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Banks, gangsters and the strange resurgence of cash

economist.com

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Re: Banks, gangsters and the strange resurgence of cash

#101

Post by NotSammyHagar »

esrauch wrote: post #62
dylan604 wrote: post #54

Earlier quoted context omitted.

I understand the rational thinking of gold exchanges. You missed the detail about this being confusion on preppers. If the world has gone to shit (nuclear war, zombies, etc), then gold just isn't that useful. If it was silver, you could at least melt it down and kill the vampires with it. You're attempting to use logic in a place where there is none.

I don't really understand your point; the fact that preppers have gold and gold didn't help against zombies seems easily explainable by preppers not actually preparing for zombies, but instead far more realistic events including short term social unrest.

I don't see the value of gold if there is widespread chaos. Like a walking dead scenario, gold and diamonds are almost worthless. Guns, food, medical care is what's worth something in that chaotic environment. Of course we aren't defining the environment here.

Re: Banks, gangsters and the strange resurgence of cash

#103

Post by post_from_work »

anonporridge wrote: post #81
vl wrote: post #55

Earlier quoted context omitted.

There was underreported shortage of cash since the start of pandemic. My branch for a while wouldn’t give out more than a $1000. Before the pandemic $10000 were fine.

There has also been a shortage of metal coins, because physical exchange isn't happening as much during covid. Although, I still personally believe that coins at least up to the US quarter should probably be abolished. Quarters are really the only thing semi useful as a medium of exchange, and even they are starting to lose their utility. Maybe dollar coins can still be useful.

Granted I live in Japan, but I carry a coinpurse (an old camera bag) because the 10-yen, 100-yen, and 500-yen coins are so useful. Vending machines are on practically every corner here, and the drink sizes are such that $1.20 for a drink is normal. I think most US vending machines have gigantic cans of Coca-Cola / Red Bull / Monster for $3+.

The US probably could get by with just $1 and $5 coins.

Re: Banks, gangsters and the strange resurgence of cash

#104

Post by Arbalest »

rsj_hn wrote: post #6

There is a lot of rumor and speculation about very benign things. 1. Precautionary savings. In a low interest rate environment, there is not the same penalty for holding cash as getting interest in a savings account. A lot of people find it prudent to have a buffer of cash, say enough to cover 1 month of expenses. So cash withdrawn from an ATM but put into a piggybank or under the mattress will appear here as "missin…

If we read into this article as pushing an agenda, then the agenda is probably written here. https://blogs.imf.org/2019/02/05/cashing-in-how-to-make-nega...

Re: Banks, gangsters and the strange resurgence of cash

#105

Post by EastOfTruth »

rsj_hn wrote: post #6

There is a lot of rumor and speculation about very benign things. 1. Precautionary savings. In a low interest rate environment, there is not the same penalty for holding cash as getting interest in a savings account. A lot of people find it prudent to have a buffer of cash, say enough to cover 1 month of expenses. So cash withdrawn from an ATM but put into a piggybank or under the mattress will appear here as "missin…

> So this whole article is complaining that 2% of currency is not circulating.

And 40% of US dollars in existence were printed in the last 12 months: https://techstartups.com/2021/05/22/40-us-dollars-existence-...

Re: Banks, gangsters and the strange resurgence of cash

#106

Post by anonporridge »

post_from_work wrote: post #103
anonporridge wrote: post #81

Earlier quoted context omitted.

There has also been a shortage of metal coins, because physical exchange isn't happening as much during covid. Although, I still personally believe that coins at least up to the US quarter should probably be abolished. Quarters are really the only thing semi useful as a medium of exchange, and even they are starting to lose their utility. Maybe dollar coins can still be useful.

Granted I live in Japan, but I carry a coinpurse (an old camera bag) because the 10-yen, 100-yen, and 500-yen coins are so useful. Vending machines are on practically every corner here, and the drink sizes are such that $1.20 for a drink is normal. I think most US vending machines have gigantic cans of Coca-Cola / Red Bull / Monster for $3+. The US probably could get by with just $1 and $5 coins.

What's the value of coins? Paper and plastic notes seems more convenient in most cases.

Metal coins seem like a case of holding onto tradition despite losing the original reason for the tradition.

Re: Banks, gangsters and the strange resurgence of cash

#107

Post by galaxyLogic »

lazide wrote: post #89
dylan604 wrote: post #54

Earlier quoted context omitted.

I understand the rational thinking of gold exchanges. You missed the detail about this being confusion on preppers. If the world has gone to shit (nuclear war, zombies, etc), then gold just isn't that useful. If it was silver, you could at least melt it down and kill the vampires with it. You're attempting to use logic in a place where there is none.

Zombies have always been a thinly veiled analogy for fear of the mindless hoard of ‘everyone else’ coming to get you. In my opinion anyway.

And what are X-Men the movies about? Transphobia no doubt

Re: Banks, gangsters and the strange resurgence of cash

#108

Post by Robotbeat »

post_from_work wrote: post #103
anonporridge wrote: post #81

Earlier quoted context omitted.

There has also been a shortage of metal coins, because physical exchange isn't happening as much during covid. Although, I still personally believe that coins at least up to the US quarter should probably be abolished. Quarters are really the only thing semi useful as a medium of exchange, and even they are starting to lose their utility. Maybe dollar coins can still be useful.

Granted I live in Japan, but I carry a coinpurse (an old camera bag) because the 10-yen, 100-yen, and 500-yen coins are so useful. Vending machines are on practically every corner here, and the drink sizes are such that $1.20 for a drink is normal. I think most US vending machines have gigantic cans of Coca-Cola / Red Bull / Monster for $3+. The US probably could get by with just $1 and $5 coins.

Last vending machine I used had cans for 75¢ and bottles for $1.25.

Re: Banks, gangsters and the strange resurgence of cash

#109

Post by lazide »

NotSammyHagar wrote: post #101
esrauch wrote: post #62

Earlier quoted context omitted.

I don't really understand your point; the fact that preppers have gold and gold didn't help against zombies seems easily explainable by preppers not actually preparing for zombies, but instead far more realistic events including short term social unrest.

I don't see the value of gold if there is widespread chaos. Like a walking dead scenario, gold and diamonds are almost worthless. Guns, food, medical care is what's worth something in that chaotic environment. Of course we aren't defining the environment here.

1) it’s fun to TALK or THINK about some crazy synthetic situation like a walking dead scenario, but not many folks are really thinking about it literally.

2) it’s a lot less fun to talk or think (and may be dangerous to even try) about more realistic issues - like if you’re on the wrong side of the situation in Bosnia or Rawanda.

3) it’s the same kind of general process though, and some of the same tools can be useful to defend, escape, or repel.

And gold and diamonds got a LOT of people out of harms way that otherwise would be dead - at least from the 2 folks I knew that got out of Vietnam with their families when the south fell (and are probably alive today) only because they were able to bribe their way onto the boats using gold.

Re: Banks, gangsters and the strange resurgence of cash

#110

Post by hunterb123 »

anm89 wrote: post #27

I remember reading a while back that at some point at the beginning of our time in Afghanistan, at some point we shipped multiple pallets of bundled $100 dollar bills and we had no idea where any of it went https://www.theguardian.com/world/2007/feb/08/usa.iraq1

We have a habit of doing that:

https://www.cnn.com/2016/08/03/politics/us-sends-plane-iran-...

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