eliminating the £50 note would help to combat tax evasion

[Rx_]

http://www.telegraph.co.uk/news/201...uring-sir-winston-churchill-that-are-unteara/

Peter Sands, the former chief executive of Standard Chartered, who is an adviser to the British government, said eliminating the £50 note would help to combat tax evasion.

"Just a little over half of all transactions in this country use cash," he said.
"In fact the rate of cash usage in the UK has been pretty steady for the last 5-6 years.
"So cash is incredibly important, and the British people still use cash as they do, everyday across the country.
"You want to make sure that the new security features protect these notes, so that they can still be trusted years after their creation."
But the Bank has admitted that the plastic notes are liable to stick together, meaning shoppers are at risk of handing over two at once.
Mr Carney said "money was memory for a country and its people"

Opinion: The EU and US Trend is to outlaw cash so the banks can raise profits. People can put their money in banks (for a fee) and receive negative interest and then of course take an additional transaction fee between the spender and the merchant.

"would you like paper or plastic?" - if its all the same to you, I would like my change in a British Crowns to truly celebrate the memory of a country. Besides, they wore a hundred times longer than the un-eco-friendly paper or plastic.

 

[sneuberg]

The EU and US Trend is to outlaw cash so the banks can raise profits.

What laws? Could you expand on this?

People can put their money in banks (for a fee) and receive negative interest and then of course take an additional transaction fee between the spender and the merchant.

Although I get next to nothing for interest on my savings, the only transaction fees I've incurred were from using a ATM from a different bank. I haven't needed to do that in years as I hardly ever use cash. Maybe you should shop around for a better bank.

"would you like paper or plastic?" - if its all the same to you, I would like my change in a British Crowns to truly celebrate the memory of a country. Besides, they wore a hundred times longer than the un-eco-friendly paper or plastic.

I like the plastic. It's not handled by other people so you don't get their germs.

 

[Rx_]

Trend for banning cash - http://www.zerohedge.com/news/2016-02-17/ban-cash-coming-soon

Silver actually kills germs on contact. That is why medical, drinking water purification, silverware, and other things are made with it. It's a natural germ killer. Has to do with electrostatic charges.

Credit cards should be sanitized often - lots of articles about that - search these:
5 reasons credit cards collect germs
How to Deal With Dirty Money and Hidden Credit Card Germs (Video)
Is your credit card making you sick? Swine (H1N1) flu germs and plastic
Credit Card Germs: 1 of 10 of cards has fecal bacteria - CasesBlog ...
5 naughty things your credit card won't buy

opps, that last one was something that was a note to self... so I don't get in so much trouble!

 

[Steve R.]

Peter Sands, the former chief execu...very day, Orwell appears ever more prescient.

 

[Rx_]

Instead of giving graduates a $100 USD or 50 Pound note in a card, we are encouraged to give them a Starbucks or other traceable digital product. Preferably one that must be spent immediately or it will loose its purchasing power.

Here is an example of currency math they won't teach our graduates.
Janet Yellen of the US Federal Reserve Board and other central bank heads claim the goal is to keep Inflation at an Acceptable 2% annualized rate.
This 2% compounded is a money printing tax to take away retirement.

A typical new graduate is expected to work 45 years to retirement.
The typical 45 years is broken into 3 x 15 year segments for planning retirement.

Inflation is basically printing money supply and creating a Negative Future Value of Currency. In general, something that cost $100 this year will cost $102 next year, conversely the $100 of this year will be worth $98 in purchasing power next year. To determine the FV (Future Value) use a -2% compounded yearly in the interest rate formula.

A graduate putting $100 away this year will have a purchasing power of around $18 purchasing power in 15 years (first 15 year cycle). The next cycle it is worth around $3.00 in today's purchasing power (second 15 year cycle). At retirement (3rd 15 year cycle) around $0.60 in today's purchasing power.

 

[Steve R.]

Inflation is basically printing money supply and creating a Negative Future Value of Currency. In general, something that cost $100 this year will cost $102 next year, conversely the $100 of this year will be worth $98 in purchasing power next year. To determine the FV (Future Value) use a -2% compounded yearly in the interest rate formula.

My belief is that the Federal Reserve should not have an inflationary goal of approximately 2%. As pointed out, over time it erodes the value of assets. Additionally, the federal government should operate on a balanced budget.

But having said that, is there a case to assert that inflation and deficit spending are somehow actually good?

That is counter intuitive to me. Nevertheless, given that economy has not yet collapsed, it may be time to reevaluate how the economy works.

