit as they can hold more of your money by funding a higher 'estimated' bill (in our recent case estimated over 1'700 pounds (compared to the actual of of under 400. You can bet your life that your utility company is making a tidy profit on that 'advanced 1000 pounds' If your not savvy you could infect be giving them large amounts of money you don't need to.

    Particularly with elderly or less tech savvy people this IS a big problem, companies can in effect 'hold' large amounts of money 'in advance
    They still have the guile to suggest you are 'saving money' in fact you giving them funds to invest.

    And oyster cards are notoriously easy to clone (so I'm told)! https://www.youtube.com/watch?v=u0I3KvUfKIw

    The more digital transactions we make the more of a digital profile companies can make of our everyday lives.. Beneficial, or invasion of data privacy? Another topic.

    I'll join @reddivine in the yurt..

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    Quote Originally Posted by TheFlyingKidney View Post
    @ChrisD I think the point made was that some banks add unreasonable excess charges IF you wish not to pay by direct debit. That in effect is a penalty.......
    No it’s not a penalty charge. Consider for example your monthly payment to a bank when making payments against a mortgage. Back in the 1980s I had the choice of paying my mortgage by either Direct Debit or Standing Order. On each and every occasion the bank rate was varied, it would have obviously cost the bank more to vary the amount payable by Standing Order (due to additional clerical manpower, postage, etc) compared to simply amending a direct debit payment. All the bank was doing was passing their cost savings on to me their customer.


    Quote Originally Posted by TheFlyingKidney View Post
    Most utility companies LOVE direct debit as they can hold more of your money by funding a higher 'estimated' bill (in our recent case estimated over 1'700 pounds (compared to the actual of of under 400. You can bet your life that your utility company is making a tidy profit on that 'advanced 1000 pounds' If your not savvy you could infect be giving them large amounts of money you don't need to.

    Particularly with elderly or less tech savvy people this IS a big problem, companies can in effect 'hold' large amounts of money 'in advance
    They still have the guile to suggest you are 'saving money' in fact you giving them funds to invest.
    All fool any householder who doesn't monitor their financial outgoings. I understand there are rules in place which govern the amount of money that utility companies can hold, but I forget the detail. If the limit is exceeded they are obliged to immediately repay the exceeded amount upon demand.

    By coincidence I received the quarterly statement from E-on for my gas and electric supply only last week. Very wisely paid using direct-debit, the amount held by the supplier and carried over into the next quarter is a mere £33.

  10. #10
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    I must admit the vast majority of my transactions are now digital. makes my life a lot easier that i can get paid, and pay all my bills without even getting out of bed. I can even do my shopping online and wait for it be delivered.

    The biggest expense im likely to pay cash for now is topping up my electric, although even that can be done online now. I like to have a little change on me just for those smaller items i occasionally get from the local shop. fresh bread, milk etc.

    My nearest cash machine is about a 10 minute walk, so paying by card saves me that walk.

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