What's Wrong With U.S. Cash
Vložit
- čas přidán 30. 05. 2024
- The U.S. hasn't updated physical currency but some countries have changed lower denomination bills into coins and paper notes have been converted to polymer. While electronic payments are growing in the U.S., physical cash today is circulated more than ever. Experts claim that the choice to continue printing paper notes is fueled by special interests but The Federal Reserve says changing currency is costly and complex.
Chapters:
00:00 - Introduction
01:34 - Circulation
03:59 - Production
07:20 - Modernizing money
Produced and Edited by: Mark Licea
Supervising Producer: Lindsey Jacobson
» Subscribe to CNBC: cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: cnb.cx/SubscribeCNBCtelevision
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: www.cnbc.com/
Follow CNBC on LinkedIn: cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: cnb.cx/LikeCNBC
Follow CNBC News on Twitter: cnb.cx/FollowCNBC
Follow CNBC News on Instagram: cnb.cx/InstagramCNBC
#CNBC
What's Wrong With U.S. Cash
The real "problem" with cash is that the government can't track everything you do.
big corps too.
Yep here they go with propoganda trying to convince us to give up our last bits of privacy
best comment in the thread . unfortunately , less than 1% actually comprehend it .
Lies again? AVN AVL Never Learn
Bitcoin duh
The U.S. economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents. Hyperinflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?
I feel like I could really need more assistance because navigating the market is so frightening to me. I've already sold off the majority of my assets, so I could use some guidance on where to put my money.
I hope everyone has money ready to invest at the appropriate time. Planned actions can help you secure your financial future. You still have the best chance of becoming a millionaire on the stock market.
Biden is not entirely responsible for whatever is going. The economy is cyclical, and things will definitely get better. The first rule of investing is to keep investing, whatever the economy is doing. That is how you make substantial gains.
That's some incredible gains. How do you find a financial advisor? I've been trying to connect with one for some time now, an I don't want to work with hedge funds.
There are many independent advisors to choose from. But I work with Monica Shawn Marti and we've been working together for almost four years and she's fantastic. You could pursue her if she meets your requirements. I agree with her.
One of the best things about using cash is that I dont have a machine asking me to add a tip right in front of the worker.
Don't feel shame punching "none" on the screen
Are you afraid to say no? How is it different than the worker seeing you pull out a wad of cash?
This is about tipping, which is quite a different matter. I am sick and tired of tipping, which is an excuse for exploitative employers to pay extremely low wages and relying on customers to make them up. You don't tip checkout staff in supermarkets. You don't tip hotel managers. You shouldn't tip anybody. I would like to see a system where there is a decent minimum wage, and where customers should be _discouraged_ from tipping.
But you'll still be asked to round up.
Or deal with annoying coins.
@@sarysaBut I personally enjoy carrying coins. Makes doing exact change easier.
Great video, The first $100,000 invested was amazing. But when you hit $300,000 it’s like smashing the glass ceiling! I cried.
I completely agree with you! My first 100k took a long time and wasn't that special to be honest with you. Once I hit 300K that is the game changer in my opinion. At this point my money is basically making me a pretty good yearly salary. When I go to sleep at night I know my money is making decent money with the help of my FA"
Nice. People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance."
"Angela Lynn Schilling" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment!!
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip""
is it really worth investing in stocks in 2024, I’ve been on the sidelines watching the market for awhile and it seems to be pretty stagnant to me not that it matters because I’m in it for the long run, but how can one generate actual profit in this current market?
It may be a good idea to speak with a financial advisor who can help you develop a portfolio based on your individual goals and risk tolerance.
Partnering with a financial advisor has transformed my approach to investing. Their expertise and personalized guidance have not only helped me navigate complex financial markets but also optimized my portfolio to achieve my long-term goals efficiently.
Your advisor seems competent. Could you share how I can reach out to them? I've recently sold some property and am interested in investing in stocks, and I'm seeking guidance.
Jennifer Leigh Hickman is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Wow, her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info
I agree that every business should accept cash
It would be cheaper for them since they wouldn't have to deal with transaction fees from banks and credit card companies, but they then have to pay to get to a bank, theft etc. But I know places who flat out refuse to acdept cash, and I avoid them.
Good way to get robbed 😅
@blipblop92 not really
@@longiusaescius2537 i own a cleaning business and we stopped accepting cash over the pandemic, its unhygienic and dangerous to be carrying cash around
@@blipblop92 don't you have a nearby bank to deposit it once every few hours, if you're too careful, then once every hour?
Or is there a fee for deposit in the USA?
Instead of trying to predict and prognosticate whether or not we’re going into a recession and precisely when it’s going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
In my opinion, the impact of the rise or fall of the U.S. dollar on investments is multi-faceted but learning how to grow your money has never been easier than now that you can explore and experience a truly diverse marketplace passively by using a well-performing portfolio-advisor.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
Impressive can you share more info?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’COLLEEN ROSE MCCAFFERY” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
You should NEVER get rid of cash.
No. But time to modernise other countries have had plastic money for decades. Usa is third world in so many ways
Problem with cash is that it's harder to control, track, and monitor us common folk compared to digital payments. Cash is king.
It's not just that, every so often a shop has internet connection failure and they can't accept digital payment or takes forever and you may be in hurry.
Just like cryptocurrency except it can’t be hacked or frozen
@@Nikowalker007 Crypto was designed to be tracked with meticulous records.
With all of the drug Lords, that ship cocaine in this country and make their payments do cash, I don’t think the druglords would approve to this. They would probably use their power to fight for that.
