EDC - Money

[haptalaon]

Nixon de-coupled the dollar from gold value in 1971, allowing the US to print as much money as it wanted, effectively destabilizing the global economy. I worry about paper assets held digitally and what might happen in the event of cyber attack, bank failure, or stock market crashes.

I was learning about this in one of David Harvey's lectures on Capital, which are on youtube - the problem, in part, was that gold is not a neutral, abstract thing, it's an actual commodity, so if you have a gold standard then 'which countries have gold' is a live issue.

As for the topic of the thread: yes, I always carry a tenner, but as often as not I end up spending it on other people (bus tickets, taxis, bottle of water) when friends or passers by are in a bind and have no cash on them.

 

[TeeDee]

I was learning about this in one of David Harvey's lectures on Capital, which are on youtube - the problem, in part, was that gold is not a neutral, abstract thing, it's an actual commodity, so if you have a gold standard then 'which countries have gold' is a live issue.

As for the topic of the thread: yes, I always carry a tenner, but as often as not I end up spending it on other people (bus tickets, taxis, bottle of water) when friends or passers by are in a bind and have no cash on them.

More so in the US Dollar sense as it holding the entitled placement of being the Global reserve currency has kept it in an artificially high demand as the currency of exchange on a compliance basis once it comes to Oil exchange.

How the U.S. Dollar Became the World's Reserve Currency

The U.S. dollar was first minted in 1914. Find out what made the U.S. dollar the world's reserve currency.

www.investopedia.com

 

[Nice65]

Handy today to have £80 in my wallet. I’ve managed to find a landowner who’s happy to let me keep my camper on his land. It’s a worry leaving it parked on the road, or anywhere visible for any period of time but I don't have a drive anymore. His place is through tiny back roads, through a padlocked gate and in a field next to chicken coops tended daily.

He ideally wanted £50 a month, I pulled out the £80 and asked if that would cover a couple of months. He shrugged and agreed. That wouldn’t have happened with a bank transfer, cheque or card payment, there wouldn’t have been the friendly banter between us that sealed a deal.

 

[Watch-keeper]

Just out of habit I carry Pounds, Dollars and Euros in my wallet.
It works for me when I'm out and about abroad.
The foreign currencies act as my emergency fund, a lot of countries won't accept foreign currencies so I'm less likely to use it unless it's a real emergency in which case I can find an exchange.

 

[oldtimer]

Just after arriving in France, I had a tyre side wall blow on a country back road. A young Frenchman stopped to see if we were ok. He then changed the wheel, directed me to the nearest tyre dealer and told us we reminded him of his grandparents. We happily pressed on him a 20euro note with which to drink to our health. Couldn't have done this with a card.

We went on our way, not for the first time, reflecting on the kindness typical of the French.

 

[plastic-ninja]

I always carry cash. Usually around £50 in my wallet and another 20 in £ coins in a carry case just for bus fares, tips, parking etc. I try to use cash at small businesses as I know what the cards cost each month!!
Many restaurants and bars in London no longer accept cash at all, which I think is a great shame. They rarely get my business as a result.

 

[Falstaff]

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.

The same thing will happen when they make public schools pay VAT - they have clever accountants/old boys and will recover more on VAT that thet currently cannot reclaim.

 

[Falstaff]

I always, always, carry cash and coin, even in the wild. I have my spending money and my reserve "EDC" money. It has saved me in so many, many situations.
The very recent Crowdstrike update causing almost global IT crash can easily re-occur. Many places do not have mobile phone connx to take digital payments. I'm with Demented Dale on the dangers to personal freedom if we are taken dragging and screaming into digital-only, the bnaks will clearly shaft us as they do now to businesses. As a sole trader I prefer cash and can minimise bank utilisation for everyday spend. I have no problem with paying my taxes honestly, it is what keeps scociety running, not the banks despite what they claim to the contrary.

 

[Pattree]

Cashless restaurants etc in many cities are safer for staff who don’t have to store or transport the stuff.

I sorted out cash today to pay for a camp chopping board with some commissioned pyrography. I used a card at an ATM.
The artist has a card reader but for a small amount I didn’t want to use it.
The vast majority of folk get my phone waved at them - “no receipt thanks” and I’m on my way.

The only time I’ve ever had a problem was at a cinema in York when the box office tec and the ATM’s failed during one of the bank’s IT failures. Problem lasted five hours.

I think that every time there is a crash that stresses the system we become more secure as a result. Shutting this stable door will also make us shut others.

 

[TeeDee]

Offered for those interested.

 

[slowworm]

Frustrating today. Popped into a supermarket, one of those that forces/encourages you to use the self service tills by not having enough checkouts open. Scanned shopping, went to pay with cash as I didn't bring a card.... and checkout doesn't take cash forcing me to go an queue. Grrrrr as my other half would say.

 

[Woody girl]

Last week there was the big update boo boo which brought airports NHS and even atms to a sticky mess.

Outside our local small supermarket, which was only accepting cash, was a family with a couple of kids, visiting on a day out. Wanted to buy some drinks and food, but had no cash. They only used their phone to swipe for everything, so no need to have cash. Kids were thirsty, hungry and crying, parents moaning and cranky.
I stopped and chatted, then went and bought them a large bottle of water, and a bag of apples, they didn't even have anything in their car for any sort of emergency like a breakdown, or long traffic jam. I had a long chat about having kids, you need to be prepared and responsible, and keep cash on you aswell for just such a scenario as they were experiencing. Not sure if it sank in, and they learned from it, but at least I had cash, and could help the kids out a bit.

 

[Pattree]

What about coins?

 

[bearbait]

Always a few, of various denominations, in the car for parking meters, etc.

 

[Pattree]

Reason that I ask is that I don’t carry money and wanted to donate to a particularly good busker.

I understand that some street artists have contactless systems but I’m not about to do that!

 

[TeeDee]

Reason that I ask is that I don’t carry money and wanted to donate to a particularly good busker.

I understand that some street artists have contactless systems but I’m not about to do that!

I like joining in , so every time I see a Mime artist working a section of pavement I always make a great point of pulling out my imaginary wallet , extracting so imaginary coins or notes and imaginary dropping it into their collection hat.

I've very skilled at it now.
The mimes tend to be left speechless.

 

[Chris]

I like joining in , so every time I see a Mime artist working a section of pavement I always make a great point of pulling out my imaginary wallet , extracting so imaginary coins or notes and imaginary dropping it into their collection hat.

I've very skilled at it now.
The mimes tend to be left speechless.

Are you sure they are impressed mimes? Or perhaps they are very confused frenchmen or sailors?