Debt Rattle Jul 8 2014: The Future Of Banking Is Pay Cash Only
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Marjory Collins Sunday picnic in Rock Creek Park, Washington DC July 1942 James Gorman, CEO – and anagram – of Morgan Stanley, has an article in the W
[See the full post at: Debt Rattle Jul 8 2014: The Future Of Banking Is Pay Cash Only]“So why not take everything you need for your groceries and other shopping out of an ATM first, and only then complete your purchase? Just to slow down Mr. Gorman’s takeover of your lives?”
Slow down the takeover of our lives, and speed up our actual lives. I think going through the grocery checkout now takes twice as long as when I was a kid. Half the time is spent waiting around for the debit machines, and the electronic tills have not figured out how to start running through the next customer. Instead, everybody just stands around waiting.
Pay cash. Yes, I’m doing this more and more.
Re James Gorman: “After reading it, I have the distinct impression – suspicion – that Mr. Gorman owes his job to his lack of contact with reality, that anyone less prone to delusions would not be able to do the job he does the way he does it. Of course there’s the option he’s faking the entire article – and his “vision”, but something tells me that’s not the case. He leaves me with the idea he means it.”
He does mean it. Sociopaths/narcissists always have a plan, are extremely self-centered, and live in “their own” reality. You read or hear what they have to say, and you are left shaking your head, spending way too much time doubting yourself. That’s what makes them so difficult to fight. They are always very surprised when their plan or vision is questioned as they don’t see any other way. But because they are so planned (their plan), and we are not, they end up controlling things, a kind of “if you build it, they will come” type thinking.
In order to combat these guys, we must do the opposite, have our “own” plan: pay cash.
People almost always use the near past as the basis for their predicted future. When your a member of a favored group and all the other members are on your side the lure of extrapolating their own wealth and power into the future is even more overwhelming.
There is no reason to believe or disbelieve him or most all people seen and heard because they are flacks. They are taking the company line. What he actually believes is unknowable, perhaps even to himself. The company man, the party man, the organization man edits his words always, except among other company men and perhaps his wife, maybe. (or vise versa all this man stuff, women too. In fact women are becoming the most effective and go to organizational voices)
I’m attempting to use cash more but there seems little point when dealing with large corporate entities. For small local businesses, retail and restaurants and especially services I almost always use cash.
Paying cash to hinder a cashless society. That’s like paying carbon taxes to hinder atmospheric CO2 (while China and India ignore the issue). It’s throwing pebbles at Godzilla. If the wholesale deflationary collapse described by TAE ever becomes a reality, it might be better if you kept all the cash you accumulated and didn’t spend it along the way. Or maybe converted it all to cigarettes for your stay at Camp FEMA.
https://bastiat.mises.org/2014/07/the-better-than-cash-alliance-escalating-the-war-on-cash/
Good grief I’ve become cantankerous.
What Mr. Gorman implicitly assumes is that debt will forever expand faster than economic output. It has done so for decades, so why not for decades more?
Why not? Well, marginal cost to marginal revenue of about 20:1 in the Bakken is one reason.
Cantankerous,
If the deflationary collapse materializes, it will be amidst a paper flurry (cash) that will block the sun. Any true deflation will be measured in terms of barter involving trades of real things for other real things. This cash, unless printed with mosquito repellant ink, will be of no use to anyone.
At the point that even the repellant value has lost it’s allure, the Fed, or whatever passes for the keeper of the public till at that time, will have no choice but to abandon the old and replace it with something that can be marked to the shadow markets that will have replaced the fictitious ones.
But, that cash if held for multiple generations, will come back into value someday. I mean, what’s a Continental Dollar, in good condition worth today to a collector?
Which brings to mind a way to put a bit of a floor under the currency! Use ink that contains hemorrhoid relief compounds, and float the buck against TP, ’cause that’s going to become the universal application for it.
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