Market Mad House

In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche

The Cashless Society will help the Poor Enter the Middle Class


The Real Challenges of the Cashless Society

Accordingly, the greatest danger from paper-minded technophobia is ignorance of the true power of digital technologies. To clarify, the danger is not grandma starving to death because she cannot get cash.
The real danger is a grandma taking out unsecured high-interest loans through her phone. To put it differently, we might face something like the US mortgage meltdown of 2007-2008 on a global scale.

A point often overlooked is that paper cash requires a modern banking system for distribution. Therefore, paper cash cannot reach most people in the developing world and many poor people in the emerging and developed nations.

Read More