schiffgold.com / BY SAMUEL BRYAN / JANUARY 4, 2016
A recent New York Times feature went to great lengths to promote the idea of a cashless society, focusing on the war on cash in Sweden.
The Nordic country sits on the cutting edge of the movement away from cash. As the Times put it, cash is so “last century”:
Few places are tilting toward a cashless future as quickly as Sweden, which has become hooked on the convenience of paying by app and plastic. This tech-forward country, home to the music streaming service Spotify and the maker of the Candy Crush mobile games, has been lured by the innovations that make digital payments easier. It is also a practical matter, as many of the country’s banks no longer accept or dispense cash.”
Of course, Sweden is not alone in its war on cash. In September, stringent controls on cash went into effect in France. Residents can no longer make cash payments of more than 1,000 euros, down from the former limit of 3,000. Cash withdrawals of more than 10,000 euros a month are reported to the French government.
Government officials and bankers yearn for the abolition of cash because it means more control over the populace. Sweden brings together a central planner’s dream – negative interest rates in an increasingly cashless system.
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