cash

The move to a cashless economy is happening now without much questioning of whether or not it’s a good thing (it’s certainly good for banks).

But there is a subtle psychological benefit to using cash.

People in their late 20s have worse credit ratings than teenagers

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One of the problems of modern capital is its increased alienation from the fruits of labour.

The modern knowledge worker that traffics in ideas or strategies doesn’t actually produce anything tangible to account for the hours at their desk.

For many workers, it is only the numbers in the bank account that is proof of their labour.

Cash was only ever a token, but by handing it over the counter there was a clear trade: here is a percentage of my day’s labour in return for the labour you have undertaken to make, say, my sandwich.

That transaction has now been squeezed into a split second of time – the time it takes to “tap”. And in doing this, something is being devalued.

The move to a cashless economy is happening now without much questioning of whether or not it’s a good thing (it’s certainly good for banks).

Comments

[Linda Richards]

Good morning, Jack
What a wonderful way to not only look at it, but to also beautifully, yet emphatically explain this long, lost concept. And you thought I didn't read your ideas. ;)
Have a beautiful day, my friend,
Gypsy124

[jack elliot]

thank you

it is a lovely holiday here