The Risks of the War on Cash

“Quick and easy is winning the war.”

On January 1st, Londoners woke up to a rather perplexing reality: all of the cashless Oyster card readers on the city’s buses, rail and tube stations had stopped working. With cash as good as banished from the London transport system, attendants had little choice but to wave passengers through open ticket barriers and onto buses without paying, until the problem was fixed.

Serious Pause for Thought

Ironically, the costly glitch came on a day that new fare increases were to be introduced, with journey prices going up by an average of 1%. According to research by the UK Labour Party, rail fares have risen at three times the rate of wages since 2010, with campaigners saying ticket prices have become “increasingly divorced from reality.”

While for London’s commuters the glitch offered a welcome respite from ever-spiraling transport costs, the temporary collapse of the Osyter Card system should give serious pause for thought about our growing dependence on electronic cashless payment systems, especially as government, central banks, financial institutions, credit card companies, and large corporations conspire openly to pull the plug on cash

Continue reading the article at WOLF STREET

2 thoughts on “The Risks of the War on Cash

  1. I feel no need to read the rest; this much only confirms what I had already figured out, to wit:

    Dependence on anything to the exclusion of all else is never a good idea; it always leads to problems when reality changes….

    Stupid is as stupid does, as Mama Gump reminded us all; the entire world has gone stupid, by basing our entire culture on the illusion of the reality of money, and, the delusion of religion, both of which keep humans from ever actually learning to use the smattering of intelligence they do possess….

    gigoid, the dubious

    Liked by 1 person

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