Book finished: The End of Money
20/07/2014
A very interesting look at the pros and cons of retaining coins and banknotes as a medium of exchange.
I liked the writing style, and I liked that the author has interviewed people in many countries and walks of life, including the very poor. I have been wondering since 1998 why we can't just put our cellphones together to transfer payments between individuals, always presuming it has been because "they" don't like the untraceability of it. This book goes into such matters, as well as how "they" cream us all with our use of cash. An extract from the book is available as an article at the website of The Atlantic newspaper, entitled "A Short History of American Money, From Fur to Fiat". |
The book is crammed with interesting factoids, such as the long life of US$100 notes, as they are generally hoarded and are also the favoured medium of bulk exchange amongst terrorists, criminals and drug smugglers. Not much wear and tear there!
I liked that he dismissed as irrelevant the problem of what we would do if we are all on electric money and then a disaster disables all the electronic infrastructure. We would be too preoccupied with the basics of food and shelter to worry about it; in an environment like that even cash is worthless anyway.
I liked that he dismissed as irrelevant the problem of what we would do if we are all on electric money and then a disaster disables all the electronic infrastructure. We would be too preoccupied with the basics of food and shelter to worry about it; in an environment like that even cash is worthless anyway.
Update 17 April 2024: - Reserve Bank considers the digital dollar: 'NZ's money must innovate to stay relevant '
Read as an e-book borrowed from Auckland Libraries via Overdrive, on my Kobo Touch e-reader