@@Stevesguitarchannel840 Yeah, I guess we can't protect our own border so instead remove the cash from society. That's a total lack of logic and ignorant thought process. Criminals do X so no one else should be able to do it. Criminals like joe biden set up dozens of shell corporations with no product or service. Should we ban shell corporations too?
One problem with digital is that you can’t use it when power is down.
The biggest problem with a CBDC is not power going down.. but is when some unknown faceless person can monitor and track literally everything you do. And eventually decide what you can and can't buy.
We need a constitutional amendment that guarantees the continuation of cash. Privacy, being necessary for the security of a free society, the right of the people, to keep and use cash, shall not be infringed.
Is the infrastructure really that bad?
@@jmister6824 Not really. Digital currencies and crypto leave a trail. But its usually difficult to know who owns the digital wallet. Its one of the reasons why criminal gangs, terrorist groups, separatist militants, and enemies of the West getting around sanctions.
@@tommy2cents492Maine just got hit yest. Australia this week 14 hrs no internet. Canada last year for 3 days.
Yep in California we have our power safety shut downs
Going digital is the worst idea yet! We must push back on this. It is dangerous. Look at what happened in Canada!💯👍
Plus people who prefer to go cashless can do so and getting rid of cash will have zero benefits to them.
@@DJ-yh8hm Agreed
Look what is already happening in China. Depositors can't even withdraw their cash from their banks.
What happened in Canada. I usually don’t carry any cash at home in Canada. It’s all debit, no problems. The only people that object to debit are those who don’t want to pay tax and that catches up to the suppliers because they have to account for the stuff they sold and where is the sales tax on the stuff sold?
@@BobSmith-ui4quDid you sleep through the whole “government seizing bank accounts of protesters” thing?
Cash is, as far as I can tell, the easiest way to live with as little debt is possible. You can't spend what you don't have.
Wrong answer
my debit card allows me the same thing. i have lived exclusively on a combination of debit card and cash for the last five years and i have no debt.
Sometimes it’s cheaper to use cash. This transactions costs are killing me
It is just lobbying that keeps them expensive. In Europe card payments are regulated to 0,2% for debit cards and 0,3% for credit cards.
Sometimes some countries may impose withdrawal fees as it cost more to pay for staff to go around and top up ATMs and service ATMs, so if cash withdrawal is limited to 4 times a month and the 5th withdrawal has a fee of $10 or 2% then ppl may want to go cashless.
If there is no penalty for using paper cash and withdrawal then digital payments isn't going to replace cash anytime.
@@lingthWhat kind of sick solution is that? And why did bank charge us everytime we want to take back our money that we put on them? If they do that I'd rather to put all my money in cash, not on the bank
Transaction costs rarely happens in Ontario Canada.
I haven't drawn money from a cash machine in almost 4 years.
Our convenient stores almost never get robbed because few people use cash, it's not worth it.
I love the smell of brand new cash.
Cash provides privacy, something digital can never give you.
Right! What’s the ‘problem’ ?
@Acteaon either you're a fed, a fool, or someone who likes big brother watching over you.
To keep it simple, it's human nature and it's our constitution, 3rd and 4th amendment. Digital doesn't violate those two but make it a lot easier to do so. I have a right to keep my transactions private, simple as.
@@hockygamer237 wrong on all counts. I do think you missed the facetious undertone.
Let me tell you about our Lord and saviour " bitcoin " 😇
Take cash away from me and you take away my right to....
1. Surprise people with a thankyou gift
2. Budget my own money- easier when I need to count it
3. Feel safe - having cash make me feel safe, cards don't
4. Anonymity - I don't need banks knowing EXACTLY WHAT and WHERE I bought
5. Be able to pay for a sudden casual purchase
Wrong answer
Whats wrong ? 20 years ago i could go food shopping and spend 100 dollars n bring home six bags of groceries, today 100 dollars gets you only two bags.
And it's all because of ....cash?
@@mj8495 Inflation causing it to lose value.
@@tinecrinec4769 you replied to the wrong guy.
You might tell glennquagmire instead.
mj8495 was asking 'quaggy' if he thot - cash - was the - cause - of inflation.
One of the best things about using cash, it’s full control, and the ability to be anonymous. The idea that transactions need to be recorded it’s nonsense.
Anonymity is probably the best single thing about cash. However, you can't accumulate too much of it. One million dollars weighs about 35lbs in $100 bills so cash does take space. Storing cash long-term leaves it liable to attrition by the elements, pests, and burglars. Also, cash can be declared worthless by the government: ask me how I know. I lived through one such devaluation in the country I am originally from where all highest denomination notes were declared invalid and were to be exchanged within 1-2 months or else lost. This was intended to hurt the "criminals" supposedly hoarding cash.
Isn't being anonymous is good for criminals? Going digital is easier to track criminal activities.
@@nsbioy Put it into crypto and gold and silver.
@@MrKevinwg that's not cash. Gold and silver are commodities and crypto is risky.
The US dollar used to be backed by gold and actually worth something. Without anything physical that you can hold in your hand the government can really crank up the inflation.
Pre-pandemic, I went to withdraw @ $9,000 from my checking. Bank said I would have to come back in a week or two, because they didn’t have that kind of cash on hand.
The Fed can put holds on accounts too, and make your money inaccessible for a period of time.
Anyone that wishes for a cashless society, better be careful what they wish for. I can see the advantages of it, but there are many dangers and disadvantages too.
It would probably be best to always have access to both
They will slowly use it to put more restrictions on people overtime. It's one step in a plan for complete control over every aspect of our lives.
