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Sweden plans to eliminate all cash transactions by 2030.
291fifth
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I was watching the news last night and saw a story on the use of cash for transactions. In Sweden cash is only used in 20% of current transactions vs. 40% in the US. Sweden apparently plans to eliminate all cash transactions by 2030. Most of the folks in Sweden seemed quite happy about the situation, but not all. One man commented that they were handing themselves over to the bankers and their fees ... and how right he is! There has been discussion on this board about how the elimination of cash could affect coin collecting. Let's hope this is not the beginning of the end for cash. (Apparently one negative that is being found in Sweden is a big rise in fraudulent transactions. I'm not surprised.)
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I like to use cash whenever possible.
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Are they really this stupid, or are they destroying the dollar on purpose?
The IRS would probably like it eliminated as well.
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….or a queen
Not to go off topic, or anything
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That's basically what happened after the 1934 gold reserve act limited gold bullion holdings by US citizens.
I am a cash and carry person, it has become a pain in my butt to some degree. It also has drawbacks. I just paid out 10k for central heat and air in a house I am redoing, 8k for a new roof, 4k for new facia and underhang. I have no leverage if a problem arises with the contractor down the road. I am sure the banks are reporting my deposits. A lot of my income is cash from rent properties.
Banks report on form 8300 only those deposits which are $10K or more. Most of those reports are just filed and never acted upon. Amounts of $3K to $10K are often recorded, but not reported. Suspicious Activity Reports or SARs almost assure scrutiny. If twas me I would maybe have a chat with the head teller and let them know that my business takes in lots of cash. One takes a risk by paying for goods and/or services in cash.
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Worry is the interest you pay on a debt you may not owe.
Probably be a lot more barter going on then. Off the books and out of the tax man's reach.
Yup. And ASE's and AGE's would start being used as money.
Worry is the interest you pay on a debt you may not owe.
So people with bad credit who can't get a credit card or don't have a debit card are screwed. I would be very surprised if it ever happened in this country unless someone issued an executive order.
It's already happening:
Recently took $1400 out of the mattress to cover an overdraft by the little woman. BOA required my Drivers License (it was my bank account) and they proceeded to type in the DL number. Teller: "new requirement for all cash deposits."
Are they really this stupid, or are they destroying the dollar on purpose?
"by forcing people to spend cash rather than save it, you can spur economic growth."
Are they really this stupid, or are they destroying the dollar on purpose?
So people with bad credit who can't get a credit card or don't have a debit card are screwed. I would be very surprised if it ever happened in this country unless someone issued an executive order.
The highly concentrated power of the banking business would love a cashless society in which they could skim a bit from every transaction. Marketers would also love it because they could track your purchases even more than they already do. You can be sure their voices will be heard loud and clear in congress. Expect to hear more and more propaganda about cash usage and how it aids criminals. Cash may actually become a crime. (Some local police agencies are already using this tactic to seize assets without actually filing any charges.) This will become a major issue in the next ten years. Will the public be asleep?
I am a cash and carry person, it has become a pain in my butt to some degree. It also has drawbacks. I just paid out 10k for central heat and air in a house I am redoing, 8k for a new roof, 4k for new facia and underhang. I have no leverage if a problem arises with the contractor down the road. I am sure the banks are reporting my deposits. A lot of my income is cash from rent properties.
Banks report on form 8300 only those deposits which are $10K or more. Most of those reports are just filed and never acted upon. Amounts of $3K to $10K are often recorded, but not reported. Suspicious Activity Reports or SARs almost assure scrutiny. If twas me I would maybe have a chat with the head teller and let them know that my business takes in lots of cash. One takes a risk by paying for goods and/or services in cash.
Amounts less than 10K but normally more than 2-3K, like you said, are watched for...
The word is STRUCTURING ...people trying to bypass the reporting rules.
Sometimes this is called smurfing as well, but let's not get this type of smurfing
confused with the smurfing of IP addresses in the technology world.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Bankers and .gov are drooling for cashless societies. Transaction fees on everything, tracking your every move/purchase even more, and more big data profiling to sell....not too high on my list of acceptable things.
This
I am a cash and carry person, it has become a pain in my butt to some degree. It also has drawbacks. I just paid out 10k for central heat and air in a house I am redoing, 8k for a new roof, 4k for new facia and underhang. I have no leverage if a problem arises with the contractor down the road. I am sure the banks are reporting my deposits. A lot of my income is cash from rent properties.
Banks report on form 8300 only those deposits which are $10K or more. Most of those reports are just filed and never acted upon. Amounts of $3K to $10K are often recorded, but not reported. Suspicious Activity Reports or SARs almost assure scrutiny. If twas me I would maybe have a chat with the head teller and let them know that my business takes in lots of cash. One takes a risk by paying for goods and/or services in cash.
