Silicon Valley Joins War On Cash: Tim Cook Seeks "Elimination Of Money"

[Dachsie]

https://www.zerohedge.com/news/2018-02-25/silicon-valley-joins-war-cash-tim-cook-seeks-elimination-money

by Tyler Durden
Tue, 02/27/2018 - 15:00
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Apple CEO Tim Cook has one big hope for the future - that he lives to see the end of money.

"...I'm hoping that I'm still going to be alive to see the elimination of money."

Speaking at a meeting for Apple shareholders in Cupertino, California earlier this month, Cook made it clear that he is firmly on the side of the war-on-cash establishment.

"Because why would you have this stuff! Why go through all the expense of printing this stuff and then some people steal it, and you've got to worry about counterfeits and all these things," he continued.

As Apple's CEO talked about the downsides of cash, BI reported that he became more animated, revealing his real passion about the topic...

"We can provide a solution for the customer that's simpler, more convenient, you don't carry around a wallet with a bunch of cards in it, or a purse with a bunch of cards in it," Cook said.

"And it's more secure, if you've ever had your credit card ripped off, I'm sure a lot of you have, I have, it's not a good experience." SNIP

...

All of this anti-cash angst from Cook can be summed up in 3 short words - Use Apple Pay - and follows Visa's Andy Gerlt, who last year proclaimed: "We are declaring war on cash."

As we detailed previously, the shots fired in the war on cash may have several unintended casualties:

1. Privacy

Cashless transactions would always include some intermediary or third-party.
Increased government access to personal transactions and records.
Certain types of transactions (gambling, etc.) could be barred or frozen by governments.
Decentralized cryptocurrency could be an alternative for such transactions

2. Savings

Savers could no longer have the individual freedom to store wealth “outside” of the system.
Eliminating cash makes negative interest rates (NIRP) a feasible option for policymakers.
A cashless society also means all savers would be “on the hook” for bank bail-in scenarios.
Savers would have limited abilities to react to extreme monetary events like deflation or inflation.

3. Human Rights

Rapid demonetization has violated people’s rights to life and food.
In India, removing the 500 and 1,000 rupee notes has caused multiple human tragedies, including patients being denied treatment and people not being able to afford food.
Demonetization also hurts people and small businesses that make their livelihoods in the informal sectors of the economy.

4. Cybersecurity

With all wealth stored digitally, the potential risk and impact of cybercrime increases.
Hacking or identity theft could destroy people’s entire life savings.
The cost of online data breaches is already expected to reach $2.1 trillion by 2019, according to Juniper Research.

As the War on Cash accelerates, many shots will be fired. The question is: who will take the majority of the damage? End of Article


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Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter.

[Hitch]

The war on cash really means to get folks to spend more, thus going into even more debt, and boosting our consumption based economy.

This video is interesting. It seems paying in cash triggers pain sensors while paying in cash, because you've actually exchanged something. You gave up a $100 bill for a pair of shoes, for example. If you pay with credit, or even worse, Apple pay, you don't have that pain sensor triggered.

People spend 22% more by paying with plastic, credit. With Apple pay it may mean 40% spending increase.

Apple just wants to peddle their product here, and boost sales. The tech geeks might think a 'war on cash' is cool, until they are swimming in mountains of debt by overspending.

Pay in cash, whenever possible, and fuck these people like Cook.


https://www.youtube.com/watch?v=U2jHCvLQ078

[ziero0]

California is again a day late and a dollar short to the party. Money was eliminated in 1933. Perhaps what he wants to eliminate instead is the illusion of money?

Whenever I hear of a bank robbery I think to myself that the bandit by his delusional act is supporting the illusion that there is money. And of course the system actually looks forward to a good bank robbery to help others believe in the illusion that there is anything of value located within their vaults.

[EE_]

I'm still praying for the entire internet to crash for two weeks. The world needs a wake up call to see the importance of physical cash. Just two week would do it.

[Uncle Salty]

Cook is a stupid fuck when it comes to money.

He really meant he wanted to get rid of cash, not money.

Liberals want your guns and your cash. Come and get them assholes.

[Dachsie]

I have listened to x22 report regularly for over a year.

Lately X22 report is saying that there definitely will be a "transition" to a new world wide "money" and financial system

Dave says our best hope is that the transition and the new system will be based on crypto currencies.

I am disappointed in Dave for saying this.

He does not appear to be discussing ALL of the possible alternatives.

Yes, crypto appears good as it ostensibly circumvents the banking system and gets rid of central banks.

But I just think people need a medium of exchange that they can physically carry on their person and that is accepted everywhere -- cash physical money.

The idea that all our "money" is digital and stored on a computer or phone is no good.

I think we should have gold and silver backed paper currency or maybe

something like Notes or "greenbacks" where the U S government directly issues currency with no central bank, no Federal Reserve banks, which if I understand correctly, do not necessarily have to be backed by, or redeemable for, silver or gold, but can just satisfy the constitutional requirements for the issuance of "money."

We HAVE TO HAVE physical money in our hands. Physical cash in our hands.

____________

I have personally moved to cash for a little more than half of my expenditures. It works great for me.

I have thought about cryptos being a viable alternative to use to some extent during the "transition," but not personally for myself. I don't wan't to mess with it.

What I do not undertstand is how certain vendors will accept cryptos for payment directly, that is, without need to go through an exchange to dollars that gets deposited to our bank accounts and then electronically paid to our vendor.

The reason I do not understand that being a promising option for payment and use of crypto currency is that I understand the value of a specific kind of coin changes several times a day and the amount the vendor will accept to pay and satisfy the bill is therefore not stable. Lately there have been huge drops in "value" of BitCoin over a 24 hour period which to me indicates manipulation by the big selling off or the big buying done by the wealthy manipulators who are probably trying to bust up or take control of the entire crypto blockchain format.