Would you prefer to live in an all-cash economy?
Heck ya, make it rain, make it rain!!
If we lived in a cash only world we wouldn't have to worry about banks and companies ripping us all off every day
I'm in favor of dropping cash for credits. Credits would be earned not manipulated by printing new money and having value of an object. The gold standard needs to be replaced by the labor standard. Show me what you do not what you have.
The time standard is also interesting but I don't like that it does not reflect work load. If you haven't heard of it it basically pays you based on time working. You work 8 hours in a day so you get paid 8 hours, milk might cost you 15 minutes.
yes, eliminate food stamps.
Yes. I hate being tracked and my purchase history shared with spammers
Credit cards are the devil....
Cash should be eliminated. The illegals could not work, drugs could not be purchased, everybody would pay taxes..no more under the table. Then hopefully, tax rates will be reduced because of the higher revenue. I doubt it.
I want an economy base only on the exchange of goods and services. Cash is as reliable as Monopoly money and plastic is even worse!
Yes. It would drive down prices on many many things. People tend to over spend when debt is easy and cheep.
no, the city folk would rob us even more
Unless there was still a way to make internet purchases and bill pay, plus financing things like a house, no. In today's society, they're quite important. Especially as it means I don't have to drive an hour+ to try and find clothes, for example.
Would we finally be back on the gold standard?
I don't think that would work. It isn't plentiful enough to match wealth.
Smacc, any naturally arrived at supply of money would be sufficient.
You can have an all-cash personal economy right now if you choose
The closest thing to a real world example is Japan. They have a cultural preference towards cash; outside of big cities most places of business don't accept credit or debit cards. It works well enough for them.
Only if the cash is backed by commodities. Fiat currencies don't last long.
You actually save money using cash, spend an avg 1/3 less on basics like groceries
If by all cash you mean laissez faire then yes
No since idk exactly what that means. ????
For everyday purchases, yes. But living in rural Mississippi, I would be lost without online shopping for certain things.
A vehicle, home and medical procedures are the only things that should be financed....everything else should be cash...if you don't have the cash for it don't charge it!
What about checks or electronic transfers?
For those of us who do business with larger amours of money. Also for patrol and international travel/transfers
No because I'd be screwed.
If you mean all cash, as in no credit or debt, then yes. If you mean no methods for electronic funds transfer, as in no debit cards or Internet banking, then no.
A hidden cost in credit cards is that the banks are making so much money that they are not interested in business loans.
We should really be living in a resource based society and get rid of money all together.
You mean... like... <shocked expression> communism?
No, just get rid of money. Completely.
We have the ability to manufacture everything we need. If we concentrate on technology to make life easier for people, money would be unnecessary.
But how would people get stuff, and who would do the work?
Current technologies would allow things like housing, transportation and agriculture to operate at near full automation with minimal human intervention.
As soon as we stop concentrating on making money and start on the welfare of humanity we'll be better off.
Money truly is the root to all evil.
Sounding like communism to me. The little-c kind. I think I like it.
That saying originally was "the LOVE of money..."
Watch it. Watch them all!
Also real The Host. Love it!
So, a house would build itself? Including all plumbing and electrical work?
Search and watch "The Venus Project" on YouTube. Jacques Fresco goes into great detail on how all this can be possible.
He makes a lot of sense in what he proposes.
When you realize how much crime is centered, either directly or indirectly, on money, ridding ourselves of it would solve a majority of problems.
Money is just the means to power which is what causes a lot of misfortune around the world. If we rid ourselves of money people would find other ways to take advantage of people.
To what end?
When money is eliminated from the equation, there really is no means for an individual or group to gain control over people.
Or at least a very low probability.
JaclTorS, tell that to the Pol Pot's victims. He eliminated money, and still managed to control people. The truth is that all groups looking to eliminate money are looking for power.
Money is not the problem. A government-created bank that can create money out of thin air is. But money as a medium of exchange is required for a complex economy.
I would rather live in an economy based on sound money and the gold standard.
Ditch credit cards. Keep debit cards. If you don't have it, don't spend it. Of course, there should be certain exceptions such as housing.
It would be cool but I get a little thrill when I buy something with change. Like penny candy, as a little treat or something from those quarter machines at the supermarket. Those things sure kept a lot of younger siblings quiet
What a preposterous question. No! Next...
I'd prefer to live in a no-money economy, but that's hard to do when you're the only one.
Totally with you- I wish more people would be open to trade and bartering.
Bartering for a single malt scotch would be difficult for me. You probably have more to barter with. I'd be offering a stand up routine. Old fat guys aren't that funny.
My areas women's groups do a lot of trade and barter. It's fun!
Can your ladies take a good joke?
It's fiat money. Whether it is paper or plastic makes little difference.
An aside here... OPEC was created the same year that we stopped backing our dollar with gold. Not a coincidence. If you were buying oil with actual gold, it would cost us pretty much the same as in the 1970's.
All cash plus barter, yes. It would balance out society and stop corporations and a few wealthy people from holding America hostage. Plus, it would really allow a capitalist economy to flourish.
No way. Don't want to count money every time I buy something. Paying with plastic so much easier. And easier to keep track of your expenses too.
Just have to be responsible about it. Don't charge ur credit card if u can't afford it.