Of course, "time" makes for the easy claim that inflation and deficit spending will eventually be proven to be a false mantra. In a sense, the incessant demands for a "living wage" is an example that inflation does have negative consequences.

 

[Steve R.]

I like the plastic. It's not handled by other people so you don't get their germs.

Cash is being "outlawed" to make it easier for the government to track financial transactions. Plastic does have "germs" and is "handled by other people", it leaves a "paper" trail that can be examined by essentially anyone. Virtually every plastic transaction identifies where you have been, the time you were there, and what you did.

Unfortunately, I will have to forgo my career as a master criminal since virtually all my transactions are by plastic.

 

[sneuberg]

Plastic does have "germs" and is "handled by other people",

At least here in Tucson that occurs rarely nowadays. In almost every store the card does not leave my hands. I suppose the germs could get transferred through the equipment that swipes the cards.

 

[statsman]

The US use to have $1,000 notes. Special $10,000 notes were available upon request from the Federal Reserve.
They were stopped when drugs became the serious problem they are today.
Importers could be paid in a small stack of thousands or just a few $10,000s.
Now it requires a boat load of $100s to pay the same debt.
The idea that intercepting a large shipment of banknotes is easier.

 

[Rx_]

Drugs? LOL Nice theory without any fact.
The Fed claims modern technology renders large bills unnecessary. Credit cards, checks, any form of electronic transfer — these all pretty much fulfill large transaction needs more efficiently than a tangible note could.
Instead of a stack of 25 $50 bills, why not use one small ounce of gold?
All, not some, of the central banks keep tons of gold. The IMF keeps 4 tons of gold.

Drugs are just the latest excuse or boggy man "drugs", "communist", "illegal alien", or any other group that needs to be put under control.
http://uk.reuters.com/article/us-britain-boe-idUKKBN1761JO
Bank of England warns banks about risky lending after borrowing surge
The BoE has said banks could face 18.5 billion pounds ($23 billion) of losses on consumer loans in the event of a sharp economic downturn, compared with 11.8 billion pounds for mortgages.
300 ounces of gold use to buy a nice family house. Or, about $360 of those thousand dollar notes. But now, we have to sign about 40 pounds of paper notes, agreements, contracts and copies. The trees really lost in this deal. Wait a minute....! Those trees for the paper come from Canada! LOL

 

[youyiyang]

"would you like paper or plastic?" - if its all the same to you, I would like my change in a British Crowns to truly celebrate the memory of a country. Besides, they wore a hundred times longer than the un-eco-friendly paper or plastic.

How much is it (the coin with Queen Elizabeth wearing crown on it)?
I more like plastic than paper. The Australian note is plastic and translucent in its center when I brought it from a vacation to Australia. But I don't why it is translucent in its center.

 

[statsman]

Drugs? LOL Nice theory without any fact.
The Fed claims modern technology renders large bills unnecessary. Credit cards, checks, any form of electronic transfer — these all pretty much fulfill large transaction needs more efficiently than a tangible note could.
Instead of a stack of 25 $50 bills, why not use one small ounce of gold?
All, not some, of the central banks keep tons of gold. The IMF keeps 4 tons of gold.

WOW.
You know a drug dealer who takes cheques or credit cards?

 

[The_Doc_Man]

You know a drug dealer who takes cheques or credit cards?

The licensed marijuana dealers who grow weed for *ahem* medicinal use only will gladly take paper, plastic, checks, gold bullion... anything easily converted to positive cash flow. But even Al Capone, the US gangster of the 1920s, couldn't be convicted on charges of illegal importation or creation of hard alcohol. The folks who brought him down were able to trace HIS transactions and eventually got him on tax evasion. Which is why it would please the governments to switch everyone over to credit or debit cards. Elimination of big paper money would force people to use traceable methods for payoffs.

 

[AccessBlaster]

... Elimination of big paper money would force people to use traceable methods for payoffs.

You mean like Bitcoins.

 

[The_Doc_Man]

Except that hackers use Bitcoins for payoffs of ransomware because they are not as traceable as credit cards.

 

[Rx_]

B.T.W. In Colorado - there are pot stores everywhere like a popular coffee store (who's name I shall not mention).
The State made it legal. But, the Federal government didn't.
So, they can't use Banks (or credit cards) or it could be confiscated by the Feds.
This means that violent robberies are common!
So, the Federal law enforcements can now link pot to violent crimes with these statistics.
See! Everybody gets what they want. LOL
And NO, I have never entered a pot shop. Too many camera's and RFI (required on every quantity of weed) plus other tracking. I get my buzz with the old fashion (scotch whiskey) or ask "what would Jesus do?" (answer: Wine!).
To each their own I say.