Sweden is almost a completely cashless society

[rambone]

Sweden is a 97% cashless society, the highest in the world. Many businesses and even banks are completely devoid of cash. While it may seem convenient to go cashless, handling cash means retaining your privacy and independence.

The way Friedrich Schneider puts it, “If people use more cards, they are less involved in shadow economy activities.” I take it that any private transactions that don't get to be monitored by the government are shadow economics.

High-tech Sweden edges closer to becoming cashless society

Sweden was the first European country to introduce bank notes in 1661. Now it’s come farther than most on the path toward getting rid of them.

In most Swedish cities, public buses don’t accept cash; tickets are prepaid or purchased with a cell phone text message. A small but growing number of businesses only take cards, and some bank offices — which make money on electronic transactions — have stopped handling cash altogether.

“There are towns where it isn’t at all possible anymore to enter a bank and use cash,” complains Curt Persson, chairman of Sweden’s National Pensioners’ Organization.

Bills and coins represent only 3 percent of Sweden’s economy, compared to an average of 9 percent in the eurozone and 7 percent in the U.S., according to the Bank for International Settlements, an umbrella organization for the world’s central banks.

Financial corporations have an interest in phasing out cash because they will receive a mandatory user fee (aka tax) on all of society's transactions.

But there are pockets of resistance. Hanna Celik, whose family owns a newspaper kiosk in a Stockholm shopping mall, says the digital economy is all about banks seeking bigger earnings.Celik says he gets charged about 5 Swedish kronor ($0.80) for every credit card transaction, and a law passed by the Swedish Parliament prevents him from passing on that charge to consumers. “That stinks,” he says. “For them (the banks), this is a very good way to earn a lot of money, that’s what it’s all about. They make huge profits.”

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[J_Wales]

Sweden is a 97% cashless society, the highest in the world. Many businesses and even banks are completely devoid of cash. While it may seem convenient to go cashless, handling cash means retaining your privacy and independence.

The way Friedrich Schneider puts it, “If people use more cards, they are less involved in shadow economy activities.” I take it that any private transactions that don't get to be monitored by the government are shadow economics.

High-tech Sweden edges closer to becoming cashless society
​

Financial corporations have an interest in phasing out cash because they will receive a mandatory user fee (aka tax) on all of society's transactions.

​

A card?
What's that?

 

[rambone]

A card?
What's that?

 

[J_Wales]

Oh.... tracking devices.

Nope..got rid of those a long time ago. I don't even carry a debit card or those "frequent shopper" cards.

The amount of information people simply give away is simply amazing.

 

[JettaKnight]

I can't believe I'm on the same side as Wales on something!

Sometimes at Kroger (Grrr!), When the teenager ask me for my card I say, "You know another group of people need cards - Jews in Nazi Germany!". - I'm only half kidding.

Personally, I like cash - lot's of it.

 

[J_Wales]

I can't believe I'm on the same side as Wales on something!

Sometimes at Kroger (Grrr!), When the teenager ask me for my card I say, "You know another group of people need cards - Jews in Nazi Germany!". - I'm only half kidding.

Personally, I like cash - lot's of it.

You're finally starting to wake up!

 

[Indy_Guy_77]

Not much comment on going cashless...other than the fact that you're at the mercy of electricity and electronic devices.

But as far as shopper's cards: You only "give away" the information that you WANT to give away. You can make up all the info. on those sign-up forms and still retain the card with all of it's perks.

-J-

 

[ghunter]

Sweden's cashless society is definitely a control mechanism. They even recently banned home schooling. That place is becoming a live porno for statists over here.

 

[XDdreams]

Personally, I use cash as much as possible. Even though its worthless paper, I still feel more secure if my hands are on it. I prefer to control my own finances, rather than swiping a card and letting a financial institution control it for me. You have to physically accost me to get the cash out of my wallet, but you can easily steal credit card info. But apparently if people use cash you can be considered a terrorist.

 

[jsgolfman]

Laundered Money by Joseph T. Salerno

 

[J_Wales]

Sweden's cashless society is definitely a control mechanism. They even recently banned home schooling. That place is becoming a live porno for statists over here.

Agreed.

 

[GodFearinGunTotin]

What could possibly go wrong by digitizing your entire monetary system?

Surely it would never occur to anybody to limit your access to goods and services by electronically restricting the transfer of funds....

Surely there would never be a reason to instantaneously, electronically extract a tax or surcharge or other form of wealth transfer from your account without your knowledge....

I can't tell you when was the last time I had a computer or program screw up data I've had stored....

Nope. I can't see any possible way this could go awry....[purple = off]

 

[ATOMonkey]

I don't keep a lot of my wealth in currency.

Most of my wealth is still in tangible items.

 

[singlestacksig]

i would bet a lot of cash transactions go on that they are not tracking..

 

[melensdad]

Sweden is a 97% cashless society, the highest in the world.

The USA is a 93% cashless society. The European Union is a 91% cashless society.

Can one presume that BARTERING is the 'shadow' economy to which they refer?

 

[ATOMonkey]

Or person to person. They likely only track retail sales being either electronic or cash.

 

[bobzilla]

I guess I'm just stupid for using our discover card to purchase everything we buy in a month, pay it off each month and let them write us a check every year for 3% of those purchases. Stupid me. How could I be so fiscally irresponsible to make money off of a credit card. Silly me for using that $900 they give me for using their card. I should just refuse it and never make money again.

 

[J_Wales]

I guess I'm just stupid for using our discover card to purchase everything we buy in a month, pay it off each month and let them write us a check every year for 3% of those purchases. Stupid me. How could I be so fiscally irresponsible to make money off of a credit card. Silly me for using that $900 they give me for using their card. I should just refuse it and never make money again.

No. It's just a question of how much you think your privacy is worth.

 

[bobzilla]

No. It's just a question of how much you think your privacy is worth.

iF YOU're truly concerned about your "privacy", why are you on an internet forum? Connected to the WWW.

It's a fiscally sound reson to have a credit card. But then again I'm not the "tinfoil hat" type, so if it is a way to earn income on something I was already going to buy/do anyway, I see no reason not to.

 

[J_Wales]

iF YOU're truly concerned about your "privacy", why are you on an internet forum? Connected to the WWW.

It's a fiscally sound reson to have a credit card. But then again I'm not the "tinfoil hat" type, so if it is a way to earn income on something I was already going to buy/do anyway, I see no reason not to.

No disagreement friend. To each his own.