Heck. I live in a town of 2600 people, and they have at least $70K on hand at all times. I would have switched banks that same day.
I have some experience in this. Banks don't keep large amounts of cash on hand to reduce the risk of large losses, but also because it's an ineffective use of resources. You see banks keep large amounts of cash in rural areas because the risk of loss is low and because there are areas of the country that are cash heavy. Sometimes it's a denomination issue, other times there's logistical problems with cash transport. There's many reasons this could've happened. Not to say that it's right out wrong that it happened, but I do agree. We need to have physical cash, if not simply because it keeps control in the people's hands.
I have a debit card and payment apos but I almost never use them I always use cash. Most of the people my age in ( 30s) that I know uses payment apps or a credit or debit card.
@@omarsmusic4316 That's a big problem they have the younger generation thinking it's more convenient, but it's not and far more expensive.
cash is king... the other day, this lady was trying to buy her food with credit card and her card wasn't working. i was in the next line over and saw this i pay with cash and there you go, lesson learned.
I abandoned cash for card or google pay, but now Im going back to cash when I realized how dangerous it is for my privacy
We should never consider going all digital. No matter how much you think you have, you might as well have nothing at all considering the amount of control you will have over it when the government steps in.
amen .
Utter nonsense. The only people interested in this are tax dodgers and money-launderers. The government are very welcome to know every detail of what I earn and spend - as if it were of the slightest interest to them. You have a naive, touching faith in the efficiency of government.
More like if the network goes down and you need to pay for essentials in the meantime. Cash itself is not invulnerable -- the issuing government could change the design or otherwise declare an older bill invalid, and then you just end up with slips of paper whose volatility shoots up and buying power becomes increasingly questionable.
Don’t forget what happened in Canada where they froze bank accounts from people who were simply protesting
@@kaseyc5078 we neVer forget .
It’s still best to pay with cash, because when you pay with cash it can be painful and I find myself spending less with cash.
it is painful for me to even pay with apple pay so i can stick with digital payment🤣
For me its just painful to pay. I like paying digital because I can track it. But I still want cash available
@@yuanruichen2564correct
Crypto
true that
We had the "system" go down in Houston after the Harvey hurricane. On the west side of the city there was no ATM working, no cell phone working, no internet working, all banks closed. If you didn't have cash on hand YOU WERE SCREWED! This lasted over 2 weeks in some areas. Electronic is OK but cash still must be present.
Absolutely correct!! You can’t eat a credit card if there’s an emergency. Always carry CASH!!!
Or... maybe... we should design and fund our infrastructure for the local conditions? Europe doesn't have people starving due to natural disasters, largely because there are fewer disasters, but also because, where relevant, power lines are buried, and power plants are not on separate grids, etc.
Cash commodity is beginning to loose it’s value, the world we’re in today is a world fast developing more currencies are being created which beats the value of cash commodity and others, cryptocurrency today is fast growing and most people cease to participate in owning and trading with it
You are right.!
I’m shocked at how far the world of crypto has gone, it all started with no serious note given but today it’s the world’s leading currency 🥲
I’m glad bitcoin started all this and it has been favorable so far
Trading with crypto is more beneficial than most people sees it to be, just like stock, and forex trade, crypto is also the world fastest leading currency now and in the near future
Investing in Stocks, Forex and cryptocurrency is the wisest, it's a place where millionaires and future billionaires come to get inspired. If you've not been involved in any you're missing out. Most importantly If you know how to trade you can make a ton of money no matter where you find yourself
Bitcoin is the best coin to invest in fast rising and if you are lucky to have a good broker then I believe you have absolutely nothing to worry about because you are in for a finicial uplift.
Honestly started keeping cash on hand. I don’t even spend it faster. It sits in my wallet and just keeps adding up over time. PRIVACY is definitely key. Can’t allow the government to know everything.
Agreed
If you've got a phone in your pocket, someone much more organised and dangerous knows more about you than the Government ever cared to. And they know how to get value from that information. And, I don't know about you, but I can't live without my phone.
This is an under rated comment
@@tsubadaikhan6332 sounds like something a fed would say
@@tsubadaikhan6332 use vpn it helps
Eliminating cash will only serve to hurt the poor when every penny counts. Plus they don't always have access to banking, especially since they require proof you have a _physical_ address. I've had that problem, myself. I'm not the one who pays the utilities, and all mail comes to a Post Office box.
I love using cash. Why fix something that isn't broken. Using cards all the time is just making Visa, Mastercard, Discover, American Express, etc. all the more richer than they already are and to no benefit to a consumer like me.
If the dollar bill is phased out, the $5 will become the most popular to use. People will just keep all their coins in a jar, convert it into bills at the bank, and never really spend it. Also, coins are heavy to lug around, so people won't do it. When I travel in Europe, I hate lugging around a pouch of coins, and the euro coins molded in different nations look different, and it is harder to identify them at a glance. Higher notes also promote the idea of inflation. For instance, if the $5 note becomes the smallest traded bill, that helps to promote the idea that the cheapest things to purchase in society should be $5.
The euro coins do look different, but it’s like US quarters (25 cent coins) looking different - even though the engraving varies the coin is always the same size, color, thickness and weight. I don’t have trouble telling them apart.
@@Sashazur Those were collectables just like the past 50 cent and 1 dollar coins.
@@Sashazur Heads looked the same. Only tails looked different.
Credit card fees hurt small business, or costs passed to consumers when possible. This needs to end or be drastically reduced in my opinion.
I agree. However, credit cards do add convenience: no need for armored truck services to haul away cash, and no cash means less risk of getting robbed.
