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Government Plan Would Transform Israel Into The World’s First Cashless Society
05-28-2014, 02:53 PM #1
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
Quote:A committee chaired by Israeli Prime Minister Benjamin Netanyahu’s chief of staff has come up with a three phase plan to “all but do away with cash transactions in Israel”. Individuals and businesses would still be permitted to conduct cash transactions in small amounts (at least initially), but the eventual goal is to force Israeli citizens to conduct as much business as possible using electronic forms of payment. In fact, it has been reported that Israeli officials believe that “cash is bad” because it fuels the underground economy and allows people to avoid paying taxes.


05-28-2014, 03:16 PM #2
Octo Mother Superior
Posts:43,714 Threads:1,499 Joined:Feb 2011
It's going in that direction everywhere. It's the "grey economy" they're after.

Drugs and sex trade set to boost Italy's GDP

The Istat agency said the calculation would also include revenues from contraband tobacco and alcohol, adding that the procedure would be "very difficult for the obvious reason that these illegal activities are not reported".

"The concept of what is illegal activity is also open to different interpretations," Istat said in a statement explaining the new method of calculation in accordance with new European Union rules.

The Bank of Italy in 2012 estimated the value of the criminal economy at 10.9 percent of GDP. Theoretically, that could mean Italy's GDP result coming in far higher than the government's 1.3 percent growth estimate.

Eurostat earlier estimated the average increase due to the new calculation would be 2.4 percent, with the highest rises for Finland and Sweden at 4-5 percent followed by Austria, Britain and the Netherlands at 3-4 percent.

The increase for Italy would be around 1-2 percent.

The "grey economy" of businesses that do not pay taxes is already calculated in Italy's GDP and was estimated to be worth between 16.3 percent and 17.5 percent of the economy in 2008 - the last year for which the calculation was made.


05-28-2014, 03:36 PM #3
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
"criminal economy" being those who don't give up a % of their earnings to the gov. I can see paying taxes in reasonable fashion, infrastructure and all, and the 'free market' is a joke, corporations in control of say ... healthcare, are worse than the gov. But this quest for total control of every aspect of every life is beyond acceptable. The Underground economy will simply circumvent this quite easily and the gov will only control the zombies zombie.gif chuckle.gif
05-28-2014, 03:48 PM #4
Octo Mother Superior
Posts:43,714 Threads:1,499 Joined:Feb 2011
There will always be ways to circumvent the system.

05-28-2014, 04:41 PM #5
Accidental Stoner Member
Posts:9,107 Threads:76 Joined:Feb 2011
Finland will not be far behind, I guess.
Sweden first..?
05-28-2014, 04:55 PM #6
Octo Mother Superior
Posts:43,714 Threads:1,499 Joined:Feb 2011

I read this the other day:

Cash payments will stick around longer than plastic cards, according to expert Pekka Puustinen. According to him, we’ll always need money that we can see and touch, while these days better technology means credit and debit cards have little to recommend them.

“Cash costs businesses tens of millions in expenses, but I think it will still remain as a relic of the past,” he states. “We’ll always need to have money that we see as concrete.”

While cash may not be necessary for trade, and is actually generally unimportant when it comes to large scale transactions, for sentimental reasons it seems it's one old fossil that will outlast plastic.

05-28-2014, 05:05 PM #7
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
I remember an article by Antal E Fekete that outlined how and why digital dollars will be the Wiemar dollar (utter and complete collapse) and when that happens cash will be king. When credit dries up (and it is) there are few merchants or creditors who will accept digital money, debt money, and inflation will soar for those paying with digital money. The ultimate cash is silver and gold of course.




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