NY Times: A Cashless Society? Not Before Tubman’s $20 Arrives

[LiberalElite]

http://www.nytimes.com/2016/04/23/us/a-cashless-society-not-before-tubmans-20-arrives.html

WASHINGTON — After more than a century-long wait, women and African-Americans are finally going to be represented on the country’s paper currency. But with the new bills years away, how many people will even be carrying cash by the time they go into circulation?

That question looms over the Treasury Secretary Jacob J. Lew’s announcement this week of a sweeping makeover of paper money to add images honoring Harriet Tubman, suffrage leaders and other historical figures. New $10, $20 and $5 notes will be issued, in that order, starting in the 2020s.

Although the long-discussed cashless society is unlikely to have arrived by then, the trend is clear: Americans are relying less on paper money and more on plastic for all manner of transactions.

and here I thought the new bills would be issued imminently, i.e.,this year.

[Kalidurga]

1. Cashless isn't gonna happen

Unless the Feds really want to destroy the economy.

[davidn3600]

4. It's becoming increasingly more difficult to operate in this economy with only cash.

Good luck renting a car or a hotel room with only cash.

Money is quickly becoming digital.

I remember back in the day when people actually had to wait in line to cash their paycheck at the bank. Now you get it direct deposit and pay your bills online. Money is exchanged without seeing any of those old, dead presidents on the bills. Yeah, there will still be cash for quite awhile. But people are using cash less and less. That trend will only continue in the future.

[Kalidurga]

6. I am not saying that you can go about modern life with only cash

I am saying cashless will crash the economy. Read about the underground economy it's contributions are mostly invisible, but give the economy a huge boost. I have been part of that economy on and off for many years doing things like yard work, dog walking, baby sitting, working a flea market booth. My sister does furniture repairs and some artistic neo-Americana designs on refurbished items. Then there are those who do illegal things.

[zalinda]

2. Cashless can't happen

that is the only way the poor can save money for an emergency. Banks aren't working for the poor. Btw, if any of the social services find out that you have over a certain amount of money, they can stop your benefits, even if you are saving to move to an apartment where the plumbing works.

Z

[roamer65]

3. I see limits to cash transctions coming before its eventual demise.

Belgium is already limiting cash transactions to €3000. I can see it eventually happening in the US as well.

There will also be harder push for elimination of higher denomination banknotes.

[pressbox69]

5. Nice to see Jackson

get the boot.