No, they don't. That's a myth because they'd get the sale either way, Small businesses can include the fees in all prices and customers will never notice. It's when they do silly sheet like having cash discounts etc that customers start doing the math. Smart small businesses (including individuals at flea markets etc) make the effort to take plastic. A USB card reader is dirt cheap.
Well there are two stores in town, both are in the same line of business. The one has more supply,the price is lower, and they don’t charge any fees. The other store charges 3.5% on cards, has less supply, harder to drive to, and prices are slightly higher. Guess which small business I buy from.
Build the credit cost into your price. Most places have already done it. People accept it. I rarely have more than $20 in my wallet as I buy everything on a card and pay it off at the end of the month.
Crypto xrp is the answer
I use cash as much as possible. Any "cashless" establishment loses me as a customer. Plus the credit surcharges hurt customers and small businesses alike!
Ok grandad
Didn't know people in their 30s could biologically be grandparents x_X
@@meatballhead15 Well, there is Lauren Boebert, she's a grandma at 36!
good points, although accepting cash also carries cost to the business. Hauling cash with an armored truck is not free. Even if your business is small enough not to need an armored services, you will still be on the hook for counterfeits and a target for theft. Cash may still cost less to the business, but it is less convenient. That said, I do not dig businesses that do not accept cash, but there are more and more of them. Try renting a car with cash?
@@DavidLee-ig2qq I think people should be able to buy from an adult toy store for example, and not have their purchase history visible to people like their new landlord.
I had an apartment manager once tell us she would see some embarrassing things like that sometimes when doing the paperwork for new tenants.
Privacy is still important and should always be an option.
We cant use 100 -200 and 500 euro bills in the Netherlands, nobody accepts them for over a decade now its insane it should be a legal payment bill
Back in college in the 90s I needed to buy a train ticket and only had a $20 the machine gave me all Suzanne B Anthony dollar coins. It was a real pain carrying a pocket full of these coins all day.
Cash is perfect. You can never convince me otherwise
Exactly!
I think Kristofferson is better than Cash.
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
Firstly we need Trumo back
Biden is the problem
Having an lnvestment advser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K so far, that made it clear there's more to the market that we avg joes don't know
@@Nernst96 I find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.
This year has proven challenging, marked by losses from failed banks, real estate downturns, a struggling economy, and setbacks in stocks and dividends. It seems like everything has been going wrong, making it a particularly tough period.
In my financial life journey, John Desmond Heppolette has played a crucial role, offering invaluable knowledge, practical advice, and motivational content. The empowering community he fosters has not only boosted my confidence and work engagement but also inspired me to pursue excellence. Considered a secret weapon for significant financial growth, his online presence is essential for anyone seeking to enhance their financial situation.
buy gold if you think the world's that bad
Vegas bartender here.... I think I speak for all tip earners "cash is king"...
As someone who loves technology and am fascinated by it, dont go cashless! Just remember, electronic = trackable
So? Unless your breaking the law, what is there to worry about?
@@Tpavra you must love paying taxes, good for you.
@@prodig33if you live in any society you should pay taxes and contribute to society end of discussion, if you use a road , you should contribute, you want cops to protect you , you should contribute etc etc
@Tpavra has absolutely nothing to do with illegal vs legal. It has to do with you consenting (or not, in this case) to businesses, corporations & governments tracking your spending habits. But, do you 👍
@@gerardosigaran8665 100%
The $100 bill will always be a $100 bill. In digital payments, the $100 become less with every transaction fee.
The manual labor processing and safeguarding that $100 also makes it worth less to the seller. Unless you're a wage thief.
As a 50 year old Canadian who's lived with and worked with all types of currency over the years I will tell you that polymer bills don't last as long as paper bills in spite of what you're told. A tiny tear in them spreads instantly, ruining the note. I can also tell you that if you get rid of pennies you will not miss them whatsoever.
I always found that there was a definite difference in my own willingness to spend money based on whether I was paying with my card or having to hand over cash. I was far more willing to spend when I used a credit card. I held on to my money harder than an arthritic lobster when i had to pay with cash.
When Canada introduced the one dollar coin back in the eighties, the industry that objected the most was operators of vending machines, who complained constantly about the cost of modifications to their equipment. They suffered a forty-five percent INCREASE in sales in the first year. They didn't complain much when the 2 dollar coin was introduced, and they saw another big increase in business.
Cash is common in Australia to avoid 10% GST. I recently had a job done which cost $1900. Because he accepted cash with no receipt, I saved $190. The business also saves on income tax afterwards.
I think that used to be common in the restaurant industry, cash business, I mean.
If you've ever worked retail, you'll know that a suspiciously high proportion of tradies pay in cash. And it's for that reason. Some of the less honourable ones are illegally dodging taxes.
@@Deathmastertx Tradies lol! the australian slang is funny AF.
Here in the US, my mechanic prefers I pay him in cash... otherwise he passes on the credit card fee to me which can be significant depending on how much the work cost.
@@malcorub dang! they operate like Mexico where everything is cash in hand based. this sucks because of legal tracability
Having money in physical form is a powerful, educational tool. Heard a story where a guy replaced the cash in his Monopoly set with the real thing. His kids' game play was quite different from when they played with the Monopoly money. There is a stark difference in spending habits compared to kids who have never seen actual money.
i went to the grocery store with cash and my spending attitude def changed. Though it did give me anxiety because i was afraid of going over with tax.
For me nothing changes. I just find cash annoying. But I only spend about 50% of what I earn so I am likely an anomaly.
