Discussion of the Concept of a Cashless Society and the Assertion that We Will Become One

In the article “Money: The Real Truth about Money” by Gregg Easterbrook published In Time Magazine (2005), the author compares two different generation’s attitudes towards money, and how it affects their happiness. The author’s standing qualifies him to write and appeal this issue, he’s a contributing editor of The Atlantic and The Washington Monthly, and he also writes the Tuesday Morning Quarterback column for ESPN.com. Easterbrook’s primary audience appears to be middle class Americans however he draws a wider secondary audience’s attention. The author succeeded in convincing his readers through his rhetorical appeals, credible sources and his clever use of language.

It has come to my attention of how we use our money and noticed that pennies aren't being taken seriously. I realized while standing in the checking line, people would rather use dollar bills instead of the piggy bank of pennies in their possession, not only because of limited utility, for instance, pennies are generally not accepted in vending and bulk machines, but also because the act of producing the penny cost more than the actual penny itself. So I ask myself, "Why use pennies? Should they be eliminated?" The growing debate of whether or not the penny should be eliminated from all cash transaction is, personally, futile, when they, themselves, doesn't bother to use them.

The only difference between the U.S. and those countries is that they have made the progressive step to stop producing pennies. Their system is now as follows: Pennies can still be spent, but as no more production exists to balance out wear, tear, and loss, the population of pennies will gradually decrease until they become something of the equivalent of the U.S. 2 dollar bill. Values between 5 cent intervals are rounded up or down, and neither consumers nor vendors need to worry about overpaying/underearning, as the amounts rounded up and down balance each other out in the long run (.02 saved one transaction becomes .03 spent the next, and so on). Credit card transactions still go down to the cent, but as digital currency is handled by computers, it doesn’t pose any inconvenience to

The “Money as Debt” was created by Paul Grignon in 2006. It is the most fascinating video I have ever seen. Moreover, I am just amazed how much I have learned in just 47 minutes. This video describes how basic banking system works and answers the question where the money comes from.

economy, going from a barter economy to people having to obtain silver from a moneylender in

Every day we buy things, and to purchase these items, most of us use credit cards or bills. Do we use pennies for virtually any transactions? The answer is no, we don’t. Consequently, the penny is far and away the least useful monetary value we have. Pennies are inefficient and should be cut out of the currency. The rationale behind this conclusion is simple: the price tag of minting a penny is more than one cent. Unfortunately for the penny, two other reasons prove that we require it no longer. The first reason is that not only will the removal of pennies make us more effective, it will drop prices similar to what happened in Australia and New Zealand when they abolished their “pennies”. The second is that we know that we do not need it

Out west thousands of ordinary shop keepers, millers, farmers and other business owners cannot get the currency and the loans they need to run their concerns. How do you develop and grow the economy of a new state without currency, or worse yet, with paper currency of dubious worth? I say let us do away with all paper money, I do not trust it. Gold and Silver coin have intrinsic and eternal value, paper does not. We should also rely on our local and state banks, run by the people who live in and understand our communities, to control the currency needed for commerce, not some faceless, monopolistic national bank.

In the article, “The Case For Free Money: Why Don’t We Have Universal Basic Income,” James Surowiecki presents the benefits of a universal basic income and why it is appealing to workers and politicians. After an experiment, known as “Mincome,” implanted universal basic income in Dauphin during the 1970s, evidence clearly shows that the Canadian town received remarkable advantages, such as lowered dropout rates and hospitalization rates. The idea of universal basic income is not new, however, it is regaining popularity. Contrary to popular belief, some from both the Democratic and Republican parties support assured basic income, Surowiecki claims. The current push for universal basic income is emboldened by the rising concern of advancing

Money is the life force of all of society. In every aspect, money determines the value of good, services, and even people’s lives. As we breathe air to function, society relies on finances to function. And if society, the unity of humanity, relies on money, than the leaders of society want to limit and control it to withhold their power over humanity. They do this by limiting what can be bought and sold, while also controlling how much different things cost. These limitations allow our leaders to control our money and, through that, our value and influence to society.

We are all aware of the facts – that materiality is unsustainable; that consumption is overwhelming; that economic gain is all pervasive. Yet we favour ignorance. Time has caught up with us and the self-interested ideals that once held our society together are no longer durable. This has produced a gap, but nothing palpable to replace it with. Hence individuals like you and I must resort to other avenues of fulfilment.

Our society is in a downhill spiral. There is no liberty, no equality and there is no physical value of money. We live in a world in which prison companies and children’s hospitals are traded publicly on the stock market. Virtual currency is the only thing that these corporations strongly care about. There are no boundaries when profits are in concern. We live in a society that is dominated by the attraction of money. Greed is the characteristic that is pervasive, not generosity or compassion. People are encouraged to be selfish, not charitable. The idea and function of governments will only change if people’s minds alter first.

Throughout history there has been much speculation about a cashless society. With a cashless society in the near future there are many benefits, as well, as many negative implications. Society without cash will lose the benefits of the most liquid asset in the world. Without cash there would be no instant payments for goods and services. It is important that, if society moves toward a cash free economy, the benefits must out weigh the negative aspects in the end. There are major social and economic benefits to a cashless society such as reduction in cash related crimes and monetary benefits. There are major negative implications with a cashless society such as privacy issues and losing the liberty of cash. A cashless society could only be

We take the position that digital currencies are a fad. As argument, we try to clarify the definition of currency in general and explain what a "digital currency" really mean. Than we examine the arguments for the digital currencies and at the end we present the evidences of perils of digital currency.

Picture this, you are purchasing your favorite drink and as you reach for your wallet, the only option you have for paying is electronically. That could become the case if we become a cashless society. You will see what a cashless society is and what it all entails. With disturbing someone’s privacy to the results of hijacking electronic accounts, cashless societies can have some advantages and disadvantages. As a list of countries that have already made the surface of topic when it comes to cashless societies, you will see how much of a difference cash is being used today as in years before. Cashless societies are creeping up upon people without them realizing it, but becoming aware of it could help people as they enter into the future.

With people not having to go to banks, creditors, or other places to pay their debts, the social aspect must be addressed. What will this do to us as a society? Is it possible for this to be detrimental to society on a whole? (Smith, 2009).