Chris Matthai manages vast fortunes and also is director of research for a financial think tank. He says we are heading toward an electronic money system and points to several places where companies turn away cash in bank, California government offices, and many others.
Reportedly you can’t pay cash at a garage sale in Louisiana or be arrested. Apple may ban cash for purchases, Starbucks either, depending upon the location. Every business is heading toward a global electronic way of conducting business. Alaska Airlines makes all in-plane purchases via credit card.
Since a monetary system began some 2,699 years ago, there have been many beginnings and ends for currencies. Matthai says in the U.S. we are entering a period of denial. In the second phase, the new electronic way gains more acceptance, until finally there is acceleration for the new way.
In l933 by executive order, FDR banned possession of gold. The FED which operates without direct input from Congress of the president, is the route through which banks and the FED itself makes transmissions. The FED is one of the biggest clients.
Exon, Apple, Boeing and other huge companies are making contracts with a tiny security firm to protect the trillions of dollars they are transferring electronically.
To confirm Matthai’s statements, a top financial investment source echoed the fact that electronic money is coming. “Remember the humorous television ad a few years ago which shows a very sneaky looking guy in a trench coast who is in a grocery store. The man is shoving items under his coat and walks out the door without stopping at the register. When he is stopped outside the store, the manager confirms that he has paid for each item.
“It’s just like the transponder on my car. It lets me pass though toll gates and to park the car. It’s all done electronically. Expect to see more,” he says.
“What will you do when we are a cashless society, I ask a fellow who deals in cash only. “If it’s a time when the county is out of money, I can trade my services for the taxes I owe.” I wonder how he’ll pay his state license fees.
One step at a time. All will be clear when it happens to you. Actually, proponents point out that the new system will save time, money and fuel. It takes 1/7th of a second to make an electronic transaction, but 33.7 seconds to make one in cash.