A World Without Money

2018, Economics  -   13 Comments
7.38
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Ratings: 7.38/10 from 16 users.

Plastic swipes, chip readers and mobile apps have transformed the way consumers transact. They enjoy the convenience, speed and efficiency of living in a post-cash world. A World Without Money examines this new reality, and probes the potential benefits and drawbacks of living in a cashless society.

For the older generation, cash in hand provides a sense of security and normalcy. But even they realize the need to adapt with the evolving economy. In some areas across the globe, they aren't given much of a choice.

In a small German town, a "money bus" roams the pleasant streets of unassuming neighborhoods. This travelling ATM attempts to compensate for the town's lack of banking institutions. Citizens who are fortunate enough to catch the bus on its route are given an opportunity to extract real cash money.

In Sweden, cash options are even more limited. Here, they've embraced a payment system called Swish, a mobile-based platform that requires only a seller's phone number to complete a transaction.

For vendors and banks alike, cash has quickly become an annoyance. The process of accepting and depositing cash - as well as prohibitive bank rates that accompany such activity - further incentivizes the use of a wholly digital payment platform.

Regulators are also heaving a sigh of relief as the public reliance on cash continues to wane. Cash, they say, often aid criminals in tax evasion and other illegal enterprises. Conversely, digital transactions are immediately logged and easily traceable.

In the face of unparalleled convenience and the shiny allure of futuristic technology, many consumers are oblivious to the dangers of a cashless society. Beyond the awkwardness of the generational gap, the end of cash could exacerbate issues related to personal privacy and security. Up to 80% of all money exists as digital code. A successful hack or computer glitch could swiftly erase a person's monetary worth. Every transaction produces another bit of personal data, and consumers are largely in the dark as to where this information travels and who ultimately profits from it.

A World Without Money outlines a trend whose growth seems both inevitable and unstoppable, and provides insights on the safeguards we must take along the way.

Directed by: Hanspeter Michel

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13 Comments / User Reviews

  1. Roger Andout

    It's been established in the US that people who are cashless (or use plastic) spend more, as you're not using hard currency, therefore psychologically you're not parting with money. Easier to spend; hence US huge deficit. Simplistic explanation, but not so wide of the mark. Cashless is to the advantage of Big Commerce. Long live Cash.

  2. Soon

    It addresses very well the world trend towards a cashless society, as well as the dangers that comes with it. Like monitoring, obligatory bank accounts, danger of loosing all your money if the bank fails etc.
    I think also, there is a huge problem with minorities, like homeless and refugees, who can not have access to bank accounts.

  3. Richmond Rushing

    People commenting really think this is a government take-over. If it was no government would print money.

  4. Terry West

    Anytime bankers can find yet another way extort the people they claim to serve it is a forgone conclusion that the bankers will prevail!

  5. Nobody

    Cash means freedom, because it cannot be tracked, additionally taxed, taken away and can hide the way you spend your money. When there is no cash, govnernments can introduce negative intrest rates, which will eat savings or block the money in case of bank's problems and there is no way out. Governments will control every single item you buy, and can tax it or ban and take away in the future (like gold), can control every aspect of each individual's life. If you have debt, they can forbid you to do travel or block some activities you do. Removing cash is the most significant step towards totalitarian control over society.

  6. joe from earth

    bitcoin is the peoples money,first time humanity has this option of a world currency not controlled by any government....the world population controls bitcoin

  7. michael morris

    So,I go to pay for my petrol and the machine reject my card then I try to buy food and my card is rejected.Then I realize I voted for the wrong party !!!!

  8. Glen Hale

    Put 1 number wrong and send and your money is gone ..no one cares about scammers as the Agencies and Bank protect them

  9. Lon Pirkl

    This sound just like the beginning of the one world government. With out the Mark Of The Beast on the back go the hand or on the forehead a person can not buy or sale. I'm thinking the " Mark " will be the micro chip. There will be no currency any place in the world. This was written about 2500 to 3000 years ago in the Bible book of Danial and Revelations.

  10. sogina mahlangu

    The world has functioned without money for a long long time - yes we have held state approved tokens which we the people give credit to - so saying 'a world without money' is a mis-nomer. Ask yourselves what is money? Once you have answered yourselves that question, then look at what is in your pockets, ask yourselves is that money? People have been dumbed down for a very long time, they neither know who and what they are.

  11. GunnarInLA

    "...digital transactions are immediately logged and easily traceable..."
    ...bingo...
    Recently, Sweden has reversed position on cash, realizing that completely cash free may not be a good thing. – As a Swede (living in Los Angeles) I'm glad to hear that.
    In addition, how many people have suffered excruciating consequences from the risks inherent with c-card use....? – Credit cards are convenient, but cash is necessary....

  12. francesco zambuto

    With reference to no cash! What is being kept back from people is the truth, no cash means total control of over you everyone and every thing. The implantation of a chip in your body is on the way too, it will take care of the issue of money, health care and everything you do. No cash means the end of freedom.. If you play along with no cash and the almighty the (chip) you might as well just say goodbye to your freedoms down to the last molecule; the governments will have total control over you, everything; every aspect of your life, in other words your fcked.

    1. Terry West

      You have summed it up perfectly!