Amounts less than 10K but normally more than 2-3K, like you said, are watched for...
The word is STRUCTURING ...people trying to bypass the reporting rules.
Sometimes this is called smurfing as well, but let's not get this type of smurfing
confused with the smurfing of IP addresses in the technology world.
Not necessarily. Structuring is a continual activity in which amounts [normally as deposits] are kept below the $10K to avoid reporting requirements. If you go to a coin show and sell $8K worth of coins and make a one time deposit of $8K into a bank account, it's likely that the bank will record the $8K deposit, but not report it.
There was an elderly woman in Storm Lake, Iowa, who ran a restaurant/diner business where many customers pay in cash. Her daily receipts totaled less than $10K which she duly deposited on a daily basis. The greedy Guvmint nailed her for structuring. She must have had a rotten lawyer. So you never know.
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But sellers should not be put at risk by their own government for accepting cash. After all, this cash was issued by the same government for use in commerce.
Are they really this stupid, or are they destroying the dollar on purpose?
This is optimistic, if they do manage to get down to 0, people will start using something else for money.
Hmm, they might be behind the times in Sweden. I plan to eliminate cash by 2020 for all goods/services.
I go weeks without using cash. Debit card and A pocket full of linked APPS.
mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
So people with bad credit who can't get a credit card or don't have a debit card are screwed. I would be very surprised if it ever happened in this country unless someone issued an executive order.
Then the government gives you a EBT card. I am sure electronic banking will be much safer and secure by then......
So people with bad credit who can't get a credit card or don't have a debit card are screwed. I would be very surprised if it ever happened in this country unless someone issued an executive order.
Then the government gives you a EBT card. I am sure electronic banking will be much safer and secure by then......
Will the government give every homeless person a card reader?
Worry is the interest you pay on a debt you may not owe.
Sweden, yuck.
Won't matter to me; I don't use Krona.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
So people with bad credit who can't get a credit card or don't have a debit card are screwed. I would be very surprised if it ever happened in this country unless someone issued an executive order.
Then the government gives you a EBT card. I am sure electronic banking will be much safer and secure by then......
Will the government give every homeless person a card reader?
The panhandlers will probably have an app for their phones.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
So people with bad credit who can't get a credit card or don't have a debit card are screwed. I would be very surprised if it ever happened in this country unless someone issued an executive order.
Then the government gives you a EBT card. I am sure electronic banking will be much safer and secure by then......
Will the government give every homeless person a card reader?
The panhandlers will probably have an app for their phones.
I am a cash and carry person, it has become a pain in my butt to some degree. It also has drawbacks. I just paid out 10k for central heat and air in a house I am redoing, 8k for a new roof, 4k for new facia and underhang. I have no leverage if a problem arises with the contractor down the road. I am sure the banks are reporting my deposits. A lot of my income is cash from rent properties.
Banks report on form 8300 only those deposits which are $10K or more. Most of those reports are just filed and never acted upon. Amounts of $3K to $10K are often recorded, but not reported. Suspicious Activity Reports or SARs almost assure scrutiny. If twas me I would maybe have a chat with the head teller and let them know that my business takes in lots of cash. One takes a risk by paying for goods and/or services in cash.
Amounts less than 10K but normally more than 2-3K, like you said, are watched for...
The word is STRUCTURING ...people trying to bypass the reporting rules.
Sometimes this is called smurfing as well, but let's not get this type of smurfing
confused with the smurfing of IP addresses in the technology world.
Not necessarily. Structuring is a continual activity in which amounts [normally as deposits] are kept below the $10K to avoid reporting requirements. If you go to a coin show and sell $8K worth of coins and make a one time deposit of $8K into a bank account, it's likely that the bank will record the $8K deposit, but not report it.
There was an elderly woman in Storm Lake, Iowa, who ran a restaurant/diner business where many customers pay in cash. Her daily receipts totaled less than $10K which she duly deposited on a daily basis. The greedy Guvmint nailed her for structuring. She must have had a rotten lawyer. So you never know.
That is why SAR's are reported and if a teller has any inkling (whether justified or not) they will fill out a SAR that will be sent to FinCen to review....
Life pro tip: become friendly with your neighborhood teller so you don't have this issue (hopefully it is a credit union!)
http://www.michellesingletary.com/21-day-financial-fast.html
We have finished week 2, and into week 3.
No credit card use.
No dining out, no purchased entertainment.
All food comes from the grocery store.
No shopping for clothes, stuff, etc.
No coin purchases, etc.
The concept is to rein in from excesses over the holiday, and it does make you thing.
It does "allow" for electronic debits, like we have the water, electricity, gas, etc. set up on direct withdrawal, type stuff.
It does make you think, going to the grocery store, that it is cash only, same with the gas pump, etc.
We are trying more as a experiment for the 3 weeks, as the house is paid off, pay off the credit cards in full each month, etc.
