Wednesday, February 29, 2012

Why We'll Never Get a Cashless Society

Mims, Christopher. "Why We'll Never Get a Cashless Society." Technology Review, February 28, 2012.

From the article: "The End of Money, a new book from Wired contributing editor David Wolman, is ostensibly about the twilight of cash and its replacement with a panoply of more efficient means of exchange. (Think transfers via NFC on smartphones and biometric wallets.) But Wolman is such a thorough reporter of the subject that it's possible to finish his (excellent, highly readable) book and come away with a conclusion opposite his own….The problem with all of the arguments for a cashless society is that they're rational, and our attachment to cash is not. This might be less true in nations that have already given up their national currency to become part of a regional currency block (the EU, and countries like El Salvador that have adopted the dollar as a national currency), but as long as there are financial superpowers whose paper money is covered with what amounts to propaganda for the strength of their central banks, cash is here to stay."  Read more

See Also
Wolman, David.  The End of Money. Da Capo Press, February 2012.