We are living in exciting times. The Signposts point to Jesus soon return.

Tuesday, December 29, 2015

The Cashless Society Cometh: European Nations Such As Sweden And Denmark Are ‘Eradicating Cash’

Prophecy Sign:  The coming cashless society

It also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name. Revelation 13:16-17 NIV

The Cashless Society Cometh: European Nations Such As Sweden And Denmark Are ‘Eradicating Cash’
Did you know that 95 percent of all retail sales in Sweden are cashless?  And did you know that the government of Denmark has a stated goal of “eradicating cash” by the year 2030?  All over the world, we are seeing a relentless march toward a cashless society, and nowhere is this more true than in northern Europe In Sweden, hundreds of bank branches no longer accept or dispense cash, and thousands of ATM machines have been permanently removed.  At this point, bills and coins only account for just 2 percent of the Swedish economy, and many stores no longer take cash at all. 

Where even banks won’t take cash anymore: Sweden could become first cashless society
Parishioners text tithes to their churches. Homeless street vendors carry mobile credit-card readers. Even the Abba Museum, despite being a shrine to the 1970s pop group that wrote “Money, Money,” considers cash so last-century that it does not accept bills and coins. 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.
Bills and coins now represent just two per cent of Sweden’s economy, compared with 7.7 percent in the United States and 10 per cent in Canada and the euro area. This year, only a fifth of all consumer payments in Sweden have been made in cash, compared with an average of 75 per cent in the rest of the world, according to Euromonitor International. Cards are still king in Sweden — with nearly 2.4 billion credit and debit transactions in 2013, compared with 213 million 15 years earlier. But even plastic is facing competition, as a rising number of Swedes use apps for everyday commerce.

Should paper money be abolished?
Few would doubt that money makes the modern world go round. But does money have to be physical banknotes and coins? After all, money is ultimately nothing more than points in a score-keeping system for credits and debts maintained by the banking system - and cash is part of that score-keeping system: When banks hand out a hundred euros in cash, they debit the deposit account of the person withdrawing the cash by a hundred euros.
So why bother with cash, now that virtually everyone has mobile phones and debit cards? Would it not be far more efficient to scrap all that paper money and have a fully electronic payment system instead? A debate about this issue has been raging for many years now, especially in the Anglo-Saxon world. Now German economists have joined it with a vengeance, as if something had to happen immediately. Rolf Bofinger, one of the German government's top economic advisers, told the "Spiegel" news weekly that banknotes and coins were "an anachronism," which had to overcome – the sooner, the better.

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