Re: Beyond branch closings, there's serious 'Cashless Risks'
Gotta laugh and shiver in fear whenever there's a big political push towards 'cashless'. Cashless means inconvenience when things are down plus constant surveillance as a bonus. The benefits? Still not seeing them...
Can I start by going on record that going cashless is a terrible idea. There are so many downside risks its hard to even know where to begin. However, for the government, cashless looks like a good plan because:
A) It eliminates cash in hand work, or otherwise makes it easier to see where it is happening, while allowing crime detection opportunities - "What is little Johnny being paid 15 pounds for 23 times a day, while apparently job seeking?"
B) It allows negative interest rates to be applied thus motivating people to go out and spend in a recession - they can't tuck it under a matress
C) It saves a fortune in currency printing and distribution costs
D) Millennials, bless 'em, all seem to live near cashless lives. And as we're so often told, they're the future.
As I said, I think cashless is a terrible plan, but I can see why government would think otherwise.