Coin Shortage

#76
#76
DancingOutlaw said:
Probably had something to do with throwing $3T into the economy with absolutely no monetary backing whatsoever. And you have people cashing unemployment checks and whatever else with less money circulating. It would take the mint a couple years to make the fractional currency needed to represent these aid packages.
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I'd say that was the majority of it. In 2018 there was roughly 1.5 trillion in physical currency. The govt just created a couple trillion to hand out to businesses and individuals. That gives people the ability to spend way more in cash than coinage could support.

Here's how much US currency there is in circulation.

As of July there was 1.93 trillion in physical.

The Fed - How much U.S. currency is in circulation?
 
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#77
#77
Ten_Titans said:
There are plenty of non-nefarious reasons to push digital currency. Like, dozens.

Not the least of which is convenience. I can't think of anyone I know younger than 30 who pays with cash routinely.
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Do you ever buy produce from a roadside stand or farmers market? Cash is way more convenient for this. Have you ever given your kid $20 to wash the car? Paying that electronically is convenient? There's literally hundreds of small cash transactions like these that go on every day that would be a hassle if they were electronic. Not to mention absolutely no transaction would be hidden from the government in a cashless society. I can't imagine much of those cash transactions being taxed 100% which is exactly how it should be considering we are taxed thru the nose multiple times on every little thing.
 
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#78
#78
CR-vol said:
Do you ever buy produce from a roadside stand or farmers market? Cash is way more convenient for this. Have you ever given your kid $20 to wash the car? Paying that electronically is convenient? There's literally hundreds of small cash transactions like these that go on every day that would be a hassle if they were electronic. Not to mention absolutely no transaction would be hidden from the government in a cashless society. I can't imagine much of those cash transactions being taxed 100% which is exactly how it should be considering we are taxed thru the nose multiple times on every little thing.
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That is the point, silly. They want to be able to track every purchase, rob you through inflation, and if you bark or speak out against the govt or a special interest, they can "sanction" you or turn off your money.
 
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#79
#79
Rasputin_Vol said:
That is the point, silly. They want to be able to track every purchase, rob you through inflation, and if you bark or speak out against the govt or a special interest, they can "sanction" you or turn off your money.
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Not to mention banks backing credit and debit cards would love to get a little piece of every transaction. If the banks want it, it will happen.
 
#80
#80
Rasputin_Vol said:
That is the point, silly. They want to be able to track every purchase, rob you through inflation, and if you bark or speak out against the govt or a special interest, they can "sanction" you or turn off your money.
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No **** Sherlock. He was all for electronically paying for everything.
 
#81
#81
Another reason a cash less society is bad.
Think about resturaunt servers and bartenders ans hinestly even some house keepers. They rely on the cash tips so they don't get eaten up in taxes. They can easily make 300 a day in some places, sometimes more in others and sometimes less. With their wages being so low and a lot of people pay on a card and leave cash tips they rely on these days to get through the slow times. If we go to a cashless society they will not only get eaten up on taxes, but credit card fees as well for the process to go through
 
#83
#83
RollinVol said:
Please use your debit or credit card so we can see where and what you purchase
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Yes, the government is trying to monitor our McDonald's intake and determine what we are doing inside our homes by seeing what we're buying from Lowes.

Honestly, I don't know anyone under the age of 40 that still even uses cash for everyday purchases.
 
#84
#84
K-town Vol Fan said:
Yes, the government is trying to monitor our McDonald's intake and determine what we are doing inside our homes by seeing what we're buying from Lowes.

Honestly, I don't know anyone under the age of 40 that still even uses cash for everyday purchases.
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If we go cashless, you lose all privacy, they can rob you with inflation, pull taxes (and fines) from you instantly and if you speak out of turn or do not follow the govt's will, they can turn off your card.
 
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#87
#87
Rasputin_Vol said:
If we go cashless, you lose all privacy, they can rob you with inflation, pull taxes (and fines) from you instantly and if you speak out of turn or do not follow the govt's will, they can turn off your card.
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Oh I definitely don't think its a good idea to go cashless. Its always nice to have the option.
 
#89
#89
Rasputin_Vol said:
If we go cashless, you lose all privacy, they can rob you with inflation, pull taxes (and fines) from you instantly and if you speak out of turn or do not follow the govt's will, they can turn off your card.
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You come talking that trash we'll pull your card
 
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#90
#90
Rasputin_Vol said:
If we go cashless, you lose all privacy, they can rob you with inflation, pull taxes (and fines) from you instantly and if you speak out of turn or do not follow the govt's will, they can turn off your card.
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That reminded me of the time Mythbusters wanted to an episode on the RFID chips in credit cards. The episode got canned after the credit card companies found out and had it shut down. Also, the people from the show had to sign some sort of NDA and can barely talk about what happened.
 
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#92
#92
CR-vol said:
Do you ever buy produce from a roadside stand or farmers market? Cash is way more convenient for this. Have you ever given your kid $20 to wash the car? Paying that electronically is convenient? There's literally hundreds of small cash transactions like these that go on every day that would be a hassle if they were electronic. Not to mention absolutely no transaction would be hidden from the government in a cashless society. I can't imagine much of those cash transactions being taxed 100% which is exactly how it should be considering we are taxed thru the nose multiple times on every little thing.
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Venmo
 
#96
#96
K-town Vol Fan said:
Yes, the government is trying to monitor our McDonald's intake and determine what we are doing inside our homes by seeing what we're buying from Lowes.

Honestly, I don't know anyone under the age of 40 that still even uses cash for everyday purchases.
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I use a card for most transactions but I feel naked without at least 100 in cash on me.
 
#98
#98
Gresham's Law...

Don't be surprised if you notice more shiny new pennies being given back as change and fewer older pennies over the next few weeks and months. There's talk that people are starting to hoard pre-1982 pennies and stories of banks possibly collecting as many pre-1982 pennies as possible and replacing them with the zinc-copper clad pennies.
 
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#99
#99
Rasputin_Vol said:
Gresham's Law...

Don't be surprised if you notice more shiny new pennies being given back as change and fewer older pennies over the next few weeks and months. There's talk that people are starting to hoard pre-1982 pennies and stories of banks possibly collecting as many pre-1982 pennies as possible and replacing them with the zinc-copper clad pennies.
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I haven’t heard anyone mention Gresham’s Law with regards to Bitcoin. I don’t know if there is a connection but it’s conceivable.
 
#100
#100
Ten_Titans said:
There are plenty of non-nefarious reasons to push digital currency. Like, dozens.

Not the least of which is convenience. I can't think of anyone I know younger than 30 who pays with cash routinely.
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What will happen is that you will ultimately be charged to use the 'convenience' of digital currency. As an example, here in Florida if you want to pay your taxes with a credit card, you are charged a 'convenience fee'. So, I break out my checkbook for one of the the 5 times/year I use it and write them a check. Digital will be the same thing only you will be used to it, the 'tax' that it becomes won't bother you. They will boil that frog, guaranteed.

Holy carp, I just realized how old this thread is... What is it with Ras and zombie threads?
 
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