Sweden First Country To Go Cashless Society

[JawnDough]

Very Important Read And See What It Will Be Like When Our Country Goes Cashless

They are going to take all cash then charge you for you having an E-money account.
People in Sweden are hiding cash in their microwaves as it gets closer to being the first cashless society with negative interest rates

http://www.businessinsider.com.au/swede ... es-2015-10

Remember, Sweden is the place where, if you use too much cash, banks call the police because they think you might be a terrorist or a criminal. Swedish banks have started removing cash ATM machines from rural areas, annoying old people and farmers.
Credit Suisse says the rule of thumb in Scandinavia is: “If you have to pay in cash, something is wrong

If banks charge customers negative rates of interest in a cashless society, those customers are not able to withdraw their money as cash to shield it, under their putative mattresses. Consumers’ only choice in such a scenario is to spend it or let the bank take it. (The theory is that by forcing people to spend cash rather than save it, you can spur economic growth.)

Rather than going further into negative territory — a move that carries political risks the more negative it becomes — the Riksbank chose instead to do another round of quantitative easing (a forced bond buying program that flushes more central bank cash into the economy).

But the pressure for negative interest rates to drive cash out of bank deposits and into the economy is building. Switzerland, for instance, has negative central policy rates that cost its banks $US1 billion a year. Those costs haven’t yet been passed down to consumers. But how much longer will banks eat that before adding fees and charges to Swiss accounts to defray the cost?

[Tro]

Interesting!

A few thoughts come to mind...

This will encourage growth, people will more than likely invest...
I can understand the train of thought, any country that is growing and has thousands of tradies ... or small businesses: no hiding of cash deals etc
The solo parents will win as their ex partners "who write everything off in tax or work under the table to aviod paying child support) .. will have to do the right thing

As far as charging for the service ... its just another tax

I imagine there will be an instant underclass as people adapt, drug dealers will have to find another currency etc
But like everything else, the black market will simply evolve and the tax agents will continue to find loopholes ... making the rich richer

Tro

[JawnDough]

Yes it seems to be much more convenient, and will cut down on robbery, but what they are going to do is force you to surrender all cash to them and from now on they will charge you for keeping E-money in your account instead of paying you interest like they used to. The more money you have in your account the more they will charge you. They then can control you by simply cutting you off from your E-money by the flip of a switch. Also, people are going to spend all their money rather than being charged to keep it in the account and soon we will be a world of people with no savings, living paycheck to paycheck. It may seem to be a good idea but in reality it is state robbery and ultimate control over the population.