@@chingvang9320 The kids went from liberal spending with the Monopoly money to ultra conservative when the real stuff came out. And, yes he did have an interesting time with the bank teller, both when he was taking the money out, and putting it back when the experiment was over.
@@chingvang9320 The difference is when you can see what a stack of money looks like when it is in your hand, versus a number on a display.
I think it was Dave Ramsey (not really a fan) that was saying there was a study that found the brains of people buying with cash reacted with signals similar to physical pain, whereas paying electronically produced no such reaction.
There is NO problem with cash, the problem is PLASTIC!
We should fight with teeth and nails a government digital currency.
If money gets digitalized there will be no freedom for us the people.
Using cash makes you aware of the money you actually have so you know you only have x amount of money to spend for whatever goods you want. Electronic payments and cards are too easy to use and you'll end up spending more. And if you aren't paying your balances off every month then you are hit with interest charges so the cost of our purchases will be even more.
Governments and Banks have shown to be shady on quite a few occasions to basically give them about 0 trust. Ofc you could also blow up the value of cash but there is no middle man when you hand over someone a dollar bill
The problem with dollar coins is carrying them is a pain. Bills are light and easy to fold
It's important to keep cash on hand in case you're low on funds. Plus, it feels more tangible and manageable.
yes or in case for some reason your account gets frozen like if a fraud is detected and you have to pay a bill that’s due.
If an establishment goes cashless around where I live, I simply stop going to said establishment. Never went back to Bartaco for that reason.
Opposite is happening in india
ie. If a store is only cash , people are avoiding it .
No digital payment less customer
And if all the stores go cashless what will you do about food...?
Ok boomer
@@That-Guy_barter
@@MarquosXoloVanda
Good luck with that
about 10 years ago I was happy to use my "plastic" everywhere I go or shop. 2 years ago I start getting cash from ATM and now I only pay with cash almost everywhere. Some (like my mechanic) even give me discount when I pay cash instead of CC or DC.
Welcome to the learning the hard way club
Younger generations rely too much on cell phone payment apps. Eventually there won't be justification for FED to continue printing physical notes. By then, privacy will be gone and the youngest generations will regret not using cash.
"we should have dollar coins instead of paper notes" is the stupidest thing I've ever heard.
If denomination change such as more use of the dollar coin that should coincide with the discontinuation of the one cent penny. Just like the half cent mentioned in the video. Did you hear one reason he gave for it?
Look what happened in Canada. Never rely on digital currency.
I like using cash. The new polymer notes in Canada took some getting use to, but we seem to have accepted the transition. At first, the polymer notes tend to stick together when brand new, so you might pay more than you intended. As they break in, though, over time there is less trouble separating them.
As for the coins, the loonie ($1) and the toonie ($2), it makes sense that they became coins with the gradual depreciation in value. Heck, we got rid of the penny in Canada because it's worthless. It cost more to produce the penny than it's worth. One day, the nickel will probably go, too.
We should get rid of the dime before we get rid of the nickel. It should always be possible to break a denomination into the next smaller denomination. Dimes violate that rule: you can't break a quarter into dimes.
Polymer notes are an Australian invention, just sayin'
@@user-om5dh2ys1j Why? Just sayin'.
@@JonMartinYXD, Good point.
@@user-om5dh2ys1j , Shoutout to the Aussies. 👍
Cash needs to stick around. It will massively help with the government not tracking you, not being able to take it from you, and if electricity goes out, you'll still have some sweet bills to help you out.
US government should cancel the $100 note and give owners 1 month to return them to US banks. Boom!
We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.
After the pandemic, things became extremely difficult, which is precisely when I sought a consultant's counsel. I've been investing on my own for nearly 3 years and have built up a stagnant reserve of $280K to $570K in just over 24 months.
“Kaitlin Rose Sternberg” oversees my portfolio, simply do your due diligence. She's an extremely intelligent person, very thoughtful, cautious, and shows a great deal of expertise with over two decades of experience in her line of work.
thanks for this tip, found her just after inputting her full name on my browser, no-sweat.. she seems impeccable!
@@KingDavid-jj7tkscammer grow up
I started going back to using paper money all the time now. An all digital pay system is costing far too much in transaction fees.
The level of honesty about US Cash being the NUMBER ONE currency used for money laundering tax evasion and anonymous transactions was mind blowing.
Everything costs more, so I ask for a raise, but then companies raise prices to cover their costs, and here we go again!Feels like a hamster wheel, going nowhere fast.
Knowledge is power. Research your industry's average salary and be prepared to negotiate for a raise that reflects the rising cost of living. Strong data makes a strong case. Personally I gave up on the raise and started chasing supplementary income via bond dividends and stocks.
Inflation has turned the stock market into a terrifying ride. So I hired a fiduciary to be my investment compass. There are aspects of market trend that is difficult for the untrained eyes to see. I have made more than 350% through my estateplanner(fa) by alternative investing. The portfolio comes with perks as well.
I thought gains like that are nothing but a pipe dream! mind sharing details of yourmanager please?
Sonya lee Mitchell is the licensed fiduciary. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.
Every time I swipe my card, the credit card company gets their 2-3% cut. The $20 bill I pay with will always be worth $20. No wonder the CC companies are so well off.
Only in America. It's like 1% or less overseas, which is about how much it costs business the labor to handle cash. The extra percent goes into cash back, rewards points, and features like purchase protections that similar cards abroad don't offer.
