251–260 of 327 posts
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Cash will continue to be #1 for Craigslist/yard sale-type transactions for a long time I'd say.
Would you accept a $1000 or even $500 note from a craigslist transaction? I'm usually pretty hesitant to accept anything over a $20 or even deal in cash for small exchanges. I wouldn't even consider $500 unless I had a way to strongly guarentee the bill I'm looking at isn't fake. It would take a bit of time and research before I felt confident enough at identifying these bills to accept them in a trade. I'd have to d…
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This problem has probably been exacerbated by the fact the the $500 euro note has not been issued since 27 April 2019 The United States used to print $100,000 notes. They were only available to banks for moving from bank to bank, I believe, and so were useful for reducing the number of notes that needed to be stored by banks, while keeping them out of the hands of criminals.
The US also had lower denomination bills like the $500 and $1000 until 1969. They were not in much use then but I think that they could have useful legal uses today considering all of the inflation that happened since 1969. The $500 now would be about like $75 in the 1960's.
I was working as a cashier and a Japanese tourist came in and asked if could split it up for him. It would have emptied my register, so I politely declined.
Only time I ever saw one in person.
The crazy thing is that Germany is killing their own banks. They refuse to run fiscal deficits while at the same time they criticize the ECB for lowering rates and hurting the German Saver, when the German Saver is who would benefit if they decided tomorrow to run deficits for the next 10 years.
Germany is obsessed with keeping the value of the Euro low to maximize their exports. That's one of the reasons they've been pushing austerity after the economic crisis, as keeping countries like Greece, Portugal etc. in a rut depreciates the currency (the other reason is a weird sense that countries in debt have committed some moral failing and should be punished). Their trade surplus has been a subject of intense c…
There might, though, be a run TO the banks, to deposit your Euros in time to get them magically changed into Deutschmarks.
So, Germany acts like they run the Eurozone, because the Euro runs on Germany's economic status.
Now, why Italy, Greece, etc. continue to remain inside a currency zone that is not appropriately valued for them, is a different question. I would not be surprised that, if the League ever gets control of the Italian government, they will withdraw. But until then, the Mediterranean countries are handicapping their own economic competitiveness voluntarily, it's not as if it's Germany's fault, since it wasn't Germany's idea.
Earlier quoted context omitted.
Cash will continue to be #1 for Craigslist/yard sale-type transactions for a long time I'd say.
Would you accept a $1000 or even $500 note from a craigslist transaction? I'm usually pretty hesitant to accept anything over a $20 or even deal in cash for small exchanges. I wouldn't even consider $500 unless I had a way to strongly guarentee the bill I'm looking at isn't fake. It would take a bit of time and research before I felt confident enough at identifying these bills to accept them in a trade. I'd have to d…
Earlier quoted context omitted.
I'm trying to think of places that would want to accept $500 to $1000 notes when many places won't even accept a $50 or $100 and consider them "large bills." While I agree with your premise that inflation makes $500-1,000 notes practical from the standpoint of modern expenses, businesses I interact with tend to prefer a third party to verify payment (CC merchant, cashiers check, etc.). Cash is dying and although I lo…
Cash will continue to be #1 for Craigslist/yard sale-type transactions for a long time I'd say.
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The best way to pay for a used cari the US (assuming you mean from an unknown private seller, not a dealer or family) is probably for the buyer and seller to go to the buyer's bank together and have the buyer get a cashier's check in front of the seller and exchange title/keys for cashier's check right then and there. It eliminates the risk of a forged cashier's check and the need to carry large amounts of cash.
Isn't the point of a cashier's check to avoid this entire process? The note should be associated to a bank and there should be multiple independent information providers that have contact information for that bank you can use to verify the information. Obviously, using verification information such as a phone number from the note itself is susceptible to scamming, but discovering the contact information through multi…
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True. But it is nice to have large bills when buying something that costs a lot, like a used car. I recently did that in the US and if I had some $500 or $1000 bill things would have went a bit smoother at that nervous time in the transaction when you are handing over to a person a big chunk of money.
In many countries in Europe you can't use cash for large sums. We generally use bank transfers to buy cars.
Can someone explain to me why central banks find it so hard to create inflation? It seems to me that the difficult direction should be convincing people that your currency is worth something. Making your currency lose value should be easy, shouldn't it? If Google wanted to tank their share price they would have no problems.
This policy likely has 2nd and 3rd order effects, as it will hurt other countries, but that's a simple strategy to artificially create inflation in CPI items that's fail-proof in execution. Prices will go up.
Restricting imports is much better than just giving people money, because they can use the extra money you give them on things like paying down their debt, or just put it in the bank and save it. Instead, you want to target the things they already buy and make those things scarce, so their price goes up (the definition of "inflation"). Food, fuel, and electricity are the easiest to monkey with because people are always buying them, and don't have much of a choice.
(If you can't restrict imports (or don't want to), you can simply print money to buy up the local inventory yourself and trash it/warehouse it/export it out of the country/set it on fire. The effect is the same: less inventory for the general population is available, causing the price of whatever is left to go up.)