41–50 of 222 posts
I feel like a smart country would take this opportunity to develop electronic, no-fee payment wallets, not just bring up a coin task force...
They'll have data about everything that anyone has ever bought, where and when they bought it, and a graph connecting everyone who has ever done business. There will no longer be any anonymous way to trade.
I personally consider the end of paper money to be the final nail in the coffin for the country. There's no coming back after that, the government has complete and utter control over the citizenry from that point on.
The obvious solution is to make everything digital, but that impacts people who aren't digital. Never mind the anonymity aspect. The other solution could be to get rid of cents all together. This is what Vietnam has done and it is fantastic not having to deal with small metal change. Although, this created a new problem, they need to lose a few 0's. Being a dong millionaire (largest bill is 500k) means you've got abo…
What does a shortage of coins look like today? Difficulty paying for a parking space or a gumball? Is it just difficulty giving change in a cash transaction? Wouldn't stores have access to banks that arent closed to be able to give change? What's the role that coins play today that would be noticeable?
Stores are unable to handle cash transactions because they can't make change, because they can't get enough from their banks, because the banks aren't getting enough supply, apparently.
I feel like a smart country would take this opportunity to develop electronic, no-fee payment wallets, not just bring up a coin task force...
This sounds like a problem with immediate impact which will eventually (1-2 years?) go away. Creating a new payment system, deploying it widely, getting people to use it, all takes way longer than that time period.
You'd need a way to get money on the card, but that could be ATM deposits, presumably.
It would have to be cheaper on an ongoing basis than constantly minting coins.
Wrapping coins and exchanging them at a bank is just too tedious and time consuming.
If the Fed would put Coinstar type machines in Post Offices without charging a fee or taking a cut, I think they would find a lot more people who are willing to get their coins back into circulation. It would have to be cheaper on an ongoing basis than constantly minting coins. Wrapping coins and exchanging them at a bank is just too tedious and time consuming.
There’s a phenomenal amount of double-think going on in this sentence. “While there is an adequate overall amount of coins in the economy, the slowed pace of circulation has reduced available inventories in some areas of the country.” Literally the second clause contradicts the claim of the first.
I feel like a smart country would take this opportunity to develop electronic, no-fee payment wallets, not just bring up a coin task force...
This sounds like a problem with immediate impact which will eventually (1-2 years?) go away. Creating a new payment system, deploying it widely, getting people to use it, all takes way longer than that time period.
If the Fed would put Coinstar type machines in Post Offices without charging a fee or taking a cut, I think they would find a lot more people who are willing to get their coins back into circulation. It would have to be cheaper on an ongoing basis than constantly minting coins. Wrapping coins and exchanging them at a bank is just too tedious and time consuming.
The Fed's stated goal is to create jobs, not destroy them.
That’s not true. Here’s the truth: https://www.federalreserve.gov/aboutthefed.htm