😂 that’s what your “free market” gets you, here is 0.2% for debit and 0,3% for credit and it already priced in by the shops is not a extra fee, also unless you are evading the irs that $20 is never $20
A few things I want to say about this:
1. Having a $1 note is very useful because it means that I only have to carry a wallet in my pocket, instead of a wallet + coins. (If I get coins as change, then they go into my car's center console.) Having to pay for the smallest purchases with $5 notes means that I will be receiving $1 coins back most of the time, which would result in large amounts of money piling up in my car over time, putting me at risk of burglary unless I go through the hassle of converting all of my $1 coins back to $5 notes very often. (I hate trying to pay for things with exact change.)
2. The cost of actually making the coins and notes may be covered through seigniorage. In any case, something on the order of hundreds of millions of dollars is a "drop in the bucket," and a small price to pay to keep the economy lubricated at the lowest levels.
3. Getting rid of cash entirely would be an abysmal idea, because it would make small-scale trade difficult or even impossible, especially in rural areas without internet or phone service, or if the power goes out, which it often does where I live.
4. If they bring back the $500 note, then I would make copious use of it when travelling. (The $100's are fine, though.)
5. In short, remember the colloquial proverb, "If it ain't broke, don't fix it." And it ain't broke.
#1 the value of a dollar coin is now less then the value of a 25 cent coin from about 20 years ago, therefore having quarters in your car 20 years ago is no different than having dollar coins in your car today, and in 20 years from now a dollar coin will be worth about the same as a nickel today, therefore becoming useless over time
point 1 could be solved by you just putting your cash in the glove box
I'm in the UK and we have £1 and £2 coins, its really not an issue. Hardly use cash though anyway - everywhere is contactless here
If you say so, Grandpa. Major security issues carrying cash these days.
"3"
oh so thats why my gov is pushing fiber everywhere
and here i was thinking for a second they do it for the people....
Tell that to other developed countries having coins valued over a dollar where the people carry them daily. Just buy a coin purse for convenience and spend them. At least Japan made this convenient with the abundance of vending machines which many have items over $3 and that many small business only accept cash. There are shrines where you can donate loose change tossing them in a saisen box.
If they ever reintroduce $500 bills. It's going to increase popularity among criminals to launder cash and is why EU discontinued the €500 bill.
Yep, last time I paid for something in cash was over a year ago, only because the card reader was broken 😂
The day physical currency ceases to exist is the day that you no longer own anything.
Tangible or physical currency is needed. Digital is convenient for our lifestyles ‘now’, but if there is a catastrophic power failure, there would only be physical currency or bartering to keep some sort of economy going.
In a hundred years, when all the Rare Earth Metals have been consumed, nothing will be digital, or computerized. No more Internet or cell phones either. Maybe even no more electrical grid. Interesting to think what the world will become when that happens. Glad I won't be here then.
More fun the way it is now.
That kind of disaster would shudder businesses altogether, and if you need it long term then cash has lost its value. So no, not really.
@kingofhearts3185 cope
@@kingofhearts3185 No it would not. Venezuelan speaking here. We'd gone fully digital with our money then had a month-long nation-wide blackout in 2019. Business did not stop, it actually got more stable with everyone going to cash! It's been 4 years and cash is pretty much still king. We NEVER went back to fully digital
@@TorreFernand My mother left Venezuela in the 90s, and she tells me it's all just US cash when she visits my grandparents. Maybe that's just Caracas though.
Nailed it about using cash for a hair cut as small businesses are hit with credit card fees so cash is preferable for them.
This actually is compensated for most part in small shops in Europe with a small 0.25cent fee for using card.
@@rizzle187187 Credit card fees in the use are much higher than that, usually 2 to 3% of the sale and sometimes also a per transaction fee
In India no transaction fee for small and medium enterprises if they use UPI for digital transactions. This lowers the barriers for money circulation in the economy.
Digital infrastructure is as important as physical infrastructure.
I have a hair salon and do not charge those fees, but obviously the price I charge covers all of our costs for doing business or we would be out of business, therefore if a business is charging you that fee that is called transparency, if you don’t see that fee it is a hidden cost. I choose to absorb all those costs and any other costs in the services we charge therefore they all become hidden costs
@@ytzpilot
At least you are being honest about ACTUALLY charging the fees, just not declaring it to the customers.
I see NO PROBLEM with cash. You can basically go off the radar when you use cash and pay with cash. It's not "tied to your name" and governments can't just SEIZE IT or GARNISH IT if it's not sitting in a bank account, and companies/corporations can't trace your "spending habits" by seeing what you're buying and what you're doing with it. Free societies STILL need cash. The only thing "wrong" with cash is when it's NOT SITTING IN A BANK ACCOUNT in the eyes of corporations and the government, this is not ideal since they want to fully MONITOR your money and see what you're doing with it, HOW MUCH you HAVE of it and not to mention TAX it[!!!]
The only problem with cash is that it threatens government overreach. It cant be tracked so they dont know what you are buying.
@@donk8105 modern monetary theory means money printing turned partially digital. They are lending money that doesn't exist and creating more by moving decimals in a computer. Cash is still a threat to modern monetary theory because you can go to a bank to collect on your account and if everyone did it there would be another depression.
and they can't hit a switch and prevent you from buying what they don't want you to buy.
I agree with what the guy said at the end. Cash is easier to manage you don't have to worry about overdraft fees. You use your card only if you don't have enough cash. Then you're aware of how much you can spend.
yea, but why do we need the penny or nickel or paper dollars
You can also set daily/weekly spending limits and/or alerts for cards to avoid overspending, it's just as effective and saves you a trip to the ATM.
I can count on my fingers the amount of payments I made in cash in the last year, and yet I have no problem with being aware of how much I spend. Even with cash, it is not that obvious because by the time you run out, you just go and get more from an ATM. It takes effort to track your expenses, even more so with cash as you don't leave a paper trail behind.
