“Enduring Appeal of Cold, Hard Cash”: Facing Crisis, Demand for Physical, Not Digital, Money
Mac Slavo
August 17th, 2015
SHTFplan.com
The cashless control grid may still be coming, but it is not going to replace cash anytime soon.
Though millions of people have started using digital devices to pay for goods and services, the appeal of physical cash is soaring, not fading away.
Outlook for currency production shows an astounding 5 per cent increase per year for the foreseeable future in the printing of bank notes for currencies across the globe.
That’s because, in pure and simple terms, people are demanding cash in times of crisis, and there is plenty of crisis ahead. Greece is the perfect example of what may be coming to your neck of the woods – perhaps even when you least expect it. According to FT:
One reason for the enduring appeal of cold, hard cash is the global economic downturn. Giesecke & Devrient expects banknote production to rise by 5 per cent a year for the “foreseeable future”, despite projections of double digit increases in the use of cards and other forms of electronic payments.
“Cash is 100 per cent reliable in times of crisis. It’s in periods of panic where a solid financial system has to prove itself,” said Ralf Wintergerst, a Giesecke & Devrient board member. “In a crisis situation, the demand for cash typically rises sharply. The reason for this is trust in real currency.”
The turmoil in Greece, which not only sparked speculation of a return to the drachma but also led to a surge in demand for cash, is a case in point.
The Rest…HERE
