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I read this article today with interest, and wondered what outcome would be if cash really did disappear from circulation in the UK??

BBC News - Cash is being 'replaced by cards'


On a £10 Bank of England note are the words "I promise to pay the bearer on demand the sum of Ten Pounds" and I believe this refers to the fact that the Bank of England used to back up the amount of circulating paper currency with equal amounts of silver or gold. In theory, you could walk up to the Bank and swap your £10 note for £10's worth of silver. I think this was called the Gold Standard. If this is true, I believe the country would go broke if we all went to the BOE to demand our silver, as there is far more paper money in circulation now than the gold reserves to back it up.


So, I just wondered, what are the implications for us normal folk, good or bad, of paper money disappearing?




Alistair Darling :D
 

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I'm convinced in due course we'll all just end up with a bar code on our foreheads , which among other things will mean we all HAVE to remove our helmets at filling stations....:rolleyes:
 

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Discussion Starter #3
I'm convinced in due course we'll all just end up with a bar code on our foreheads , which among other things will mean we all HAVE to remove our helmets at filling stations....:rolleyes:

Better then, if they put the barcodes on our helmets, then we only need to unzip!!!!



:D
 

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It'd result in it being more difficult for black markets to operate, more difficult for people to evade tax (the smaller people anyway - the very rich ones will go on as usual evading tax through offshore havens, loop holes, and creative accounting). Probably make things more difficult for older people (like my grandfather who even refuses to use a cash machine) - particularly if they do away with cheques too. It'd also make it easier for banks (and potentially governments and the police) to track spending habits which has both its good and bad side.

Money isn't really backed by anything virtually anywhere anymore (and hasn't been for a LONG time in this country as far as I know). I think all it represents is that you can swap it for bank credits worth 10 pounds, or another 10 pound note.

There's already a massively disproportionate amount of money exists, that isn't circulating in cash form (I'm not sure of the exact figures but it's quite a small proportion that's actually cash).

You should check out this cartoon (well worth a watch - if you're still thinking money is backed by precious metals then this will shock and amaze you!):

Money As Debt / Forex
 

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Discussion Starter #5 (Edited)
Could also be that it's just another way of "keeping the people under the thumb or a tight reign"??

What happens on the day when all the financial institutions go down, or get screwed over, and the money you thought you had is gone?

Do we have a choice? What happens to the likes of Donald Wheal, who has mattresses stuffed full of cash, when Gordon Brownstuff says he's outlawing paper cash?

All very worrying, Big Brother isn't far away now!

I've said it before and I'll say it again "Old fashioned Bartering" will become prevailent again. Everything goes in circles. Mr Darling Darling will get jack $hite tax when I swap a day's dusting in my bikini, for Whealie to swap my wheel bearings!!!


:confused:
 

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......
What happens on the day when all the financial institutions go down, or get screwed over, and the money you thought you had is gone? ........
There was a short series about this scenario with Jessica Alba, it was called Dark Angel.

Our current life style is akin to Monopoly, the paper money is just as worthless.
 

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Could also be that it's just another way of "keeping the people under the thumb or a tight reign"??
I can't see how credit showing up in online banking, or bank card statements, or other documents are much different from cash in that respect. Unless you're up to something naughty with the cash in the first place perhaps. But then they already look out for that where cash is concerned anyway.

The most worrying thing I guess is the invasion of privacy involved in being able to track spending habits, and that potentially all purchasing power would be under the control of others. But that's probably not that much different now as most people don't keep their savings in cash, and use cards for most of their transactions. Plus the cash system is ultimately under the control of others already.

I know for me, most of any money I get just appears as numbers on a computer screen in my online banking (only to disapear again shortly afterwards as it gets sent to pay for things without me ever really holding it in my hands - apart from if I'm off to the pub or the shop for some smokes or a bottle of milk or something).

Cash isn't really much different in many ways. It has no real intrinsic value (I guess you could blow your nose on it or something but it's only bits of paper afterall).

What happens on the day when all the financial institutions go down, or get screwed over, and the money you thought you had is gone?
Most of my money is gone not long after I get it anyway, so it won't be much different :(

Do we have a choice? What happens to the likes of Donald Wheal, who has mattresses stuffed full of cash, when Gordon Brownstuff says he's outlawing paper cash?
He'll have to pay it into a bank I'd guess, then if it's any significant amount they'll report it to the tax man, and he'll start investigating where you got it and looking for his cut (or to notify the police if he things it's ill gotten gains - after getting his cut most likely). I think that's how it works already though if you pay in large sums of cash?

All very worrying, Big Brother isn't far away now!

I've said it before and I'll say it again "Old fashioned Bartering" will become prevailent again. Everything goes in circles. Mr Darling Darling will get jack $hite tax when I swap a day's dusting in my bikini, for Whealie to swap my wheel bearings!!!
There's already a lot of that starting. Some communities have started issuing their own money too (though I'm not sure that's completely legal everywhere in the world).
 

