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Rick’s digital nightmare

I’m not completely convinced; but it is an intriguing idea with what seems like a lot of merit.  What is it?  Moving entirely to a cashless economy.  Wired magazine argues that we have the technology and infrastructure to transition to an e-money economic system.  

Unfortunately, the world’s governments remain stuck in the past. To maintain our stock of hard currency, the US Treasury creates hundreds of billions of dollars worth of new bills and coins each year. And that ain’t money for nothing: The cost to taxpayers in 2008 alone was $848 million, more than two-thirds of which was spent minting coins that many people regard as a nuisance. (The process also used up more than 14,823 tons of zinc, 23,879 tons of copper, and 2,514 tons of nickel.) In an era when books, movies, music, and newsprint are transmuting from atoms to bits, money remains irritatingly analog. Physical currency is a bulky, germ-smeared, carbon-intensive, expensive medium of exchange. Let’s dump it.

(HT: Freakonomics)

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