Cold, hard cash

[Dave Birch] Can one of our Canadian visitors tell us whether it is true that the idea of a cashless society is receding in the land of the Modex Guelph trial?  An increasing number of Canadians are apparently questioning the safety of electronic transactions in the wake of "massive security breaches and loss of personal information at major companies" in Canada.  Supposedly, some people are turning away from electronic payments and going back to cash.

Technorati Tags: payments

They should try living in a society where there is only cash.  Duncan Goldie-Scot sent me this picture yesterday: him trying to sort out his breakfast bill in Benin City...

As well as the inconvenience, there's also the problem of accountability and audit.  I mean, we've all lost cash down the back of the sofa, haven't we?  According to today's news reports, the US has lost quite a bit down theirs.  The biggest cash transfer in the history of the Federal Reserve has been reviewed by a US congressional committee.  In the year after the invasion of Iraq in 2003 nearly 281 million notes, weighing 363 tonnes, were sent from New York to Baghdad for disbursement to Iraqi ministries and US contractors. Using C-130 planes, the deliveries took place once or twice a month with the biggest of $2,401,600,000 on June 22 2004, six days before the handover.  Now, oddly, no-one knows where much of this money has gone or what it was used for.

My opinions are my own (I think) and are presented solely in my capacity as an interested member of the general public. [posted with ecto]

Comments

[David]

Because of our economic crisis, our daily living is affected. Nowadays it seems that money is the most important thing for us to survive. If you have cash in your pocket, you can buy whatever you wanted. But sometimes we just waste our money to some expenses that is not important at all. I think we need to be savvy. We need to be a wise spender. Don’t just spend, think first before using your cash. By means of this practice we can save money and it will help us to support our needs and wants in life.http://personalmoneystore.com/moneyblog/