Our nearby small market town used to have 3 banks; they're all closed (taking their cash machines with them), and this week one of the two remaining cash machines was removed from the supermarket where it was located.
So, we're down to a single cash machine in an area with a radius (I'm guessing) of around 20 miles.
The cashless society doesn't represent consumer choice, its pace is being forced by financial institutions keen to charge fees on transactions!
@ChrisMayLA6 In theory, cashless payments already save banks quite a bit of, er, cash, so fees should be coming down or, at the very least, staying the same. Cashless payments enable banks to save a fortune on physical cash management which is expensive - I know having been given figures by people who work in banks.
@ChrisMayLA6 Ever read Graziani? I’m right in the midst of it, lobbing off a few pages every now and again. It’s the part about why banks seek deposits.
Yes, before I retired & was still teaching the core model on the PPE course, I did a sub-section of a lecture on Grazaini's theory of money & credit.... but now I can hardly recall it at all; such is retirement
Enjoy your well earned freedom. His writing is a pleasure so no complaints there.
Still the shorthands that the discipline comes up with make my little applied math mind writhe though. Loans create deposits is understandable but leaves out so much that a general population is apt to think, “this is a con”.
@ChrisMayLA6 Did you ever read about the town of Totnes that created its own currency to foster localisation? (I'm not suggesting that would solve the problem as it's definitely not a trivial solution and the problem is systemic and much bigger than one town, and the experiment did end after about a decade, but I thought it was an interesting idea and your post reminded me.)
@ChrisMayLA6 starting to notice signs in local business asking customers to pay cash if they can due to rising bank charges. How much is enough for large corporations
@GezThePez@ChrisMayLA6 I am in Warsaw, Poland and last two weeks I saw few cases of small restaurants mentioning they prefer cash payments. Haven't thought it could be a part of bigger trend yet but maybe something is happening...
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