EDC - Money

[oldtimer]

Back in the last millennium, my secretary worked part time for some elderly farming sisters. They never paid her any money but she got legs of lamb, chickens, fresh fruit and vegetables. The same was true for other people who gave them their time such as the plumber and other tradesmen. All were happy with this arrangement except the inland revenue. When they got wind of the arrangement they insisted that the value in legs of lamb and hours of secretarial services etc were converted to pounds and pence and tax levied. As a result, all were worse off, including the inland revenue, as the sisters put down the legs of lamb as deductible business expenses and paid less tax than under the old arrangement.

 

[TeeDee]

I sort of do that, I don't barter as such but give stuff away such as plants, logs, honey etc and get given stuff in return.

I was thinking more along the lines that if we reach a point where cash is worthless would gold be any more use as you can't do much with it.

If I may , one of the more stable currencies that have existed was the Swiss Franc and the reason it was stable was it was backed by holding of Gold initially at 40%. This provided a lock step confidence of paper to tangible asset.

The expanded BRICS nations are driving a move to a new currency in the same ( Gold ) Vein - backed by nations Gold Reserve and re-establishing some level of inter country confidence. Still not yet a thing but definitely something being discussed at many nations.

 

[slowworm]

I'm talking about personal payments. If we lived at a time when I was worried a personal card or cash payment was risky then I can't see a payment in gold would be any better.

My point is I would prefer something I could actually use. I would suggest logs as an example but I would need to be registered with the government to make payments in anything less than 2 cubic meters...

 

[C_Claycomb]

While I have enjoyed the convenience of contactless cards for some things. I am significantly dismayed at the rapid closure of banks, loss of ATMs on high streets, and enthusiasm of moving away from cash.

My parents are elderly, they do have internet banking, but often had trouble with it and frequently wanted to talk to someone face to face in their local bank branch. They say we have an aging population, but here we are, yet again, moving society to use technology that the elderly often struggle with.

Moving towards a cashless society is a step towards Central Bank Digital Currency, which I think is a terrible concept for freedom of choice in society.

I am now trying to use more cash than I was before the pandemic, but I fear the slide away is unstoppable.

Agree on the taxis....book on-line...told to pay driver cash in hand...couldn't possibly be to avoid tax.

 

[bobnewboy]

Moving towards a cashless society is a step towards Central Bank Digital Currency, which I think is a terrible concept for freedom of choice in society.

This, absolutely.

 

[GreyCat]

I'm talking about personal payments. If we lived at a time when I was worried a personal card or cash payment was risky then I can't see a payment in gold would be any better.

My point is I would prefer something I could actually use. I would suggest logs as an example but I would need to be registered with the government to make payments in anything less than 2 cubic meters...

Couldn't agree more.

If we ever got to that situation then (1) food and fuel/energy sources and things to help obtain them would be the main "currency" at least in the short term and (2) the government in power at the time would I suspect confiscate gold (probably with the issue of a receipt/in return for paper "money" or electronic credits which would be value-less).

A cohesive community with established low-level barter and reciprocal arrangements or trust is more likely to be able to distribute amongst itself the things people need to survive. A basket of logs in exchange for some eggs for example. Better to expend resources in living and participating in such a community than buying gold IMO.

Back on topic.

As EDC I carry a chunk of cash (enough to fill the car/truck to get home plus buy food) and at least 2 cards from different banks (in my case a personal card and a business card). Depends where you go and your on capabilities though, there's a big difference between being 200 miles from home on a work trip (my usual "away") vs being 5 miles from home and capable of walking back in a push.

GC

 

[Pattree]

I am significantly dismayed at the rapid closure of banks, loss of ATMs on high streets

I haven’t used a bank for more than fifty years. The Building Society to which I subscribe has undertaken not to close branches for at least the next five years (as of 2024)
I have only recently adopted phone payments and for me this is the way forward. I have been amazed at the number and types of establishment that have some form of terminal.
Approaching the M6 toll I did the usual self abuse for not having removed my contactless card from my bum pocket and anticipated contortions while a queue built up behind me. Only as I pulled to a halt remembered the phone in the leg pocket. Job done.

 

[Billy-o]

Here's one to put alongside Marx, Keynes, Friedman etc.