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I wish it would happen on buses people still get on with £10 notes and expect me to change it.
£10 I never have that much cash on me, the most I have most times is 80p.
 

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I wish it would happen on buses people still get on with £10 notes and expect me to change it.
£10 I never have that much cash on me, the most I have most times is 80p.
That might not be such an issue in a cashless society though - people would just swipe their card or walk through some scanner and it'd automatically deduct their busfare from their bank accounts.

Though I suspect that by the time they actually do away with cash completely, you'll be out of a job anyway and the busses will be driving themselves (or we'll all be on sky busses or teleporting from one place to another). I suspect there's too many fat brown envelopes floating around amongst people of influence for them to scrap cash completely any time soon (maybe I'm being too cynical?)
 

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That might not be such an issue in a cashless society though - people would just swipe their card or walk through some scanner and it'd automatically deduct their busfare from their bank accounts.

Though I suspect that by the time they actually do away with cash completely, you'll be out of a job anyway and the busses will be driving themselves (or we'll all be on sky busses or teleporting from one place to another). I suspect there's too many fat brown envelopes floating around amongst people of influence for them to scrap cash completely any time soon (maybe I'm being too cynical?)
We do have Oyster Cards but people forget that they need to be topped up as the money is deducted.
The type of Contact less sales should be for all things under a certain value then the smaller coins could be done away with.
 

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Bob,
Pleas pay attention at the back there.

I did that story much earlier, with a bit more pZaz! (or however you spell Perzazz)
 

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Discussion Starter #12
I was still dreaming of bedding Lucy Pinder when you wrote that article.

Twas only when I woke up and realised I couldn't possibly afford to take her out, that I wrote my somewhat less pErZaZzyIsh version!!

Drifting into tonights dream now with Cameron Diaz and a large pot of Ben & Jerry's !!!!!!



:D
 

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It'd also make it easier for banks (and potentially governments and the police) to track spending habits which has both its good and bad side.

Hence why I use cash wherever possible. I don't like the idea of my spending habits being sold off to the highest bidder. Call me paranoid :happy6:
 

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Hence why I use cash wherever possible. I don't like the idea of my spending habits being sold off to the highest bidder. Call me paranoid :happy6:
Your PARANOID. :D:D
 

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it's a terribly dystopian view but imagine if you will:

Smoking is deemed harmful to health and maximum levels of say 2 cigarettes per day is suggested.
Cash is gone, all purchases are registered to the buyer, you try to buy ciggies.....sorry sir/madam your purchase has been refused as you have exceeded your cigarette purchasing limit.

Substitute smoking with anything else that you care to mention that the governments could decide to restrict, alcohol, porn, dfs sofas;)

I can understand why they might want to get rid of cash, how can you buy illegal stuff without cash. No chance of avoiding VAT by paying cash, no chance of hiring hitmen blah blah blah etc etc etc
 

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The main reason for getting rid of cash is cost.
The paper money has a certain lifespan and costs money to produce, it takes a certain mixture of fibres to make the paper money is printed on an a special ink.
By switching to plastic the production of paper money is reduced, the chance of getting a forged note is reduced ( at the moment it is about 1 in 5 ) and if every country allows credit / debt cards then the worry about how much foreign currency needed on your trip is removed.
 

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Discussion Starter #18
I can't see how paper cash can disappear though?

It's all well-and-good using a credit card to buy a new car or a bag of shopping from Sainsbury's, but what will you use to buy a secondhand item from a bloke down the street??

Is this a new way of ensuring that the government will get a rake-off from everything? Will the only way of selling an old pair of boots be on something like eBay, where you'll have to pay costs in some way??

Bartering and Swapping will become popular again, mark my words!



:happy11:
 

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I can't see how paper cash can disappear though?

It's all well-and-good using a credit card to buy a new car or a bag of shopping from Sainsbury's, but what will you use to buy a secondhand item from a bloke down the street??

Is this a new way of ensuring that the government will get a rake-off from everything? Will the only way of selling an old pair of boots be on something like eBay, where you'll have to pay costs in some way??

Bartering and Swapping will become popular again, mark my words!



:happy11:
The Lovely people who govern us in this fine land need MORE TAXES, the best way they can foresee is to make everything payable by a means they can track, this ensures they can collect the moneys they need with little or no effort on their part.
 

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I'm convinced in due course we'll all just end up with a bar code on our foreheads , which among other things will mean we all HAVE to remove our helmets at filling stations....:rolleyes:
not sure about the bar code idea but maybe a silicone chip inside your head switched too overload oops sorry drifted off there in to a song again:D:D
then you could just swipe your head:confused::confused:
 
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