Actually to me card payments are easier because I track most of the transactions, dont have to deal with swapping change money at the cashier, dont have to carry much money in cash if I need to purchase something relatively big etc.
@@davidlightman9551 what are those reasons? Cash is easier to manage from my perspective, you carry how much you want to spend.
The actual problem is that a number businesses refuse to accept US currency as legal tender.
Physical cash should always remain in some capacity. As far as coins: they should go. If we keep any coin, it should be quarters. Outside of that, all other coins are useless. I never accept coins change because it will get lost. I am not going to wait around to ensure I have enough to deposit them in the bank. I end up saving more money with digital currency because I will loose the loose change or give it to the store since I don’t want coins.
Physical currency will always be needed to some degree.
Is nice to use digital for simple things at times. But I enjoy using cash.
Cash is a great tool dont fix it if is not broken
US Government spend a Billion dollars per year with just the production of notes and you think it isn't broken? You completely missed the point of video.
@@jonas90. Cash is necessary for a free society. So be it coins or cash we can't go all digital
@@jonas90.That's less than $3 per American. The utility and protection cash provides is worth way more than that. Also using US cash is popular around the world, getting rid of cash would reduce the value of the USD as well. It's a lose lose.
It may not be broken, but it’s dirty. Many hands touch it 👋, it’s probably been in a strippers butt cheek: and stashed away in someone’s underwear or bra. 😅😅. I’m good with digital
No, we do NOT need digital currency. They just need to find a way to get the cost of mint and print down without lower the quality of the currency product.
“This Video Sponsored by Visa and Mastercard”
*”And we would like to give a special thanks to the Internal Revenue Service for sponsoring this video”*
Сash money is the only way to own your money.
One other problem is that some foreign countries like in South America, are counterfeiting US notes that are practically undetectable from the genuine notes!!
I can see the 500, 1000, and 5000 actually being used in circulation now that prices have skyrocketed across the board. Except for corporations in the 60’s, this wouldn’t have made sense for consumers, but now, yes, I think we can use these bills going forward.
Coins are almost useless now because for a long time you could buy something like a candy bar or a gallon of gas for 25 or 30 cents but now you can't buy anything with less than a dollar plus tax. So whenever I get coins back as change they just collect in a cup holder or a jar until they get to a coinstar and are exchanged for whole dollars.
Roll them up yourself and bring them to a bank. It's a lot cheaper than coinstar.
I like coins. They come in handy when I'm broke and just want a soda lmao
How old are you? The last time gas was 25-30 cents was right after wwII so for you comment to make any sense you would have to be close to 100 years old 🤣
But yeah, the dollar has terrible spending power today even adjusted for inflation
@@paul9299actually, there was gas at some places still as low as 29 cents/gallon in the early 1970s.
@@kenmore01 You don't need to roll them up. Go to the bank's main office and they often have a free "coinstar" machine
Anyone who has ever been in a jam or a rush knows the power of cash. Paying with cash tends to get you bumped to the front of the line if the business accepts it.
A $100 bill talks pretty loudly when you really need something, sometimes even more so than five $20s.
@@bwofficial1776 A lot of businesses do not accept $100 bills
@@nsbioy Also a lot of business take cash only too.
"there's actually more cash in circulation today than ever..." That couldn't possibly be because there are just more PEOPLE than ever.
2 problems with cash.
1. Government can't track you.
2. People don't know how to count money at registers, even when the computer tells them what change to give back.
The US dollar is the world's most trusted brand. Be cautious about making changes to this iconic currency.
The dollars the rest of the world uses are $100 bills or digital.
I use both cash and card for everyday purchases. And there's some I don't trust with a card so I pay cash, like gas station pumps and restaurants. But I also use personal checks for bills that change every cycle or the big ones (utilities, mortgage, etc) and auto-draft for bills that don't change (cell phone, auto insurance, etc). So I'm a mix of everything.
Thank goodness Americans are more autonomous and individualistic. The dollar coins only benefit the government and not U.S. residents.
Being cashless in the US for me can be annoying because more and more card transactions pressure the consumer to tip for a simple over the counter transaction that should never have an expectation of a tip.
I use cash everyday and I will always use cash.
That’s good, but unfortunately, you can’t use cash for everything anymore. If you live in a forest and do not travel anywhere, then cash only is possible. Otherwise, cash only won’t get you far.
@@nsbioy I'm not sure what there is you can't buy with cash other than stuff on the internet.... even then, if you count money orders then you usually still can.
@@yakovbrod9992 Cash-only is technically possible for most cases, but it is inconvenient and requires extra effort. Online shopping - possible to buy burner cards for cash, but it is expensive and inconvenient. Buying plane tickets - terrible. Renting a car - almost impossible and, if possible, may be more expensive than with a card. Some businesses no longer accept cash (I disagree with that, but it is what it is). We went to London recently, and at a street market the vendor would accept only card/phone payments, but won't accept cash. Money orders or cashier's checks are technically possible, but they also cost money and are very inconvenient, too.
"What's wrong with US Cash?" "Government can't turn it off or monitor every cent" "Here's why our propaganda department is telling you this is a bad thing"
Actually the government depends more on cash than we do because of the behind the door & under the table deals they normally engage in that they don't want the public to find out. Ergo cash is NEVER going away in this century.
The worst think about cash is the reason it exists. The fact that is backed by nothing. The fact that can be printed to infinite. It's dirty, expensive to make, hard to store...
