AP: In Sweden Cash Is King No More

http://news.yahoo.com/sweden-cash-king-no-more-082544562.html

Interesting. Seems Sweden is starting the inevitable trend we all knew would happen. The end of the note and coin and the begining of the all digital age of money.

I know a lot of the Gold Standard fans would be paranoid about this. Personally I think it's great. The more control over the money supply we have the better. Having all money in digital form gives us 100% control over the money supply. Where as coins and dollars are difficult to take out of circulation a digital dollar can be taken out with the click of a mouse.

Definitely an interesting direction.

 

In more ways than one.

 

Yes, complete control of the citizenry through electronic means. Certainly a bonanza for potential totalitarian governments, and face it, all governments are potentially totalitarian. In your mind, a bonus.

 

What does this have anything to do with totalitarianism? The people in control of the money would be appointed by our representatives that we elect.

It's still very much a democracy. Try having an informed conversation for once.

 

There is no way I could support something like this here in the states.

People like to talk about fiat money, this takes it to a new level. Money is no longer tangible currency with intrinsic value in any sense in this case, it's nothing but bits of information.

 

Hate to inform you but it doesn't have any intrinsic value right now. You think that paper and metal is worth anything?

It's not the material it's made out of that gives the dollar it's value. It's the rate at which it is exchanging hands and the demand it receives. .

 

Were you born yesterday? For instance, the US is moving steadily toward totalitarian democracy through progressive ideology. Still democracy, but not what one would consider free. We are now ordered to buy health insurance, something that is an anathema to both freedom and the government protecting us from illegal force. Some now argue that this is what government should do. In the hands of the likes of people like that, anything is possible, even what you wish for, even your worst nightmares. What happens when that kind of power falls in hands of ideologues you disagree with?

 

If we're still electing people it's not a totalitarianism. Period.

If you want to argue that we're becoming less free I won't argue back. But quit using terms that make no sense just because they have an emotional impact.

 

BS, people argue on here daily that they have no say in who they vote for. I can tell you that it always comes down to the least of two evils and 2012 is no different. With only two parties and no other choices having a chance unless they are vetted by both the two only parties and the media, which tends to be liberal, do you really believe you have a choice?

We elect the same people to perpetuate the same ideology that government is the answer. Because Congress only passes laws, we come under more and more control of government.

 

That's my point. If people like to think of paper money as fiat... well... this is a whole new beast.

 

The only time the Material of the money matters is when the source of the currency is unknown or untrusted.

Gold coins were big in the 19th century because most forms of currency were issued by a bank. Not by the federal government.

Oftentimes people would be completely unaware of the source of the money. So they only way they could be sure is if it were made of Gold.

Today the US dollar is known globally. And billions of people accept it as payment every day.

The Gold standard ended 40 years ago. The experiment worked. The dollar isn't going anywhere.

 

As long as the appointees continue to be governors of the FED who have a vested interest in the strength of the dollar I can't see anyone being appointed that would not act in the best interest of the US Dollar.

Though mistakes do happen it's MUCH more stable than leaving it up to market forces like the Gold Standard does. If we were under the gold standard in 2008 we'd be in a MASSIVE depression right now. Deflation would have skyrocketed and there wouldn't be anything we could do about it except hope for the next world war.

 

Has it really though?

A digital currency is literally worth absolutely nothing, and way too easy to manipulate. A digital currency leaves you without the ability to 'posses' your earnings/assets. It creates a situation where the masses can be controlled with a few keystrokes.

 

Massive amounts of power being in the hands of a few people is not anything new

As long as everyone has someone to answer to it all works out fine. The president has the congress and the courts to answer to. The congress has the courts and the president to answer to. The courts have congress and the president to answer to. And the FED governors have congress and the president to answer to.

 

But we simply don't live in this idealistic world.

If the U.S. government officially took the position that all currency is to be digital, this is worthy of overthrowing that government.

It's absolute madness to put this much faith in government.

 

What power would be gained that isn't already?

 

It's more about what powers you lose.

 

What powers do we lose then?

 

Regardless, you should not take away the tools for people to act against their government, in the event that the government ever did get taken over by representatives that were not truly representatives. You've just handed over your privacy to the government, who can use information on digital transactions to watch your every move. The minority should be allowed anonymity, even in a representative government.

 

Despite the fact that coins and paper are not worth the value assigned to them, is it not fact that you can still physically posses that currency?

It doesn't matter if I'm in debt up to my eyeballs, or required to pay child support or some other form of government mandated payment, I can still manage to earn money without anyone being able to get to it before I can... simply because I can take a check somewhere, have it cashed, and then physically posses the money. With a digital currency you'd be at the mercy of anyone who could justify having "rights" to your money... government included.

 

Yes, that's another problem. With digital money, everything you purchase will leave a trail, and it won't be long before it's "justifiable" for the government to keep tabs this way. The government could decide that money spent on certain things is inappropriate, so they'll ban these "credits" for being used for certain things.

 

who's digital dollars need to be taken out of circulation with the click of that mouse though?

 

Agree, I do not want to live in a society where every purchases is digitally monitored... even though I do make almost 100% of my purchases digitally, I do not want to require it

 

It's the idea of there being no alternative that freaks me out the most.

 

There is only one legitimate form of currency, and that is precious metals.

Electronic or paper, its still fiat garbage destined to fail.