It is fine for me, as I deal a lot in the classic car parts business, and, for example, a great swap meet this weekend, warm temps, sunshine, etc. but every transaction was in cash.
Wife is having a little more of an issue, as she is used to just paying with the credit card.
I think my daughter, age 27, who makes a nice 6 figure income, is unfamiliar with the concept of cash, though.
Are they really this stupid, or are they destroying the dollar on purpose?
It's not about tracking drug deal or other criminal transactions. They only pursue criminality when it meets someone's political objectives these days - otherwise we would have seen a thousand or more cases in the last financial meltdown - but we didn't.
It's not about security in your accounts or transactions - how many times have gov.com databases and credit card databases been hacked for every little detail of people's personal information already? It's simply about who owns the politicians on any particular day. Maybe it's always been this way, but electronic tracking makes things a little more dicey.
I knew it would happen.
I suspect the driver's license number that now gets entered with cash deposits is helpful in seeing your deposits at all of your banks. A deposit here and a deposit there are no longer going to go unnoticed.
I think you were tricked into providing more information then necessary as it is possible to deposit cash at the ATM and bypass the 'requirement', which if it were real, would not be allowed.
It is not surprising that a country with socialist principles will dictate what the government thinks is right for the people.
Hopefully the United States will always have the freedom of choice, which for many will include forms of money other than electronic transactions.
The war on cash is world wide. Restrictions on cash withdrawals at your bank, ID required to deposit cash, and lets not forget the roadside theft of cash via the asset "forfeiture" program. Digital money can be more easily traced and taxed. Negative interest rates can be used to encourage spending since hoarding cash under the mattress will be a thing of the past. You will be forced to keep it in the bank or tying it up in an asset. I'm gonna go with real estate and precious metals.
Politicians can't control you or your purchasing decisions. Bankers who are bed with politicians can't institute fees on cash or control what you buy and sell. Insurance companies can't deny credit to fat people who want to buy a bag of candy bars. Across the board the government doesn't want you to have privacy or make decisions. They'll say it's to combat crime or terrorism but they'll continue to let the criminals and terrorists go to assure they can control everyone else.
We don't need to worry about going cashless in this country yet because government operates on piles and envelopes of currency. Politicians don't want paper trails. I'm sure they're working on it but it should be more than a quarter century away. They'll point tohow wonderfully it works in Sweden and then we'll all get a $2 fee for every purchase and a $100 fee if you don't make at least ten purchases a month. Don't expect to buy steak if your doc wants you on blood pressure medication though.
Thing is, using the gas saver card, you allow Hy-Vee + Casey's to sell the data collected on your purchasing behavior.
I separate my purchases into two transactions, credit for the good stuff, cash for the bad stuff. It's one thing to leave behind an image or opinion, but purchase data is red meat.
MHO
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Yikes! Every transaction recorded FOREVER with who knows how many entities with access to that data.
I like to use cash whenever possible.
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to know that the power to everything can be off for 1-3
days, and when the "Big One" hits, could be a week or
more of no power in some areas.
Since the Sylmar earthquake in 1971, I keep some cash
at home for just this situation -
for PCGS. A 49+-Year PNG Member...A full numismatist since 1972, retired in 2022
So cashless society - the govt is going to have data on your purchases, as will Visa and Amex. Who cares, I don't have to worry about cash any more ever. Convenience will win out. Remember they didn't have Credit Cards in the 1890's (they did have credit letters, but anyway). People adopted plastic in the 1970s and forward because it is so gosh darned convenient.
Also - the govt already knows how much money I make, because my employer reports it and pays taxes based on it. And if I do cash and carry under the table stuff either I am a good citizen and I fill out an honest tax return, or I'm a cheat, living off of the public goods like roads and police and the USDA inspecting meat and whatnot. Since we're all honest people, the govt already knows how much money we have. A zillion private corporations (banks, Visa, etc.) already know what I spend money on and have marketing profiles. They can sell that info and do whatever they want with it. If a corporation goes out of business, that marketing info on you is an asset they sell in bankruptcy to whomever wants to pay the most. So, it's already happened. Best you can do is move to the middle of nowhere, Nebraska, and get into subsistence farming, don't have any utilities (because those companies would know who you are and what you do), no phone, no internet, no nothing. Heck, just my posting this, everything I am posting is going through my ISP and is getting put on a public forum, where the govt of Iran can look at it just as much as the govt of the US. With the tracking cookies, I'm not anonymous. You may not know who I really am, but you better believe that others can figure it out, because there's money in it. Ever gone to a website to browse, then seen a zillion ads for that site on other sites around the web? Spooky ain't it.
So yeah, I get that some people here want to do "Everything" in cash to keep the govt or companies from getting your data, but truth is they already have it, and cash is inconvenient.
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