Our own projections for the United States of America to transition to an entirely digital economy is ten to twelve years. We expect the USA to be among the last countries to shift to a cashless society.
We are looking at full implementation around 2030 with a strong likelihood of it taking place even sooner.
That is right around the corner.
This is happening right now.
It will change everything.
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A brilliant analysis of the impact of a cashless society on the poor.
It is a direct response to the following silliness:
Harvard economist: Going cashless like Scandinavia would reduce inequality and corruption and benefit the world's poor
A World Without Cash Would Be Good For the Poor, One Expert Says
Cashless society ‘reduces inequality’
India just "demonitized" its 500 and 1000 Rupee notes in an effort to stop corruption. That is all of the old notes are now worth zero. 86% of its cash economy was forced to convert the old notes to new through their banks. This grandiose attempt at tax collection/restricting illegal activity will likely result in India heading into a depression in 2017.
Here is an excellent analysis of the consequences of India's policies: India's War on Cash and the Poor
Venezuela is in the process of demonitizing its 100 Bolivar note. President Maduro's inability to recognize the errors of his economic schemes and instead blaming smuggling networks perpetuate yet another failed state. Maduro hopes to control all economic activity by controlling the use of the 100 Bolivar note, not realizing that neither has anything to do with the economic catastrophe he created with his price controls and inflation of the money supply. Venezuela has one of the highest inflation rates in the world. The government last published figures for inflation in December 2015, putting it at 180%, but the International Monetary Fund (IMF) estimates current inflation at 700% with expectations that next year's inflation will rise to over 2,000%.
Citizens of these countries will never again trust the government with their life's capital and we expect large purchases of gold and the use of other economic instruments as a hedge against these types of government actions. The lessons taught here apply to the rest of us as well.
India is in the process of converting old 500 and 1000 rupee notes to new bills. The old notes were banned on Tuesday November 8, 2016 with a transition til the end of the year and the expected chaos has ensued. These notes worth about $8 and $15 respectively constitute 80 % of the notes in circulation. The conversion has the expressed purpose of trying to end "black money" usage (money that has not been taxed or is being used for illegal purposes) by compelling registration of the cash at their banks.
We would not be surprised if this move on the part of the Indian government will create massive economic chaos, cause the country to go into a depression, and perhaps even create conditions for massive starvation in an already extremely poor country.
UPDATE: 11/27/2016 PM Modi admits India to become "Cashless"
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