Lol yeah, that addition and subtraction is tough stuff...
Not unless someone comes up with the cash equivalent of credit card reward programs. I earn hundreds back every year by strategically using various credit cards.
All cash would be great. America is in trouble because we spend money we don't have. If you can't pay cash you can't afford it. Poor people think they can afford it by asking ,"what is the payment?" Rich people ask,"how much does it cost?"
Did you purchase your car straight up in cash? Your house? I completely agree not to buy things you can't afford, but it's going to be a long time before I can bank enough money to buy a house straight out, even one in my affordability range. :/
Houses are actually cheaper if you pay in full. That interest can add up to hundreds of thousands of dollars.
Uh, not always. My husband and I are quite poor. We have only had payments on services or debt repayment (like school loans). Paid for our cars with cash. It's not based on someone's income but their money sense. I know plenty of "rich" who ask about payments, not affordability.
Not to mention we moved back in with my parents so we can save to buy a house, with at least 10% down, and pay off all debts and increase credit scores. And of my husband gets into the police academy (high chance), we'll be able to do so before the baby on the way is born in September.
Better for a stable economy, but not so good for the consumer.
All cash sounds good but who could afford a house if you had to pay upfront? If we had to pay cash upfront most of America would be living in one room shacks.
I agree it would hold you more accountable for your purchases, but there's something to be said for banks and investing. Weather it's gold/stock/property.
And what about mill/billionaires?
All that cash? If I wanted to buy a 20million dollar house do I rent an 18 wheeler to transfer the money?
Any physical material as opposed to just numbers.
You can transfer it as diamonds.
It would force us not to spend money we don't have and stop counting unhatched chicks.
The government, too.
I don't mind debit cards, but I live without credit cards. Sure, I may not have all the fancy crap my friends have. But I also don't have the piles of debt that they do.
Such a simple question. Live with money, no credit cards, no debit cards, no layaway plans, cash on the barrel head! You'll have to save up for your junk!
I prefer to live in a non cash economy. But I kno thats a long shot
There is nothing wrong with the way we use our money. If people prefer cash, they are going to use it. I prefer debit so I use debit, mainly because I have carrying around change.
I briefly got a card because I thought I needed it for gas but a $300 limit card got about $50/month in fees - $35 ever time over limit.
It's better to put $300 in your wallet than a $300 card. The same is true with a higher limit. Cash in the pocket is always best.
Credit Cards are for suckers.
If you use them right, they have fantastic benefits.
Agree w/tommy. Credit cards are your friend if used properly.
I agree with Tommy. If you are responsible in using them, they have great benefits.
Yep. My credit card rewards get me best buy gift cards which get me a new tv every couple of years.
Credit like alcohol can be enjoyed or easily abused.
You have to remember when you are dancing with the devil.
I wish I had all the credit card fees that I've paid through the years.
The free trips to Europe on points were nice but truth be known, expensive.
You play with snakes, they will bite you. Nobody says the secret to becoming rich is by banking frequent flyer miles.
Suckers? How am I a sucker? I pay for almost everything with a credit card. I pay my entire bill every month. I don't buy things frivolously, so just having the card available doesn't mean I buy anything I wouldn't buy with cash. What's the problem?
Susan: I'm sure you are very responsible but:
There are a lot of young people that owe a years salary to credit cards, pay 30% interest plus fees. They have been sucker punched with the the attraction of quick stuff. They would have more stuff if they didn't have the fees. They fell in a trap.
Absolutely. They're dangerous for anyone who can't control their spending (and paying), and people may not know they lack that control before they get loose with one - or seven. I just didn't like the blanket "for suckers" claim because a lot of people do fine with them.
Didn't meant to offend you. Glad for some discussion.
However, you know the credit card companies feed off the suckers. It's truly a sucker's game.
I used them for business and had some personal cards get out of control. Today I have none and I like it that way.
No offense, Ray, no worries. The credit card creeps that have bothered me the most were those preying on new college students. Lots of them, offering shiny things to anyone who would sign up. Kids who'd maybe never been away from home before. Vultures. Also those who prey on people already in debt.
I charged about $120,000 on an American Express card to pay for hotel rooms for customers just 10 years ago. I probably had another $30,000 in credit card debt. I settled all that debt but only after getting screwed with a lot of fees.
My point is that the banks are sticking it to all of us.
Most people don't even know their fees.
It would hurt the economy because businesses who rely on using credit cards would lose customers.
Say goodbye to Amazon.
How so? You can walk into lots of retailers and pay cash for Amazon gift cards.
Amazon takes debit
They'd have to have huge bills.
"I need change for my $1,000,000 bill please"
How rich are you?!
You should look up the history of US paper currency. Back in the day, huge (drawing a blank on the word right now that describes the unit of money per bill) were indeed on bills. If any remain, they are collectibles now…
Of course, that $200 George W. Bush bill some con man gave a cashier back in the early 2000s was still phony. ????????
It's pretty incredible. I just wouldn't feel safe walking around with anything larger than a $20.
I once had to hand deliver an instrument valid to bearer. It was for 32 million dollars. It was not secured In anything but an envelop. It didn't occur to me until weeks after that I could have just left the country with it.
As in no credit? Sure! As in paper cash only? No.