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Cashless control grid inches closer to reality with Japan now becoming a possability

  • 20-06-2009 7:24pm
    #1
    Run_to_da_hills
    Closed Accounts Posts: 20,009 ✭✭✭✭


    With recovery elusive, a population doddering into old age and perhaps a new decade of deflation in prospect, Japan may start mulling the most radical monetary policy of all -- the abolition of cash (The Australian)

    Central bankers in Japan are mulling the abolition of cash. Richard Jerram, a senior economist with Acquire bank, told investors that “the proposal has become practical with the broad penetration of electronic money and credit cards in Japan,” reports the Times On line. Bankers claim the scheme will rescue the economy from another deflationary spiral.

    Illustration taken from the "Connecting the Dots" website on the subject and sums up well the consequences of a full blown cashless society. State issued cash smartcard, (Governments having a major part in banking after bailouts) Every item you buy, journey you take is logged and recorded on a huge database.

    http://1.bp.blogspot.com/_ZkSSURCm3FI/SjyO73j3jaI/AAAAAAAACiU/bwl3IGkb-NA/s1600-h/atm_dees.jpg

    Japan will become the “testing ground” for the “outré” migration from physical fiat paper money to cashless digits, according to one Bank of Tokyo Mitsubishi strategist. The plan is “in the realms of economic science fiction,” he said.

    Economists say Japan would be a particularly suitable testing ground for such a policy. Japam has been a forefront with Smart card, NFC technology and RFID although it is catching on in the western world quite rapidly.

    Article from Fridays UK Times.
    http://business.timesonline.co.uk/tol/business/economics/article6531299.ece


Comments

  • #2
    d0gb0y
    Registered Users Posts: 287 ✭✭d0gb0y


    Was reading some of these stories earliar, i'm kinda surprised they are using such a large testbed for it, but tbh japan has been in the bankers pockets for a long, long time(pre ww2)


  • #3
    Undergod
    Registered Users, Registered Users 2 Posts: 2,858 ✭✭✭Undergod


    Run_to_da_hills wrote: »

    Illustration taken from the "Connecting the Dots" website on the subject and sums up well the consequences of a full blown cashless society. State issued cash smartcard, (Governments having a major part in banking after bailouts) Every item you buy, journey you take is logged and recorded on a huge database.

    http://1.bp.blogspot.com/_ZkSSURCm3FI/SjyO73j3jaI/AAAAAAAACiU/bwl3IGkb-NA/s1600-h/atm_dees.jpg

    That picture doesn't say anything- use of cashless money leads to soldiers? What?

    As regards the bit in bold, that's not in the link.


  • #4
    Mahatma coat
    Banned (with Prison Access) Posts: 6,869 ✭✭✭Mahatma coat


    ah tis an RTDH picture metaphor, I get it, bit extreme tho, exactly what means are the general day to day transactions of the Japanese public being conducted through?


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