We tried $1 coins over 20 years ago, and nobody but coin collectors like me liked them
$1 coins are readily available, I use them all the time in NYC parking meters. The meters only accept cards, quarters and $1 coins, I hate taking my wallet out of my pocket to swipe a card at a street parking spot.
You have to stop printing one dollar bills to make the switch.
They're awful. Then end up as heavy currency in your pocket jangling around. Dollar bills are superior in every way
Yup
@@RandomCellist21 - I disagree. Its a hassle for me to take out my big fat wallet to bring out the single. I prefer coins over bills. (In ecuador, its more common to use coins than dollar bills)
There's good and bad on both. I for one prefer cash. People say you're trying to avoid being tracked. Ah, why would anyone want to be tracked constantly by a big brother?
I hate that to spend money digitally, you have to pay a fee, which takes more of your money. Kids these days don't understand that every penny counts. I've sat my own kids down and added up receipts and charges to use their cards. When my older son had $2k in fees, he told me he could've paid off his loan for that. I said yep, and you didn't only because you were lazy and didn't use cash. And who got that money? The same place you pay to charge you. Just ridiculous. It's a big scam to go digital.
It's fine for paying your electric bill or utilities but for everyday transactions we need to stick with cash.
God created the world in six days
He can also save you from hell and have a personal relationship with him today
He can give you his Holy Spirit to guide and teach and comfort you today
Romans 6:23
For the wages of sin is death, but the free gift of God is eternal life in Christ Jesus our Lord.
Come to Jesus Christ today
Jesus Christ is only way to heaven
Repent and follow him today seek his heart Jesus Christ can fill the emptiness he can fill the void
Heaven and hell is real cone to the loving savior today
Today is the day of salvation tomorrow might be to late come to the loving savior today
John 3:16-21
16 For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. 17 For God sent not his Son into the world to condemn the world; but that the world through him might be saved. 18 He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God. 19 And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil. 20 For every one that doeth evil hateth the light, neither cometh to the light, lest his deeds should be reproved. 21 But he that doeth truth cometh to the light, that his deeds may be made manifest, that they are wrought in God.
Mark 1.15
15 And saying, The time is fulfilled, and the kingdom of God is at hand: repent ye, and believe the gospel.
2 Peter 3:9
The Lord is not slack concerning his promise, as some men count slackness; but is longsuffering to us-ward, not willing that any should perish, but that all should come to repentance.
Hebrews 11:6
6 But without faith it is impossible to please him: for he that cometh to God must believe that he is, and that he is a rewarder of them that diligently seek him.
Jesus
Here in Canada, the transaction fee for debit and credit cards are, in most cases, absorbed by the vendor and not passed on to the customer.
@@heronimousbrapson863 ”not passed on to the customer” Who do you think pays in the end? Do you really belive they will lower theirs profit margins?
@@weird-guy ”banks beer the charges” in the end the bank-costumers will be the one paying for it, or do you think banks are charities?
Small business can’t get a deal with so low fees, But you digital huggers will be happy in the future when there is only Amazon left and the government control everything like CCP.
3% is pretty high to do nothing. So you wouldn't care if you got charged 600 for a $20k purchase? Sounds like you're not in the US. Most banks here charge $6-12 a month for checking accounts.
Every atm charges a fee if it's not your bank atm. Then your bank charges a fee for using it also. So, at a minimum, most people are paying around $5 per transaction, no matter if they withdraw 5 bucks or 500. So a $5 withdraw becomes a $10 withdraw. That's a 100% fee. But for some odd reason, people don't care...
Using cash apps charges the receiving party a fee for every single transfer. I don't know of any that are free. My city doesn't allow cash payments anymore. But when you pay online, they charge a convenience fee, an online fee, on top of a transaction fee just to pay your bill. So paying your water bill and trash service gets a fee. I get charged the same type of fees to add money to my kids' lunch money accounts. Everything the school does online charges a fee to do it.
Everything has fees, and if you actually stop and add them up, it equals a ton of money just going out the door.
Nothing is wrong with cash. It's a perfect form of value everyone can benefit from.
We do need a $1.00 coin and no $1.00 bill. This notion was reinforced when my ATM started dispersing $50’s.
Due to inflation, physical currency has become more ponderous. The simple solutions are:
1. Get rid of the $1 note. Go to a $1 coin.
2. Get rid of the penny and nickel. Every transaction should be a minimum of $0.1
3. Reintroduce the $1000 note.
I think the sticking point is the quarter which ends in .05 (at .25) like the nickel though I somewhat agree with that. Penny's could end right now.
pretty soon dollar bills will be as useful as pennys are today.
Lets hope not... but I fear this is correct. People better learn about ways to hedge their wealth from inflation, like putting it in gold
As my mom said don’t put all your eggs in one basket….no cash would have serious consequences if the debit crashed which it has in Canada for hours
I dont believe in lobbyists theories anymore ever since the tobacco lobby was destroyed and Japan destroyed the Zaibatsu
I can remember when here in Oklahoma, we had one and five mil coins, which were used to pay the 2% sales tax. That was before the law allowed rounding off the tax charge. It was quite a while ago (I am 88) but I remember the little box at Woolworth's and McClellans attached to their cash registers where the mil coins were deposited.
I don't want to carry a pocket full of coins, it gets heavy.
Only gets heavy if the coins don't have high enough denominations. A gold coin for example can be worth around $1800-2000 USD. Governments are just stupid.
Some of us don't like having a big fat wallet full of singles.
The coins making your pockets heavy are all the pennies, because you don't have anywhere to spend them. Replace the penny with a coin you can actually spend (like a reintroduced dollar coin), and you will find yourself with lighter pockets because you can spend all your coins again