by: the Common Constitutionalist
We’ve all seen them – futuristic movies where the World, nay, the Galaxy, runs only on transfers of electronic currency. In the Marvel movie, Guardians of the Galaxy, the transfer of “Credits” was commonplace.
In the 1986 film, Star Trek IV, The Voyage Home – Captain Kirk, Spock and others, travel back in time to 20th century San Francisco. When confronted by the local hero in the movie about their lack of funds, she says, “I suppose you don’t use money in the future,” to which Kirk shrugs and says they do not.
For most, back in the `80s, not using cash was unthinkable. Now, a mere 30 years later, it is fast becoming reality.
Progressive European nations like Sweden, Denmark and Norway are already well on their way to totally cashless economies. Today, four out of every five transactions in Sweden are electronic.
The nation of India has begun demonetizing cash, beginning with the popular, Rs 500 ($7.5) and Rs 1,000 ($15) bills. Prime Minister Narendra Modi announced last Tuesday, an effort to fight corruption by invalidating these most widely circulated currency bills in the country. In place of cash, banks in India have so far issued 25.9 million credit cards and 697.2 million debit cards.
Yesterday, Zero Hedge reported that on November 16, “banking giant UBS proposed that eliminating Australia’s $100 and $50 bills would be “good for the economy and good for the banks.”