OT: if $100/$50 bill withdrawn what will remain?

[Speedy]

I like the penny because sellers of goods will just bump up the price of everything to the nearest nickel. Also, sales tax on lower priced items will be quite regressive.

[Dennis S]

The banks want us to go cashless so we have to keep our money with them, where they will gladly pay is negative interest.

[mstudio]

Don C wrote:
So how do those little card readers that attach to your iPad or iPhone work with the new chipped cards?

Square offers two new readers, one plugs into the phone and the other is wireless.

[Wags]

cbelt3 wrote:
There are a lot of theories. And a lot of issues. Both bills are obviously more frequently counterfeited. And as a result most cash based businesses won't accept them.

The other theory is that an all electronic commerce environment makes detecting crime that much easier, because then all of our cash flow is accessible via subpoena. That can also become a mechanism for control, and then the only solution is a barter economy.

I doubt very much that the $100 or $50 are going away anytime soon.

I'd personally welcome dropping the penny. They get in the way. Although I will confess to keeping a collection of the copper ones around to act as emergency conductors for repairs. I used one a few years ago in the place of an expensive battery terminal gizmo. Worked like a charm.

Detecting crime? Seriously? This has the multi-national banks' greasy fingerprints all over it. Think about how much money they make now with plastic.

As an example:

My cab company paid about $500,000 this year in bank fees (they call them discounts... ) - going up every year by at least 10%. That's one small business in a small city. Multiply that by every business on the planet.

Now imagine how much their cut would be, once they eliminate cash. Then add in how much they make selling your data to marketers. And, yeah, IRS can then put the squeeze on the low and middle class tax cheaters. Take some of the pressure off the rich to pay for their welfare benefits.

[davester]

Speedy wrote:
I like the penny because sellers of goods will just bump up the price of everything to the nearest nickel. Also, sales tax on lower priced items will be quite regressive.

That possibility has been studied based on historic data and found to be false. The perpetuation of the penny and nickel benefit only the mining industry and metals smelting industry. Everybody else sees negative consequences. Most countries retire their low value coinage as inflation makes it useless. For the most part only the US persists in perpetuating the manufacture of coinage that has no value to the economic or consumers, and only because of lobbying by special interests.

[M>B>]

Why not a $100 dollar coin ? ? ? . . .

After all, it's just spare change. You know just throw it in the red kettle at X-Mas ! ! !

[RgrF]

When the US stopped printing the $1,000 bill in 1934, the $100 was considered enough pocket money. When the government stopped redeeming those bills in 1969 they were = to $6824.33 today

In today's terms that 1969 $100 would equate to $682.43; that would be a lot to have on you but today that $100 is nothing like the equivalent of 1969.

It's both a bank and law enforcement measure, mostly bank.

[wave rider]

I use fiftys and hundreds all the time. They do keep my wallet svelt...

Not hard to cash at most restaurants, food stores, and filling stations; stores use a special marking pen that reveals counterfeits.

[RgrF]

wave rider wrote:
I use fiftys and hundreds all the time. They do keep my wallet svelt...

Not hard to cash at most restaurants, food stores, and filling stations; stores use a special marking pen that reveals counterfeits.

Public employees have more use for them than the general public. :My_custom_Emoticon:

[JoeH]

wave rider wrote:
I use fiftys and hundreds all the time. They do keep my wallet svelt...

Not hard to cash at most restaurants, food stores, and filling stations; stores use a special marking pen that reveals counterfeits.

The marker pens are easily fooled, and pretty much considered next to worthless by law enforcement. But they make the stores that use them feel a bit more confident.