"A new study has claimed cash will be obsolete within the next ten years with smart phone, tablet and credit card transactions becoming the norm. According to the International Journal of Electronic Business, Australians currently withdraw more than $11billion in cash from automatic teller machines each month. But 82 per cent of our payments are non-cash transactions. Bjorn Behrendt from Mint Payments, a payments processing provider, believes we're facing the death of 'real money' and within the next decade we will be living in a cash-free country because of advanced technology." http://www.dailymail.co.uk/news/art...t-Apple-Watch-make-real-money-thing-past.html
The privacy of business, transactions and savings allowed by cash is integral to a captlitalist system. Let me explain. I was up in PNG a few years ago (might be heading back if things don't pick up soon ). I couldn't keep local staff because their wontok system robbed them of any money they made. My technicians worked hard all week, and when they got paid they had to hand it all over to the chief who would dole it out to the rest of the village/clan... even though all his cousins and brothers etc did all week was sit on their arses, fishing, goofing off etc. The battle was 40% physical because they couldn't hide their money on their person or in their house or even in the bush (there were people literally everywhere... someone would find it) The other 60% of the battle was physchological, because even when I kept their money at work for them, with me, or when I opened a bank account for them... they'd still tell the clan elder they had money... and it would be gone. PNG is a basketcase from its very bottom up. Its an exersise in the futility of modern socialism. All that's left now is crime & corruption. Can't anyone learn from this? This trend to socialism is just a glorified wontok system, where the Govt is the clan elder and we're supporting the loafers. If we could keep our gains secret... we could save up, create capital and create businesses, buy equipment etc that is more valuable than handouts. Cash is critical for secrecy & security of our risk reward system... and our way of life.
I will bet 5 people 10 oz silver each against the title coming to total fruition....any takers? If not this thread really should die...and it shouldnt take a decade.
Yep the Wontok system is quite remarkable. It has recently become religion to convert your pay into the newest phone you can get your hands on, probably to stop the rest of the wontoks getting there hands the coin first. I was only up there a few months back and they have moved on to Samsungs and iPhones from cheap Indonesian imports in less than 12 months. Slush funds? - goodluck with that lol I think it is a bit of a different story for the guys that travel in from different provinces though and aren't restricted to the one village.
Thanks for this story as its very valuable. Governments will do anything to encourage small business to earn and keep cash. As that cash will enter economy in many cases. As many of us know, if small business isn't allowed to hide some of its earnings we will see that 2 million small businesses to shrink to very low numbers... Whole economy needs small businesses, people which create jobs, buy and sell and give economy its running fuel... 10 years... If I make it I ll see it... Do you take eftpos
How bad is it in Moresby, Dingo? The info online starts really drying up around 2005...and what's there ain't good... since 2013 there's hardly anything (that's a v-bad sign). Currently, the only ex-pat info I can get is a kiwi guy running a blog on what to expect, costs etc.
Very true! A cashless society is the ultimate expression of control in our fascist western police state...
Its not just small businesses. Do you know how many local government figures, political fixers, union stand-over men still continue the tradition of getting paid in 'cash in a brown paper bag'?
The black market won't function on traceable money. Therefore gov's would be forcing the use and ultimate popularity of illegal hard currencies, just forcing the collapse of fiat faster than it otherwise is occurring already ! Bring it.
That's awesome there is a bet of 50oz silver on whether or not the dollar is dead in 10 years. hah! Quantitative easing does not work. Printing more money is obviously not the answer... However, I can't see the USD going away anytime soon. The world relies on the USD.
True. Within ten (10) years all governments will halt the production and use of physical cash in favor of digital currencies.
Nobody is saying that the usd will be dead in ten years of not. Its about whether.CASH will exist or not... Usd will still exist in digital form as it already does (99% of all usd in existance is already in digital form only)
