News Would a cashless society end this menace of black money?

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The discussion centers on the feasibility of transitioning to a cashless society, particularly in the context of India, where significant amounts of black money exist. Participants express concerns that a cashless system could exacerbate issues of financial control and privacy, as banks would gain unprecedented power over individuals' finances. The potential for a "Big Brother" government overseeing all transactions raises fears about personal freedom and privacy. There are arguments regarding the practicality of a mandatory cashless society, with some suggesting that it could hinder everyday transactions, especially for small purchases. Others highlight the current trend towards cashlessness, noting that many already rely on credit and debit cards for most transactions. The role of banks in a cashless society is debated, with concerns about their ability to create money and the implications of tracking consumer spending. The conversation also touches on the regulatory environment, with some arguing that proper regulation could mitigate risks associated with private banks. However, skepticism remains about the potential for abuse of power and the impact on economic inequality.
  • #31
faust9 said:
For some reason this account of the thread does not jive with what has been presented in the thread. I don't recall reading anything by Burnsys to the effect of a magical trillion dollars which you use here as your example. In fact, your response was to Art which I took the liberty to correct you by stating the money is 'magically' produced. I found it odd that you chose to be so condescending when the reality of the situation is akin to 'magic'. Money is less valuable than lead ironically enough. The value WE place in money as a barterible resource is far far greater than any money or natural resources backing the dollar bills you may carry with you. Lead into gold or rather green ink into gold. Magic.

I understand how you got so confused. This is in relation to another thread where Art and Burnsys showed very little knowledge on how the banking system works. Burnsys belief is that you can simply create a trillion dollars out of nowhere (because he compared it to himself being able to run a counterfeight operation in his backyard). This lead him to say something with a false basis that i addressed. As for the 17 year old loser thing, iwas talking about the person who wrote that blog because really... who would waste their time with such trivial matters?
 
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  • #32
Pengwuino said:
I understand how you got so confused. This is in relation to another thread where Art and Burnsys showed very little knowledge on how the banking system works.

ROFL Good one penqwuino I hadn't realized you had such a good sense of humour.
 
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  • #33
Thank you, thank you, i try my best
 

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