Below the Fold - the cost of going cashless

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Today’s summaries save you 52 minutes of news reading!

Happy Friday, Below the Fold!

While we dealt with storms these past couple of weeks in California and watched the destruction of the earthquake in Turkey (which is prompting a mandatory retrofit order in LA), we couldn’t help but think about emergency preparedness. Recommendations for an emergency supply kit on Ready.gov include cash, but how many of us have that anymore? And is it bad that we won’t?

Keeping Cash Is Key to Keeping Freedom
Fri Feb 17

In many countries, you’re likely paying for things with a credit card, allowing you to accrue mileage, credit card points, and enjoy the convenience and safety of not carrying cash. But what if cash were no longer an option at all? What’s the cost of going cashless?

In a cashless society, the banking and tech elite are in control. Transactions and accounts can be made and frozen at their say so. Not only does this put everyone at their mercy, it means huge data trails will exist for any individual and that is a big boon to surveillance. But even if we trust our institutions and corporations to act in our best interest, a cashless society also means we won’t have a backup option in times of crisis whether that’s a natural disaster, power outage, or cyberattack.

Even so, the incredible ease, safety, and efficiency of digital transactions has moved many of us towards a cashless future. Some countries are fully embracing this, such as Nigeria (which is in a cash crisis fueling Bitcoin adoption). In fact, more than half the world’s central banks are exploring or developing a digital currency. But simultaneously, some are passing legislation to protect against a totally cashless future.

The Swiss will hold a referendum on whether cash should always be in circulation at some minimum level. Others such as the UK and Ireland have passed laws that ensure access to cash. In the US, some states have moved to ensure stores and restaurants will always accept cash payments, which they say helps small business, low income communities, and the undocumented. Ultimately, researchers see a viable future where a low level of cash continues to circulate while the majority of transactions become digital.

BELOW THE FOLD BYTES

Social Exclusion and Shame Linked to Support for Authoritarianism

Poverty is often linked to support for authoritarianism (blind submission to strict authority as opposed to autonomy) but what is it about poverty that makes someone more receptive to authoritarianism? Researchers in Germany answered that question through three experiments which tested for shame, stress, and anxiety. Researchers found that shame consistently came out as a top link to subsequent feelings of support for authoritarianism. The researchers argue that authoritarianism might provide a sense of oneness and sameness to the poor who may feel socially excluded. It also might diffuse personal responsibility (and shame) for their poverty while a “strong” authoritarian leader shelters them from their powerlessness.

>> Read More

Ozone Layer on Track for Recovery by 2066

In the midst of all the problems, isn’t it nice to have some good news about the environment? It looks like our ozone layer is on track to recover to its pre-1980s level by 2066. This is a big cause for celebration because it has taken an enormous effort that began in 1987 with the adoption of the Montreal Protocol, an international treaty to protect our ozone layer. Because of swift and global action in phasing out ozone-depleting chemicals (99% has been phased out since the treaty), we’ve managed to avoid this particular planetary crisis. And, as a reminder, the ozone layer is what protects all life from the sun’s harmful radiation, including cancer-causing UVB rays.

>> Read More

🎬 Action of the Week

While a digital economy has many benefits, the individual freedom and security of physical cash makes it easy to see why at least some cash needs to stick around and why being able to use it is important. To learn more about why a completely cashless system is problematic and what you can do about it, check out this ACLU article.

THIS WEEK'S SOURCES

Bloomberg:

Swiss May Enshrine Status of Cash
2 minutes long | 2 weeks ago

Reuters:

Swiss to Vote to Prevent Cashless Society
2 minutes long | 2 weeks ago

Coda Story:

Banking & Tech Elite Control
7 minutes long | 3 weeks ago

The Irish Times:

Legally Protected Access to Cash
4 minutes long | 3 months ago

CashEssentials:

Protecting Access to Cash
4 minutes long | 3 months ago

NPR:

Cities & States Say No to Cashless Shops
4 minutes long | 5 weeks ago

IMF:

Over Half of World’s Banks Exploring Digital Currencies
2 minutes long | 6 months ago

McKinsey & Company:

Benefits of Central Bank Digital Currencies
9 minutes long | 2 days ago

TU Delft:

A Sustainable Future of Cash
6 minutes long | 4 years ago

Forbes:

Nigerians Turn to Bitcoin In Cash Crisis
12 minutes long | 2 days ago

CLASSIFIEDS

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ASCII-ING ABOUT THE NEWS

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     \   o   /   / /
  Pru \ /   /  _/ /_
`. ~. `\___/'./~.' /.~'`.
.`'`.`.'`'`.~.`'~.`'`.~`

Here's to a future full of beach days under a healthy ozone!

Art Credit: asciiart.eu

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mandatory retrofit order huge data trails emergency supply kit low income communities Credit Card Points

Below the Fold - the cost of going cashless

Social Exclusion and Shame Linked to Support for Authoritarianism

Ozone Layer on Track for Recovery by 2066

🎬 Action of the Week

Key phrases

Older messages

going back to our farming roots

new battle: forest v solar panel

goodbye to $2 million coin tosses

I'm rubber and you're moo

dam toxic

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