Has anybody seen this new ad? There is a mall scene is humming along like clockwork... people buying and selling with great speed and efficiency... until some moron pulls out cash money to buy a sandwich and the entire scene comes to a screeching halt while the clerk fumbles for change and the everybody stares at the poor fool so stupid as to use cash, while he looks terribly emabarrassed. Folks, we are looking here at an attack on our hobby at the very root of what money is. It is not merely an attack on the use of cash in the economy... but a blow at keeping transactions private, because every credit card, cash card, check card or debit card transaction is surveilable and under the new rules any governmental agency or financial institution can access this information any time they want to. The protection of the tradition of using cash money is the protection of personal privacy. When we lose that, we've lost one of the legs that our freedom stands on.
I would say that right and left agree on that one. Unfortunately Citigroup are one of the biggest political contributers. Do you know which representatives / Senators support cash (probably none).
Barter Barter will be more and more of a way of conducting certain types of small business. Not the type that are illegal but small low profit businesses . It is very hard to control and big business hates it.
The new role of Gold and Silver coins in the economy Let's say that you go to a dealer to make a major purchase... like a car for instance. The item is priced at $6500. You declare to the dealer that you will offer $500 for the item. He scoffs... then you show him the money... a shiny little pile of ten current issue one-ounce American Eagle gold coins that each have a face value denomination of $50, but an intrinsic value rather higher. The dealer reconsiders and does a little calculation... then shakes your hand and writes you up a sales receipt for $500. Since this is not a private sale but a dealer, you have to pay sales tax... which you do... in federal reserve paper currency... on the $500 receipt. Is this really any different than the discount given in the 1870s for payment in "cold hard cash" as opposed to dead-guy butt-wipes (er... excuse me... federal reserve notes)? Since the gold coins are denominated in dollars, it sounds like they are negotiable currency to me, and the discount for coin is just part of doing business for those who wish to accept them. What laws are there to prohibit or restrict this practice? If the practice were to become widespread the treasury might stop putting ludicrously unrealistically low denominations on gold and silver coin... but in the meantime...
I saw the commercial last week... wanted to cry. I like dealing in cash. I don't like to have every tiny thing I buy recorded. The whole point of the commercial is ridiculous, anyway. How many times have you stood in line behind someone whose card wouldn't swipe properly or the terminal has to dial in for each transaction, then there is the authorization time, the print time, the time to sign and exchange receipts.... Cash is faster most of the time... and PRIVATE.
It's also more expensive for the businesses to accept credit cards. MC and Visa charge the businesses something like 3% of the transaction for the "privilege" of accepting the card, while AMEX charges something like 5%. USE CASH! I've got to say I hate that commercial.
Tom, this is an intriguing idea, and could make for a good excuse to start accumulating those Gold Buffaloes. Besides, everyone knows the worst people to be behind are the ones making out checks in line. They can't even think far enough ahead to at least put the store name, date, and sign it ahead of time, even though they are standing in line for 10 minutes doing nothing.
