Major financial institutions have been talking about a “cashless society” for several years. They want it. Desperately.
One has to begin with the premise that banks will screw you if they can. A bank is no different than any other type corporation. The bottom line is what is important. Those who help create the bottom line not.
The 2008 recession an example. The banks turned mortgages into stock and traded them in bundles.
The government bailed the banks out. No one has gone to jail for the wrongdoings which occurred. Millions lost their homes in the process.
A cashless society is as it sounds. No more cash! Neither paper nor coin. Everything done with a card. Similar to using a debit card.
In addition to the banks, Visa and Master Card are obviously pushing for the cashless society. How their businesses would boom!
You do not want a cashless society. Unless of course you wish to give banks license to grab your money.
The primary reason the banks want a cashless society is to protect themselves from a “run on the banks.” The economy turns bad. People fear a great depression. Run to the banks to withdraw their funds. Cash is king!
Banks go broke in days. They do not have sufficient funds to cover the deposits. Banks close their doors. They ran out of money. Depositors screwed.
Banks are aware that a run on them would destroy them in a matter of days. Better the depositors hurt rather than the banks.
Some background so to better understand how the bank justifies pressing a button and electronically closing all accounts world wide.
Once a person deposits into a checking or savings account, the money is no longer theirs. Title passes to the bank. Yes. For real. The bank owns your dough once you deposit it.
By law. Banks have more influence than people.
The depositor “surrenders” title. The money placed in the bank is a “deposit.” Legally described as a “liability” owed by the bank to the “depositor.” The “deposited” monies become an “asset” of the bank. The bank as a practical matter has “borrowed” the money and is legally obligated to pay it back.
Computers have sophisticated banking. If a cashless society were in place and the bank feared a run or some other action adverse to the bank’s interest, the bank would only have to press a button and all accounts would be frozen shut.
A few governmental entities have addressed the problem and formally moved to reject the cashless society concept. San Francisco, Philadelphia, New Jersey and Massachusetts.
The issue recently came before the New York City Council. It opposed the adoption of cashless banking by a 43-3 vote. A loud no!
Tibetan monks have been in Key West the past few days. Part of an annual visit.
St. Paul’s Church on Duval has been their place to exhibit themselves and their wares. The monks chant and work on art. To them, “sacred art.”
On the alter floor of St. Paul’s, they have worked in sand on a large colorful “mandala.”
They will continue the art work till 2 this afternoon. Then they will march and chant as they carry the mandala to the Simonton Pier. Continuing to chant, the mandala will be allowed to flow out into the ocean.
Dan Reardon walked out of the Key West hospital yesterday afternoon. Doctors found nothing. He passed all the tests.
The Key West Citizen continues to publish daily copies from May Johnson’s 1896 diary. May is a 19 year old school teacher.
She appears to have the growing pains that today’s young people experience. Except ours begin around 12 with Mom doesn’t understand me, etc.
I am beginning to think May’s Mom does not like Miguel. May and Miguel seem to be together most days.
Time will tell.
The Key West Commission approved sidewalk seating along Duval for the rest of the year. Seating must be cafe style and only on the sidewalks. Permits are required.
I did not like the weekend mall that the City experimented with this past year. Must be the Commission thought it was a success. Ergo, the recent approval for sidewalk dining.
Key West has Fantasy Fest. New Orleans, Mardi Gras.
Key West now has its own Mardi Gras.
I believe this will be the fifth annual one.
It will be held saturday February 8 at the Key West Amphitheater. Dress Mardi Gras style.
Dinner, music, dancing, etc. One hundred sixty five dollars per person.
Fantasy Fest is free. This Mardi Gras event costly. Makes me wonder how successful the event will be. Will it take hold?
Eugene Robinson is the much read Pulitzer Prize winning columnist for the Washington Post. He and his wife spend the month of February in Key West each year. Eugene reads, writes and walks around town. His wife an artist. She is involved with Studios of Key West.
Robinson’s most recent column was titled: Trump Prefers Servile Minions Who Will Do What He Wants. Robinson’s opening paragraph: “How on earth does President Trump find them? All the worst people in the world.”
The Battleship Maine entered Havana Harbor this day in 1898 after having left Key West.
On February 15 at 11 am, it exploded and sunk. The Spanish- American War resulted.
Many Americans were killed. A good number are buried at the Key West Cemetery. A large memorial overlooks their final resting place.
Respect is still shown these American heroes. Each year a memorial service is held at the Cemetery. A touching remembrance.
Syracuse/Pitt noon today. Both teams with basically similar records. I obviously hope Syracuse wins. It will give them a 5 game winning streak. All ACC wins.
Enjoy your day!