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A growing risk of banking disaster in a cashless economy





With greater ease of transactions comes heightened risk of financial ruin. Cashless interactions allow money to dash across the country with the touch of a button, which accelerates the speed and depth of bank runs. In huge swoops, millions of creditors can either withdraw large sums of money from banks’ deposits at the same time, or switch to different lenders with remarkable ease. If banks don’t have enough cash on hand, there’s a high chance that customers can’t withdraw money from ATMs. That has created a recipe for banking disaster—and regulators haven’t yet smelled the fumes.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view









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Top Ten Things To Know

The debate

What are the pitfalls of a cash-free society ?

In a cashless society, Big Brother will always know when you buy milk

Education: how will we teach the value of money without cash?

Cashless society Vs terrorism: Are States fighting last year’s war again?

Inclusion: a cashless economy fights the poorest, not poverty

A cashless economy to root out theft and petty crime?

A cashless economy as a bulwark against fraud and tax evasion?

Does a cashless economy really boost economic growth for all?

Governments and sovereignty concerns in a cashless society

Why commercial banks are lobbying in favor of a cashless economy